Stocks And Precious Metal Charts - Dissent From Financial Narcissism - Netflix Hammered After Hours
"Gold is being accumulated, by the wisest among us, as a safe haven asset to buffet the expected effects of a very ugly contraction, one that is man made in every respect.The dogs in the street look worried, and so they should be".
Mark O’Byrne
"Signs of decreasing volume of industrial output are proliferating worldwide. FedEx and days ago DHL issue very negative outlooks. Maersk gloomy more than a year. Now, even inside US collapse in orders for big rigs to move containers. Trade in manufactures falling everywhere".
Dr. Harald Malmgren
Stocks were once again wobbly, coming off the recent parabolic high which had narrowed to a few stocks of the FANG variety.
And they came off a lot harder after hours, as Netflix announced a big miss in subscriber growth for 2Q. The stock was promptly taken down over 10$. And this weighs on the leverage that these few big cap tech bubble machines have on the SP and the NDX.
Gold is threatening to break out of its symmetrical triangle. When it does and confirms, it could run higher almost as easily it did in the last breakout which has resolved into the current chart formation.
And wonder of wonders, silver took and held the '16 handle' today. Sixteen handles. There is a stealth catch up rally going on there. Let's see if they can hold and extend it.
The IMF issued a report today that says that the US Dollar is overvalued. And it sank on that news. Perhaps this will give Trumpolini a little more leverage in arguing policy with Larry 'King Dollar' Kudlow.
Every so often someone writes to me complaining that I do not show sufficient respect for our politicians (and banksters if you can believe it). And, this just cracks me up, you can tell they are just dying to 'cancel their subscription' or withhold their donations.
Well surprise, I don't have much regard for most of them. I think Trump is nuts, the GOP are shameless hypocrites and servants of the wealthiest few, and the DNC are untrustworthy rentboys for money and power and betray their base at the drop of a dollar. So yeah, you might pick up a certain undercurrent of discussing with the current situation. If that bothers you, get your financial information from some payrolled stooge for the fat cats, and good luck with that.
I think we are in a bad spot and don't see many bright lights for the system internally.
As a reminder, there will be a stock market option expiration for July on Friday.
Have a pleasant evening.
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None.