Friday, June 3, 2011

Ow is right (updated)

4:15 am (Hawaii) While silver gets the runaround (again) and gold holds at higher levels, my tiny position in Orbitz is cause for concern. A sprinkling of misery as it went straight from 2.90 to 2.60 in these first 45 minutes of the session. It was so drastic, even I could see that the severity had to end at some point. This is why I played only with the smallest of amounts (of any trade in years) when I bought in a couple of days ago at 3.34. OWW is the right word, but it could pop in the next few weeks and months to previous levels at 4 and higher. If not, I'm out at Tuesday's closing price (2.21). I don't think OWW gets there, even with a crap economy.

Meanwhile, Brother Turd examines the puppet show and surmises that fundamentals in precious metals mean less to price action this morning than usual, and that's saying a lot.

Turd Ferguson: Overriding the fundamentals (June 3 2011)

Update Sat 9:00 am (Hawaii) Forgot to post the closing charts for Spot Gold and Silver. They held ground. What happens Sunday night, who knows? If price tumbles, ie puppet masters wreck it, I might go shopping for physical. Too bad there's no way to bet on the puppet masters other than to short PMs (ZSL, etc).

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