The Non-Farm Payrolls Report came in hot this morning, and so the markets decided, in their bipolar wash and rinse fixation, that a rate cut will not be forthcoming.

And so the Dollar rallied sharply.

Stocks initially fell, rallied back to the green, and then faded into the weekend.

Gold and silver were brutally and deliberately slammed, going out near the lows.

You might note from the chart that two interesting things have occurred.

The first is that the base for an ascending W pattern is now set.I have market it with a support line

And secondly, both legs of the formation are standing on a low set with the Non-Farm Payrolls report.

I believe I mention the NFP a few times.I even put its designation on the chart ahead of time at the approximate location where I though the smackdown was intended.I had it a little high, but not far off.

Might makes right, at least to some people of heavily dislocated ideological persuasions. Its all the fashion in the Capitol these days, I hear.In District 12, not so much.

So what next.

A lot depends on how much bullion buying the adults in the rest of the world will be doing at these lower prices.  

Silver I think is a virtual no-brainer given industrial demand, but stranger things have happened.

Have a pleasant weekend.

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