Barely up?

(8:49 am, Hawaii) Just back from some early-morning work and didn't log onto the world wide web until now. Though the indices are barely positive, commodities are roaring. Silver is sky high. I see SLW up massively (+5.3%) to 44.75. SLV is up 2.4% to 36.38. EXK is at 9.90 (+4.3%). Silver plays all show fair volume with more than an hour left in the session.

Crude oil spike is making happy shareholders of WNR (+5.8% to 16.89) and UCO (+1.5%). CLNE is at the top, up 6.7%. Meanwhile, the indices are all 0.6% up or less. So what gives? With volume at this level, it's not like Monday's soft turnaround. Traders are getting braver, following the money trail. POMO, QE2 ... they're kicking in big while Japan, Libya, Bahrain, Yemen, Portugal, Ireland all give no sign of the "all clear."

So, while precious and industrial metals gain (X is up 2.3%, FCX +5.2%), momo plays like BIDU (+5.1%) and NFLX (+3.8%) are rolling. OPEN is up 2.1% to 94.58. Amazing. LULU, my favorite tell as a momo indicator, is up 3% to 79.51. Funny money rules once again!

While 68% of my watch list is green, there are some red duds. AAPL has fluctuated between 335.95 and 339+ today, currently 339.11 (-0.6%). EGPT is down 8.3%. TVIX (-7.1%) and VXX (-3.6%) are near the bottom. So are EDZ (-4.1%) and PSUN (-3.5%). Everything else red is mostly fractionally negative.

Still 100% cash here. Hindsight: A position in WNR would've been prudent for the past week. Of all the stocks tumbling or gaining since the disaster in Japan, WNR was and still is a winner in most future scenarios as an oil refiner. I sold SLW and EXK recently, taking small losses while both consolidated near new highs. I sold EXK at 8.55, a small position, but didn't have the conviction to hold.

Watching here. Market is still on thin ice, and as more skaters approach, the breaking point nears.