Wednesday, June 15, 2011

Martin Armstrong the prophet?

5:24 am (Hawaii) Not to be heretical, but Martin Armstrong pointed to June 13 as a turnaround day for the market. Sure enough, the slide in precious metals came to a halt on that day. Today, both Spot Silver and Gold have cut to the upside. Maybe it's coincidence. Maybe MA is part of the machinery. Who knows?

I've just gotten up. Some catching up to do.

5:44 am (Hawaii) Dow -124 (-1%), Nas -28 (-1.1%), S&P -15 (-1.2%). Yesterday's creampuff volume levels have proven to be nothing but a trap. Thin ice.

Metals list is 37% green, 57% red. Only a handful are +1.5%. REE (+6.9%), GPL (again!) (+4.3%), FSG (+3.4%), TBAR (+2.3%), DUST (+2.2%). AGQ is up just 0.25%. Spot Silver is peeling back (35.58) after nearly touching 36.00.

6:28 am (Hawaii) Martin is not looking so much like a prophet here. Dow -174 (-1.45%), Nas -40 (-1.5%), S&P -21 (-1.7%). AAPL down 6.25 to 326.23 (-1.8%). Summer doldrums are here for awhile.

Looks like I should've kept that FAZ position (51.35, +6.4%). Just turned on the TV and Fast Money Halftime is saying Greece taking the market down. GS (-1.8%), IRE (-2.5%), JPM (-2.7%), C (-2.8%), BAC (-3.1%), NBG (-4.7%), STD (-5.1%). I thought about re-entering FAZ yesterday after the finnies had regained a little ground for a couple of days, but no. Staying mostly in cash still.

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