Wednesday, June 8, 2011

A crude hump day

5:52 am (Hawaii) There's crude oil up 3.8%. There's LNKD up 0.8%. The rest of the greenies on my Metals list is sparse. At 19% and mostly bear ETFs, it's a supremely negative day so far for the metals. DUST is up 4.7%, UCO rising higher on news that there's no news out of that Middle East meeting on production, ZSL up 2% ... Spot Gold is down to 1536 and Spot Silver at 36.62 (after dipping close to 36.00).

MCP (-8.4%), SVM (-8.1%), EXK (-7%), REE (-5.6%) and VL (-5.2%) are just a few of the players getting pinata-ed today. XG (-3.4%), AGQ (-2.2%), PAAS (-2.9%), it's fugly. It's not shocking. It's summer and the doldrums are here. I'm glad I mistakenly set my alarm for 1:21 pm instead of 1:21 am. How many traders opened positions in ZSL yesterday? It closed at 17.11 and opened today at 17.57. Now trading at 17.36. Unless you opened a position yesterday, you're in the red today. Did I need to 4+ hours of sleep for that? Naaah.

I'm now down almost $300 on OWW even though the position is teeny. This is a great reminder of why I stopped playing (getting played by) penny stocks in the first place years ago. The price almost always provides all the explanation necessary. But down this deep, near it's all-time low, it's pointless to sell. Another piece of positive news and OWW goes back up. It could double, triple, quadruple. Even with a Vegas-play-money mentality in this play, it still sucks to be holding the bag.

In case you're not convinced that OWW is a horrible buy, go back some years. OWW was a rumored takeover target with a buyout price of $26 to $28. Talk about cruel jokes. Priceline they were not.

Turd: Hoping to be wrong (June 8 2011)
(video) KSL News: Utah precious metals currency takes effect (June 1 2011)

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