SP 500 and NDX Futures Daily Charts - And Here's the Bounce

And the big bounce off these lows finally came, and they were not only able to stick it, they even rallied it into the close, after the rest of the world had gone home or to bed.

So what next.

Let's see if they can keep this going next week past some basic retracement levels.

Have a pleasant weekend.

Saving the Banks and Fabulously Enriching a Few On the Back of the Real Economy

"Give a small number of people the power to enrich themselves beyond everyone's wildest dreams, a philosophical rationale to explain all the damage they're causing, and they will not stop until they've run the world economy off a cliff."

Philipp Meyer


"Wall Street is not being made a scapegoat for this crisis: they really did this."

Michael Lewis


"My daughter asked me when she came home from school, “What’s the financial crisis?” and I said, it’s something that happens every five to seven years."

Jamie Dimon


"The greatest tragedy would be to accept the refrain that no one could have seen this coming, and thus nothing could have been done. If we accept this notion, it will happen again."

Financial Crisis Inquiry Commission (2009–2011)

The US has been in a cycle of bubbles, busts, and crashes since at least 1995, and more likely since Alan Greenspan became the Chairman of the Federal Reserve in August, 1987.

The cycle is the same, only the depth and duration seems to change in a continuing 'wash and rinse' of the public money and the real economy.

It has become a machine for transferring income, wealth, ownership, and power to the very top.

This is not 'the new normal.'   This is financial corruption and the erosion of systemic integrity.

Are there any markets that have not been shown to have been systematically manipulated, for years?

This is just institutionalized looting.

Gold Daily and Silver Weekly Charts - Gold Resists, Silver Holds, Northeast Braces For Snow

Gold was hit early on in a general 'stocks are good, gold is bad' move that fizzled into the late afternoon. Despite all the misinformation to the contrary, gold is still a safe haven asset.

Silver held its ground.

There was intraday commentary on the increasingly 'insubstantial' nature of the NY gold trade, and the relative robust purchasing of physical gold in Asia. You may scroll down to see it.

There are those who continue to deny this, with a varying degree of arguments ranging from cleverly deceptive to nonsensical. Look at the facts and make up your own mind.

There are some potential formations on the charts, especially gold, but I am waiting to see something develop that gives us a higher degree of probability.

Have a pleasant evening.

And meanwhile, the Northeastern US prepares for snow...