09 December 2016

Just Charts at 2:45

Stocks up, metals down.

A familiar pattern.

Interesting that The Donald seems to be bringing in the president of Goldman Sachs in order to fill an advisory post that Bill Clinton created for Robert Rubin.

I have places to go, and decorations to put up.

See you Monday.

Have a pleasant weekend.

08 December 2016

Making Predictions is Tough...

...especially about the future.

Gold Daily and Silver Weekly Charts - 'Smoking Gun' In Bank Silver Rigging

The precious metals turn in a weaker performance today based on dollar strength versus the euro.

The markets had a little difficulty in determining whether the action taken this morning with regard to their version of QE was hawkish or dovish.

Dovish finally won the day, and the euro slumped against Uncle Buck.

The most interesting news of the day is the discovery of a 'smoking gun' in the papers from the Deutsche Bank lawsuit and settlement that names a group of other Banks as active manipulators in manipulating the silver market.

You may read about that here and in a few other articles in today's selected reading. I particularly enjoyed the Wall Street On Parade piece that refers to the Banks as being a Silver Market Mafia.

Most informed participants could see the obvious price rigging in the gold and silver markets over the past several years.   Normal trading does not instruct one to dump billions of dollars in contract into the quiet market off hours.

And in fact this is a well known, time-tested market rigging ploy that some banks had internally referred to as the Dr. Evil Strategy.

How ironic that the CFTC, the primary regulatory body for commodities in the US, studied the silver market for about five years and then decided not to bother issuing any report, save for a simple statement that 'they found no evidence of market manipulation.'  

This is the sad story of our times of regulatory capture and pervasive 'soft corruption' in political circles.   As Senator Dick Durbin noted in the aftermath of the financial crisis of 2008, 'the banks still own the place.'

The American people, and the people of a few other developed nations, are sick of this duplicity and dishonesty in the political and professional class.

As well they might be.   And their attempts at redress and reform are ignored or stifled, and so the anger keeps building to what some fear will be a 'Versailles Moment.'   One would hope not that, but history suggests that this sort of situation does not end well when if finally does.

Have a pleasant evening.

SP 500 and NDX Futures Daily Charts - Excelsior

I wish that the Fed and their ilk and the politicians and professional class would concern themselves with the serial bubbles they have been creating in financial paper asset (and studiously ignoring or denying) about half as much as they seem to be worried about increases in wages and employment.

The stock market has left the building called reality and is heading for euphoria.

It may keep going.

Have a pleasant evening.

07 December 2016

Just Charts at 2 PM - 'Christmas Party' - Starość Nie Radość

I am taking the queen, by her command, to a 'Christmas party' at the rehabilitation facility where she ensconced for five weeks earlier this year.  It was five weeks because that was all the insurance companies will permit. This is where she was taught to care for herself and get around despite the paralysis, and to speak more clearly again despite the aphasia.

It is also where the caregivers are trained in the ways to care for their loved ones while they recover, or not.  They do remarkable work at this location and the employees are very dedicated.  She said she wished to go so that the staff can see what they had set in motion, and 'just to be with the others.'

Now you know why she is my better half.

I don't like going to parties where I don't know anybody unless I am in a rare mood.  But since she cannot drive, I must honor my personal pledge to take her anywhere she wishes without grumbling.   Except for lady clothing stores, unless there is a Home Depot next door where I can seek a refuge.  There are some standards that must be upheld for the sake of a happy marriage.

Test results this week were better than expected although a follow up in two months is necessary on the usual 'area of interest' on which there is some differing opinions.   It is always something with this kind of illness, that can be managed but not cured.   As my old teacher and much later also my son's godfather used to say, starość nie radość—  old age is no joke.

But all in all this was a very good year, after a particularly rough start.

Tender mercies. Always, the tender mercies, like candles in the darkness.

P.S.  Much later.  Ok, she was right.   I had a great time.   The guy sitting next to me was a riot and the food was great.  The therapists are angels.  These are the gentle people whose campfires of caring cast a light in these times of elephantine greed.

06 December 2016

Charts At the Market Close - Central Bank Follies

The markets were still churning around today, going nowhere in particular.

I think that the theory that there was a determined intervention in the markets yesterday in the aftermath of the Italy vote is a reasonable one.

The Banksters and their functionaries learned a lesson from Brexit, although in this case the Italy vote result was widely expected, and turned into a bit of a 'bear trap' engineered by the well-connected.

The credibility trap is a very useful explanation for a number of odd behaviours that we are seeing these days, both in policy, politics, and finance.

How else could someone explain an article such as recently appeared in Fortune with the title, Donald Trump Is Inheriting the Best Economy In a Generation.

Their hypocrisy knows no bounds.

Have a pleasant evening.