Rage Against The Machines

Fri, Nov 30, 2012 - 10:15am

In a world dominated by momo-chasing HFT computers, sometimes you've got to step back and use actual intelligence and not artificial.

As we've been discussing here for months, America is racing toward the dreaded "Fiscal Cliff". Earlier this year, the common term for this event was Taxmageddon but, apparently, Fiscal Cliff sounds more dramatic when accompanying the MSM "BREAKING NEWS" alert at the top of every hour. So, what the heck is this Fiscal Cliff stuff and why do the metals seem to trade up and down based upon whichever way the wind is currently blowing?

In its simplest terms, the Fiscal Cliff is this: If no legislative action is taken before January 1, 2013, a whole host of current tax breaks will expire. The resulting tax increase will dramatically slow the U.S. economy as tax-planning uncertainty will combine with this massive transference of wealth from the private to the public sector, making even 1% GDP growth unlikely in 2013. Additionally, Congress must once again to raise the debt ceiling from its current $16T+ level to something like $18T. Yikes!

So why is it that rumors of a "deal" tend to make gold go UP and rumors of "no deal" make gold go down? It's the WOPRs, silly. Many are programmed to buy and sell off of headlines, and for some reason, these computers are selling on every headline that suggests "no deal". But this is completely, 100% wrong and I need you to use actual, human intelligence for a moment. There are four, possible scenarios here. Let's take them one by one.

  1. No deal at all. America heads over the Fiscal Cliff. Massive tax hikes hit on 1/1/13 and, more importantly, the U.S. reaches the debt ceiling and is unable to borrow any additional funds at auction. This is wildly bullish for gold (and silver). The collapse of the U.S. economy guarantees huge, additional QE and the dollar will decline steeply in value. Lack of funding for government spending ramps up the requirement for even more dollar printing by The Fed. Gold demand also surges as countries, central banks and individuals around the world seek "safe haven" from the storm.
  2. A deal on the debt ceiling but no deal on Taxmageddon. This is also bullish for gold as The Fed will, undoubtedly, be standing by with massive QE liquidity injections in an attempt to blunt the economic slowdown brought forth by the tax hikes. Additionally, no deal on Taxmageddon means that no spending cuts were initiated. This lack of "austerity" combined with the $2T+ debt ceiling hike will almost certainly lead to another round of downgrades to the U.S. credit rating and, as we saw in August of 2011, downgrades of the U.S. are quite bullish for gold.
  3. A deal postponing Taxmageddon and no deal on the debt ceiling. This scenario plays out simply because The Congress decides to "punt" the issue and head home for the holidays, instead. They figure that Tiny Tim will figure out a way to cook the books until March or so, thereby leaving the problem for the new Congress to tackle in January. This complete disregard for the seriousness of the issue leaves S&P et al with no choice but to downgrade the credit rating of the U.S. which, as noted above, is a situation that has proven in the past to be extremely bullish for the metals.
  4. A complete deal where taxes are raised, real spending cuts initiated and the debt ceiling increased. Even this is bullish for the metals. Why, you ask? Once again, raising the debt ceiling by $2T+ is bullish. The link between U.S. debt and the price of gold is indisputable. And, again, from where will this money come? QE∞, of course. The tax increases with spending cuts is also a plan for higher gold prices as this will almost certainly slow the U.S. economy into recession and, as we know, the only monetary policy left to combat economic slowdown is the overt printing of new dollars.

So, do you see where I'm headed here? It doesn't matter! Next month, ignore the headlines and the endless MOPE and SPIN emanating from Washington and New York. Just buy gold (and silver, too). Physical precious metal continues to be your only financial protection from the true Economic Armageddon we are facing.


About the Author

turd [at] tfmetalsreport [dot] com ()


Nov 30, 2012 - 10:49pm


Thanks for the pictures. I forgot what worthless bureaucrats looked like. They will have lots of endless meetings and memos but will accomplish nothing.

Nov 30, 2012 - 10:56pm

I Googled FUBM

...because I'm old and not hip to the street slang. Turd's entry is at the top of the list.


Nov 30, 2012 - 11:16pm

Recommended Reading

Gold And The Potential Dollar Endgame Part 2: Paper Gold, What Is It Good For?

Authored by Dan Flynn and Joe Yasinski of Gold Bullion International

In our first installment of this series we explored the concept of stock to flow in the gold markets being the key driver of supply/demand dynamics, and ultimately its price. Today we are going to explore the paper markets and, importantly, to what degree they distort upwardly the “flow” of the physical gold market. We believe the very existence of paper gold creates the illusion of physical gold flow that does not and physically cannot exist. After all, if flow determines price – and if paper flow simulates physical metal movement to a degree much larger than is possible – doesn’t it then suggest that paper flow creates an artificially low price?
Leveraged systems are based on confidence – confidence in efficient exchanges, confidence in reputable counterparties, and confidence in the rule of law. As we have learned (or should have learned) with the failures of Long Term Capital Management, Lehman Brothers, AIG, Fannie & Freddie, and MF Global – the unwind from a highly leveraged system can be sudden and chaotic. These systems function…until they don’t. CDOs were AAA... until they weren’t. Paper Gold is just like allocated, unambiguously owned physical bullion... until it’s not....


Nov 30, 2012 - 11:37pm


what a great day.went to lcs and bought.again.i almost feel guilty when i cannot make it to my LCS.oh no i am addicted.i wonder what the doc would say if i went to emergency and said i was addicted to AG.my father used to go to the doctor.the doc would come in room and say what appears to be the problem.my dad would say you are the doctor you tell me.always miss him dearly at this time of the year.one of the wisest men i ever knew.read his bible on a daily basis. regards:lone

Dec 1, 2012 - 12:00am

I Kid You Not-Fortune Cookie

Got a fortune cookie tonight that said "Don't worry about the stock market. Your investment is good.

I couldn't believe it, LOL.

Good thing I don't have any stock market investments.......

So just who is writing the fortunes these days!

Is Benny moonlighting????

Mr. Fix
Dec 1, 2012 - 12:52am

Busy day, but I've got a lot to say on this topic.

I would like very much to weigh in on Turd Ferguson's post “Rage Against the Machines”.

The fact that gold is acting opposite of its fundamentals, is not a surprise.
It goes with the old saying, “garbage in, garbage out”.
These computer algorithms to are simply running the programs they are designed to run.
Their primary function is to make sure that people do not even consider precious metals as a safe haven.

But that has been discussed many times on this website.

As far as the fiscal cliff is concerned,
I say the deal was struck in the summer of 2011, during the last big debate about raising the debt ceiling.
If there's no deal at all, is the best possible scenario for to Obama.
Therefore, the entire debate is a farce.
The outcome has been pre-determined.
President Obama will get everything he really wants.
This means that everybody's taxes will rise massively,
the military budget will be gutted,
and money can be printed to infinity, dropping its value to zero.
Martial law, will not be the result of what happens,
martial law, and a police state is in fact the goal.

Everything that happens to cause this is preplanned.

The Republican leadership, and the Democratic leadership (the Obama administration) are on exactly the same team.
And there is no doubt that they have been for quite some time.
The Republicans will of course be blamed by the Democrats and the mainstream press for the disaster that ensues coming in January.
This is also the plan.
As I stated in the run-up to the election, Pres. Obama is not going anywhere.

What we will now see is a unprecedented consolidation of power.
Even now, he has all the actions and mannerisms of a dictator,
and is not the least bit interested in compromise, or even in any serious negotiations.
He will get everything he wants,
and no one will oppose him,
they will just talk a good game for our entertainment,
and of course some people will still think there is a chance that this mess can be fixed.

It cannot be fixed.

Since the start of the Obama administration, every single decision he has made has been designed to cause the worst possible outcome for the United States.
Now that he does not even have to pretend that he cares about this country,
he can destroy it at will, in plain sight, completely unopposed.

Of course, this is all incredibly bullish for gold and silver,
but we have bigger problems than the price of precious metals.

Liberty has been lost, our nation has been destroyed,
and the Evil Empire is about to impose its will upon the citizens of the United States.
I can only hope that they have bit off more than they can chew,
but they have been planning this for decades,
and we are now witnessing the endgame.

Kicking the can down the road is no longer an option,
besides, it has been quite obvious for the last few years that instead of kicking the can,
the rate of destruction has been greatly accelerated.

This president is not kicking the can until he leaves office.
In fact, he has no intentions of leaving, ever.

Granted, I may be giving him too much credit.
There are powerful forces behind the scenes backing him,
but he is a well-chosen front man, and yes you may call him a puppet.

I just consider him the face of the Evil Empire.
We are all going off the fiscal cliff together, and this is an absolute certainty.

Plan accordingly.

If your goal is to get rich stacking gold and silver,
I would highly suggest that you make sure you have enough food, fuel, ammunition
and all of life's necessities to last you a good long time.

They will soon be unavailable at any price.

Dec 1, 2012 - 3:32am

GSR went into sharp pulback

GSR went into sharp pulback (pullup) as silver and gold prices dropped, also pulling back some of of silvers acceleration. I think silver will try again to detach from gold, pulling GSR loer again now to 50 and then 48. Now it looks that silver prices at 48 will be 36-37, can happen early as Dec 7th.

I think silver will try once again. The range of the pullup is roughly what could be expected after such sharp move down during previous 3 days . Monday should move GSR down again, Tuesday may be ap a bit, so some consolidation around 51 still possible, But I think yesterdays pullup was it. Silver dropped less than in previous takedown to 32,9.

Dec 1, 2012 - 7:28am

obozo gets what he wants?.........debt and printing

the first fly in the ointment will be US credit downgrade with moody's n fitch joining SnP n Egan/Jones.

pension funds are mandated for AAA debt

AA+ does not get it.

first push of the bond market into its coming 20 year secbear?

PMs and possibly til april/may equities[50/50 chance] benefit.

course everyone knows my asset of choice

Dec 1, 2012 - 7:29am

Christmas shopping

Need to pick up something for my 2 sons, in their 20s. Looking over the holiday sales ads and find a great holiday sale on silver! Not quite as good as the door buster sale on "silver Wednesday" but still good. Silver coins for everyone this year!

Dec 1, 2012 - 7:29am


I know a little about Tivoli from my LAN support days. I've never heard of EMC. My knowledge of the desktop/LAN environment is very stale. In that realm I'm basically an informed user.

Since around 2006 I've been involved in Layer 2 and Layer 3 hardware, things like EoC, xDSL and fiber. Mostly I configure Cisco switches and routers as customer premise equipment and the POP side configuration to support it.

I'm also a pretty good PHP/MySQL scripter. That's actually what I enjoy the most, but I only use it tangentially in my current job. I've made some web based aps that streamline my job, but they don't pay me for that, they pay me to crank out the hardware. My tools just help me do that better.

S Roche
Dec 1, 2012 - 7:51am

@Boatman re rating downgrade

Jim Sinclair made a brief point on this, he thinks they will change the mandate that sets the bond rating that pension funds can own before they let the pension funds be forced to sell UST. They fixed FASB ## for mark to market, they can fix this. Whatever it takes...

The "gradually" has a long way to go in the US, imao, before the "suddenly", and Europe and Japan are lining up to go first.

"There is a lot of ruin in a nation" - Adam Smith.

El Gordo
Dec 1, 2012 - 7:55am

Bad News

Well, there I was just minding my own business and loading my stack onto my little skiff for the short trip to Redfish Island out in the middle of Galveston Bay. Every year I try to empty my on premise storage site, take my stash out to the deserted island, and plant the little 1 oz. ASE's, hoping that they will grow up and multiply. I can then work on filling my local storage area again during the coming year as opportunities and funds permit. Would you believe that a passing oil tanker created about a 6 foot wave that flipped my little skiff right over in the deepest part of the ship channel and that everything I had on board sunk into Davey Jones' Locker? All of it. Shortly after that I was able to ride the skiff as it drifted to the island and I was then able to get it uprighted again. I looked around for the places I planted last years' crop, but my GPS was gone and I was unable to locate a single one. I was able to get a tow from a passing fisherman who brought me back to shore, so for that I am grateful.

Nothing quite like starting over again. BTW, insurance does not cover such events, and I'm doubtful the IRS would believe my story if I claimed the loss. Merry Christmas.

Dec 1, 2012 - 8:06am

Oh those imperialist bankers, and good morning

"The euro is a currency with a state", says ECB's Coeure

PARIS | Sat Dec 1, 2012 6:18am EST
(Reuters) - European Central Bank policymaker Benoit Coeure urged euro zone governments on Saturday to forge a closer political union, arguing "the euro is a currency with a state" whose branches of government need more clearly defining.
Former ECB President Jean-Claude Trichet's idea for a euro area Treasury would be an important step in bringing greater clarity to the role of government in the bloc, Coeure said.

"The ECB is independent and fully accountable, but it needs clearly identifiable and fully empowered interlocutors," he added.



So - the currency itself has created a state which now has 'branches of government" which need defining. And who created the Euro? Stateless dictators, I would suggest. van Rompuy, anyone? cui bono, Mario Draghi?

And what is the first branch of government they suggest, already having a central bank (ECB)? A treasury. But of course. And we have Lagarde and Draghi calling for one banking authority to rule them all - perhaps they see themselves as first in line for the job of "fully empowered interlocutor". I'll bet it pays a pretty penny. Oh, sorry, those are being taken out of circulation aren't they.

And a jolly good December 1st to all.

Admiral Ag Bar
Dec 1, 2012 - 8:21am

checking in with Blight...

AnonymousDecember 1, 2012 5:16 AM

My favorite part of the French Revolution was when the peasants finally had enough of the bullshit and chopped off the heads of the ruling class.

Go long woven head baskets.

With Love,

Adm. Ag Bar

S Roche
Dec 1, 2012 - 8:31am

Meanwhile in Japan...

Ties in perfectly with Central Bank independence going the way of the Dodo in Europe (h/t Xty) and everywhere else:


my favorite line:

- economist Paul Krugman, a commentator Shirakawa is said to admire -- has urged the BOJ to do just that and "credibly commit to being irresponsible".

All this behavior is what so obviously worries Adam Fergusson (When Money Dies) in this interview, I say so obviously because he is at pains not to be sensationalist about what he sees (again) but ultimately can see no other outcome, and carefully admits it:

Adam Fergusson talks to James Turk

This interview has been posted several times before, but it is a keeper. Weimar happened because people demanded it, gradually at first then stridently and openly, just like in the Reuters article about the final takeover of the Bank of Japan by populist politicians.

It will happen again because people are demanding it, again.

TD ¤
Dec 1, 2012 - 8:32am


I enjoyed the video of the Mantola... there is something really creepy about deep water video of sunken ships. I kept hearing the theme song of Dark Shadows playing while I was viewing it... maybe I should see a doctor about that?


Dec 1, 2012 - 8:39am


course i always defer to santa...........and that does make sense.

it will be another big nail in the bond market casket tho.

there is much speculation, and even hints from them, it will be to A ....also.....

that will put a ripple in the bond market.

Dec 1, 2012 - 8:40am

re deferring to Santa

always a good call in December.

Although my daughter frankly found it too creepy that he was meant to be watching her when she was sleeping, and our middle child at the age of three told us that the finger to the side of the nose was a dead giveaway that the whole thing was a fraud. I suggested keeping a lid on it, or he wouldn't come for sure. It is like home-Keynesianism - if you believe in the guy with a bottom-less sack (excuse the hideous mental image), he will bring you swag. But most of us grow up and realize that the real world is a little different.

re Japan

I too would like to "credibly commit to being irresponsible"! I think I have the credentials.

Dec 1, 2012 - 8:48am

Weekend Caroll Quigley:From

Weekend Caroll Quigley:

From "Weapons systems and political stability" , p.79


Need any more explanations? Well You might , of course, but in very general strokes, and not wrong, its in the table. Where are we heading ( headed already long ago)? No real democracy since after WWI in the West, gradually eroded in other places as well they redistribute wealth to acquire more specialist weapons that allow them to acquire more wealth, increasing authoritarian tendencies. Is there anything that can be done about it bar discovering some new cheap nuke pistol which every kid could own, EMP weapon or defense against them?

Its all about population being (or not ) able to afford similar weapons to states and beat (or threaten to) beat the hell out of the elite. Democracy arrives without the need for any other reason. Power to take away or protect oneself, like between animals.

Mr. Fix
Dec 1, 2012 - 8:58am

@Mr.Fix: "the military budget

@Mr.Fix: "the military budget will be gutted"

You say that like it's a bad thing. To me the only military spending needed would be to issue an AK-47 and 10,000 rounds of ammunition to every household in America. Of course, I'm a dreamer.

More realistically, as Ron Paul has said many times, if the US abandoned its empire, the money saved would be more than enough to maintain the current entitlement system for those who have become dependent on the state. If today's 20 somethings were then allowed to opt out of social security and the 401(k) ponzi, in one generation we would have the most prosperous society the world had ever known. It would make the 1950s and early 60s look like a depression in comparison.

And it wouldn't mean squat who was killing whom in the rest of the world. It might even make them all stop and think about what they were doing.

Dec 1, 2012 - 9:15am

Puck, this may help...

Can’t imagine someone with your skill sets having job insecurity in this age of technology. Wanting to stay there? Could mean making some changes. I’ve listed a few options here.

First the link then listen to the the song while you choose a "look". Maybe go from a number 10 to an eight (but not #3). This could help.


Dec 1, 2012 - 9:17am

More on beards...

Ever wonder about Ben Bernanke’s beard? Was it inspired by Wolf Blitzer? Does Benny think it gives him an edgy coolness that sets him apart from other Fed Chairmen? Compensate for the bald head? Hide the weak chin? Give him something to mask his red-faced embarrassment when people like Ron Paul ask him if gold is money? Because it’s cheaper to Botox the forehead than all over the face to hide his trembling lips when he has those pesky Congressional hearings?

How about Blitzer? Was he just trying to set himself apart from all the naked faced talking heads? That’s understandable, since they all read the same opinions presented as news talking points given by their masters. Was he copying Don Johnson? Who was Don Johnson copying? Kenny Loggins? Or did Don just party so much with his Miami Vices that he forgot to shave and showed up on the set that way? So many beard questions…

Scrubs - Miami Vice beard
Fr. Bill
Dec 1, 2012 - 9:40am

About beards ...

There's much to fault in Helicopter Bernie, but his beard isn't one of them.

Understanding beards is really very simple:

1. Those who can grow 'em do (excepting, of course, those rare women with beards who don't work in a circus).

2. Those who can't grow 'em shave (including those rare women with beards who don't work in a circus).

Dec 1, 2012 - 9:40am

LCS Trip

Had been to the LCS about 2 weeks ago, maybe a bit more. They had Morgan Dollars for 30$ ea. ( as they are not quite a full oz of Silver)

I called yesterday and they are 34$ ea.

Another local shop just advertised 20% off store wide Holiday sale... Hmmm.

Their Markup is very high on Current year ASEs, less so on Random Dates, still high... but no paper. Oh and then you pay TAX on top of it all!

Call me crazy.. but a quick trip back into the high $20s would have me in the door in a hurry.

Dec 1, 2012 - 9:42am
Dec 1, 2012 - 9:54am

Thank you, Mr. PT Smith!

More realistically, as Ron Paul has said many times, if the US abandoned its empire, the money saved would be more than enough to maintain the current entitlement system for those who have become dependent on the state. If today's 20 somethings were then allowed to opt out of social security and the 401(k) ponzi, in one generation we would have the most prosperous society the world had ever known. It would make the 1950s and early 60s look like a depression in comparison.

And it wouldn't mean squat who was killing whom in the rest of the world. It might even make them all stop and think about what they were doing.


A trillion hat tips to you, Sir!

Dec 1, 2012 - 9:56am

Listened to Noricini on KWN weekly report

He sounds bearish on the metals. He thinks there will be more to go and they need to hold support just above 1700 on gold and forgot what he said about silver. Gold needs to get about $1740 to change the view on it..

Also Harvey is out on the COT report and he said its very bearish since the crooks added lots of shorts but he did qualify it that the report covers from Tues to Tues and the raids we had were Wed and Friday. So who knows how much the scum bags coverred their short positions.

Fed announcing more QE up the Kazooo for this coming year plus with all the other gold positive news and we get these thinking raids.

Not to mention that December is a very strong seasonal month too.

Any thoughts?

Dec 1, 2012 - 9:57am

Global Silver Mine Production

Global Silver Mine Production by Scott Wright - Zealllc Published : December 01st, 2012

In order to satiate the world’s growing hunger for silver, a lot of pressure has been placed on its supply chain. And with total annual supply recently exceeding 31k metric tons (1.0b ounces) for the first time ever, the suppliers of this white metal have so far made a valiant effort to meet demand.

Silver demand is on the rise for a variety of reasons, in large part due to big increases in investment demand. And this has naturally created a structural imbalance that has spawned a major secular bull market. A bull in silver of course translates to higher prices. And silver’s much higher prices have provided ample incentive for the major sources of supply (recycling and mining) to boost output.

On the recycling front, silver’s higher price (+1094% from its 2001 low to its 2011 high) has prompted more folks to recover silver scrap from devices that would normally end up in junk yards. And as a result, we’ve seen a 30% increase in scrap supply over the last 10 years (per the latest figures from research and consultancy powerhouse GFMS).

The biggest supply increase by volume though is from mine production. Mine production has always been by far silver’s largest supply source, in 2011 accounting for about 70%. And as you can see in the chart below, the miners have really stepped up their efforts in wresting this metal from the ground.

Represented by the blue bars is global mined silver production (in metric tons) over the last ten full years per figures compiled by the U.S. Geological Survey. And this USGS data is superimposed (in red) by the annual average daily price of silver.

The first thing of note is that in 2002, the first full year of silver’s bull, mine production came in at an all-time high. And provocatively this 20kt tally capped off an eight-year run that saw production rise by an impressive 43.9%. This increase was quite unusual considering it occurred in the late stages of silver’s preceding secular bear....


Dec 1, 2012 - 10:01am

@Larry: "Can’t imagine

@Larry: "Can’t imagine someone with your skill sets having job insecurity in this age of technology."

It's not necessarily my skill set. I'm 57 years old and as I said I have a past.

In my experience, in this field, people do not hire old technicians. In IT you are supposed to be a manager or consultant by the time you reach my age, if not you are a loser. I've been in management. I hated it. I lack the killer instinct. In my former life in industrial quality control I managed an independent first article inspection lab in SoCal. During a rough patch I had to lay off two men with mortgages and families to take care of while I, a single man with no real obligations, kept my high paying job. After a while, if you are still human, the drugs and alcohol can no longer silence your conscience. I got out.

If I were clearable I could get any number of jobs in the DC area--as long as I didn't mind enabling tyranny--but it's gotten to the point where even the smallest companies are running extensive background checks. Even though it has been more than twenty years, I have things in my background that scare the little HR drones.

I wish I had more of an entrepreneurial bent. I've had a few good ideas in the past, but I'm not very organized and I'm not a go-getter. I am a technician and an artist--not typically successful endeavors. Thing is, I don't need a lot. A roof over my head, regular meals and an Internet connection constitute my idea of paradise. If things do go south I have enough cash in my checking account to get by for a few months (I'm not touching my stack till I'm starving). I'm not tied to anything here except inertia. I'd love to find a Katie Rose who needs a handyman who can entertain folks around the campfire with his guitar playing.

I know things don't just happen, one has to make them happen. I'm just not that good at it. I really have been lucky most of my life. It just looks like the luck is running out. Fortunately I have family and friends relatively nearby so I'm not going to be homeless in the short run, but I don't like sponging.

At this point by best hope is to make an epic effort at my current job to reestablish a little security so I can continue to prep for the day when I can be independent. I'm not sure how much time I have left.

I'm not trying to be a downer, I'm just looking at reality.

Dec 1, 2012 - 10:10am

Did somebody say beards?

THE BEARDS - If Your Dad Doesn't Have a Beard, You've Got Two Mums (Film Clip - 2009)


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Key Economic Events Week of 4/15

4/16 9:15 ET Cap Util and Ind Prod
4/17 8:30 ET Trade Deficit (Feb)
4/17 10:00 ET Wholesale Inventories
4/18 8:30 ET Retail Sales (March)
4/18 8:30 ET Philly Fed
4/18 10:00 ET Business Inventories (Feb)
4/19 8:30 ET Housing Starts and Building Permits

Key Economic Events Week of 4/1

4/1 8:30 ET Retail Sales (Feb)
4/1 9:45 ET Markit & ISM Manu PMIs
4/1 10:00 ET Construction Spending (Feb)
4/1 10:00 ET Business Inventories (Jan)
4/2 8:30 ET Durable Goods (Feb)
4/3 9:45 ET Markit & ISM Services PMIs
4/5 8:30 ET BLSBS

Key Economic Events Week of 3/25

3/26 8:30 ET Housing Starts (Feb)
3/27 8:30 ET Trade Deficit (Jan)
3/28 8:30 ET Q4 GDP final guess
3/28 10:00 ET Pending Home Sales (Feb)
3/29 8:30 ET Personal Income (Feb)
3/29 8:30 ET Consumer Spending and Core Infl. (Jan)
3/29 9:45 ET Chicago PMI
3/29 10:00 ET New Home Sales (Feb)

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