Monday, June 6, 2011

Monday coffee break

6:45 am (Hawaii) Not that I tank java, but if you do, here's something to enjoy the time with.

7:35 am (Hawaii) Steve Jobs took the stage today briefly. AAPL is down 0.5% to 341.

Geithner is complaining about competing currencies racing to the bottom. Is anyone listening?

Silver in a mixed-up space. AGQ is up 3.5% to 188, but EXK continues its slide, now down 5.3% to 8.78. Next levels of support are 8.00, 7.50 and 6.67.

Gold has given back most of this morning's gains. At this point, physical owners would be content if it holds ground while the dollar keeps tanking. Just hold ground, it's good enough. Gains are gravy. GLD is up 3/10th of a percent and XG is down 1% to 11.59.

I'm glad I didn't add a thing before the weekend. Too much uncertainty. Big Ben to speak tomorrow.

Regular watch list is 25% green, 75% red. SBUX +3.5%, FAZ +3.4%, TZA +2.9%, EDZ +2.7%, LNKD +1.8%, PSLV +2.1%, SLV +1.7%, TBT +1.5%, DG +1.2%, MSFT +1.1%, EGPT +0.9%.

MCP -5.7%, WNR -4.8%, AMRN -4.6%, OWW -4.5%, OPEN -4.2%, FAS -3.5%, ZSL -3.6%, CSTR -3.6%, C -3.3%, CLNE -3.3%, NFLX -3.1%.

Update 7:51 am (Hawaii) Why have I entertained no serious entries today? Nothing is really moving. I had to check my connection a couple of times there early. Volume is extremely thin, which increases the possibility of flash action, which increases the possibility of the HFT machines taking a chunk of your fiat currency.

The alternatives? Buy more physical: maybe. It's a year, two years, three years late to get discount price. But if Spot Gold stays here while USD climbs lower, why hold cash? All or mostly cash here isn't king. More like Court Jester. Or Chief Taste Tester.

Update 7:59 am (Hawaii) Forces are circling in for a landing. I won't be surprised if Israel, indeed, declares war on Iran with US backing. This will allow the West to take control of Iranian crude oil, lower gas prices and keep the powers that be intact through the coming election year.

This would then possibly open the door to reforms in the banking sector and allow Obama to pursue his social agenda. Just thinking out loud. I don't have solutions, but this scenario seems realistic enough. As for JP Morgan and US involvement in Afghanistan, there's no way around the fact that mining will be humongous there. I'm all for giving the tribesmen of that poor nation a chance to profit greatly, but what's the door of opportunity for us peons?

(video) Russian Times: Semi-naked women protest censorship in Ukraine (June 6 2011)
(video) Russian Times: Anger over PIGS states' bailout (June 6 2011)

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