Stocks were lagging overnight, and opened weakly and pretty much floundered for the morning.
For whatever reason stocks rallied sharply around 2:30 PM EST for about 45 minutes, selling off that pump into the close, still finishing higher.
This is not constructive trading action, contrary to what the spokesmodels were saying on bubble vision.
Gold and silver were stronger overnight, but started given up ground on the London afternoon trade into the New York session. The volumes and trading action were ‘technical’ in nature, meaning that they were largely just trading gimmicks, the usual push and pull of the algos as they attempt to skin the buy side and assorted tourists.
The crookedness of the US financial system these days is truly impressive, but nothing new. We are at a cyclical high of hubris.
There will be a Non-Farm Payrolls Report on Friday.
