3:24 am (Hawaii) Just minutes before the opening bell. Everything (almost) is green right now. Spot Gold and Spot Silver are near their highs, if not above the previous high of the morning. PM stocks are taking the cue and moving up, too. 68% of my Metals list is green with only 15% red.
XG hardly trades in premarket or after hours. It might move when the bell rings. The Cerro Moro mine has been officially approved by the local province in Argentina. Might just be a formality to traders, but who knows?
I also like EXK, as always, and it has barely moved in premarket, too. AGQ is up 4.5% already (on just 100k shares) to 180.44. It was above 181 earlier. I'm taking a cautious approach here.
UCO is up 3.9% to 47.22 as commodities are in full force to the upside so far.
An interesting watch will be LNKD, which can be shorted beginning today. Down 2.7% in premarket so far to 85.89. I won't be touching that load of dynamite.
But, as I veer back toward PMs, it will continue to channel back to China demand, inflation, et al.
Marketwire: Extorre receives approval (May 24 2011)
Update 4:04 am (Hawaii) Missed a good entry point (it turned out) on AGQ at 181-182 as it rode up, but it's on the way back down from its high. I'm looking for a bullish retrace (31.8% of today's gain) at 180.54. May not happen, but I will not chase. Yet.
EXK was also within my grasp at 8.95, but I hesitated instead of starting a partial position, and it ran over 9.00. My retrace level is 8.92, which seems like a long shot here.
XG sold off a bit at the opening bell on typical thin volume — it pulled back to 10.44, almost exactly to my retrace level — but climbed quickly above 11.00 and is now at ... well it was above 11. Now it's at 10.95. I'll hold that for awhile. Too much good news there. Could've added more at 10.44-10.45. Gun shy.
Indices are fractionally up, but my Metals list is 78% green. Spot silver at 36.22. Spot Gold at 1526. Everything seems all right for now . . .
Update 4:25 am (Hawaii) New retrace levels: EXK 8.97, AGQ 180.62. EXK extremely strong so far, finally a minor dip in the last couple of minutes after hitting a high of 9.24. Daytraders are so done with XG; all the action is in silver and other gold miners who didn't get a big bump like XG did yesterday.
Haven't sold or bought anything this morning. Still 90% cash.
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