Equity futures are tumbling this morning with the dollar strengthening, Euro falling, bonds rising, WTIC oil falling back below the $100 mark, gold & silver are down sharply, and food commodities are lower, once again resting on the neckline support of a very large H&S top formation.
Below is a chart of gold, you can see that it has fallen to initial up sloping support:
Should that support fail, the next support will be found in the $1,540ish range where the longer term up sloping trend line is currently co-located with prior volumetric support. Of course it could turn around from the current support level, we’ll have to watch it and see.
Below is the H&S pattern in wheat with the current price sitting on the neckline:
The central EuroCriminal latest meeting and meeting and meeting went so fantastically well that the media had a frenzy and stocks flew higher for, oh, about four hours as the half-life of their stupid pronouncements, rumors, and emergency meetings continues to shorten to less time than is required to cook a real turkey. Even as the equity market was heading higher, spreads covering the debts were still shooting higher.
The current lack of confidence in the Eurozone probably is creating somewhat of a “flight to safety” play back to the U.S. – hey, all money made of debt is dumb money. And the United States is full of it. In fact the only thing we do better than Europe is to pretend that our math is somehow more workable than theirs… it’s not. Impossible is impossible no matter where in the world you are.
So the turkeys continue to squawk while they attempt to snow the people into believing the same people who created the impossible math can somehow reverse or control their ill-conceived deeds – not going to happen. Yet the complicit mainstream media continues to obey their masters while morons still continue to listen to the manure the crap purveyors spew. Why anyone would invest a nickel in any of these “markets,” much less actually listen to these narcissists is beyond me.
Today our own central criminals meet once again so that they can spew forth at tomorrow’s FOMC announcement – oh boy, can’t wait! Think I’ll hang on their every word and parse the meaning between the lines, then I’ll head to Vegas and put my life’s savings on black. If you want a sure bet, though, bet that they will continue to act in desperation to hold onto their power – that is the only given besides the fact that “other events” are well under way.
I, Nathan Martin, no longer consent to the lies.
Frontrunning: September 29
9 minutes ago