Europe

There really is only one clip for this...

This is the first 3 consecutive 1% gains for S&P since Oct 2011 - most notably S&P remains well below its 50dma...

Submitted by Mike Krieger via Liberty Blitzkrieg blog,

The war on cash has been in the works for a very, very long time, but the propaganda campaign to convince an always gullible public to accept the scheme seems to have been hatched in earnest late last spring. For example, here are a few excerpts from the post, Martin Armstrong Reports on a Secret Meeting in London to Ban Cash:

Martin Armstrong noted at the time:

Overnight action saw gold jerked lower as Europe opened and Asia closed. Thanks to Nanex, we now see 'how' this occurred as the "gold spoofer" has returned. Once the spoofer disappeared, gold has rallied back up to the overnight highs... rigged?

75 gold futures contracts used to "spoof" prices lower...

Via Nanex

And once the spoofer left the building...

It seems $1200 is the line in the sand once again.

While we have generally disagreed with Morgan Stanley's Adam Parker flipflopping on stocks some two years ago, or just as the market was topping out, we can't find fault with his latest note released today in which he openly admits that "our portfolio advice has been pretty horrendous lately. As my 90-year old Latin teacher used to tell the class in 1985, “son, you are in left field, without a glove, with the sun in your eyes."

Submitted by Michael McDonald of OilPrice

Downturn Now Hitting The Refining Sector

As all energy investors know, it has been a terrible year for oil and natural gas companies. Many stocks are down half or more from their 52-week highs. Yet amidst the carnage, one energy group has held up very well – refiners.