T.G.I.F., or, more succinctly, thank God this Friday is over.
After the release of some really poor employment numbers in May's non-farm payroll report from the BLS, stocks fell off a cliff right from the open and continued to slide all day in the single worst trading session since last November.
With only 69,000 net new jobs created in May - well below the average estimate of 150,000 - the false "recovery" meme from just a few months ago was completely eviscerated as a rash of poor data which had been flowing to the market all week culminated in the worst employment figures in a year.
In addition to the unemployment rate rising to 8.2% - the first rise in over a year - March and April data were revised lower. March job growth total was reduced from 154,000 to 143,000 and the April number slashed from 115,000 to just 77,000.
While the US had its own woes, the deepening recession in Europe only made matters worse as Markit's Eurozone Manufacturing Purchasing Managers' Index (PMI) dropped to 45.1 in May from 45.9 in April, its lowest level since June 2009. The index's latest reading was all the more frightening as data showed manufacturing in France and Germany - supposedly the two strongest members of the EU - slowing at its fastest rate in nearly three years.
Even in developing nations like China, India and Brazil, growth has been slowing and the pace of decline continues to gather momentum. Since the economies of these and other developing nations depend greatly on exports to Europe and the US, the slowdown of the developed economies produces a knock-on effect to the exporters.
The only bright spot of the day came from automakers, which saw double-digit sales gains when compared to a year ago, though all of the US figures were below expectations. GM posted a gain of 11% from May of last year, Ford sales were up 13%, Chrysler, 30%, while Toyota, rebounding from the tsunami and Fukushima nuclear disaster of a year ago, saw a sales increase of 87%.
The Dow Jones Industrials and NYSE Composite index each saw all of 2012 advances wiped out as of the close today. The S&P 500 is just 20 points better than the close on December 30, 2011, while the NASDAQ still sports a gain for the year of better than 100 points. All but the NASDAQ closed today below their 200 day moving average, a sure sign that there is more downside to come.
Along with stocks hitting the skids hard on the day, the US 10-year note hit yet another historic low, ending the week at 1.45%. Its counterpart in Germany, the 10-year Bund, has also been chasing yield lower, with a reading of 1.12% seen today.
Gold had a rapid rise on the news, regaining its status as a safe-haven currency, along with silver, which also posted a healthy increase. Precious metals investors should not be fooled, however, by today's moves alone. During the crash of 2008, all asset classes were decimated, though the metals improved earlier and with more ferocity than equities.
All around, even though it was a shortened trading week, it was the worst of 2012 on the major indices. Internals are screaming correction in equities, while the price of oil continues to signal a cold, deflationary environment in the face of a rising dollar, which seems to be a silver lining to a worsening economy. Gas prices will be lower, though many will be unable to afford to go anywhere.
After governments and central banks have thrown trillions in quantitative easing and stimulus for bailouts and bank balance sheet bolstering, the global financial system seems on the verge of another major breakdown, one that may make 2008 look like a picnic by comparison. As all fiat money systems in the history of civilization have eventually failed, our current regime of "money from nothing" appears to be coming to a cataclysmic demise, and it is gaining momentum at a terrifying pace.
Eventually, all the bad debts run up by governments and financial institutions are going to result in ruination of the global system, to be replaced by some forms of gold and/or silver-backed currencies. Only then will the world's economies become honorable and stable once again.
Welcome back to the Greater Depression.
Dow 12,118.57, -274.88 (2.22%)
NASDAQ 2,747.48, -79.86 (2.82%)
S&P 500 1,278.04, -32.29 (2.46%)
NYSE Composite 7,292.25, -171.71 (2.30%)
NASDAQ Volume 1,875,578,750
NYSE Volume 4,605,786,000
Combined NYSE & NASDAQ Advance - Decline: 853-4802
Combined NYSE & NASDAQ New highs - New lows: 34-307
WTI crude oil: 83.23, -3:30
Gold: 1,622.10, +57.90
Silver: 28.51, +0.76
Friday, June 1, 2012
Thursday, May 31, 2012
May Finishes Badly; PMI Weakest in Over Three Years
Considering the crush of bad data that the markets encountered this morning, today's marginal negative close was something of a marvel. In fact, had stocks not taken an abrupt U-turn in the final 20 minutes of trading, one could have said that markets were ignoring the headlines.
As a whole, the month of May was about as dismal as has been seen since the aftermath of the '08 collapse. Both the S&P 500 and the Dow were down roughly 6%, wiping out most of the gains of the year. Energy, financials and materials were the three hardest hit sectors. Crude oil took more than a 17% haircut during the month, putting it technically in a bear market.
The five positive days on the Dow for the month was the worst for May since 1969 and the 17 down days bettered a May mark dating back to 1956.
Among the data releases from the morning that set the overall tone for the US markets were the announced job cuts in May, that jumped 67% from a year ago according to Challenger, Gray & Christmas, the 133K private sector jobs created in the month - 24,000 lower than the estimate - according to ADT, 383K initial unemployment claims, and a drop in the second estimate of first quarter GDP to 1.9% from the 2.2% previously supplied.
All of those releases were prior to the opening bell, but at 10:00 am EDT the hammer hit the market hard, as the Chicago PMI dropped from 56.2 in April to a current reading of 52.7, the worst showing since September 2009.
With that announcement, stocks did a face-plant, with all of the major indices falling quickly to the lows of the day. There was no sign of capitulation, that likely being saved for Friday's non-farm payroll report, which has all investors walking on eggs this week.
Taking the bad economic news in usual shrugging-off fashion, stocks climbed back to positive territory - except for the NASDAQ which was down all day - nearing the close, but fell apart at the end, finishing May with one of the worst performances on record, the major indices clinging to smallish gains for the year and the major averages resting just above their 200-day moving averages.
With prospects for a robust reading on jobs from the BLS not encouraging, Friday appears to be shaping up as a make or break session, notwithstanding issues ranging from Europe to bank downgrades on the horizon.
The 10-year bond fell to another historic low, closing with a yield of 1.57%, indicative of a flight to safety as investors worry about recession in Europe and how a slowdown there will affect US firms, many of which derive a significant portion of their revenues from the crumbling continent. Also under consideration are how the continued crisis in Europe will affect US banks, some of which have significant exposure to various countries in the Eurozone.
Crude oil continued its relentless slide, hitting its lowest price level in seven months and down 17% in May alone. Oil futures have entered a bear market, more than 20% off their highs, a condition drivers can only celebrate, as the national average price of retail gas at the pump is down to $3.62 per gallon according to AAA's fuel gauge report.
With May out of the way, tomorrow's 8:30 am EDT announcement on payrolls could be a make-or-break event for markets teetering on the brink.
Dow 12,393.45, -26.41 (0.21%)
NASDAQ 2,827.34, -10.02 (0.35%)
S&P 500 1,310.33, -2.99 (0.23%)
NYSE Composite 7,464.45, -6.95 (0.09%)
NASDAQ Volume 2,090,245,500
NYSE Volume 4,434,600,000
Combined NYSE & NASDAQ Advance - Decline: 2760-2984
Combined NYSE & NASDAQ New highs - New lows: 73-213
WTI crude oil: 86.53, -1.29
Gold: 1,562.60, -0.80
Silver: 27.76, -0.23
As a whole, the month of May was about as dismal as has been seen since the aftermath of the '08 collapse. Both the S&P 500 and the Dow were down roughly 6%, wiping out most of the gains of the year. Energy, financials and materials were the three hardest hit sectors. Crude oil took more than a 17% haircut during the month, putting it technically in a bear market.
The five positive days on the Dow for the month was the worst for May since 1969 and the 17 down days bettered a May mark dating back to 1956.
Among the data releases from the morning that set the overall tone for the US markets were the announced job cuts in May, that jumped 67% from a year ago according to Challenger, Gray & Christmas, the 133K private sector jobs created in the month - 24,000 lower than the estimate - according to ADT, 383K initial unemployment claims, and a drop in the second estimate of first quarter GDP to 1.9% from the 2.2% previously supplied.
All of those releases were prior to the opening bell, but at 10:00 am EDT the hammer hit the market hard, as the Chicago PMI dropped from 56.2 in April to a current reading of 52.7, the worst showing since September 2009.
With that announcement, stocks did a face-plant, with all of the major indices falling quickly to the lows of the day. There was no sign of capitulation, that likely being saved for Friday's non-farm payroll report, which has all investors walking on eggs this week.
Taking the bad economic news in usual shrugging-off fashion, stocks climbed back to positive territory - except for the NASDAQ which was down all day - nearing the close, but fell apart at the end, finishing May with one of the worst performances on record, the major indices clinging to smallish gains for the year and the major averages resting just above their 200-day moving averages.
With prospects for a robust reading on jobs from the BLS not encouraging, Friday appears to be shaping up as a make or break session, notwithstanding issues ranging from Europe to bank downgrades on the horizon.
The 10-year bond fell to another historic low, closing with a yield of 1.57%, indicative of a flight to safety as investors worry about recession in Europe and how a slowdown there will affect US firms, many of which derive a significant portion of their revenues from the crumbling continent. Also under consideration are how the continued crisis in Europe will affect US banks, some of which have significant exposure to various countries in the Eurozone.
Crude oil continued its relentless slide, hitting its lowest price level in seven months and down 17% in May alone. Oil futures have entered a bear market, more than 20% off their highs, a condition drivers can only celebrate, as the national average price of retail gas at the pump is down to $3.62 per gallon according to AAA's fuel gauge report.
With May out of the way, tomorrow's 8:30 am EDT announcement on payrolls could be a make-or-break event for markets teetering on the brink.
Dow 12,393.45, -26.41 (0.21%)
NASDAQ 2,827.34, -10.02 (0.35%)
S&P 500 1,310.33, -2.99 (0.23%)
NYSE Composite 7,464.45, -6.95 (0.09%)
NASDAQ Volume 2,090,245,500
NYSE Volume 4,434,600,000
Combined NYSE & NASDAQ Advance - Decline: 2760-2984
Combined NYSE & NASDAQ New highs - New lows: 73-213
WTI crude oil: 86.53, -1.29
Gold: 1,562.60, -0.80
Silver: 27.76, -0.23
Wednesday, May 30, 2012
Reality Bites: Stock Charts Hit with Deflation Ugly Stick
One look at any of today's major index charts - or European charts, for that matter - tells the real story of the world economy and the overall effects of globalization, fiat money and constant Keynesian-modeled tinkering.
Down at the open and no chance of a rally at any point was the order of the day. Markets were completely flattened following Tuesday's slap-happy, bogus insider ramp job. With any luck, the same traders and rich, brassy speculators who made a few ducats on the way up yesterday are upside-down today.
While US markets were royally screwed, European bourses were overwhelmingly slammed to earth, with the major indices whacked more than 1.75%, led downward by the CAC 40, smashed a whopping 2.24% as the EUR/USD sank below 1.24 on its inexorable path to parity and then, extinction.
All indications from not just today's trade, but the overall tenor of markets since the end of April, are that Europe's crisis is not going to be solved easily, if at all. There's no hiding from the big stick of deflation, no crying in a deflationary spiral, except by the weak and unprepared, who deserve nothing but woe, destitution and poverty. May they take all of the major banking interests with them.
The carnage was unavoidable. The US 10-year note fell to an historic low yield of 1.62%, which, along with the German Bund, is headed for negative returns.
Whether or not this is coordinated end-game by the world's central bankers and our own small-minded Ben Bernanke, the siren's cry of lower prices has been heard loud and clear. By the end of fall or sooner, the entire charade should be over, for all intents and purposes. Adam Smith's invisible hand has given globalists the undeniable back-slap one receives for overindulgence, malinvestment and outright economic stupidity.
The pseudo-rally from the depths of 2008-09 is officially defunct and all that's left is picking up the pieces when everything crashes to the floor before falling into the abyss. It's almost as if the ancient tradition of the jubilee - in which all debts are forgiven - has been secretly woven into the fabric of modern economics. The crush of unpaid obligations will affect rich and poor alike. Only those with investments in useful machinery, arable land, real estate and precious metals will be spared, though their lot will no doubt be a difficult one.
Ordinary working class folk should be cheering the downfall of the tyrannical central banking regime, though anyone relying on pensions for retirement cushion should have already begun reordering their priorities. The last three-and-a-half years have been nothing more than a chance to prepare for the ultimate collapse of the global banking and sovereign state cabal and their over-leveraged, inflationist, dangerous, deadly ideas.
Resistance is futile against the wicked spiral of deflation, as it carries the weight of the world down with it, as derivatives are unwound and the banking and finance system breaks down. The worry is that governments will impose iron-fisted regimes and police states to quell the disquiet populace once the rioting begins, and it will, sure as day follows night.
As stocks tumbled, precious metals strengthened today, a significant development not seen in recent months and a trend almost certain to continue. Oil's drop continues and a plunge below $90/barrel today was an event long overdue. The world is absolutely glutted with the stuff as demand continues to plunge. Everything will be - or should be - cheaper as 2012 unfolds further.
The chaos should only worsen in this shortened week as the culmination is Friday's sure to be horrific non-farm payroll report. Tomorrow will afford an early sneak preview as ADT releases their private payroll data for May and hour and a quarter prior to the ringing of the bell at the Wall Street loser's casino. Additionally, Thursday will be heavy with data, with Challenger job cuts, initial unemployment claims and the second GDP estimate all due prior to US market opening. It should almost surely worsen from there forward with Chicago PNI and crude inventories guiding early-day trading.
It would require nothing short of divine intervention or an alien landing for the remainder of the week to be nothing short of a bloodbath.
Free houses for everyone! At least for those who need shelter and have a creative mind and two good hands with which to rebuild, that is.
Dow 12,419.86, -160.83 (1.28%)
NASDAQ 2,837.36, -33.63 (1.17%)
S&P 500 1,313.32, -19.10 (1.43%)
NYSE Composite 7,476.36, -138.68 (1.82%)
NASDAQ Volume 1,629,529,250
NYSE Volume 3,441,592,750
Combined NYSE & NASDAQ Advance - Decline: 1011-4774
Combined NYSE & NASDAQ New highs - New lows: 42-134
WTI crude oil: 87.82, -2.94
Gold: 1,563.40, +14.70
Silver: 27.98, +0.19
Down at the open and no chance of a rally at any point was the order of the day. Markets were completely flattened following Tuesday's slap-happy, bogus insider ramp job. With any luck, the same traders and rich, brassy speculators who made a few ducats on the way up yesterday are upside-down today.
While US markets were royally screwed, European bourses were overwhelmingly slammed to earth, with the major indices whacked more than 1.75%, led downward by the CAC 40, smashed a whopping 2.24% as the EUR/USD sank below 1.24 on its inexorable path to parity and then, extinction.
All indications from not just today's trade, but the overall tenor of markets since the end of April, are that Europe's crisis is not going to be solved easily, if at all. There's no hiding from the big stick of deflation, no crying in a deflationary spiral, except by the weak and unprepared, who deserve nothing but woe, destitution and poverty. May they take all of the major banking interests with them.
The carnage was unavoidable. The US 10-year note fell to an historic low yield of 1.62%, which, along with the German Bund, is headed for negative returns.
Whether or not this is coordinated end-game by the world's central bankers and our own small-minded Ben Bernanke, the siren's cry of lower prices has been heard loud and clear. By the end of fall or sooner, the entire charade should be over, for all intents and purposes. Adam Smith's invisible hand has given globalists the undeniable back-slap one receives for overindulgence, malinvestment and outright economic stupidity.
The pseudo-rally from the depths of 2008-09 is officially defunct and all that's left is picking up the pieces when everything crashes to the floor before falling into the abyss. It's almost as if the ancient tradition of the jubilee - in which all debts are forgiven - has been secretly woven into the fabric of modern economics. The crush of unpaid obligations will affect rich and poor alike. Only those with investments in useful machinery, arable land, real estate and precious metals will be spared, though their lot will no doubt be a difficult one.
Ordinary working class folk should be cheering the downfall of the tyrannical central banking regime, though anyone relying on pensions for retirement cushion should have already begun reordering their priorities. The last three-and-a-half years have been nothing more than a chance to prepare for the ultimate collapse of the global banking and sovereign state cabal and their over-leveraged, inflationist, dangerous, deadly ideas.
Resistance is futile against the wicked spiral of deflation, as it carries the weight of the world down with it, as derivatives are unwound and the banking and finance system breaks down. The worry is that governments will impose iron-fisted regimes and police states to quell the disquiet populace once the rioting begins, and it will, sure as day follows night.
As stocks tumbled, precious metals strengthened today, a significant development not seen in recent months and a trend almost certain to continue. Oil's drop continues and a plunge below $90/barrel today was an event long overdue. The world is absolutely glutted with the stuff as demand continues to plunge. Everything will be - or should be - cheaper as 2012 unfolds further.
The chaos should only worsen in this shortened week as the culmination is Friday's sure to be horrific non-farm payroll report. Tomorrow will afford an early sneak preview as ADT releases their private payroll data for May and hour and a quarter prior to the ringing of the bell at the Wall Street loser's casino. Additionally, Thursday will be heavy with data, with Challenger job cuts, initial unemployment claims and the second GDP estimate all due prior to US market opening. It should almost surely worsen from there forward with Chicago PNI and crude inventories guiding early-day trading.
It would require nothing short of divine intervention or an alien landing for the remainder of the week to be nothing short of a bloodbath.
Free houses for everyone! At least for those who need shelter and have a creative mind and two good hands with which to rebuild, that is.
Dow 12,419.86, -160.83 (1.28%)
NASDAQ 2,837.36, -33.63 (1.17%)
S&P 500 1,313.32, -19.10 (1.43%)
NYSE Composite 7,476.36, -138.68 (1.82%)
NASDAQ Volume 1,629,529,250
NYSE Volume 3,441,592,750
Combined NYSE & NASDAQ Advance - Decline: 1011-4774
Combined NYSE & NASDAQ New highs - New lows: 42-134
WTI crude oil: 87.82, -2.94
Gold: 1,563.40, +14.70
Silver: 27.98, +0.19
Tuesday, May 29, 2012
Global Bounce-Back After Uneventful Weekend
Worldwide, market participants must have been conjuring up images of a rally over the long US holiday weekend, because stocks roared back with a vengeance on Tuesday, bringing hopes of a sensible solution to the Greek and pan-European miasma to a new level of unreality. Come June 17, Greek voters will once again go to the polls to elect some form of workable government, which can then form a majority and a consensus on whether to leave the Euro or stay with the abject horrors of austerity which bailout upon bailout imposes.
Status quo politicos are hoping that the Greek citizenry will come to see things as do the uber-governors of the European Union and opt to remain a part of the crumbling structure that has been in control for the past decade.
On the ground, not only in Greece, but in Italy and Spain as well, fear of rioting and widespread anarchy are swelling. Ordinary citizens are being berated with burdensome taxation, cuts to government programs and draconian measures implemented by overreaching, broken, debt riddled governments which will have to go back to the ECB and IMF for more money to keep the citizenry quieted.
The problem with the Euro system is that all countries are not created equal, as the currency masters would like to believe. Since the member states of the EU still have their own governments and constitutions, there are many vague differences that eventually will cause the euro currency experiment to fail, over and over again, until, as happens in Europe with great regularity, the agreements are scrapped, the currency debased and the counties continue to go about business as best suits themselves, as it should be.
After Greece votes on June 17, there will be a few days of disruption while the newly-elected parties sort out their differences and make a decision that will affect not only Greece, but all of the nations of the Eurozone. While staying a part of the EU may provide some short-term stability in Greece, we have already witnessed the effects of austerity that hasn't really worked, though a conclusion that separates Greece from the union will result in more widespread immediate pain and suffering for all of the EU nations, particularly Germany, which has actually benefitted from the weaker Euro and transfers of wealth from the south to the northern states.
In the meantime, stocks will bounce around on the news or rumors of the day, because, in reality, nobody is sure what a breakup of the Euro would entail, though the most knowledgeable people seem to agree that the immediate effects would be overwhelming to the entire global financial structure.
That's not to say that long-term it might just be better to scrap the Euro, go back to individual currencies with all of their own inefficiencies and idiosyncratic behaviors, send the banking system into a tailspin, pick up the chips where they fall and start over. At least then, the great and small countries of Europe will retain their own identities and sovereignties and another layer of useless politicians - those being the clueless EU ministers and all of their meaningless meetings, conferences and white papers - can be swept away in the process of history.
Dow 12,580.69, +125.86 (1.01%)
NASDAQ 2,870.99, +33.46 (1.18%)
S&P 500 1,332.42, +14.60 (1.11%)
NYSE Composite 7,614.78, +80.46 (1.07%)
NASDAQ Volume 1,562,855,750
NYSE Volume 3,314,985,000
Combined NYSE & NASDAQ Advance - Decline: 4187-1414
Combined NYSE & NASDAQ New highs - New lows: 88-75
WTI crude oil: 90.76, -0.10
Gold: 1,548.70, -20.20
Silver: 27.79, -0.60
Status quo politicos are hoping that the Greek citizenry will come to see things as do the uber-governors of the European Union and opt to remain a part of the crumbling structure that has been in control for the past decade.
On the ground, not only in Greece, but in Italy and Spain as well, fear of rioting and widespread anarchy are swelling. Ordinary citizens are being berated with burdensome taxation, cuts to government programs and draconian measures implemented by overreaching, broken, debt riddled governments which will have to go back to the ECB and IMF for more money to keep the citizenry quieted.
The problem with the Euro system is that all countries are not created equal, as the currency masters would like to believe. Since the member states of the EU still have their own governments and constitutions, there are many vague differences that eventually will cause the euro currency experiment to fail, over and over again, until, as happens in Europe with great regularity, the agreements are scrapped, the currency debased and the counties continue to go about business as best suits themselves, as it should be.
After Greece votes on June 17, there will be a few days of disruption while the newly-elected parties sort out their differences and make a decision that will affect not only Greece, but all of the nations of the Eurozone. While staying a part of the EU may provide some short-term stability in Greece, we have already witnessed the effects of austerity that hasn't really worked, though a conclusion that separates Greece from the union will result in more widespread immediate pain and suffering for all of the EU nations, particularly Germany, which has actually benefitted from the weaker Euro and transfers of wealth from the south to the northern states.
In the meantime, stocks will bounce around on the news or rumors of the day, because, in reality, nobody is sure what a breakup of the Euro would entail, though the most knowledgeable people seem to agree that the immediate effects would be overwhelming to the entire global financial structure.
That's not to say that long-term it might just be better to scrap the Euro, go back to individual currencies with all of their own inefficiencies and idiosyncratic behaviors, send the banking system into a tailspin, pick up the chips where they fall and start over. At least then, the great and small countries of Europe will retain their own identities and sovereignties and another layer of useless politicians - those being the clueless EU ministers and all of their meaningless meetings, conferences and white papers - can be swept away in the process of history.
Dow 12,580.69, +125.86 (1.01%)
NASDAQ 2,870.99, +33.46 (1.18%)
S&P 500 1,332.42, +14.60 (1.11%)
NYSE Composite 7,614.78, +80.46 (1.07%)
NASDAQ Volume 1,562,855,750
NYSE Volume 3,314,985,000
Combined NYSE & NASDAQ Advance - Decline: 4187-1414
Combined NYSE & NASDAQ New highs - New lows: 88-75
WTI crude oil: 90.76, -0.10
Gold: 1,548.70, -20.20
Silver: 27.79, -0.60
Friday, May 25, 2012
Markets Close Lower in Advance of 3-Day Weekend
Even with Friday's losses, stocks finished the week marginally higher overall, despite the coninuing, nagging issues plaguing investors from Europe, the foibles of Facebook, and JP Morgan's continuing non-hedge losses, which could end up costing the firm a couple of quarter's worth of earnings.
The Industrials took the bulk of the pain today, as once again, the various indices did not automatically align. Thankfully, it's the start of a three-day weekend, so, to the three of you actually reading this and not out enjoying the Friday afternoon, what the heck is wrong with you?
We'll get back to dissecting the crumbling fiat currency regime on Tuesday, when markets are expected to open. A day may come when they don't, but for now, they still be to be the favored playgrounds of the rich, famous, infamous and criminally insane, and, frankly, they need the work.
Have a great weekend, try not to think about your investments too much (unless they're in gold, silver, real estate or guns and ammo) and enjoy life a bit. It's really not that long a stay each of us have here.
As always, Free Houses for Everyone!
Dow 12,454.83, -74.92 (0.60%)
Nasdaq 2,837.53, -1.85 (0.07%)
S&P 500 1,317.82, -2.86 (0.22%)
NYSE Composite 7534.33, -18.03 (0.24%)
Combined NYSE & NASDAQ Advance - Decline: 2819-2711
Combined NYSE & NASDAQ New highs - New lows: 53-69
WTI crude oil: 90.86, +0.20
Gold: 1,568.90, +11.40
Silver: 28.39, +0.23
The Industrials took the bulk of the pain today, as once again, the various indices did not automatically align. Thankfully, it's the start of a three-day weekend, so, to the three of you actually reading this and not out enjoying the Friday afternoon, what the heck is wrong with you?
We'll get back to dissecting the crumbling fiat currency regime on Tuesday, when markets are expected to open. A day may come when they don't, but for now, they still be to be the favored playgrounds of the rich, famous, infamous and criminally insane, and, frankly, they need the work.
Have a great weekend, try not to think about your investments too much (unless they're in gold, silver, real estate or guns and ammo) and enjoy life a bit. It's really not that long a stay each of us have here.
As always, Free Houses for Everyone!
Dow 12,454.83, -74.92 (0.60%)
Nasdaq 2,837.53, -1.85 (0.07%)
S&P 500 1,317.82, -2.86 (0.22%)
NYSE Composite 7534.33, -18.03 (0.24%)
Combined NYSE & NASDAQ Advance - Decline: 2819-2711
Combined NYSE & NASDAQ New highs - New lows: 53-69
WTI crude oil: 90.86, +0.20
Gold: 1,568.90, +11.40
Silver: 28.39, +0.23
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