S&P 500

Safe haven silver to outperform gold in Q4 and 2018

While U.S. equity futures were little changed in a rerun of every other morning this month ahead of a diagonal ramp that closes the S&P at daily all time highs, things were more volatile elsewhere with the dollar sliding as investors weighed the possibility that current Fed Governor Jerome Powell, seen widely as far more dovish than Kevin Warsh, might take the reins from Janet Yellen, who Bloomberg reported was said to be getting the cold shoulder.

It's deja vu all over again.

In a repeat of yesterday's session, where US equities and the dollar levitated in a one-way trade, Tuesday's muted session - where in addition to closed China and South Korean markets, Germany's Dax is also shut for holiday - has seen early dollar and European equity strength, while the S&P is set for new record highs amid higher E-minis and a VIX that is again lower after 5 consecutive days of declines.

"The present moment of blissful delusion is remarkable to witness. Take it in..." says John Hussman of Hussman Funds.

In the following few words and updated charts, Hussman exposes the farce even further...

The largest secession movement since Brexit and the biggest mass shooting in American history... buy stocks!!

Spain felt the pain...