How's the ice down there?
7:15 am (Hawaii) Just woke up to a sunny, cool morning in the islands. Could not get that darn wireless connection going for an hour, so I'm out of bed and sitting at the desk. Just as well. There's a new Max Keiser report out, some good stuff with David Morgan about Utah's new precious metals coinage enacted into law.
China's inflation number (5.5%) met expectations, but is that really enough to slow bearish momentum?
My Metals list is 71% green, 28% red. The glaring common denominator, though, is that volume is anemic. Though we're just past halfway for the day, volume is scant, just like it was a few days ago when the market slide halted for a day. Top gainers so far: REE (+6.7% to 6.81), AVL (+6.6% to 6.28), EXK (+6.2% to 8.13), AG (+5.9% to 17.44), GPL (+4.9% to 3.00). That's two up days for GPL. SVM, AGQ, NGD, MCP and NUGT are also more than 3% up. A lot of big percentage gainers, but with so few shares traded, this could easily get shredded by the alien machines before the closing bell. My hunch is the gains will be pared somewhat, but still finish up nicely for the day. But with the poor volume, the downtrend will resume tomorrow.
TWN (-4.5%), ZSL (-4.3%), SCO (-3.8%), DUST (-3.8%) and FAZ (-3.4%) are the worst losers thus far.
Dow Jones +1.2%, NAS +1.5%, S&P +1.4%.
My Regular watch list is 86% green, 14% red, but again, volume is miniscule. There aren't many sellers, but there are even fewer buyers. It's the machines keeping the market above thin ice. AAPL is up 1.5% to 331.44, but volume is just 6.9 mil shares compared to yesterday's 11.7 mil.
(video) Max Keiser: Economic melt-through, David Morgan (June 14 2011)
Zero Hedge: Standard Chartered: '3 factors will drive gold to $5,000' (June 14 2011)
Standard Chartered: In gold we trust (full report) (June 14 2011)