I Hope You're Ready. I am.
I've been on vacation long enough. Batteries are recharged. Perspective has been gained. Things are about to get very, very interesting in the metals. I'm ready. Are you?
Both metals are rapidly approaching a conclusion to their long-term, corrective patterns. By Monday, I'll be able to draw on these charts again but, for now, you'll have to use your imagination. Connect the tops with a down-sloping line and connect the bottoms with a horizontal line. These "descending triangles" are near their completion as both metals are working themselves into the very tight, acute angle at the far end. WHEN they break out and UP, what is happening will be clear to all. The hot, explosive summer and fall will have begun. Be ready.


Here are some news items that you should be following. As mentioned yesterday, if you want to follow the events on the ground in Syria, this link is your best bet: http://www.aljazeera.com/watch_now/. Israel has fingered Iran/Hezbollah as the culprits behind the bombing in Bulgaria yesterday. http://www.zerohedge.com/news/alleged-mastermind-behind-israel-bus-explosion-identified-swedish-national-mehdi-ghezali. And, the U.S. is appearing to gear up for military action somewhere in the area: http://www.zerohedge.com/news/three-us-aircraft-carriers-now-middle-east-fourth-en-route. All of this has served to drive crude well through $90 and $100+ now looks quite possible very soon.

Soybeans are reaching a mania phase. They are up over $1/bushel in just the past 24 hours. They are likely due for a brief but sharp pullback soon but things aren't looking better, by any means. Here's a 5-minute chart as well as an updated version of the Kansas City forecast I posted earlier this week.


UBS sees hyperinflation coming. (Wait a minute. I thought hyperinflation was just some sort of Austrian pipe dream. David Frum said so. Oh well, Switzerland is pretty close to Austria. It must simply be contagious.) http://www.businessinsider.com/hyperinflation-risk-major-currency-2012-7
Peter Schiff is worried about tyranny and fascism. http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2012/7/18_Peter_Schiff_-_This_Is_My_Single_Greatest_Fear.html
And Trader Garrett (a friend of Trader Dan) has written summary for those searching for bottoms and trend changes. http://marketpendulum.blogspot.com/p/in-depth-coverage.html
OK, that's all for today. Keep the faith.
TF
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Comments
Someone was offended
http://www.politico.com/news/stories/0712/78735.html
http://www.amazon.com/Big-Mouth-Toys-Obama-Punching/dp/B005PPMP7Q/ref=sr...
Responsibility
Undeterred by how wrong they got the Columbine shootings 13 years ago, or how disgustingly politicized they turned Jared Loughner's 2011 rampage,
* ABC News reporter Brian Ross points a tentative finger at the Tea Party:
* Rep. Louie Gohmert (R-Texas) blames the opponents of Judeo-Christian theology:
* Northeastern University criminologist Jack Levin makes a clinical diagnosis and blames bullying:
* Ex-FBI profiler Clint Van Zandt on MSNBC says Holmes could be a "dark, Trekkie-like person."
* On CNN, profiler Pat Brown blames violent video games:
* The Daily Mail suspects Occupy Wall Street
http://reason.com/blog/2012/07/20/half-assed-media-speculation-about-the-b
WOW $59.62 BILLION-
WOW $59.62 BILLION-what do you think that would have done to the gold price?"PAPER GOLD" not so valuable-buy physical only!!!Again "PAPER GOLD is proven to be no gold.
@Number 47 - Take that Argument to its Logical End . . .
Great, prescient observation. I totally agree with you that little could have been done by a person armed with concealed carry pistol.
Now, think a little more about that . . .
The GUN CONTROL crowd will say: "See, guns kill, lets prohibit them."
The 2nd Amendment Types will say: "A CCW would have stopped the gun fight or minimized the carnage, err, maybe."
The GUN CONTROL crowd will say: "[insert Number 47's argument here]."
The 2d Amendment Types will say: "Well, maybe this time . . ."
SEE!
It is a perfect set up argument to ram through total gun control.
Too many coincidences for me. It just so happened in Colorado, where Columbine occurred. It just so happened to involve a weird psycho who used lawfully obtained and obtainable guns. The psycho just happened to be wearing excellent gear which would have repelled any small arms fire. It just so happened to occur in a darkened, smoke-filled, target-rich environment, for maximum carnage. It just so happened to occur at a block-buster, mass media-watched and reported upon event.
Sure, there are counter arguments, but for me, looking past the obvious, I smell something far more sinister going on here.
When they announce a new gun control law in Colorado, remember you heard it here first.
Iranian Air Defenses !
If we can't make a better and cheaper mousetrap than the AK47 .... a "How am I driving ? 1 (800) 382 - 5968 " moment .... how do we stack up to the Soviets and Chicoms in other areas ? I know we spend more .... but on what ? Monedas 1929 Comedy Jihad I Think I Just Hat Tipped My Executioner ?
@ magpie
You seem to care about puppets....
Silly you....
Mittens or Obama: who cares?
Just a Few Coincidences....
-Century 16 theatre: 116-911
-Delicious ammo for the UN small arms treaty.
-In the wake of the Bohemian Grove annual "bridge-playing and b*tt-f*ucking" event.
Carry with your regularly-scheduled programming.....
Makes as much sense.
Gun-control makes about as much sense as theater-control. If TPTB say control is the answer to stopping someone from killing others in a theater, then I say that instead, they should outlaw everyone from going to theaters.
Though some here may disagree, you have a RIGHT to KEEP AND BEAR ARMS. Nothing in the Constitution gives you the RIGHT to feel safe in a theater. (Just ask Abraham Lincoln.)
The government and law enforcement are not there to protect you. Your protection is your own responsibility. Hence the 2d Amendment.
CCW would/ wouldn't stop this one
Irrelevant. Misdirection.
Rights are inviolate. Not up for debate.
If you promote gun control/seizure, you are promoting the ensuing violence.
Iranian Air Defenses
not Iranian made. All of them are imported from Russia which is known for building cheap, good and reliable rockets, so I think they actually want this conflict to escalate because Russians are eager to test their weapon systems in real war. Saddam didn't have an access to these modern technologies. He had only old Russian tanks and AKs
Iranians are a lot smarter and I believe this will not be a walk in the park for U.S.
@Number 47
You make some good points, the guy was loaded for bear and defiantly an evil psychopath, but I would rather have had my Glock in hand, and attempted to stop him rather than just let people be slaughtered
No such thing as a bullet proof vest.
They could have pumped rounds into his center of mass and kept on shooting. A bullet-resistant vest doesn't protect you from being knocked over - you still get a lot of trauma and impact damage.
Also: ballistic armor comes in different ratings. Armor that resists lower caliber rounds will fail against higher caliber handguns.
Also: he was wearing body armor, not a personal energy shield. His helmet would have protected no more than 80% of his head. Torso cover is typically excellent while in shooting position, but tactical *leggings* cover only about half the leg with a useful amount of Kevlar. They are generally thin on the inside leg.
Tactical gloves are generally designed for hostile entry or against sharps and punctures - if he was able to fire a gun, his gloves could not have been thick enough to fully protect his hands against bullets. If you fire enough shots you will find a poorly armored spot or even a gap, especially if you knock the guy down so he isn't moving.
His best defense wasn't his armor - but the same invisible shield that worked at Virginia Tech: he chose an arena for his killing spree where he knew no-one else would have a gun.
Cinemark should be sued for denying Americans their CCW rights and turning them into a mass of defenseless targets. A single shooter might have saved a lot of lives.
airgead
Yer wrong. I just thought it was stoooopid anyone was offended by a silly little plastic doll. But if I saw a Mittens dollie, I wouldn't go running off to tattle to some State Fair official that someone hurt my feelings. Oh, the horror of it all!
There are soooo many things those people should be offended by........like 900 EO's signed by Zero since day one of his pResidency in the WH. Solyndra. And a thousand other insults to this country.
Betcha those whiners don't even know we're in a national emergency, eh?
The article says all you need to know about certain Obama supporters, and absolutely NOTHING about me.
@CA Lawyer
'Ashamed' economist Peter Doyle quits IMF
A DEPARTING senior IMF economist has excoriated the fund, alleging it failed to address Europe's crisis and "suppressed" its challenges.
In the letter obtained by CNN, Peter Doyle also accused Christine Lagarde, the managing director of the International Monetary Fund, of being "tainted" by a faulty selection process.
Mr Doyle, in a resignation letter to the IMF executive board dated June 18, expressed regret to have worked at the Washington-based global lender.
"After 20 years of service, I am ashamed to have had any association with the fund at all," he wrote to Shakour Shaalan, dean of the board.
http://www.news.com.au/world/ashamed-imf-economist-quits-organisation/st...
Heard it here first?
As I was reading the post, I thought "here is one of our blog's conspiracy theory dialecticians firing off a low probability scenario once again. Sure... anything could be possible. But then I looked to see who wrote it after noting that indeed I heard it here first, and to my surprise it is our blog's notable lawyer.
Then I go upstairs and wife (after watching the video of the 71yr-old hero) has several websites opened up to find out how to get a CCW permit. Her sister showed us her S&W Governor a few weeks ago. Looks like we are all headed to CCW school for some official training.
Stacking is not the only way to prep. And since our dry powder is getting scarce, some training just might be the thing.
Iranian Offense
Any good armchair general with a good search engine and time on their hands can figure out in a hurry that the song and dance about Iran being unable to close the Strait if Hormuz for long is just a plain crock. Worse than a crock. Yet, this big Orwellian lie persists, so once again I have to set the record straight. Iran has the capability of not only closing the Strait for some time, but creating a world of hurt for the U.S. Navy’s 5th Fleet.
Iran possesses a build up of anti-ship weapons called Sunburn missiles, which it has procured from Russia and China over the last decade. These are top-notch weapons developed by the Russians as a low-cost challenge to the expensive, tech-heavy weaponry of the U.S., and specifically the aircraft carrier task force. A conflict, which I now assign a high probability to [see Scenario for an Israel Attack on Iran], is going to be a huge test of a global-naval doctrine that Russia and China will watch with tremendous interest. That’s why I think they have armed Iran to the teeth. The big question: How many of these weapons does Iran have? I would suggest thousands, and that this is the real show.
http://articles.businessinsider.com/2012-02-08/news/31036419_1_anti-ship...
@Magpie
I didn't know people had the right to not be offended. Wow, just wow.
Regarding concealed carry laws
But unfortunately in many states one can not carry into theaters, bars, restaurants, etc. So law abiding concealed carry people must leave their guns in their cars.
So CCL holders who have passed background checks, been finger printed and photographed are not allowed to legally carry in.
Only the criminals bring their guns wherever. Granted it would have been difficult for anyone, including a SWAT officer in full gear to have stopped the rampage before anyone got hurt. But that said, it would have only taken one bullet between the eyes to stop him and maybe save half the people who got shot.
Same thing with the Congress woman from Arizona. If just one of the people around her was trained and carried it definitely would have turned out different in that case.
The Man Who...
Yes. Those were Sunburns that the two effeminate gentlemen in the video got so excited about.
If I were them, I'd go all-out on a first strike. It's how a US Col. defeated his bosses when they assigned him the Iranian role in a war game.
Silver CoT
Silver COT Report: Futures
Large Speculators
Commercial
Long
Short
Spreading
Long
Short
28,431
20,775
24,156
48,214
63,349
-3
1,123
-2,128
-157
871
Traders
58
47
46
38
34
Small Speculators
Open Interest
Total
Long
Short
121,819
Long
Short
21,018
13,539
100,801
108,280
-2
-2,156
-2,290
-2,288
-134
non reportable positions
Positions as of:
123
107
Tuesday, July 17, 2012
© SilverSeek.com
for the record...
I am putting my fiat where my mouth is and purchased 2 calls Aug @ 55 strike in CORN (corn ETF)
I am predicting a 3-4 gap up on monday morning.
@ Number 47
And you call "us" sheeple. Wow.
"When seconds count, the police are just minutes away".
@murphy
Now that you mentioned the Arizona incident where the congress women was shot. It was my understanding that a person in attendance at that event did have a CCW permit and had it gun on him. It was his bravery that kept more people from getting injured that day. I will have to follow up with details but I recall it was a Mexican American male (legally in this country-imagine that) that was the uncelebrated hero. I am guessing this part of the story was never circulated in the MSM because it did not promote a certain group's political agenda.
on the ccw permits
Arizona incident and this incident are two whole different environments.
I can easily see where in Arizona it would be easier to see the shooter (i.e. clear sunny day in the daylight)
I think in this situation it would be very difficult without doing any more damage - can you imagine trying to stop that in a crowded theater, dark, panicked people with tear gas flying around. I think even a highly skilled sharp shooter would have a hard time without causing additional collateral damage. (a.k.a. people getting caught in crossfire)
Not me! Just OWS' own speculating
http://occupywallst.org/forum/the-dark-knight-rises-the-anti-occupy-wall-street-/
OP - "Tonight at the most prestigious theater chain in Hollywood, right in the heart of Hollywood on Sunset Boulevard, the legendary Arclight Theater, will screen the anti-Occupy Wall Street blockbuster "The Dark Knight Rises" no less than 15 times before 1 a.m. They can check out the 12:01 a.m. showing ..."
Reply - "It looks as if one of our own may have taken his protest too far.http://cheatersflorida.wordpress.com/2012/07/20/update-occupy-black-bloc-member-james-e-holmes-shoots-up-aurora-co-movie-theater-killing-12-and-wounding-50/"
His link looks cheesy. I just thought his comment interesting.
Raised Beds
Definitely going for this next year. Been trying to convince my husband to prepare part of his precious lawn for garden space for years (he even agreed 2 yrs. ago in exchange for me agreeing to taking down some oaks), but still hasn't happened. I have no time at all now working FT. If we're still in our home next year, I've showed him your pictures & info about raised beds & I think it will be a go!
For now, though, I did at least put some homegrown with love seedlings into ordinary large plant pots outside in the sun. I am picking peppers, tomatoes, cucumbers & eggplant.
Love the idea of raised beds & really want to do some winter squash.
Thanks for all of the great info & ideas.
47 had one point that was valid
As previously pointed out, body armor is not a force field. I have read several accounts by soldiers and police that were shot while wearing armor. In most cases they were incapacitated for for at least several seconds. And in a crowd you could likely get off a few shots while he was focused on someone else.
But 47 was right about the difficulty in not hitting an innocent target in a crowded and dark environment. Even for someone that is well trained and well practiced this is a difficult situation to deal with. Still, unless someone was in my direct line of fire, I would take the shot rather than seeing more people being murdered.
proformatrillionaire /Adrock
Yes you are correct. He came from across the street inside a little mart. I believe he was involved in restraining the shooter but he decided firing his weapon was unnecessary. When the ass**** Geraldo Riveria interviewed him he asked him something like are you sorry you didn't shoot him or why didn't you shoot him. The young man calmly said because no one else was in danger.
Adrock- yes you are correct as I stated as well. However, is it better to wait for the shooter to run out of ammunition for the killings to stop or just maybe a brave soul can save twenty lives?
@Dr. J
In my state the CCW training is mostly about laws and then you have to pass a shooting test. It is not handgun training. Your state may be different. Training, practice, and more practice if you are going to carry.