Guest Post by Jesse
Lately we have been seeing one day of a mad rally higher, followed the next day by a stunning reversal lower.
Today, they decided to break the mold and do both up and down moves of surprising breadth in the same day, in response to little or no new information.
Stocks were climbing higher from the start today, for no particular reason it appears, other than the desire to buy the dip. It was a fairly well-ordered but impressive move higher
But then about one o’clock today, the bulls seemed to lose their nerve, and the selloff began with the same quiet but relentless selling, taking stocks back down to nearly where the whole thing started.
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Gold and silver caught a little bit of a bid, and managed to hang on to it despite the reversal in paper assets. The US Dollar did not fare as well, giving up its early and overnight gains to finish back below the 90 handle.
“We see that gold broke above its downtrend line. But now we see a massive base building in gold. Massive. It’s a five-year base in gold. If we break above this resistance line, one can expect gold to go up by, like a thousand dollars.”
Jeff Gundlach
Late in the afternoon the news came out that the FBI had raided the offices of Michael Cohen, who is President Trump’s personal lawyer. Yowza! That did not help the mood in the snake pits of Wall Street.
Brace for twitterstorm? Or for the firing of Rod Rosenstein who likely approved Mueller’s FBI raid. And perhaps Jeff Sessions who ran for the hills at the first sign of trouble?
There are reports that Cohen is under a cloud for campaign fraud, wire fraud, campaign finance and election law violations. Trumpolini does not like to play defense, so let’s watch for a reaction here that *could* move the markets further.
Don’t know why, there’s no sun up in the sky, Stormy Daniels.
It’s never the crime, no matter how seemingly incidental— it’s always the cover up.
Facebook’s Zuckerberg will be answering questions before the US Congress tomorrow, in an extravaganza of self-righteous recriminations from the very people who have been letting him do as he pleased while taking his money in campaign contributions for many a year.
It may even be as harsh as the tongue-lashing that the esteemed Congress gave to the financial people after the crisis, before doing nothing much about it except bailing them out and guaranteeing their fortunes with public monies.
These markets are like a vehicle being driven by hard drinking, pipe-hitting, out of control chuckleheads who are not going to stop pushing things to the limit and tempting fate until they wrap themselves around a telephone pole.
If we were virtuously governed they would have been stopped long before now, as they have a certain number of unfortunate innocents in the backseat with them, and other pedestrians and passers-by who are likely to become collateral damage to their callow pursuit of selfishness and greed.
Try not to get in their way.
“We see that gold broke above its downtrend line. But now we see a massive base building in gold. Massive. It’s a five-year base in gold. If we break above this resistance line, one can expect gold to go up by, like a thousand dollars.”
Jeff Gundlach
Bingo, Jeff. Look for break above 1370’ish’ for liftoff.
The opposite could quite easily happen if the market does poorly, gold is often sold off to get immediate cash to cover margins that went the wrong way.
Gold hasn’t made me anything for a number of years, but Palladium, silver and, to a very small extent, platinum have.
FWIW, you don’t make money on anything till you sell it and pocket the cash. It comes out either more or less than you put in to start with. That is how you know if you made or lost money on it, that’s how you find out if and how well you know what your are doing.
Yes, true, anything can happen. Trading is a game of probabilities. You should define your trade before you get in and have some idea where to get out. Otherwise, you’re letting the market jerk you off. Oh, and never bet the farm on one trade!
gold-silver and silver-gold. Maybe big traders care, the average Joe doesn’t.
The average Joe that owns a bit of PM has it hidden away and hopes it will help
secure some goods and services someday. No? There will be a supply of beautiful
stocking stuffers and birthday gifts at hand in years to come.
Others may be obsessed with each and every hiccup, burp, and fart let off by the
digestions of the “market.” So far, one thing we know, the bankers will be ahead
of every honest saver, as the illegal gambling debts/derivatives must be paid first
and foremost. The “market” is just a shitshow for the main of us…the “experts”
babble on.
Yet, nothing will matter if the “powers” start tossing nukes around. Some little
kid that survives may throw dirt into the air vents of underground bunkers…
and the filters will fail to work. Poetic justice.