It’s amazing how deaf someone can become when wads of money are stuffed into their ears. I didn’t know that paper was such a good sound insulator. But, that’s exactly what’s been going on for months in the U.S. equity markets. Of course, the employment report came in at an unsustainable 119,000 jobs produced which should worry anyone with a brain that isn’t completely addled with the drug of hope and monetary heroin. But, saying that I look over at the Dow and S&P and see that they’ve barely moved, off a measly 0.1% and 0.25% respectively.
Meanwhile the commodity complex was beaten back brutally in comparison. Oil futures were off 1.2% (Brent) and 0.5% (WTI). Gasoline was down to $3.09 per gallon and gold was whacked back to $1654 per ounce. Copper was hit back to $3.79 per pound closing just below the 50 DMA.
I’m loath to talk about technicals in the commodities anymore because, well, they don’t mean anything with the markets on the COMEX being controlled by vaster powers. These markets will be allowed to drift sideways with a slightly bearish bent while the equity markets will continue to float higher based on strong Asian revenue growth and declining job and production prospects in the West.
The bankers will continue to get their fix while anyone with a dollar left in his pocket will get the shaft, after having it stolen from him. And tomorrow will look just the same, until it doesn’t and then well, what’s in your portfolio?
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