First of all, if its stuck in my head, it should be stuck in yours, too. Plus, Susanna Hoffs is HOT:
OK, back to business. How about this little gem:
"Since the "issues" are on the Comex, don't expect a lot of fireworks overnight or tomorrow. On balance, I'd expect that dips will be bought and rallies will be sold until Tuesday morning."
Oops. Shows you what I know. Worldwide conflagration and an unprecedented short squeeze in silver can even make The Turd look silly. We are living through history and, as you know, history is not written in the future tense.
So, what to expect today. I wish I could tell you with some certainty but I can't. I have a last in March silver of 33.74 and April gold is 1405. Most significantly, crude oil is up almost $4 as events in Libya are unfolding at an amazing pace.
At this point, you almost have to expect the PMs to remain higher throughout the day. Tensions in the Middle East aren't calming today and there certainly seems to be enough buyers on the Globex to thwart any attempt the EE may make to "shake the tree". (A little Harvey parlance for you.)
Tomorrow is Happy Tuesday but I doubt the CoT report matters much to Blythe and The Monkeys at this point. It is going to be an extraordinary, if not historic, day. So, enjoy today. Watch the headlines. Keep checking in from time to time as I will update as conditions warrant.
In case you missed it, here's the link to the latest from Turd Productions: http://www.youtube.com/watch?v=Lq0bAOVaQwQ
Finally, today in the U.S. is our holiday called President's Day. It is a single day holiday designated for Americans to remember the lives of our two greatest presidents, Washington and Lincoln. It is fitting, therefore, at this crucial moment in history for us to recall the words of Abraham Lincoln:
Now we are engaged in a great civil war, testing whether that nation, or any nation so conceived, and so dedicated, can long endure. We are met here on a great battlefield of that war. We have come to dedicate a portion of it as a final resting place for those who here gave their lives that that nation might live. It is altogether fitting and proper that we should do this.
But in a larger sense we can not dedicate - we can not consecrate - we can not hallow this ground. The brave men, living and dead, who struggled, here, have consecrated it far above our poor power to add or detract. The world will little note, nor long remember, what we say here, but can never forget what they did here.
It is for us, the living, rather to be dedicated here to the unfinished work which they have, thus far, so nobly carried on. It is rather for us to be here dedicated to the great task remaining before us - that from these honored dead we take increased devotion to that cause for which they here gave the last full measure of devotion - that we here highly resolve that these dead shall not have died in vain; that this nation shall have a new birth of freedom; and that this government of the people, by the people, for the people, shall not perish from the earth.
My prayer for all of us is that the final few words of this address will always remain true.
More later. TF
1:30 pm EST UPDATE:
Let's watch the $34 level as we go through the evening and overnight. Though spot silver has traded through there, the high on the March contract was 34.995 before backing off a little. We are now rebounding and I have a last of 33.87.
Gold is rolling, too, as I have a high of 1409 and a last of 1407. If we are still above 1400-1405 at tomorrow's Comex open, expect heavy buying from the momentum-chasing algos. We could see 1420-30 pretty quick.
Crude is going crazy and I'm a little pissed off that I missed it. The April contract is up $5.68 at $95.39. When the spread between WTI and Brent reached a level where it was a couple of standard deviations away from the norm, you knew the WTI was set to explode...and it has. Nuts. I hope some of you have at least made some money.
Along those lines, I want to thank again all of you who have chosen to share some of your trading profits with me through the "feed the turd" button. Your generosity is overwhelming and I plan to utilize the funds to build us a better playground. I know our "sponsors" appreciate you visiting their sites, too.
I hope to have a new post for you later this afternoon.