25 May 2017

Stocks and Precious Metals Charts -- A House of Desolation

"God who gave us life gave us liberty.   Can the liberties of a nation be secure when we have removed a conviction that these liberties are the gift of God?  Indeed I tremble for my country when I reflect that God is just, that His justice cannot sleep forever."

Thomas Jefferson Memorial, Northeast Portico

“A true opium of the people is the belief in nothingness after death, the huge solace, the huge comfort of thinking that for our betrayals, our greed, our cowardice, our murders, we are not going to be judged.”

Czesław Miłosz

"I urge you, brothers and sisters, to beware of those who cause arguments and put obstacles in your way with things that are contrary to the teachings you have learned. Keep away from them.  For such people are not serving our Lord, but their own vain appetites and inclinations.   By smooth talk and flattery they deceive the minds of naive people."

Romans 16:17-18

Stocks set new highs, and gold and silver corrected a bit on a quiet Comex option expiration. The charts continue to exhibit interesting patterns and excesses.

The economic news of The Recovery™ meanders along its mediocre path, with a rise in long term unemployment and the sluggish growth in the broader economy driven by an exhausted middle class and staggering working poor.

Several fellows sought to engage me in conversation yesterday, challenging the observation that 23 million people will be denied affordable access to healthcare for themselves and their families by this abomination that has slouched out of our House of Representatives.

Their points, while differently expressed, were that since these unfortunates do not have such access to reliable and affordable healthcare now, it is no great loss for them.   It is as if this is the result of the natural order, and not of a damnable system of apportioning out the wealth of the country, its products, and its benefits in a corrupt and distorted manner that is without equity, compassion or mercy.

And therefore it is implied that the fate of the weak, the elderly, the children and the disabled is deserved, because if they are life worthy of life.  If not, then they would be rising up in the world on its own terms through their innovation and diligent power as the elect of this world and its favored few.

We all seem to be gifted with a rare talent for knowing the right things to do, and yet rationalizing exceptions to those principles for ourselves, not of any real necessity when you get right down to it, but for our convenience.  And we have a remarkable talent for broadly blinding ourselves to the nature and consequences of our own actions.

We are truly masters of deflection and self-deception. We see our elite boldly standing on their vain pedestals of patriotic righteousness and credentialed authority.  And can we not help but think that we have learned nothing, both from history and from the words of the prophets.

If our Lord came back, not as we expect in glory as the Son of Man, but as a humble lamb of innocent perfection, there should be little doubt that we would stand by while those from the established power structure would crucify Him again.

And this certainly is not because He would deserve it, not in the least.  Although there can be no doubt that we would hear some fine sounding reasons for it.

It is because by His very nature He is truth, and is therefore inconvenient to the established order of worldly powers, and the gods of the market that seek to measure the value of all in their twisted scales.  His casting of a light is the greatest offense of all to the lords of the darkness of this world.

If you ask any of our elite what they intend with their actions, none would say that yes, I set out this morning to damn myself eternally, with lies and profits from the abuse of the innocent.  No, they have achieved great wealth and power because they are the most capable, the most virtuous, the hardest-working:  exceptional.

In their own minds they might even see themselves as serving the order of God, or at least the god that they have erected themselves, and chosen to honor and obey.  And yet they do, if not in the rigorous sense, but in all practicality damn themselves in their selfishness and pride, and blind themselves to it.

Most cannot even imagine such a judgement as applying in their own case. We may think that there is no higher power than themselves and, if there is, that it is some immanent and disinterested source of power that is there for us to use, as in every other case, for our own ends.

After all, the elite have been able to use their words and their cunning wit to rise to such positions of power, and maintain on so many other occasions, that surely they will not fail them in their final reckoning.   Even God Himself could not find the ability to best them in their arguments and authority.

But the simple truth of the matter is this—  they will not serve any other but themselves.  Non serviam.

Surely those striving for power and rule over the well-being of others have taken on a higher obligation for justice by.

But before we cast judgement on others, we must look at ourselves, and in our own hands see the lash of vanity and the hammer of greed.  We too are wielding them against our brothers and sisters, the least of these, at the very foot of His cross.  Hypocrites and sinners, are we all.

And yet hope and forgiveness is there, if we will but take it, and cast off our blindness and see.

Forget now and go on, and do not thank or acknowledge His truth in any way, or take any obligation or restraint for ourselves that we do not willingly place there, at our pleasure, convenience, and discretion.

We will decide what is enough for Him. For this is what we do, every day, in our foolish blindness.

May God have mercy and forgive us, especially in that moment when we will finally see ourselves as we really are, stripped of all worldly ornaments and illusions, and then know what we have done, and what we have failed to do, with perfect clarity.

Have a pleasant evening.


24 May 2017

Stocks and Precious Metals Charts - We Inflate Assets and Crush People

"Legitimate power always includes attentiveness to justice, When power is not attentive to justice it cannot endure. This is a summons to us to keep the agenda of justice for the vulnerable alive and front and center to maintain a kind of subversive stance toward power.

The market ideology is now the new form of imperial power and many of us, without any critical reflection, have signed onto that and organized our lives in that way..."

Walter Brueggemann

"People of privilege will always risk their complete destruction rather than surrender any material part of their advantage. Intellectual myopia, often called stupidity, is no doubt a reason.  But the privileged also feel that their privileges, however egregious they may seem to others, are a solemn, basic, God-given right. The sensitivity of the poor to injustice is a trivial thing compared with that of the rich."

John Kenneth Galbraith

“In the eyes of the empire builders men are not men, but instruments.”

Napoleon Bonaparte

As a reminder there will be an option expiration for the precious metals on the Comex tomorrow.

The Fed's minutes were released today.  They showed a bias to raising rates in June if the recent economic weakness proved to be transitory.

The question of the Fed's changing their benchmark interest rate is probably a little less significant than the question of what they will be doing with their enormous Balance Sheet.   Currently they are rolling the instruments over, but will likely be looking to start capping those renewals of the current holdings.

Removing items from the balance sheet has a less predictable impact on financial assets as compared to interest rates which is easier to hedge.

After the bell the CBO released their new study for the House proposal for 'reformed' healthcare.  And the Bloomberg spokesmodels trumpeted it as good news.   In this latest version the budget deficit would be reduced by 198 billion over ten years.  Huzzah!  Of course one has to accept a lot of assumptions to make that valid.

And only 23 million people would lose their access to health insurance, instead of 24 million.  Improvement!

Medicaid would be slashed and older people and those who are sick would be paying much higher insurance rates.   But at least the tax cuts for the wealthiest would be there as a consolation.

Luckily the Senate isn't going to have any part of this inhuman piece of repugnant trash, which in my opinion disgraces the House GOP for all to see.   Have no illusions about these jokers.  And that includes the corporate Democrats.  See the video below.

The Fed, a servant of the financial system, continues to pursue its dual mandate of inflating financial assets and crushing working people.

People keep waiting for some outrage that will spark an outcry, but slowly but surely the dehumanizing of the republic at the hands of the ubermenschen continues, in most of the Western countries.   It is the fashionable thing to do.

Have a pleasant evening.

23 May 2017

Stocks and Precious Metals Charts - Breaking You

You've been let down, it's true
Your pain is so easy to see
You're haunted by your history
And it feels like you've got no escape.

Your life left you high and dry
You used to be sure of yourself
But then your whole world went to hell
And tomorrow looks just like today.

Lift up your eyes
Love is on the way
And it won't pass you by
You just gotta reach out your hand.

Audrey Assad, Breaking You

Stocks 'extended the bull market' as the spokesmodels on Bloomberg TV were saying in their adept analysis after the bell.

I have an itch to put a modest short back on to the equity market, but I resisted it for now.  These things tend to have a time of their own.

And besides, it is not yet clear to me that all the suckers are back in, and the pros are looking to hand this third generation stock bubble off.

Volatility has come back down quite a bit once again.

Gold and silver were weak today. There will be an option expiration on the Comex this week Thursday the 25th. June is a more important month for gold than silver.

The GOP and the talking yam did not fail to disappoint with their initial budget proposal. They are going after the weak, the poor, and the sick in order to provide more of everything to their masters of wickedness in high places.

I suspect that they will be making many of those who voted for Trump's promises howl in pain with their heartless policies before this is over. Too bad the Democrats cannot find a progressive spot in their own greed hardened hearts.

Difficult times for simple honorable souls indeed. But a thorough reading of history suggests that this is how things most often are. But it is better to struggle in goodness than to accumulate in heartlessness, at least in God's economy.

Have a pleasant evening.

22 May 2017

Stocks and Precious Metals Charts - And Where They Make a Desert, They Call It Peace

“He felt that he had known them all, those strange terrible figures that had passed across the stage of the world, and made sin so marvelous and evil so full of subtlety."

Oscar Wilde, The Picture of Dorian Gray

“In a nation run by swine, all pigs are upwardly mobile and the rest of us are fucked until we can put our acts together: not necessarily to win, but mainly to keep from losing completely.”

Hunter S. Thompson

Stocks were drifting higher today on light volumes and the good news of a very large arms deal with Saudi Arabia.   Few things are so immensely profitable for us than war, because its products contain their own need for replacements.

Gold and silver saw a little upside on weaker economic outlooks based on stagnant wages, weakening demand, and the continuing printing of money by the unproductive bushels in pursuit of mad and discredited economic theories.

There will be a Comex precious metals options expiration this Thursday the 25th.

Trump's budget was revealed in absentia today.

It presents a diligent effort to strip the weak, the poor, and the disabled of what little they have in order to give the wealthiest few even more. This would be more surprising if one were to forget that this has been the general theme since the rule of Bill Clinton, who while serving the vile interests of mammon could at least make us feel better about it, make us think that he too felt our pain.

I was wondering today, was Hillary really the lesser of two evils? She certainly has the credentials, if not the polish of her spouse and predecessor who were exceptional orators and performers. Even W managed to memorize his lines, and effect the steely gaze when mouthing the watchword, 'terror.'

This is the shortcoming of Trump that so infuriates the more accomplished fakers, swine and hypocrites among our ruling elite—   he is a clumsy liar and a terrible actor, and so rarely fails to spoil the public's illusions about our goodness.

Have a pleasant evening.