So I'm watching this crazy volatility this morning and I'll I can think of is this old "Far Side" cartoon:
At first, I was simply thinking about the YeeeeeHaaaaaaa part, watching the steep drop followed by the even steeper rally. But the the metaphor developed further as I thought of The Bernank and His Royal Buttboy Hilsenrath. They are the pilots of the UFO, clearly enjoying themselves as they joyride above the terrorized masses.
In case you somehow missed it, here's your timeline:
- 9:50 am EDT - Text of Bernanke J-Hole speech is leaked
- 10:00 am EDT - Actual text of speech is released ( http://www.silverdoctors.com/full-text-of-bernankes-jackson-hole-speech/)
- 10:10 am EDT - Hilsenrath tweets "Bernanke signals readiness to do more"
And now the WSJ is confirming with a full article on The Bernank's next move: http://www.zerohedge.com/news/when-one-hilsenrath-just-not-enough-heres-another-bernanke-signals-readiness-do-more
Here's what it looked like, as it happened:
And here are 6-hour charts that show the full ranges which have contained the metals for the past week:
Crude made it all the way down to $94 yesterday. Did you buy some? Maybe you'll get another chance. Maybe not. If anything, it seems worth the risk. With September likely holding an increase in MENA tensions, the UPside certainly seems to outweigh the potential downside.
Lastly, did you see this yesterday? Was it widely proclaimed on air by on CNBS? Did it make the WSJ? How about Bloomberg? Hmmmm. Just more evidence of the coming changes. Don't ever say you didn't see it coming. http://www.cnbc.com/id/48838061
Alright, gotta go. Things are moving fast and I've got work to do. Expect The Cartel to still defend 1680 today. Lots of stops above there and, if tripped, gold should shoot toward 1700 and then 1720.
p.s. Here are a few more favorites.
And, my alltime favorite: