The new day greets us with all the stock futures down a little, between about 1/4 and 1/2 percent. I’ll happily take that. The /ES chart appears to have hammered out a well-formed topping pattern and, at the moment, prices are clinging precipitously to precisely the Fibonacci.
I haven’t looked at gold for a while, but it still seems to be a major disappointment to the precious metals fans out there. It seems the government could print up $50 trillion, and gold would still be hanging out around $1900, oblivious to everything happening around it.
I will say that I’m pleased volatility has still been battered down to virtually zero, since that means at the first sign of serious trouble, options values could get some serious goosing. To say that people are complacent is putting it kindly.
The big event today is, of course, the annual Apple product announcement. My completely baseless, wild-ass-guess, shot-in-the-dark hunch is that for all its giddiness, excitement, and millions of bucks thrown into the event, it’s going to be a giant nothingburger with cheese, as they introduce yet more of the same products that have been around for years with marginal, incremental features that no one really gives a crap about.
It’s bizarre that the most valuable company in the world has taken on such weird ad campaigns as well. Observe the image below, if you dare. It is featured on enormous billboards on the freeway, with the text proudly declaring it was “Shot on an iPhone”. Umm, who gives a crap? Besides the fact that there is a morbidly obese gay man (who is into God KNOWS what in his free time…………) leaping into the air, why in the hell would a gross picture like this compel me to hand money to Tim Cook? Jesus!
