“Above all, don't lie to yourself.  The man who lies to himself and listens to his own lie, comes to a point that he cannot distinguish the truth within him, or around him, and so loses all respect for himself and for others.  And having no respect, he ceases to love.”

Fyodor Dostoyevsky, The Brothers Karamazov

Stocks tried to rally higher today, and tended to fall back a bit into the afternoon, finishing with modest increases.

It is too early to say with any certainty, but this is starting to look like a blow off top. No need to guess; we will know it, when it confirms. It would most likely experience a two step decline. There will be a drop, a big rebound on dip buying, and then a turn and a loss of confidence.

Is The Donald mouse-trapping himself? He keeps pointing to stocks as the evidence of his policy success. What if the markets turn lower, and there is another financial crisis? Do we have any confidence that the Trump Admin will know what to do, and will do it? Obama and Bush didn't. Unless you are a Banker.

Gold and silver giving us the expected pause now. Let's see how this works itself out. That will speak volumes.

The Comex Hong Kong gold warehouse tally has fallen to a very low level.

It was in the 40's today, and after the weeks of deep freeze we have been bearing up under, it felt like Spring.

Have a pleasant evening.