Stocks drifted higher still today, on exceptionally light volume.

They shook off the wave of protests sweeping US cities, as well as Trump's latest bouts of toothless rage against China and the realities of government.

There was a remarkable amount of activity in the Comex Gold contract for June. I include the clearing report as the first chart below.

Most of the 'house' accounts were buyers, with the notable selling exception in Citigroup.

These are momentum markets here, being shoved around by a few players with huge amounts of hot, easy money.

Momentum markets tend to collapse in a big way when they hit the right kind of exogenous event.

For those of us who are old enough to remember the 60's and early 70's, this is déjà vu.

But, history is a harsh instructor, especially for those who choose to ignore its lessons for long periods of complacent abusiveness.

We have only just begun.

The weather has been beautiful. The yard and garden are beautiful. Even the orchestra (of birds) is beautiful.lol

Have a pleasant evening.

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