Stocks and Precious Metals Chats - A Chill Runs Through Wall Street - A Stumble, But Not Yet a Swoon

Dolly watches the turmoil in the kitchen from the safety of the hallway.

"Think about it, there must be higher love
Down in the heart or hidden in the stars above
Without it, life is wasted time
Look inside your heart, I'll look inside mine.

Things look so bad everywhere
In this whole world, what is fair?
We walk blind and we try to see
Falling behind in what could be.

Worlds are turning and we're just hanging on
Facing our fear and standing out there alone
A yearning, and it's real to me
There must be someone who's feeling for me.

Bring me a higher love
Bring me a higher love
Bring me a higher love
Where's that higher love I keep thinking of?"

Steve Winwood, Higher Love


"Pride goes before destruction, and arrogance before a fall."

Proverbs 16:18


"A new command I give you, to love one another. As I have loved you, so you must love one another. By this all will know that you are my disciples, if you love one another."

John 13:34-35

Stocks were on an utter tear higher, in what looked like a speculative short squeeze.

The lead sled dogs were the 'story stocks' whose fabulous tales are designed to uncouple them from the chains of valuations and common sense.

But alas, a chill wind blew through Wall Street today as stocks reached their summit, and the selling began.

One will say it was because of a new bout of coronavirus and lockdown in California, and another will point to Mike Pompeo calling out China and their claims in the South China Sea.

When we reach these lofty bubble heights it does not take much to start the avalanche of selling.

I trimmed up some short positions this morning, and set off on the troubled seas of installing a new dishwasher.

These older homes are never a plug n' play experience, unless they have been thoroughly remodeled.

The old KitchenAid had done good work since 1991. It's done now, and hopefully someone else can deal with it again, another 29 years from now.

Have a pleasant evening.