I don't get it, all the figures next week are set ups for disappointments. Look to what the market expects, not the yahoo forecast, the forecast is insane. Speaking of insanity, hot winds blow in Florida, and they might have a hurricane there too! The Repubs have had to kick their meeting back a day. Most interesting is the Repub resurrection of the adaptation of gold standard for money being contemplated, should be good to lend a floor under current prices, but, what they should be looking at is silver, which still has the efficacy of being cheap enough to support coinage. Instead they're trying to attract attention of Ron Paul supporters. Gold equivalents would look like slivers--you'd have to start with $500 gold pieces the size of dimes.
When Romney gets the nod, it will be a supportive piece of activity to the market--not because he is the man, but because it is one bit of uncertainty nailed down.
That's not the only thing that is going to need to get nailed down in Florida this week. Weather looks a bit cranky.
Will Bernanke tip his hand at Jackson Hole this Friday? That's a big hand and a big tip, he's done the tipping at this alleged academic BS factory for two years now--is this the triple play for QE 3? For no matter how ineffectual, that is what the market wants to hear.
Date Time (ET) Statistic For Actual Briefing Forecast Market Expects Prior Revised From Aug 28 9:00 AM Case-Shiller20-cityIndexJun - -0.3% -0.3% -0.7% - Aug 28 10:00AM Consumer Confidence Aug - 66.5 65.5 65.9 - Aug 29 7:00 AM MBA Mortgage Index 08/25 - NA NA -7.4% - Aug 29 8:30 AM GDP - Second Estimate Q2 - 1.6% 1.6% 1.5% - Aug 29 8:30 AM GDP Deflator-2nd Est Q2 - 1.6% 1.6% 1.6% - Aug 29 10:00AM Pending Home Sales Jul - 0.0% 0.0% -1.4% - Aug 29 10:30AM Crude Inventories 08/25 - NA NA -5.412M - Aug 29 2:00 PM Fed's Beige Book Aug - - - - - Aug 30 8:30 AM Initial Claims 08/25 - 370K 370K 372K - Aug 30 8:30 AM Continuing Claims 08/18 - 3300K 3300K 3317K - Aug 30 8:30 AM Personal Income Jul - 0.2% 0.3% 0.5% - Aug 30 8:30 AM Personal Spending Jul - 0.5% 0.5% 0.0% - Aug 30 8:30 AM PCE Prices - Core Jul - 0.1% 0.1% 0.2% - Aug 31 9:45 AM Chicago PMI Aug - 53.0 53.8 53.7 - Aug 31 9:55 AM Michigan SentimentFinal Aug - 74.0 73.6 73.6 - Aug 31 10:00AM Factory Orders Jul - 2.1% 2.0% -0.5%
While we're all contemplating the next wind meet in Fla, yes, I meant coins of precious metal, not don't worry be happy I got the stuff right here in the vault with more rubber or plastic or base metal tokens.
You'd have to have Federal Reserve Notes with backed by X ounces gold or silver or rutabagas printed on them, but the real credibility is in the coins themselves.
By the way, if you want to use a criteria for inflation by pointing out the 370Z is $35,000 and the 240Z of 1971 was $3500, I might mention that a better comparison might be the new Scion FR-S or it's Suburu clone--a 200 HP 2800 pounder with a 0-60 of 6.2 seconds vrs 8.0 for the old Z. About the same shape.
That's $28000 with all the trimmings. Which would make inflation 8X.
Nosebleeding whipsaw today, of 1.5% up to -.5% down end of session. I traded in Sept calls so deep in the money they had no premium, for stuff a little more risque and farther out. And just in time, because the end of the day would have left me hanging with about $8K in losses had I not been greedy and did almost immediate one for one substitutions.
I invariably make these shifts in risk at exactly the wrong time, did it again today, but was able to consumate the substitutions with little duress and losses in the nickel dime area.
The selloff later in the day was reflected in SLV which carried a premium of 1/2 % for a lot of the day, amazing.
I hope we all don't get our Jackson Hole reamed, but my perception is, an announcement of an announcement is the beset we'll see.
YDM...$500 dimes in one's pockets??? Too easy to lose one those little suckers through an unforeseen hole in one's pocket.
Remember those days when the MSM was telling us how we were all heading to a "cashless" society? How wonderful that would be as we would never have to physically touch and store all that disgusting fiat paper floating around. But, then again....just how easy would it be for the Fed and it's banks to control the flow of the nation's invisible currency with a computerized (Federally controlled) banking system. Actually, they're doing it right now!
So perhaps we should adopt those $500 gold "dimes", and as you suggest... we convert both gold and silver as currency/money.