Tuesday, June 7, 2011

Say whuutt?

8:44 am (Hawaii) Tried to stay up, mostly slept through the session so far. An hour away from Helicopter's speech. The market has reverse from moderately negative to moderately (0.5-0.6%) positive and silver plays are en vogue. AVL (+3.3%), EXK (+3.0%), AGQ (2.9%) are the top gainers on my Metals list. PALL (+2.7%), MCP (+2.6%) are also up nicely.

(Note: These are up on roughly half of yesterday's volume. Machinery. It's the machines buying into the Bernanke speech. Humans are on the sideline. It's a lure, I'm guessing.)

Gold is still laying low after being sniped twice earlier. I saw that in my doldrums, trying to stay awake. The Spot charts don't exactly tell the tale. Take a look at the 1-minute charts. Absolutely goosed and gutted first at 10:53 am (Eastern) and again at 11:14 am (Eastern). Pure manipulation that is more common in Spot Silver than Gold. Still, buyers have bid up price almost back to the 10:53 level.

The assassination attempt on Gold seemed to indicate that some of the big boys got wind of Helicopter's theme for the speech and unloaded in panic. Controlled panic. What if they're wrong? What if they were bluffed? Who ends up holding the bag when he starts talking 15 minutes before the closing bell? What if he delays until after the bell?

Way too many questions. This is no place to start a new position long or short. I remain 90% cash.

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