Stocks and Precious Metals Charts - Election Day - FOMC Tomorrow, NFP on Friday

 

"This is the contempt in which they hold the majority of American people and the political process: the common people are easily led fools, and everyone else who is smart enough to know better has their price.   And they would beggar every middle class voter in the US before they will voluntarily give up one dime of their ill gotten gains." 

Simon Johnson, The Quiet Coup, May 2009

 

"Remember that there will be trying times in the last days. For people will love only themselves and their money. They will be boastful and proud, scoffing at God, dishonoring their parents, and ungrateful. To them nothing is sacred. They will be unloving and unforgiving; they will slander others and have no self-control. They will be cruel and despise what is good. They will betray their friends, be reckless and proud, and love pleasures of the world more than God. They may talk like they are religious, but they will reject the power that could make them godly. Shun them." 

2 Timothy 3:1-5 

 

"And so Jesus gave us a new norm of greatness. If you want to be important—wonderful. If you want to be recognized—wonderful. If you want to be great—wonderful. But recognize that he who is greatest among you shall be your servant. That's a new definition of greatness. And this morning, the thing that I like about it: by giving that definition of greatness, it means that everybody can be great, because everybody can serve."

Martin Luther King, The Drum Major Instinct

 

"Non serviam."

Lucifer

 

Serve whom you will, but know who it is that you serve— for that is what you love.

Stocks were reaching for new highs today, with the Russell just clearing the bar with the help of Avis, which had a spectacular one day increase.

Stocks are trading like beanie babies-- or crypto currencies, or Non-Fungible Tokens (NFT).

Gold and silver were off a bit.

The Dollar took back the 94 handle.

FOMC tomorrow.  

They will probably not do anything directly but their words and intentions may move markets.

Non-Fungible Payroll numbers on Friday.

There is a great deal of volatility under the seemingly calm surface of the major stock indices.

Have a pleasant evening.

Stocks and Precious Metals Charts - A Reckoning Overdue

 

"The only vice that cannot be forgiven is hypocrisy. The repentance of a hypocrite is itself hypocrisy." 

William Hazlitt 

 

"Not everyone who calls out to me, 'Lord! Lord!' will enter the Kingdom of Heaven, but only those who actually do the will of my Father in heaven." 

Matt 7:21 

 

"No one can serve two masters, for he will hate the one and love the other, or he will be devoted to the one, and be neglectful of the other; and so you cannot serve both God and Mammon." 

Matthew 6:24 

 

"Do you think he is so unskilful in his craft, as to ask you openly and plainly to join him in his warfare against the Truth?  No; he offers you baits to tempt you.  He promises you civil liberty; he promises you equality; he promises you trade and wealth; he promises you a remission of taxes; he promises you reform.  

This is the way in which he conceals from you the kind of work to which he is putting you; he tempts you to rail against your rulers and superiors; he does so himself, and induces you to imitate him; or he promises you illumination, he offers you knowledge, science, philosophy, enlargement of mind. He scoffs at times gone by; he scoffs at every institution which reveres them. He prompts you what to say, and then listens to you, and praises you, and encourages you.  He bids you mount aloft.  He shows you how to become as gods. 

 Then he laughs and jokes with you, and gets intimate with you; he takes your hand, and gets his fingers between yours, and grasps them, and then you are his." 

J.H.Newman, The Times of Anti-Christ, 1890 

 

Stocks had some broader appeal in the Russell 2000 for example, which is often an indication of a rotation into cyclicals.

The strength shown in the recovery of the SP 500 and NDX  in the afternoon trade to about unchanged was very narrow indeed, and largely due to a bubble in the valuation of Tesla.

Gold and silver rallied back a bit, while the Dollar fell off the 94 handle.

There will be an FOMC decision this week on Wednesday, and the Non-Farm Payrolls report for October on Friday.

Have a pleasant evening.

 

 

Stocks and Precious Metals Charts - Risk On! - Here At the Quiet Limit of the World

 

“The world says: 'You have needs— satisfy them.  You have as much right as the rich and the mighty. Don't hesitate to satisfy your needs; indeed, expand your needs and demand more.  This is the worldly doctrine of today.  And they believe that this is freedom.  The result for the rich is isolation and suicide, for the poor, envy and murder.”

Fyodor Dostoyevsky, The Brothers Karamazov

 

"It is always the soul that dies first, even if it's departure goes unnoticed.  And it always carries the body along with it.  Man is nourished by the invisible, man is nourished by that which is beyond the personal.  He dies from preferring the opposite." 

Jacques Lusseyran, Poetry at Buchenwald

 

"We who lived in concentration camps can remember the men who walked through the huts comforting others, giving away their last piece of bread.  They may have been few in number, but they offer sufficient proof that everything can be taken from a man but one thing: the last of the human freedoms — to choose one's attitude in any given set of circumstances, to choose one's own way." 

Victor Frankl, Man's Search for Meaning

 

Stock had a risk on rally today, and went out at the highs for the day.

The VIX fell on the good feelings of bullishness.

The Dollar also rallied hard, taking back the 94 handle.

Gold and silver got clocked hard, but gained back only a little.

The physical gold stocks in Hong Kong continue to look like a case of robbing Peter to pay Paul.

Autumn has arrived in force now, with deep chills overnight.

Have a pleasant weekend.

Stocks and Precious Metals Charts - Litany in Time of Madness and Bubbles

 

"Few things are more destructive to Christians than anger.  Anger causes us to lose our self-control and to say and do things we would otherwise never consider.   Anger, if allowed to remain, turns into bitterness that eats away at our hearts." 

Henry Blackaby

 

“There is nothing so threatening to systemic evil as those willing to stand against it, regardless of the consequences.” 

James W. Douglass

 

"He will perish for lack of self-restraint; and will be lost because of an abundance of foolishness." 

Proverbs 5:23

 

"The Fates are just: they give us but our own; Nemesis ripens what our hands have sown." 

John Greenleaf Whittier

 

“The essence of a speculative bubble is a sort of feedback, from price increases, to increased investor enthusiasm, to increased demand, and hence further price increases.  Major speculative bubbles, as I argued in Irrational Exuberance, are always supported by some superficially plausible popular theory that justifies them, and that is widely viewed as having sanction from some authority figures.  These may be called new-era theories.” 

Robert Shiller

 

The 3Q advanced GDP number came in light enough to make investors think that the Fed will not reduce its morphine money injections to the markets through their Banks anytime soon.

But it was not bad enough to discourage hopes for outsized corporate profits to make up for last year.

Gold and silver are still being held down firmly below key overhead resistance.

The drain on physical gold in Hong Kong is getting serious, again.

Time to scrape out the physical from the ETFs (again)?

The Dollar dropped in keeping with trader sentiment about Fed dovishness.

Hold on to your hats. 

Have a pleasant evening.