Stocks And Precious Metals Charts - Late Afternoon Rally Failed

Stocks fell off a bit today, although they tried to stage a late afternoon rally that failed to stick. 

Tech was the lead sled dog in bubble-land, with the SP 500 lagging. Pinterest has decided to join the unicorns and go IPO.

Gold and silver both backed off a short term very overbought condition. 

The US Dollar rallied. The forex wiseguys love to sweep the markets back and forth to skin those who rely overmuch on leverage.

The economic news this morning was rather bad, with both Durable Goods Orders and the Philly Fed disappointing.

Until the markets and the financial system are reformed, there will be no sustainable recovery. And given the current moral climate, and our fatal attraction to greed and power, the chances of social and political progress in support of reform seem a bit difficult. 

Have a pleasant evening.

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