The Phaserl


Stocks and Precious Metals Charts – Whack-a-Doodles Interruptus

from Jesse’s Café Américain:

“Let us feel what we really are— sinners attempting great things. Let us simply obey God’s will, whatever may come. He can turn all things to our eternal good. Easter day is preceded by the forty days of Lent, to show us that they only who sow in tears shall reap in joy.”

J. H. Newman

In case you have not been following the news, the Republican leadership decided to ‘pull’ their replacement bill for Obamacare at the last minute, ahead of the scheduled vote at 3:30 PM EDT.

The markets were gyrating a bit around this decision, not because there is any concern about the American people and those who would be affected by their higher premiums and loss of coverage through this ‘reform.’

No, the big concern is that tax cuts for the wealthy and corporations will be jeopardized now because the ‘savings’ that would have been projected for the government by screwing the 99% will not be available for those who the Republicans really care about— wealthy donors.

So while we may have another go at it next week, there is some indications that the Trump administration and the GOP will do whatever they can to weaken it, and hope to come back and take us a step backwards in caring for our own and fostering a more general prosperity for all, despite the rhetoric about making America ‘great again.’

Pelosi and the Democrats were quick to claim victory, but that was nonsense. The Republicans shot themselves in the foot and showed a remarkable inability to actually govern from start to finish.

One of the key hurdles that President Trump faces is how to bring the ‘Freedom Caucus’ into a more cooperative frame of mind.  Good luck with that.

Gold and silver finished up the day below overhead resistance, once again.

VIX ticked up a bit ahead of the decision.  Let’s see how that goes in the first few days of next week.

Stocks are still riding the reflation trade, but that platform is going to become increasingly unstable as the promises of the new political administration and the triumphant GOP become ases in their mouths.

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