It's Getting Ugly Out There

Tue, Nov 17, 2015 - 11:11am

Not much good news to report today but, of course, this is no surprise as we remain on the sidelines, waiting for the CoT to completely rinse out and the disinflation bias to abate.

It got pretty ugly in copper overnight as price fell all the way to 2.066. As we've been stating, once copper broke the August 24 intraday lows of 2.20, it was just a matter of time until it threatened 2.00 and now, here we are. Though copper has since rebounded to last of 2.11, this does little to change the overall picture. And, so long as paper copper threatens a complete washout, paper silver (and gold) will remain under pressure.

"Under pressure" would be a good way to describe our precious metals this morning as both are finally threatening to run the sell stops below the lows of last summer. I've got lasts of 75 and .17 so it won't take much of a shove for The Forces of Darkness to make this happen. Frankly, whether or not this happens today is irrelevant...this is going to happen. It's only a matter of time. As we finally found out yesterday, yes the CoT structure is dramatically improving. However, it still has a ways to go, particularly in silver. How will The Banks engender enough new selling to completely rinse The Specs back out? By maneuvering price to new lows and running the stops. Again, this is seemingly just a matter of time now.

And I thought this was cute...Bloomberg chimes in on how silver had declined for a "record losing streak", the worst since 1950. Of course, no mention is made that as of late October, when the "losing streak" began, the Silver Commercial NET SHORT position had soared to nearly 70,000 contracts, the highest since early 2008. No way that the esteemed reporters at Bloomberg were going to be astute enough to decipher this clear CAUSE AND EFFECT. What a scam this all is.

So, here we are. Madness is full view all around the globe. The French seem ready to get full involved in Syria while Russia has announced that it was definitely a bomb that brought down that jet two weeks ago. The global economy is in shambles and the US barely sputters, with "growth" only possible due to double seasonal adjustments and other statistical gamesmanship. By the way, have you seen the Baltic Dry Index lately? It's nearly back to multi-year lows. Nothing says a booming global economy like collapsing shipping demand!

And don't forget about your friends at Glencore. Back to unchanged on the day but still in serious trouble below 90.

DoucheBank still looks terrible, too:

So don't let today's follow-on, nonsense rally in the S&P deceive you. The index is pressing right up against its 200-day MA at 2064 and I suspect that's about the limit of the central bank pumping. I could be wrong, of course, so watch the close to see where it ends up.

OK, that's it for now. Let's see what the rest of the day brings and then sum it all up with a podcast later.


About the Author

turd [at] tfmetalsreport [dot] com ()


Nov 17, 2015 - 11:11am



Nov 17, 2015 - 11:14am

Next Happy Tuesday....

.....December 22......After the FOMC.

Nov 17, 2015 - 11:14am



@ Silverx3 from last thread

I like that sign off. I think that will be my sig from now on :)

Stay hedged my friends.

Nov 17, 2015 - 11:19am

My personal antidepressants

....By the way...that's John Kerry.

Nov 17, 2015 - 11:21am


number five

Nov 17, 2015 - 11:23am

6 and the Fed has a way out

Just blame it on this proposed law.

Federal Reserve Chair Janet Yellen said she strongly opposes a legislative Fed reform act in a letter addressed to House Speaker Paul Ryan and Minority Leader Nancy Pelosi .

In the letter sent on Monday, Yellen called the proposed law a "grave mistake," that would undermine Fed policy and the greater U.S. economy.

"Unfortunately, the FORM Act attempts to increase transparency and accountability through misguided provisions that would expose the Federal Reserve to short-term political pressures," she sa

Nov 17, 2015 - 11:23am

Friday COT should look good

commercials likely covered another 30k since last report - taking hedges off here, today obviously is cut off for friday COT, when no one on this site wants to buy, time to buy more.

4 oz
Nov 17, 2015 - 11:25am


I'm sure it's purely coincidental, the timing of foreign grants and all... "Hillary Rodham Clinton served as the 67th Secretary of State of the United States from January 21, 2009 to February 1, 2013."

Clinton Foundation amends four years of tax returns

The Clinton Foundation announced late Monday that it had amended its tax return forms from four separate years due to errors in the reporting of donations from ---foreign governments---

Put her ass in Jail!

Time to re-open the "Chinagate" investigation as well!!

Nov 17, 2015 - 11:32am

Yellen and audit the fed

Not only is she corrupt and but she fell out of a ugly tree and hit every branch on the way down!!!


Nov 17, 2015 - 11:35am

Thank you and lund above

Was just going to link that, too.

Screw. That. Old. Bag.


Key Economic Events Week of 10/21

10/22 10:00 ET Existing home sales
10/24 8:30 ET Durable Goods
10/24 9:45 ET Markit flash PMIs
10/24 10:00 ET New home sales
10/25 10:00 ET Consumer Sentiment

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Key Economic Events Week of 10/21

10/22 10:00 ET Existing home sales
10/24 8:30 ET Durable Goods
10/24 9:45 ET Markit flash PMIs
10/24 10:00 ET New home sales
10/25 10:00 ET Consumer Sentiment

Key Economic Events Week of 10/14

10/15 8:30 ET Empire State Fed MI
10/16 8:30 ET Retail Sales
10/16 10:00 ET Business Inventories
10/17 8:30 ET Housing Starts and Bldg Perms
10/17 8:30 ET Philly Fed MI
10/17 9:15 ET Cap Ute and Ind Prod
10/18 10:00 ET LEIII
10/18 Speeches from Goons Kaplan, George and Chlamydia

Key Economic Events Week of 10/7

10/8 8:30 ET Producer Price Index
10/9 10:00 ET Job Openings
10/9 10:00 ET Wholesale Inventories
10/9 2:00 ET September FOMC minutes
10/10 8:30 ET Consumer Price Index
10/11 10:00 ET Consumer Sentiment

Key Economic Events Week of 9/30

9/30 9:45 ET Chicago PMI
10/1 9:45 ET Markit Manu PMI
10/1 10:00 ET ISM Manu PMI
10/1 10:00 ET Construction Spending
10/2 China Golden Week Begins
10/2 8:15 ET ADP jobs report
10/3 9:45 ET Markit Service PMI
10/3 10:00 ET ISM Service PMI
10/3 10:00 ET Factory Orders
10/4 8:30 ET BLSBS
10/4 8:30 ET US Trade Deficit

Key Economic Events Week of 9/23

9/23 9:45 ET Markit flash PMIs
9/24 10:00 ET Consumer Confidence
9/26 8:30 ET Q2 GDP third guess
9/27 8:30 ET Durable Goods
9/27 8:30 ET Pers Inc and Cons Spend
9/27 8:30 ET Core Inflation

Key Economic Events Week of 9/16

9/17 9:15 ET Cap Ute & Ind Prod
9/18 8:30 ET Housing Starts & Bldg Perm.
9/18 2:00 ET Fedlines
9/18 2:30 ET CGP presser
9/19 8:30 ET Philly Fed
9/19 10:00 ET Existing Home Sales

Key Economic Events Week of 9/9

9/10 10:00 ET Job openings
9/11 8:30 ET PPI
9/11 10:00 ET Wholesale Inv.
9/12 8:30 ET CPI
9/13 8:30 ET Retail Sales
9/13 10:00 ET Consumer Sentiment
9/13 10:00 ET Business Inv.

Key Economic Events Week of 9/3

9/3 9:45 ET Markit Manu PMI
9/3 10:00 ET ISM Manu PMI
9/3 10:00 ET Construction Spending
9/4 8:30 ET Foreign Trade Deficit
9/5 9:45 ET Markit Svc PMI
9/5 10:00 ET ISM Svc PMI
9/5 10:00 ET Factory Orders
9/6 8:30 ET BLSBS

Key Economic Events Week of 8/26

8/26 8:30 ET Durable Goods
8/27 9:00 ET Case-Shiller Home Price Idx
8/27 10:00 ET Consumer Confidence
8/29 8:30 ET Q2 GDP 2nd guess
8/29 8:30 ET Advance Trade in Goods
8/30 8:30 ET Pers. Inc. and Cons. Spend.
8/30 8:30 ET Core Inflation
8/30 9:45 ET Chicago PMI

Key Economic Events Week of 8/19

8/21 10:00 ET Existing home sales
8/21 2:00 ET July FOMC minutes
8/22 9:45 ET Markit Manu and Svc PMIs
8/22 Jackson Holedown begins
8/23 10:00 ET Chief Goon Powell speaks

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