EVN Future, page-13

I'd take a 20c hit any day to be laughing as hard as I have been the last two minutes.

And really, that's all you can do (except maybe buy Dec 18 call options in NCM). I wouldn't ordinarily cross-promote, but they're the only option series left.

Thanks Blackened. Those scenes are stuck in my head now. Flying High may be even funnier than Blazing Saddles.

On a sober note, an analyst I follow said (PM London time, 4 Oct) that 1,267 (61.8% retracement) should provide decent support - although that currently taken out as I write (1,264) - and then major support at 1,250. Also added that:

- a 'staggering' 1,000 tonnes of paper gold rinsed out in yesterday's takedown
- 'tidal wave' of selling commenced as London opened
- 'Western Officials purposely waited for the Chinese to be on holiday before they began smashing the gold and silver prices'
- Chinese citizens/traders will be back in the buying Sunday night
- PBOC is buying into this dip
- also noted that the 'veracity' of selling may suggest that Friday's NFPs are a miss (subsequently backed up by today's ADP data of 154,000 jobs created vs 166,000 expectations)


In other news:
- oil ramped mercilessly on 'shocking surprise drawdown' statistics to disguise the fact that it should also have been dropping like a stone against the rally in USD
- Mester, a maniacal FOMC member, came out yesterday saying a November rate rise a possibility (apparently days before the US election) - this represents a new low in stupidity, even by the FOMCs subterranean standards
- shortly after, another of her ilk was wheeled out to mutter similar incoherent ramblings.

BIG PICTURE:
The market is pricing in a number of events that, according to mass-delusional complacency, WILL happen:

- Deutsche Bank WILL get bailed out (yet political suicide for Merkel and against the hard line Germany has taken with Italy)
- DoJ WILL offer Deutsche Bank far reduced penalty (last Friday DB shares dropped 9% at the open, then a false story released by AFP (France), without any reliable source, stated that the DoJ had already agreed to reduce the fine from $14b to somewheres around $4b - on this spurious news, DB rallied back into the green)
- Italian (and Spanish, Portuguese etc) banks WILL also somehow survive even though if any of them were forced to mark to market (instead of maturity) they would shutter their doors tomorrow
- Clinton WILL win in a landslide
- Italian referendum WILL support Renzi, which will then allow him to change the rules and orchestrate a state bailout of several of the world's most insolvent banks
- Fed WILL raise rates in December (currently 60% plus, but merely action replay of last nine times this year they were definitely maybe thinking about raising if that's alright with everyone especially the markets but then sorta didn't but said next time we really mean it though you just wait. And wait).
- If Clinton wins, it WILL simply be the status quo because the Fed WILL just go on printing til the world runs out of green/ backstopping the markets
- Gold WILL head back down to/WILL be kept down in its rightful place where it won't dare signal the true state of the economy or the atrocious policies and decision making by people who should be tied upside down in town squares and beaten like piñatas.

If just one of these things goes against what the market is pricing in 'for sure', there could be a rather immediate and violent unwind and a host of experts and fin media talking heads 'gettin' some religion'. And if two of these things should go against what the market is pricing in 'for sure'?

I'm sitting here looking at that famous black and white photo of the mother from the 1930s depression era. Someone's attached a quote to it.

"There is no remembrance of former things; neither shall there be any remembrance of things that are to come with those that shall come after."