Stocks have managed to rebound from the big selloff in December and hit the 38.2% Fibonacci retracement.

And then they failed, and have sold off again today, despite a number of 'rescue efforts' led by the powers that be to buy stock futures to support the markets.

This is not constructive action.

Gold continued to plow higher, acting as a safe haven from the risks of phony paper assets and undisclosed counterparty risks.

How unusual.

Big Pharma gave us a present and raised the prices of over 1,000 prescription drugs for the New Year. It was somewhat ironic that as I was reading this article, the spokesmodels on financial tv were commenting on the Bristol-Myers acquisition of Celgene and said that pharmaceutical companies 'are scrambling to lower prices' and that there are no antitrust concerns in the sector.

Yeah, right.

This is going to be an interesting year as the credibility trap compels our best and brightest to speak and act in a manner that is increasingly divergent from reality.

Have a pleasant evening.

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