Wednesday, August 17, 2011


7:19 am (Hawaii) Frazzled? Bedazzled? Ehhh just walk away. I laid there in bed an hour ago, barely conscious, watching DGP and gold. Maybe it was time to sell again. It had run to 65.57 early while I was still asleep, but had sold off. Brother Turd Ferguson notes that gold is in the midst of a probable near-term double top and a pullback is par for the course.

For my near-term trade in DGP, a sell would be okay. But instead of mircomanaging, I did some household stuff, watered the plants, etc. Now DGP has lifted to 65.15 on a big buy a couple of minutes ago. I noticed earlier that the banksters were doing well again despite slightly negative market (DJ -0.4%, Nas -0.9%, S&P -0.3%), but FAZ was rallying off its low of 55.24. Now near its high of the day at 58.38.

Silver continues to be robust. AGQ now at 215.11, not far off its HOD 217.93. CME mafia took silver down hard when spot started to lift above 40.50. Spot now 40.26.

Doesn't seem to be any catalyst. Strange. Maybe FAZ and the bank stocks trade in this range until Jackson Hole (26th). Or maybe the move in gold and silver have more to do with 1:00 pm Eastern (traders back from lunch) on a semi-low volume day like this.

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