Stocks and Precious Metals Charts – The Metals Hold the Line
from Jesse’s Café Américain:
Despite some intraday action, stocks finished largely unchanged.
Precious metals managed to hold their key levels in the face of the ‘better than expected’ Jobs Report.
The FOMC will be announcing their decision on rates next Wednesday. I have included the economic calendar for next week below.
The SEC has rejected the Winklevoss twins proposal for an ETF for Bitcoin, sending the value of the digital currency lower after hours. I am not a fan of Bitcoin for anything but a trade.
I have taken down my short position off the Russell 2000, which I had placed at the end of the first trading day for the SNAP IPO. What a piece of crap.
I did pull the trigger on some silver purchases. As I said, I will be much more impressed if silver can hold its level here and start moving back higher. I have the ’30’ target in mind as a measuring objective on the chart as you can see below. But first silver must break out above 21.50, again as you can see on the chart.
I wish them well, but if the Trump administration does not implode sometime in the next two years I will be very surprised. They are in a tough position, surrounded by willful ideologues on both the left and the right, and in the calmer moments they do seem to seize the initiative to figuratively shoot themselves in the foot.
We are in the typical wacky weather month for March, with 70 degree days followed by snow. Next week I hear we might be enjoying a classic nor’easter blizzard. Let’s see if that develops, as it may affect the NY trade. It may also impede activity in Washington DC, but that is often a good thin.
Please remember God’s creatures in this hard weather, and the poor both materially and spiritually as always.
