Green Party candidate Jill Stein & now Hillary Clinton are pressing for recounts in Wisconsin, Pennsylvania, & Michigan. Internet's full of talk about civil war. Last civil war began over an election. I don't think these nincompoops have any inkling what primal forces of nature they are dealing with. Once that carnage gets out of the bag, there's no putting it back until it drinks its fill of blood. If you pray, you'd better pray the US doesn't back into a civil war.
Still wrings an ironic smile out of my face, how all those lefties & commies & liberals (but I repeat myself) are all for democracy until the vote goes against 'em.
Let's forget politics and look at markets. As I expected, Friday's thin markets went crazy, probably making the high for stocks and lows for metals.
Stocks rose to a new all time high on Friday, 19,152.14 for the Dow & 2,213.35 for the S&P500. Today they backed off. Dow fell 54.24 (0.28%) to 19,097.90 while the S&P500 slid 11.63 (0.53%) to 2,201.72.
Can't really say yet that today's lower closes mark the start of some further decline. Today the S&P500 did break down out of its rising wedge, but only slightly. A lower close tomorrow will argue that it's breaking down. S&P500 chart's here, http://schrts.co/vtdPMb
US dollar index chart, overbought as it can be (look at the RSI), is found here, http://schrts.co/OkJ5UT
It has broken down from a rising wedge with a key reversal completed today (rise into new high ground on Thursday with a lower close, followed by a lower close today. Whether the dollar continues to rise to 110 or turns and falls through 92, here in the short term it will breathe and blow a while, correcting that steep rise.
Friday gold was knocked down $10.90 for a Comex close at $1,178.40 Silver actually gained 8.1¢ got 1646.4¢. Today gold made good all Friday's losses, gaining $12.40 to $1,190.80, a smidge higher than last Wednesday's $1,189.30. Again today silver climbed, up 11.3¢ to 1658.3¢. Silver rising or refusing to fall to new lows while gold tumbles constitutes a non-confirmation, a signal they may be turning around.
Here's a gold chart, http://schrts.co/OkJ5UT
Gold is as oversold as it has been at any time in the last 4 years, according to the RSI. It poked through the floor at $1,200 and has -- so far -- made a V-bottom. However, it must climb rapidly through $1,200 if that really is a V-bottom. Can't do any more than wait and see.
Silver chart is right here, http://schrts.co/o96FnV
Silver's not nearly as oversold as gold, and seems to have found its feet on a new bottom channel line. HOWEVER, it must scrabble back into the old channel by closing above 1690¢. Till then, silver is only teasing us.
I am presently assuming that Thursday & Friday marked the lows for silver & gold, but that's founded on the expectation both continue to advance. A dropping dollar will put some grease on those wheels.
Probably born 28 November 1628 in Elstow, Bedfordshire, England, John Bunyan was baptized on 30 November.
John's father trained him in his own trade as a tinker, mending pots and pans. Just after his 16th birthday Bunyan enlisted in the Parliamentary army during the English Civil War. During that war and in Cromwell's protectorate later, dissenting religious sects exploded. Everybody with a soapbox became a preacher.
After an intense meeting with his guilt, Bunyan joined a non-conformist church, i.e., outside the official church of England. He began to preach.
When the Stewart monarchy was restored in 1660, religious liberty came to an end. By 1664 several acts had been passed that made preaching & meeting as non-conformist groups a criminal offense. Tried and convicted in 1661, Bunya refused to stop preaching so his imprisonment stretched out ot 12 years in the Bedford County Gaol.
From the standpoint of a state that wanted to suppress dissent, jailing Bunyan was not a profitable idea. In jail he took to writing, beginning with his autobiography, "Grace Abounding to the Chief of Sinners" and then beginning "Pilgrim's Progress." He died in 1688.
In an astonishing accomplishment for an uneducated man, Bunyan's Pilgrims' Progress became the best known religious work in English, has been translated into over 200 languages, & has never been out of print. Even today our language abounds with expressions stolen from Bunyan's book: Slough of Despond, Doubting Castle, Vanity Fair, the giant Despair.
Instead of whining, Bunyan turned prison and injustice into profit for the whole world. Clearly he wasn't a 21st century man.
Argentum et aurum comparanda sunt —
Silver and gold must be bought.
— Franklin Sanders, The Moneychanger