Well, it looks like Mama Janet Yellen & the rest of them educated fools on the FOMC (Stands for Fools Orchestrating Monetary Chaos) are fixin' tomorrow to hit a hornet's nest with a short stick. I'm not sure even that lot is plumb stupid enough to raise interest rates, but you'd go broke quick betting against the stupidity of academics. If they raise that rate, they'll kill the stock market graveyard dead. Course, they'll kill the economy graveyard dead if they don't. They're just like a fool playing with a two-headed snake, they don't know which side he'll bite 'em on, but he'll bite 'em, sure enough.
Markets are dead as a road-killed possum, waiting for our silly would-be Masters of the Universe to pronounce their decision. Nothings moving except stocks & the dollar, & they are betting on no raise. Dow took on 228.89 (1.40%) to end at 16,599.85. Hot dog! Closed above the 20 DMA, but not above the top of the pennant. In plain English, ain't done nothing but burn up buying power. S&P500 rose 25.06 (1.28%) to 1,978.09. Today is probably about as good as it gets for stocks, living on hope. But whether they tumble tomorrow or next week, the top is behind us while the abyss yawns before.
Speculators are betting the FOMC will raise rates (I'm guessing) & so the dollar index rose 35 basis points (0.36%) to 95.76. That peeks the dollar's head above the 20 Dma (95.64) but leaves the downtrend untouched.
I read a clever article yesterday listing all the reasons the Fed shouldn't raise interest rates. One of the most eyecatching was that a rise will raise the dollar's value & set off a stampede out of other currencies, and other bond and stock markets, into the dollar in a self-reinforcing cycle driving the dollar higher & higher. Which head of that snake did you say you wanted to bite you?
In Treasuries, on the other hand, the 10 year note's yield jumped up 4.63%, which means the note price fell, which suggests speculators in treasuries expect the Fed will raise rates & drive bond prices down. Or maybe they think the faeries are going to start issuing bonds. People are so durned crazy today you can't front run 'em.
Gold traded in a squintzy leetle $7 range today and fell $5.10 on the Comex to $1,102.80. Silver dropped 3.8 cents to 1431.9 cents.
Gold's little drop did not carry it through the uptrend line from the July low, so I'm satisfied. Bound to be muted when the FOMC pronunciamento loometh overhead.
Silver during the day punched into its lower support line, but at the end of the day closed slap on it.
I won't presume to guess which way the Fed will flop. I will only observe that it won't impress the economy & the stock market as much as a tuxedo impresses a Rhode Island red rooster. Whatever they do, besides closing their doors & keeping their dadburn academic fatfingers off the economy, they will only make things worse.
It don't do no good to say it, altho Southerners have been saying it for over 150 years to yankee do-gooders who won't be satisfied till they re-make us in their own image, but I will say it anyway: We just want to be left alone. Don't fix our economy, don't fix the monetary system, don't tell me how much water my toilet can flush, what kind of light bulbs to use, or what to charge for cabbages. I can handle those decisions. Just leave us alone. But that's just the one thing the whole dadburn do-gooding mob can't do, is leave you alone. They got to make you better. I'm just as good right now as I am ever gonna get or want to be, and I don't need no Federal Reserve or federal government or state or city government (for that matter) making me better. Y'all just leave me alone, and I'll be happy. Just get out of my way, & I'll stay out of your'n.
SPECIAL OFFER: US 90% SILVER COIN, PREMIER SURVIVAL SILVER
The premier survival silver is US 90% silver coin, the dimes, quarters, or halves minted before 1965. They are 90% pure silver by weight, and each one dollar face value (ten dimes, four quarters, or two halves) contains 0.715 troy ounce of pure silver. That means that roughly $1.40 face value makes an ounce (1.001 oz exactly). This are the smallest minted pieces of silver available on planet earth. A dime contains 0.0715 troy ounce, a quarter 0.1788 oz, a half dollar 0.3575 oz.
I made a similar offer on 21 August, and although the silver spot price has dropped from $15.30 to $14.319, the 90% hasn't dropped at all. AND, I actually have these in stock.
I will sell $140.00 face value, my choice of dimes, quarters, or halves, which contains 100.1 troy ounces fine silver, for $14.08 times face value, or $1,971.20 per lot, plus $35 for shipping, or a grand total of $2,006.20. That $14.08 price is calculated off spot silver at $14.319, and is a premium of 37.5%. Sorry, that high premium reflects the scarcity of US 90% silver coin, and the scarcity of silver for immediate delivery. I have twenty lots to sell.
First come, first served, and no re-orders at these prices. I will write orders based on the time I receive your e-mail.
Sorry, we will not take orders for less than the minimum shown above.
Offering me an alternative helps. For instance, "I want three lots, but will settle for one if that's all you have available."
This will be MY choice of denominations. You can ask for a denomination, but I won't promise anything.
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. ORDERING INSTRUCTIONS:
1. You may order by e-mail only to email@example.com. 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.
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. "First come, first-served" means that we will enter the orders in the order that we receive them by e-mail, till supply is exhausted.
4. If your order is filled, we will e-mail you a confirmation. If you do not receive a confirmation, your order was not filled.
5. You must 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. Sorry, no credit cards.
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