After a fun, three-day weekend, The Turd is rested and ready. I'd like to thank everyone who sent emails and donations along to cheer me up and inspire me to continue. All are much appreciated.
First up, here are your updated 2-hour charts. There's clearly a lot to like on these charts. Well, not the BS downdrafts that put us here but the action since has certainly been encouraging. Both charts look to be building in strength but that are both hitting into that area we've called "Max Q". Again, once we're above Max Q, you can get excited. Until then, the PMs are simply at the top end of the range they've been in since finding a bottom two weeks ago today.
The Commitment of Traders report from Friday showed a continuation of the massive, bank short-covering and spec long liquidation trend and total open interest is getting amazingly low. These number indicate that either the Comex is closing and going out of business or the situation is getting increasingly bullish. I'll let you decide.
This next item is interesting. At a speech in Houston last week, Commissioner Chilton laid into his fellow commissioners a bit. The text of the speech is linked below at the "SilverDoctors" site:
I found this last night, too. You might want to print and save this one:
Lastly, as mentioned above, I appreciate all the well wishes and attempts at cheer. Please understand that my frustration is not with you, my dear reader, or with the PMs, in general. This site was built with the goal of reaching and helping as many as possible and, to that end, it is succeeding in spectacular fashion. My main "issue" these days is all the talk of revolution and the anger that comes with it. Even some long-time friends of the site have gotten caught up in the fervor and I am finding all of this to be increasingly toxic.
I am an ardent believer that we need a revolution in this country but it's a revolution of ideas. It's a revolution of the spirit and of the soul, not of anger. It's a revolution of peace and a selfless commitment to helping others, not a revolution of tyranny and guillotines. Please, I beg you to look inwardly. You must first affect change in your own life and the lives of those immediately surrounding you. In time, our current financial system and way of life is doomed to failure. The system will inevitably collapse from the weight of its own corruption and dishonesty, not by group action and protest.
Therefore, be patient and utilize this time to prepare. Learn and know what you believe in and why you believe it. You must prepare to lead not follow. Your courage must come from your convictions, not from the mob you join.
Hand in there and have a great day. More later. TF
p.s. I'm confident that the comments section will soon be littered with all sorts of angry and bitter, anti-TPTB rants. Fine. Just keep it civil. I'm instructing all the mods to keep a very short rein on each and every member. If you want to vent and argue, take it to the forums. In fact, we've even created a dedicated forum just for you:
Remember, don't be a jerk and always treat others the way you want to be treated. Anyone abusing this site or its members will soon find their "account" suspended. This site has standards of decorum and anyone that doesn't like these "rules" should leave. Now.