Friday was the end of the third quarter, and the paint was drying on the tape.
I think US equities are approaching another short-term blow off top.
And the vulnerability of the markets to a trigger event is likely to be heightened for the next month or so at least until some of this reckless disregard for risks becomes resolved.
Gold and silver especially had nice rallies Friday. I was pleased because I took a new position in silver yesterday along with some gold. I don’t take trading positions in silver all that often, but it seems to have been beaten down substantially enough to demand some attention.
The smackdown in silver and gold Thursday was so obvious and heavy-handed as to remarkable.
I cannot say if they have put in a durable bottom or not. And I am not sure how they might react in the case of a major market dislocation in equities. But the antics of Wall Street are so clumsy and brazen now that only the ruling elite and its regulators could miss it— along with the other courtiers and poobahs in the employ of the moneyed interests.
Next week we will see a Non-Farm Payrolls report for September.
