"The stupidity of the average man will permit the oligarch, whether economic or political, to hide his real purposes from the scrutiny of his fellows and to withdraw his activities from effective control...
The American business oligarchy is not as hereditary as European landed aristocracies, but is for that reason neither more virtuous nor less tenacious in clinging to its power and privilege."
Reinhold Niebuhr, Moral Man and Immoral Society
My son, freedom is best, I tell thee true, of all things to be won. Then never live within the bonds of slavery."
William Wallace
Markets continue to slough off the geopolitical drumbeat to war that Obama and his Merry Neo-cons are playing. Even a cheery beige book was unable to turn that market frown completely upside down.
Profit taking is underway in stocks. I suspect that this means that we are soon to see another wash and rinse ahead of the Alibaba IPO which is a bit more than twenty days away.
The big tickle for the metals will be the Non-Farm Payrolls report on Friday. The whisper numbers are talking about a hot headline number. And the quiet whispers are saying, 'but what if wages do not show up? Will anyone care?'
The sentiment for precious metals is as bad as the sentiment for stocks is so not bearish as to be overdone, with levels there reaching lows not seen since before the big one in 1987. HFT and portfolio insurance: twins. And the Fed played on.
And the rest will play their outlawed tunes on outlawed pipes, thinking about their freedom, squandered, lost, or won.
Have a pleasant evening.
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