Friday, June 17, 2011
Pet rocks for all
7:03 am (Hawaii) Yes, this market has the feel of a fad-alicious era, kind of like Pet Rocks or Beanie Babies. Sure, Greece is talking right and acting all grown up, but in reality, their S will hit the F. Just a matter of sooner or later. Same with the rest of the PIIGGS, the US, etc. It has to. The puke fest MUST happen for the health of the global economy. Until then, it's a state of unyielding nausea, queasiness and ill health. Nothing grows, nothing gets built, no work really gets done until the patient finally barfs and starts getting some nutrients and fluids to stay down.
The indices have lost most of this morning's gains, no surprise. Dow +36.37 (+0.3%), Nas -4.80 (-0.2%), S&P +2.92 (+0.2%). Traders sold the rips. AGQ is down to 173.61 (+0.4%). EXK is now in the red (7.61 -0.8%) and XG remains sickly (11.20, -0.4%). GLD is fractionally higher (149.49, +0.3%) and DGP has tanked from 49+ (48.80, +0.8%).
Keeping an eye on ZSL (18.29, -0.1%) and FAZ (49.66, -1.6%). FAZ may be down today, but it's a blip. It has traded from 45 to 52 in the past several days and once the pomp and circumstance of Greek's possible new economic plan passes, it'll be back to ugly digestion for the masses there and throughout Europe. Nobody wants to take their medicine, which will prolong FAZ gains. The UK is the only nation showing any sense. I don't include Germany because they aren't taking crap from anyone, basically, and they need no austerity measures.
The finnies still look strong for the day, but I wouldn't touch these toxic tunas with a single chopstick. You're better off eating sushi from Fukushima.