Absent a goose from Fed propagandist & new Head Criminal Janet Yellen or other prevaricating persiflage, stocks foundered today & kept falling behind. Had the feel of a projectile reaching the high point of its trajectory & beginning its fall back earthward.
Dow fell down 30.83 (0.19%) to 15,963.94 while the S&P500 only backed off 0.49 (0.3%) to 1,819.26, but then, the S&P500 has been stronger than the Dow throughout this little rally. Dow has recovered about 50% of its fall, S&P500 about 75%.
If this rally is only correcting the preceding drop, that ought to mark the limit of it. On the other hand, it might continue, even to make slightly new highs, yet is the end nigh & growing nigher all the time. Dow in Gold & Dow in Silver both dropped again today, but only slightly. Both are adumbrating that they intend to fall much, much further.
That slouching, scrofulous beast the US Dollar index leapt three (3, count 'em) basis points today to 80.75. It's stuck between its 50 DMA below (80.70) & 20 DMA above (80.95), spinning wheels & going nowhere fast.
Yet the dollar's lethargy aided not the euro, which sank like a lump in a churn, gapping down below all its clustered 20 & 50 & 62 day moving averages, backing away from that old uptrend line like Dracula crawfishing from a crucifix. Makes me wonder if the euro currency is foretelling more euro turmoil soon.
Yen rose only 0.11% to 97.57 cents/Y100. Japanese Nice Government Men have slapped it silly, trying to break its rally.
Gold made good yesterday's breakout through the December high by adding another $5.20 (0.4%) & pushing to the top of the resistance area with a $1,295.30 close. It's a scant $5 from here to $1,300, a price Gold hasn't seen since November last.
Yesterday gold broke upward through the neckline of an inverted head and shoulders sketched from November through yesterday. The breakout targets $1,368, about where Gold was stopped in August.
Don't forget, either, that gold last week broke through that downtrend line from April 2013. Ought to keep climbing the rest of February.
Silver gained only 18.8 cents (0.93%) to 2033.1c, still lagging gold. I imagine the vulture sellers are lined up six deep at 2050c, waiting for their chance to sell again, but silver is about to push through the lot of them. Above stands the 200 DMA at 2118c, which, after all silver has been beaten up the last two years, looks like the Holy Grail.
Silver closing over 2050c will be the last confirmation that metals are rallying and intend to pull on their seven league boots. Get ready.
Today at age 91 the matchless comedian Sid Caesar passed away. I remember sitting on the floor in front of the TV watching his "Show of Shows."
AMERICAN VALENTINE'S SPECIAL OFFER
Here's my Valentine's Day greeting to you, reduced retail prices for American Eagle gold coins and for US 90% silver coins. These are the ultimate small coin barter or survival packages.
All prices based on spot gold at $1,295.30 & spot silver at $20.33.
OFFER No. 1.
One each one-half ounce American Eagle at $696 plus two (2) each one-fourth oz. American Eagle at $351.30 plus Five (5) each one-tenth oz. American Eagle at $147.15, a total of 1-1/2 troy ounce of gold for $2,134.35 plus $35 shipping or a total of $2,169,35. I have only 12 lots
OFFER No. 2.
One (1) each one oz. gold American Eagle at $1,369, four (4) each one-fourth American Eagles at $351.30, Ten (10) each one-tenth American Eagles at $147.15, subtotaling $4,245.70 plus $35 shipping, a total of $4,280.70. Totals three oz, Twelve lots only.
OFFER No. 3.
Ten (10) each one-fourth oz. gold American Eagles at $351.30 & Four (4) each one-tenth oz. American Eagles at $147.15, a total of 2.9 oz for $4,101.60 plus $35 for shipping, a total of $4,136.60. FIVE lots only, 2.9 oz pure gold.
OFFER No. 4.
US 90% silver coin contains 0.715 troy ounce of pure silver per one dollar face value (10 dimes, 4 quarters, or 2 halves), so this $140.00 sack I'm offering contains 100.1 troy ounces. You get $140.00 face value US 90% silver coin at $15.658 on the dollar, denomination of our choice, for $2,192.12 plus $35 shipping for a grand total of $2,227.12.
NOTE: I will levy only one shipping charge per order no matter how many lots you order, but if you mix silver & gold, I will add $10 for a total of $45 shipping.
First come, first served, and no re-orders at these prices. I will write orders based on the time I receive your e-mail. Send email to email@example.com
Sorry, we will not take orders for less than the minimum shown above.
All sales on a strict "no-nag" basis. We will ship as soon as your check clears, but we allow Two weeks (14 days) for your check to clear. Calls looking for your order two days after we receive your check will be politely and patiently rebuffed.
It increases your chances of getting your order filled if you offer me a second choice, e.g., "I want to order One of Lot 2, but if not available will take One of Lot 2." ORDERING INSTRUCTIONS:
1. You may order by e-mail only to firstname.lastname@example.org. No phone orders, please. Please do NOT order by replying to THIS email, because it will delay your email.
Your email must include your complete name, address, & phone number. We cannot ship to you without your address. Sorry, we cannot ship outside the United States or to Tennessee.
Repeat, you must include your complete name, address, and phone number. Our clairvoyant quit without warning last week, then I tripped, dropped, & smashed my crystal ball, & our fortune-teller is on strike, so I can no longer read your mind.
2. When you buy from us, we cannot later change or cancel the trade. We are giving you our word that we will sell at that price, & you are giving us your word that you will buy at that price, regardless what later happens in the market, up or down.
If you break your word to us, we will never again do business with you.
3. Orders are on a first-come, first-served basis until supply is exhausted.
4. "First come, first-served" means that we will enter the orders in the order that we receive them by e-mail.
5. If your order is filled, we will e-mail you a confirmation. If you do not receive a confirmation, your order was not filled.
6. You will need to send payment by personal check or bank wire (either one is fine) within 48 hours. It just needs to be in the mail, not in our hands, in 48 hours.
7. "No Nag Basis" means that we allow fourteen (14) days for personal checks to clear before we ship.
Want your order faster? Send a bank wire, but that's not required. Once we ship, the post office takes four to fourteen days to get the registered mail package to you. All in all, you'll see your order in about one month if you send a check.
Argentum et aurum comparanda sunt —
Silver and gold must be bought.
— Franklin Sanders, The Moneychanger