SP 500 and NDX Futures Daily Charts - Bounce

 

US equities had a nice bounce today, especially the SP 500, as compared to the tech heavy NDX.

 

The next two moves will tell us quite a bit more about this.   And especially the NDX which had led the way higher in the last rally which recently crested with the IPO of Paypal.

 

You have to be agile if you wish to play the wash-rinse game.  I do not recommend it.  The system is set up to wear you down with transactional friction from spreads and fees.

 

Have a pleasant evening.

 

 

 

Gold Daily and Silver Weekly Charts - Miner Miner

 

There is a chart of the GDX relative to the Price of Gold.  This is why some will say that the miners are 'weak relative to the price of the metal.'  And they are.  They can get even cheaper, and the underlying metal can also get 'cheaper.'  That does not mean that they will.

Sentiment is obviously at a negative extreme, and some of the chortling from the opinion vendors is disheartening to those who take that sort of thing seriously.  But it is what it is, and we must play the cards as they fall.

Let's see how gold can trade through the advance GDP number this week and the Non-Farm Payrolls report next week.

I am becoming more aware of the mining sector at this point IF I decide to play a bounce in the precious metals and IF I do not think that the equity market will actually crash, rather than swing back and forth in the jigging for spec fishes that the HFT insiders are wont to do these days.

I have not owned a mining stock in recent memory except as a trade.  I am now getting more serious about that sort of thing, with the appropriate caution about getting in too early.  I would rather miss the first ten percent of a real rally than come in too early and try to catch 'the bottom.'

 

The 'deliverable' or registered gold at the Comex has fallen to a surprisingly low level of 378,146 ounces.  This would be shocking in a honest market given the leverage involved.  But since we are dealing with The Bucket Shop it just bears watching.

Have a pleasant evening.

 

 

 

 

 

 

 

 

SP 500 and NDX Futures Daily Charts - Rinse-a-Matic

Stocks in the US continued to slide, in sympathy with China and a generally poor outlook for the world of real productivity and wealth.

And in large part this is the rinse cycle of a wash-rinse stock market operation conducted by insiders that took US equity prices up to unsustainable levels in the first place.

It looks like our cynical outlook just after Wall Street squeezed out the Paypal IPO was on the money. 

No credit really, given the screaming non-confirmation out of anything except for a very narrow rally in a few tech name.   If your favorite purveyor of market analysis was not saying 'get out for now' you may wish to find a new one.

So as everyone seems to wish to say, 'what next?'

Now we see what happens in China, and what sort of support that US stocks can find as they approach the lower bounds of the current trend channels, wash and rinse-wise.

We will take a peek at the Advanced GDP number for second quarter and that might mean something IF China can stabilize and Greece does not blow up again, which it very well may.

Have a pleasant evening.