Wednesday, June 1, 2011

Auzzie persuasion

2:02 pm (Hawaii) It's not usually clockwork, but often enough, Asia and Australia bring some kick back into the beaten-down commodity issues. Gold, which was high as 1551 earlier in the day and then trampled to 1537, has rallied a bit. Spot is at 1543.20, up since Sydney opened an hour ago. Hong Kong opens now.

Silver is also showing some life, but who can tell whether the puppet masters are truly done mashing the life out of it today.

Opened a tiny position in OWW (3.34) just before the end of afterhours trading. It works out to less than 2% of my roll. If OWW collapses in the morning back to 2, I'm out $400 or so. (Or I may add a few more shares.) If it climbs back toward its normal range of 6-7, I get a double. It's more out of fun than actual strategy, and a part of me doesn't think today's selloff will carry over tomorrow. Just the seasonal pukeage. I'm not bullish with the stupidity going on globally, but today didn't feel like a complete el foldo. If the market does resume selling off tomorrow, I'm in good shape at 87% cash.

Yes, this is in Panama City and, yes, Orbitz can send you there.

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