SP 500 and NDX Futures Daily Charts - Where's The Recovery™ - Shout and Feel It

 

"We cannot look to the conscience of the world when our own conscience is asleep."

Carl von Ossietzky, German editor of Die Weltbühne, awarded the Nobel Peace Prize in 1935

"It would be no sin if statesmen learned enough of history to realize that no system which implies control of society by privilege seekers has ever ended in any other way than collapse."

William Dodd, historian and US Ambassador to Germany, 1933

There isn't any recovery.  Or at least the false recovery that has been erected is showing great holes through its painted canvas and thin veneer of distorted statistics.

The Fed will still raise interest rates at least once or twice, for 'technical reasons' that have nothing to do with the real economy and everything to do with their own financial engineering practices and the desires of the financiers.

The credibility trap remains a powerful snare for the pampered princes and princesses.  How can they admit what is wrong without endangering their own privileged positions and undermining the 'authority' that they so undeservedly enjoy?

 

And so by example and by continuing reinforcement, lies and deception have become the generally accepted way of doing business in the land of the exceptional.  Exceptionally self-deluded that is.

 

The Banks must be restrained, and the financial system reformed, with balance restored to the economy, before there can be any sustainable recovery.

Have a pleasant evening.

 

Gold Daily and Silver Weekly Charts - Hey Boparee Bop, Bop Bop Sh'Bop

Gold and silver were bumping their heads pretty hard against overhead resistance after the first hour this morning as Bill Dudley of the NY Fed was out jawboning the stock markets higher as equities were in meltdown mode, threatening to break some key support.

This had the effect of putting a fire under the metals, which were carefully capped at the 2 percent level.

The metals did give some of it back to profit taking in the late afternoon.

This is some rough stuff overhead. Let's see if the metals can push through it.

That big swing in stocks today, off a little jawboning by Goldman's man at the NY Fed, should give you a hint at how disconnected valuations are from anything remotely resembling economic fundamentals.

Keep on truckin'.

Have a pleasant evening.

 

SP 500 and NDX Futures Daily Charts - Swing Kids of Wall Street

You might have missed it if you were not watching the futures markets, but from last Friday's huge miss the stock futures had plunged, triple digits in the DJIA and quite a bit in the SP 500.

That drop showed up on the open of the cash markets this morning.

William Dudley, erstwhile alumnus of Goldman Sachs and head of the deeply conflicted NY Fed was out this morning promising very slow and shallow increases in interest rates, even if the Fed does finally 'pull the trigger' this year.

Well, that bit of jawboning was enough to trigger a rocket rally in the stock markets, and also lit a fire under gold, silver and even crude oil.

So all in all, a triple digit swing both ways in the Dow Industrials, and the SP futures continues to oscillate in about a 40 point trading range.

This looks like a 'have your cake and eat it too' standoff at the Fed.

Swing heil!

Have a pleasant evening.

NAV Premiums of Certain Precious Metal Trusts and Funds

Enthusiasm seems somewhat subdued based on the negative premiums of these trusts and funds.