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Using the Macrocosm theme again (I can’t get enough of this gimmick) let’s update some key gold ratios in poker terms.
Gold is currently working on a ‘full house’, with three of a kind (gold out performs stock markets, gold rises vs. commodities and gold rises vs. global currencies). We can call the pair needed to complete the full house economic contraction (to varying degrees globally) and confidence declines.
Gold vs. Stock Markets (more…)
In yesterday afternoon’s post, I described the day as “taking the wind out of my sails.” Well, today went ahead and just took the sails themselves. Excuse my bluntness, but God damn it, what happened to our breakdown? The Powers That Be seem to be intolerant of anything more than a few percentage points to the downside before they crank up the buy programs again. It’s revolting.
With all this strength, the ES has cut above the “Thing One” level I mentioned yesterday, and now we’re into the DMZ. There’s very little holding the market back from marching up to somewhere south of 2000. If the bulls were waiting for an opportunity, it has arrived.
In spite of the surging, surging, surging stock market, one puzzling outlier is the former momentum stock Amazon. Anything this well-known (and well-loved) that sits out a day like this merits attention. It needs to get above the tinted zone I’ve drawn below to reassert itself; otherwise, I think it’s just going to roll over at the first sign of market weakness (should such a thing ever be permitted in our lifetimes).
