It's Getting Ugly Out There

78
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. https://www.bloomberg.com/news/articles/2015-11-17/gold-holds-drop-as-in...

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.

TF

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  78 Comments

CPE
Nov 17, 2015 - 11:11am

Thx

Turd

canary
Nov 17, 2015 - 11:14am

Next Happy Tuesday....

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

s1lverbullet
Nov 17, 2015 - 11:14am

2nd

Yeehaw!

@ Silverx3 from last thread

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

Stay hedged my friends.

canary
Nov 17, 2015 - 11:19am

My personal antidepressants

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

AlienEyes
Nov 17, 2015 - 11:21am

5th

number five

lund175
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

https://finance.yahoo.com/news/yellen-proposed-fed-law-grave-160002021.html

DAGEORGE42
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

Ugly????

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!!

silver66
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!!!

https://www.cnbc.com/2015/11/17/yellen-proposed-fed-law-would-be-grave-m...

Silver66

silver66
Nov 17, 2015 - 11:35am

Thank you and lund above

Was just going to link that, too.

Screw. That. Old. Bag.

Sickening. ALWAYS KEEP IN MIND THAT THE FED IS NOT "INDEPENDENT". THEY WORK FOR THE BANKS AND BY THE BANKS. PERIOD. END OF STORY.

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Key Economic Events Week of 10/21

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Key Economic Events Week of 9/30

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Key Economic Events Week of 9/23

9/23 9:45 ET Markit flash PMIs
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Key Economic Events Week of 9/16

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