2:54 am (Hawaii) There's GSVC, which has a penny-stock vibe, and then there's AGQ. GSVC, which I delved into a few days ago after it rocketed for a second time in two weeks (from 10 to 16), closed yesterday at 18.02. That's freaking remarkable considering the indices were all down big and breadth was bloody red. With just 3.34 million outstanding shares and a recent deal with ex-Facebook employees to buy a total of 225,000 shares (at $29.28 per), GSVC has some serious sex appeal to traders. Never mind that its sliver of the Facebook valuation pie ($70 billion? $210 billion) is relatively small.
I just wouldn't want to be offline when the stock sells off hard for the second time. The first time, in June, it went from 14 to 10 over the course of three weeks. That was when volume was miniscule.
Now, with all-time volume numbers, and especially with shorts out of the mess, GSVC will find its place in the sun. On Friday, I had hoped for a moderate pullback to 15.55. That never came, not that I was looking yesterday amidst the bloodbath.
Then there's AGQ, which sold off hard not because silver has suddenly become a crap piece of metal. No, no, no. Demand is still strong, supply is still rather weak and the dollar is still near lows. But the puppet masters will have their way, as they did in taking AGQ to the woodshed yesterday. I got out near the low, not willing to risk potential clubbing to the cranium. It closed at 175 yesterday and is now at 167 today in premarket. This is why I got out of this small position with a moderate ($300) loss: Better to cut losses small and go back in if and when the coast is clear. Not when the coast has deadly, rampaging waves and the tide will swallow any ship and spit it back out in splinters.
Gold is hanging in there, now 1549 after a serious dip earlier today. Silver is at the mercy of the CME mafia, down to 35.31. Now that I'm out of AGQ, and now that the latest silver run is done — I missed plenty of chances to ride AGQ and EXK last week — I can put more focus on keeping powder dry and acquiring more physical when the price is right.
For now, with 25 minutes left before the opening bell, 26% of my Metals list is green, 25% neutral and 49% red. The bottom dwellers are GPL (-4.1%), AGQ (-3%), AG (-2.4%), SVM (-1.9%), EXK (-1.4%), SLV (-1.3%).
At the top are ZSL (+2.6%), GLL (+1.1%), DZZ (+0.9%). That's pretty weak stuff for the leaders. With LNKD, AAPL and other stocks showing flat to slightly up gains so far, it looks like the market might stave off another significant selloff today. There's no catalyst in the near future bar the typical Euro crisis stuff. CNBC keeps trumpeting the possibility of strong earnings reports beginning next week, but that's all based off lowered expectations anyway.
My Regular watch list is 28% green, 20% neutral, 52% red. CLNE is ripping higher (+11.7%) with RBY (+5.6%), TVIX (+4.9%), VXX (+2.8%), EDZ (+2.5%), MWW (+2%), TZA (+1.7%), DG (+1.6%). NFLX (+1.7%) is at 292.47.
FAZ, at 46.90 (+1.1%) is still strong. Guess I should've trusted my gut before selling on Friday. I lived to fight another day, at least.