evening wrap, december 9

market vibes

“In theory there is no difference between theory and practice. In practice there is.” Yogi

In NY today, Marianne Lake, CEO of JPMorgan’s Consumer & Community Banking division, described the consumer environment this morning as “a bit more fragile,” and JPM’s shares fell 5% in 4 minutes. Home Depot warned its business has deteriorated since its last warning 4 weeks ago. The stock dropped 4% from its highs and closed on the lows. However, Goldman Sachs made another all-time high.

Bitcoin rallied and faded. Oil fell and rallied. Exit velocity put silver in orbit. On X, Peter St. Ong said “America’s Blue Collar Renaissance is running into the wood-chipper of a progressive education system that doesn’t teach useful skills.” Foreclosure narratives in real estate and auto loans are stacked to the rafters, especially condos in Florida and Texas. Trends…

In the markets

S&Ps spent an eighth consecutive day of vol-control in muted silence, but recent trading activity belies potential trouble, in my opinion. Silver’s higher in Asia. Gold is quiet. Let’s check the charts.