Monday, June 20, 2011
Euro up? Dollar up? Metals up?
Gold (1541, +0.1%), Silver (35.99, +0.6%) are holding up after yesterday's Forex.com news. Platinum (-1.1%) and Copper (-0.6%). Palladium -0.3%).
SLW has held its gains (3%), along with today's leader, MCP (+7.3%), though MCP has lost a bit of its huge gain. GPL, REE, SVM, AVL all up big today. GG, PASS, NUGT, NGD and EXK up more than 1.3%.
As was the case last Thursday, today's gainers are up on scant volume. They are having a snack, a little bag of chips or half an apple or a cup of yogurt. This won't sustain them for the week.
As Greece and the Euro zone figure out their problems, financials are bracing for the worst. The finnies on my Debt Spiral list are all in the red again, though mostly less than -1%. My favorite play in this spiral is FAZ, which is near flat for the day. Again, volume is light and probably will be until Bernanke speaks on Wednesday.
My other favorites, little miners EXK (+1.5% to 7.82) and XG (+1.1% to 11.40) have low volume. Double-long gold ETN DGP is barely green (49.18).
In other words, this was a good day to sleep in.
AAPL has bounced off its low (310.50) and is at 314.91, down nearly 2%. Still an unhealthy indicator for the market and techs. Crude oil (93.25, +0.2%) flat. US Dollar up 3¢ to 75.52.
Update 10:19 am (Hawaii) Forgot to note that GLD and SLV traded anemically today after yesterday's Forex.com news. GLD traded 19.2 million shares on Friday, just 10.4 mil today. SLV had 23.6 mil on Friday, 21.0 mil today. Did fear creep in? Maybe. I still think things are flat as a banana pancake until Bernanke on Wednesday.