some observations on big tickets
gold is flat at #316, not reacting negatively to an absurd cover Dow +300 pt rally... seeing nice support reasonably close to the dangerous ground at #325... as long as it stays within shooting distance of #325, it will eventually crease, crush, and move higher
USdollar is flat at 107.25, not benefitting from this Dow rally... so two big updays has lifted the buck from 106.9 to barely over 107, pathetic... indicative of a domestic disturbance within the US shores, or shall I say a "CIRCLE JERK BETWEEN HEDGE FUNDS AND HOUSES", with retail investors paying up for the rights to see how big their shlongs are
HUI and XAU are each up about 3%, punctuating the end to inverse correlation between Dow, S&P and HUI, XAU... so a decent episode of support at the 200-day Moving Avgs
Dow Transports give the major indexes a reprieve from LongTerm bear confirmation, with a refusal to make new lower lows than seen in July... so far Dow has made lower lows, but S&P has not really... tells me that mutual funds are seeing massive redemptions, with managers seeking greater liquidity cash flows in the high volume Dow stocks
yeah, plenty of hidden stress with banks... I suspect the stories behind the bank failures will not see the light of daytime newspapers, FOR THE GREATER GOOD... which extrapolates to a realization that JPMorgo might fail, and we wont hear about it, until after its obligations are assumed by the Fed
hmmmm
JPMorgo getting a stay of execution yday/today, up to 17.7... big effing deal... way below the magic 18-20 critical levels... my guess is they are buying mui mucho gold short futures contracts back, supporting gold... a likely scenario is for continuation of this support for several weeks, or months, if they survive that long
/ jim
AI
