Stocks and Precious Metals Charts - Storm Warnings

"If you don't think that the endgame to all of this [Russiagate] lunacy is a world where every America-critical movement from Black Lives Matter to Our Revolution to the Green Party is ultimately swept up in the collusion narrative along with Donald Trump and his alt-right minions, you haven't been paying attention.

That's because #Russiagate, from the start, was framed as an indictment not just of one potentially traitorous Trump, but all alternative politics in general. The story has evolved to seem less like a single focused investigation and more like the broad institutional response to a spate of shocking election results, targeting the beliefs of discontented Americans across the political spectrum...

It's been impossible not to notice how effective the Russiagate affair has already been as a hammer against all other political outsiders, even those with opposite values to Trump. In fact, unless you're a Hillary Clinton Democrat, you've probably been portrayed as having somehow been in on it, at one time or another."

Matt Taibbi, The New Blacklist

Stocks turned in the typical ranging day, finishing up a little to the positive side.  The action was not constructive. 

The notion of a trade war has them spooked, and they are fluctuating with every nuance to the tariff issue coming out of Washington DC.  Caution is advised.

Leo Gerard, the United Steelworkers President, had an interview with the spokesmodels of financial tv this afternoon. They were rolling out the meme that the US is not competitive in world steel because of the inferior condition of our steel mills. 

And he just hammered them into the ground with facts versus memes, both on the competitive condition of US steel production and the dumping of steel by some of the Asian producers. And it was satisfying to see that sort of argument shut down.

The corporate Democrats are acting badly as usual, almost like it is their job to blow elections and alienate their progressive base for the sake of corporate money. Well, they may pick up some seats, only because the GOP is even more tone deaf to the broader public.

Gold and silver had a nice rally off a weaker dollar. I don't think it was a flight to safety since silver actually outpaced gold. But both metals were just winding up for a rally after the short term trading action pushed them lower.

Non-Farm Payrolls report on Friday.

The various states among the northeastern US governments are declaring states of emergency for a nor'easter heading this way tonight. the winds will not be as bad as the last storm, but this one is bringing a foot of heavy wet snow. I hear the stores were the usual nuthouses today with the pre-storm bread and milk crowd.

Let's see if the storm affects the trading in NYC tomorrow. I doubt it unless there are major power outages across the area.  I have my own generator at the ready.  lol.

Have a pleasant evening.

Stocks and Precious Metals Charts - Room At the Top of the World

Stocks were lagging overnight, and opened weakly and pretty much floundered for the morning.

For whatever reason stocks rallied sharply around 2:30 PM EST for about 45 minutes, selling off that pump into the close, still finishing higher.

This is not constructive trading action, contrary to what the spokesmodels were saying on bubble vision.

Gold and silver were stronger overnight, but started given up ground on the London afternoon trade into the New York session.

The volumes and trading action were 'technical' in nature, meaning that they were largely just trading gimmicks, the usual push and pull of the algos as they attempt to skin the buy side and assorted tourists.

The crookedness of the US financial system these days is truly impressive, but nothing new.  We are at a cyclical high of hubris.   The same thing can be said of the traditional two party political system.

There will be a Non-Farm Payrolls Report on Friday.

Have a pleasant evening.

Weekend Reading: The Greatest And Most Enduring Gifts of All

How often we are perplexed and distracted by the setbacks and mishaps of life.  How often we may feel that God is distant and uncaring, because He has not given us what we wished to have at that moment, or taken away something that we cherished.

We may come to ignore the many good things, the abundance of gifts and tender mercies that are taken for granted, and even greater treasures yet to come, to pursue some passion of the moment, some alluring attractions wrapped in pride, selfishness, and self-pity.

We may have already squandered the gifts of God, and cast them aside, and walked away from our loving homes, to pursue the offices and pleasures and glamours of this world.

And so, in the end, we find that we subsist on the unfulfilling food, fit only for pigs, in our anger and delusion, and are left empty, and unsatisfied.   We dwell in disappointment, disillusion, and despairing from those things that we thought would bring us happiness.  And so we are shut off, alienated from those who would have fellowship with us.

But in this sorry state, in our regrets and recollections of our foolishness and weakness, we may come to see that there is still hope for us, still a light shining in the darkness, if we will only take the way to return home,  and try to recover our own true selves again.

We are not animals, even though we may choose to live and act as such. We are the children of God.  We are His, because He has given us the two greatest gifts that anyone may receive, what makes us human,  and His sons and daughters: repentance and forgiveness.

Let us remember always His faithful and loving presence,  His offering of these gifts to us, and be grateful, and kinder to ourselves, by using them as He has intended us to do. 

And above all,  remember to extend these same gifts to others, who may be less worthy, and not be like the elder brother, willfully separating ourselves from our father, and sisters, and brothers, by our pride of place and our worldly achievements.

For this is a season of penance and sorrow, that ends in the rich harvest of homecoming and rejoicing, and life.

Tax collectors and notorious sinners were all gathering round to hear Jesus. But the Pharisees and the experts in the law muttered, ‘This man welcomes sinners, and even eats with them.' And so he told them this story...

‘There was a man who had two sons. The younger one said to his father, “Father, give me my share of the estate.” So he divided his property between them.

‘Not long after that, the younger son got together all he had, set off for a distant country and there squandered his wealth in wild living. After he had spent everything, there was a severe famine in that whole country, and he began to be in need. So he went and hired himself out to a citizen of that country, who sent him to his fields to feed pigs. He longed to fill his stomach with the pods that the pigs were eating, but no one gave him anything.

‘When he came to his senses, he said, “How many of my father’s hired servants have food to spare, and here I am starving to death!  I will set out and go back to my father and say to him: Father, I have sinned against heaven and against you. I am no longer worthy to be called your son; make me like one of your hired servants.”  So he got up and went to his father.

‘But while he was still a long way off, his father saw him and was filled with compassion for him; he ran to his son, threw his arms round him and kissed him.

‘The son said to him, “Father, I have sinned against heaven and against you.  I am no longer worthy to be called your son.”

‘But the father said to his servants, “Quick! Bring the best robe and put it on him. Put a ring on his finger and sandals on his feet. Bring the fattened calf and kill it. Let’s have a feast and celebrate.  For this son of mine was dead and is alive again; he was lost and is found.” So they began to celebrate.

‘Meanwhile, the elder son was in the field. When he came near the house, he heard music and dancing. So he called one of the servants and asked him what was going on. “Your brother has come,” he replied, “and your father has killed the fattened calf because he has him back safe and sound.”

‘The elder brother became angry and refused to go in. So his father went out and pleaded with him. But he answered his father, “Look! All these years I’ve been slaving for you and never disobeyed your orders. Yet you never gave me even a young goat so I could celebrate with my friends. But when this son of yours who has squandered your property with prostitutes comes home, you kill the fattened calf for him!”

‘“My son,” the father said, “you are always with me, and everything I have is yours.  But we had to celebrate and be glad, because this brother of yours was dead and is alive again; he was lost and is found.”’

Stocks and Precious Metals Charts - Howling

Stocks were much lower this morning.

But never fear, Wall Street bravely waiting until after the European close, and then began to steadily ramp up equities, led by the SP 500 futures, in what was otherwise quiet trading ahead of the weekend.

There is a nor'easter howling outside, with high winds and snow. Luckily the snow is not accumulating on road surfaces because temperatures have not fallen sufficiently.

Gold and silver moved sideways during much of the day, finishing slightly higher.

There will be a Non-Farm payrolls report next week.

I have included the economic calendar below.

Have a pleasant weekend.