Tuesday, July 5, 2011

Tuesday night library & cinema (updated 9 pm HST)

2:01 pm (Hawaii) I may surely live to regret not backing up the truck for some AAPL, BIDU, NFLX, XG, AGQ and EXK today. Volume was substantial in most of these shares, and if I'm wrong in assuming that each is due for a minor consolidation (or worse) after a week to the upside, then it shall sucketh that I waited too long. The only thing that made sense today — Portugal was downgraded to junk level by Moody's (only a few months behind the market) — was the financials all in red. FAZ was up, as it should be. Why it isn't up every day is a wonder. But the market is schizo, manipulated, yadayada, and that's why I don't take unnecessary risks.

Financials down, precious metals up. Now THAT makes sense.

Note: Pete Najarian says AAPL goes right to 400 from here. I'm not saying he's right or wrong, just passing it along. Then there's James Altucher, who was also on Fast Money, insisting that we don't really have any basis with which to judge QE2 yet, and that the Dow is going to 20,000 by the end of 2012.

I'm still a little surprised that the CME mafia didn't take metals to the woodshed over the three-day weekend. I probably wasn't alone and today was boosted in large part by a lot of short covering. Just a guess. I'm still deep in cash, small position in DGP and growing stack of metals.

Spot silver tapering off to 35.33 after spending the previous 24 hours below 34.50.

Update 3:36 pm (Hawaii) Apmex has another flash sale: 99¢ over spot for a 100 oz Johnson Matthew silver bar. Started this morning, ends tomorrow (Wednesday). The bar is a beautiful thing, no doubt about it. But why would I want something that huge? If I needed to sell it, I would get spot price in return, probably. Finding a buyer for something that costs $3,600 or so is TOUGH. I'd rather have $3,600 worth of American Silver Eagles, 100 in all, than one big brick of silver.

If I were a gazillionaire, it wouldn't matter. I'd actually line the walls of my playpen/mancave with thousands of silver bars, floor to ceiling. But I'm not a gazillionaire. Yet.

Reports & Blogs
(new) MarketWatch: The next, worse financial crisis (July 6 2011)
(new) (audio) Chris Martenson: Eric Sprott interview (July 5 2011)
(new) (transcript) Chris Martenson: Eric Sprott: Paper markets are a joke (July 5 2011)
(new) Examiner: RICO suits against two banks = metals to soar (July 4 2011)
Le Fly: Sell the debt ceiling news (July 5 2011)

(new) Nigel Farage: Isn't the EU as bad as the USSR, Mr. Tusk? (July 6 2011)
(new) Peter Schiff: Christina Romer is wrong (July 6 2011)
(new) Max Keiser: Greece robbed and securitized (July 5 2011)
(new) James Altucher: Dow heading to 20,000 (July 5 2011)
(new) BrotherJohnF: Silver update - debt (July 5 2011)
(new) Turd Ferguson: Not excited yet (July 5 2011)
(new) stellaconcepts: Understanding the silver derivatives market (July 5 2011)
(new) george4title: The new economic paradigm for middle-class Americans (July 5 2011)
Mike Maloney: The Difference (July 5 2011)
Nigel Farage: The Worm has Turned (July 5 2011)
Jim Comiskey: Daily market insights - metals (July 5 2011)
drutter: 'You can't eat silver!' (July 5 2011)
(video repaired) bullorbearreport: How to buy gold at $10 over spot (July 5 2011)
chessNwine: Stock market recap (July 5 2011)
silverfuturist: Silver up! Newsletter writers makes millions (July 5 2011)
(new) stellaconcepts: SGTBull07 and Bix Weir '500:1' (July 4 2011)
(new) silverfuturist: Silver vs. mining stocks and ... a goat (July 4 2011)
(new) SGTbull07: Why Silver, Why Now? (Dec 7 2010)
(new) InflationUS: The Day the Dollar Died (Nov 24 2010)

James Altucher: Dow heading to 20,000

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