Thursday, July 7, 2011

Titilating Thursday

10:20 am (Hawaii) Quite a stimulating session for bulls. I was asleep, away in Dreamland. Must've been good. I don't remember a thing, but my countenance is even. Meanwhile, the indices finished positive. The Nas up for an eighth day in a row.

I stayed out after watching the open. I missed this run up and I didn't want to catch the inevitable fall down. As expected, hotties XG and EXK made pit stops today after major moves higher. XG down 0.8% to 14.37 (afterhours) and EXK down 0.5% to 9.66.

More numbers came out today, more positive for the market, but really, it's all momentum based on the assumption that the debt ceiling will be raised and that the Eurozone has a better grip on its debt crisis for now. It's like this: FAS and FAZ are at extremes from one day to the next, regardless of how the indices are doing. Logically, FAZ should be crushing, but there's JPM (+1.9%), Citi (+1.7%), BAC (+1.7%), STD (+1.2%), GS (+0.9%) and so on. All these banksters eventually will run out of government handouts. Just a matter of when the plug gets pulled and they start gagging on their own poison. I don't think the big boys will die. They'll just languish until the market corrects itself without the life support provided by the doomed fractional reserve system.

My Metals list is 71% green, but the depth of huge gainers has been reduced. "Only" 18 issues gained at least 1.5%. FAS and UCO are in this list as convenient indicators for the broader view, but both were up more than 4% today. REE (+3.8%), PALL (+2.8%), MCP (+2.5%), CU (+2.4) were very strong for the rare earths and non-gold, non-silver traders. Copper's recent run hasBrother Turd pointing to a possible repeat of its run of last year.

You've probably been wondering about that, too. With Greece and the global debt crises, so much is similar to last year's market behavior: Lackluster in the spring, total launching pad in July and rocket ship action to the end of the year. Is that going to happen again in 2011? If they kick the proverbial can down the road again, it's clear the big money would like this to be so. Self-fulfilling prophecy and all that.

But I would add this: volume is sinking as this hot streak of the past week-plus continues. Here's a look at today's big winners on my Metals list.

FAS - volume up today compared to yesterday
UCO - volume way up, nearly double
REE - volume lower
PALL - volume lower
MCP - volume lower
CU - volume higher
AGQ - volume lower
PSLV - volume similar
AVL - volume lower
JJC - volume lower
COPX - volume HUGE
GG - volume higher
XME - volume lower
PLTM - volume higher
PGM - volume lower
AG - volume lower
DBB - volume similar
GOLD - volume higher
AGOL - volume higher
PPLT - volume HUGE
SLV - volume lower
WITE - volume lower
DBS - volume lower

Those are the metals on my list that were up more than 1%. For the most part, volume was lower today going into tomorrow's key report. It's been a quiet week, news wise, in Europe, and last week's end-of-month window dressing has carried over.

My Regular watch list is 78% green with PSUN, yes that PSUN (occasionally loved by Le Fly) up 10.2% today. There's better depth here than in my Metals list.

PSUN - volume HUGE
WNR - volume up big
VCLK - volume up
VLO - volume up HUGE
FCX - volume up HUGE
LVS - volume up HUGE
MNW - volume up
SWY - volume lower
RLOC - volume lower
CLNE - volume lower
GOOG - volume higher
ENY - volume similar
USO - volume higher
AMRN - volume higher
APC - volume similar
OWW - volume lower
FORM - volume higher
MSFT - volume higher.

All of these are stocks that gained at least 2% with the exception of MSFT (+1.8%). AAPL (+1.6%) moved up to 357 on lower volume. AMZN up 1.5% on higher volume. BIDU up 0.8% on similar volume. NFLX up 0.8% on lower volume.

It's good to be aware of the surroundings. Not everyone had the foresight to park money in NFLX, PCLN and AAPL below 50 and forget about it for a few years.

No comments: