Friday, June 24, 2011
Silver, gold squished, but rare earths are hot
3:41 am (Hawaii) A rare morning of no sleep, just stayed up through the night. Being a night owl, that's not hard. But I will crash out soon enough and leave the market to the rest of you crazy people, trying to trade this madness ...
Well, the bad news is silver plays are getting scorched. ZSL is up 2.3% to 18.92. But a sidelight is the way rare earth plays are also near the top of my Metals list. MCP is +2.3% to 55.18, off its early high of 55.50. REE is also pushing toward the top, up 1.6% to 10.67. AVL is hot, too (+2.4%).
Gold is also getting sandblasted. Crude oil is down again, which is positive for SCO (+1.8%). Metals list is 41% green, 49% red.
AAPL is fractionally higher. All in all, a blaaah kind of open. No catalyst in sight for bulls. The bear view is middling at best, though things could get interesting going into the close for something like FAZ. Or if Spot Silver is ready to drop through 34, ZSL would be a possible ride.