Friday, June 17, 2011

Banksters Paradise

4:51 am (Hawaii) Got up at 2 am, but stayed in bed, got more zzz's and just got up again now. My Metals watch list was majority green, but my Regular watch list is 68% green, 31% red. My Debt Spiral list is 82% green with BBVA (+6.9%), NBG (+5.4%), STD (+5.1%) leading the way. When Euro banks are up like this in the midst of a potentially cataclysmic destruction, there must've been a miraculous save.

Guess it's time to turn on the TV.

GS (+1.6%), JPM (+1.6%), C (+1.4%) and BAC (+0.9%) are also up. Happy times and Friday night parties in store for the banksters.

Other big gainers are AZK (+4.7%), NGD (+3.3%), PSUN (+2.8%), CHGS (+2.5%), LULU (+2.2%), MWW (+2.1%), HAIN (+1.8%). In other words, the miners and corporations that are not humongous are getting a big lift.

Crude oil, per Obama's command, is down. That means SCO is up (+3.1%). As for more metal plays, PSAU (+2.6%), NUGT (+2.3%), GOLD (+2.2%), GDXJ (+2.2%), EXK (+1.9%), AG (+1.9%), CU (+1.8%). Many others are above +1%. AGQ is up 1%.

EXK looks tempting after a long decline. XG is flat at 11.24 while most gold plays are up.

Getting hit hard are GPL (-3.5%), which had risen big while the other silver miners were ambushed in the past week. Also down are DUST, MCP, DZZ, ZSL (-1.2%), GLL.

AAPL is down 0.5% to 323.51, but is off its low of 320.46.

Interesting morning. Indices: Dow +95 (+0.8%), Nas +9.50 (+0.3%), S&P +9.81 (+0.8%).

Need to look at volume. Regardless of today's gains, they are temporary until all of the PIIGS commit to balancing their budgets. This is, however spun, another way to mask the inevitable pain of austerity, just another stall tactic that strategic traders are playing for the morning.

Reuters: Wall St rises on hint of Greece plan, data helps (June 17 2011)
Financial Times: Germany retreats over deal for Greece (June 17 2011)

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