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Gold and silver showed strength today, breaking above $1,200 and silver $18 late in the afternoon.  Try as they may, the Cartel just can’t get much traction on the downside and any retreats are short-lived.  The bull market is alive and very strong.
We’re fast approaching the critical 1,040 “support” on the S&P 500 – below which technical analysts tell us there is a dark abyss that includes a retest of the March 2009 lows.
The idea goes: If the S&P falls below 1,040, then we’re likely to revisit the lows below 700. Who knows if this widely cited “if, then” conditional probability is valid? We may find out soon enough. When universally accepted technical support levels are breached, we tend to see heavy bouts of “self-fulfilling prophecy”-based selling.
I’ve warned about this before –
Graduates warned of record 70 applicants for every job
Class of 2010 told to consider flipping burgers or shelf stacking to build skills as they also compete with last year’s graduates
Jeevan Vasagar, education editor
The Guardian, Tuesday 6 July 2010
Graduates are facing the most intense scramble in a decade to get a job this summer, as a poll of employers reveals the number of applications for each vacancy has surged to nearly 70 while the number of available positions is predicted to fall by nearly 7%.

The class of 2010 has been told to consider flipping burgers or stacking shelves when they leave university as leading firms in investment banking, law and IT are due to cut graduate jobs this year.
In the last two weeks I have presented non-Main Street information on the oil volcano.  Here is the latest, from Rick Ackerman’s excellent blog. I suggest you read the article in its entirety.  Click for more at “Read the Rest of the Article” after the introduction.
A Dire View of the Gulf Oil Gusher
[The exceedingly gloomy analysis of the Gulf oil-gusher that ran here yesterday elicited many interesting comments.  Generally speaking, and much to our surprise, readers did not reject the author’s doomsday thesis out-of-hand. We are airing Erich Simon’s article for a second day in the hope that it will generate further, enlightening discussion.  The environmental health of the planet may hang in the balance, as many seem to understand.  As of this moment, however, no one can say for certain that the “fix,” a relief well due to be completed by August, will save the day for Mother Earth.  RA ]
With U.S. military Insiders (BP shills in tow) now close enough to peer over the Continental Shelf, down the sloping, innocuous, white sandy overlay, into millions of years of sediment covering who-knows-what, they are still unable to see further into the miles of drill casings inside the ‘relief’ bores – unable to look into the fiery bowels of a sleeping enemy whose size and power, once unleashed, can turn humans into frozen statues.  Meanwhile, the latest qualitative, operational drivel continues to escape both sides of BP’s mouth.

Here they are, the Masters of Deep-Earth Exhuming, standing mere feet across a line from their target, and nothing is slated until August under the auspices of a “delicate” operation. Is drilling into the side of a hundred million atomic bombs…delicate? After all, the reddish-black oil confluent pumping like smoke out of the sea floor bears striking resemblance to Black Smokers, which are vents from volcanoes lurking beneath the ocean bottom, the deepest on record just adjacent to the Deepwater Horizon Disaster, in the Caribbean. Meanwhile, while the military/BP contingent sits around scratching its behind in frozen inaction and awe of forces beyond their comprehension. Weather conditions are only to get worse, much worse, with hurricane season already moving in, with the Deepwater Horizon Chernobyl only going to continue to gush toxic oil and gas from more and more fractures and at ever increasing rates. Why are they waiting until August? How about September, or October.  Or never?

“The U.S. is now 234 years old and yet over half the nation’s money supply was created since Helicopter Ben took over the flight controls four years ago” … David A. Rosenberg