My new printer is finally online and the pits close in about an hour. I'd better type fast.
I'm hoping that today's action is the final washout I mentioned yesterday. I did get filled on the July silver $35 call that I'd been hoping to buy. We'll see what happens next but, either way and with 4+ months on my back pocket, I feel pretty good about it regardless of what happens over the next few days. I see that several other folks, including Santa, are expecting something BIG in March. Maybe they'll be right. I certainly hope so. In the meantime, I'm patiently waiting for Ides+7, though I hope for a reversal and another shot at The Big Test before then.
Not helping things are the generally cautious-looking charts below. If all three (crude, copper and platinum) roll over and begin to trend downward, it certainly isn't going to help the cause of the metals in the short term. Obviously, if attempting to trade, you'd better be keeping and eye on them.
Next, in a sickening example of the manipulated and MOPEd sham the markets have become, read what I wrote on 2/1, as I was hurrying out the door to head to Vegas:
"Speaking of fiat debasement, the situation in The Pig is getting rather tenuous. The Bernank had better send out a Goon or two to talk it up soon or it risks failing at 79 and then 78. IF/WHEN this happens, look out below for a retest of the all-important 73 level. You can plainly see it here on this daily chart. Open your mind and you'll see a year-long, head-and-shoulder top. Therefore, a breakdown here would indeed be a big deal."
So, of course, what has happened in the two weeks since? Exactly that! And not only do we get one or two Fed Goons per day talking up the dollar, we also had Goldman's man in Europe talking down the euro and the G-7 talking up the yen. What a perfect storm of MOPE! Sickening.
So, now can they pull the same trick to rescue the 10-year note? Fckn-A right, they can! Just watch...
So where does this all leave is in the metals? In the crapper, of course! Let's see...In the 5 months since the announcement of QE∞ back in September, gold has fallen from $1780 to $1640. That's a drop of 7.9%. Yep, that makes a lot of sense! Even worse, silver has fallen from $35 to $30.50. That's -12.8%!! While The POSX has been defended at 79 four times! And the S&P500 is up 5%!! What a deal and a magnificent victory for central planning, control and manipulation!
Here, this is even worse: $85,000,000,000 per month in money printing confirmed in early December of last year. Since then, gold has fallen from $1725 to $1640 (-4.9%) and silver has fallen from $32.20 to $30.50 (-5.3%). And since this money began flooding the world in January, both metals are now unchanged. $120,000,000,000 new dollars created from nothing over the past 6 weeks and....nothing. No change at all in the price in gold and silver. But the S&P500 is up nearly 100 point since the first of year. Remarkable.
So, anyway, here are your charts:
I had a number of other things that I wanted to write about today but, after those last two paragraphs, I'm so depressed that I'm just going to quit, instead.
See you tomorrow.