evening wrap

Volume 2, Chapter 1

August 16…) 

"Where gold speaks, every tongue is silent." Italian proverb 

Could it really have been just 36 hours ago I wrote this:” Looks like another sleepy day. The Viagra seems to be wearing off in S&Ps. Jackson Hole is a blink away. Labor Day and the next FOMC are at the doorstep with little on the calendar between now and then. The dog days.”

Since haven’t a crow handy I just have to eat my Yankee cap.  

Stocks went ionospheric yesterday and gold made all-time highs today. The ascent of both were on muted technicals, modest OI and moderate volume. Stocks took a breather today and gold, after 135 days of desultory range trading, walked casually over the line into history.