Stocks were weak again today, on geopolitical concerns, the continuing trade war with China, and of course the weakening global economy.

Gold was off a bit. I don't think gold or silver are going to be able to break out until after the Comex option expiration for the big December contract next week on the 25th.

So I am not adding anything to my gold or silver trading position for now, even on weakness. We are well within the bounds of the chart consolidation formation.

As for stocks, I took my leveraged short position off intraday, as we went down to the lower bound of the trading channel. If it breaks down from here we might see some chop and then perhaps a waterfall. Remember what happened last December?

Even with the Fed adding liquidity in liberal amounts to the Banks, it may not be enough if the real economy decides to hit the exits. One might wonder if they have already put one foot out the door.

There is quite a bit of willful self-delusion going around these days. People are sticking their heads into news sites that tell them what they wish to hear. That may not be such a good thing when reality comes crashing through.

Have a pleasant evening.

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