Wednesday, August 10, 2011
Just another uneventful, ordinary day
8:01 am (Hawaii) Spent the past hour or so occupied with work, but now I'm back to see the Dow down "only" 290 points. Quite a comeback. It could be back to -400 in 5 minutes, I know, I know, I know. But FAZ is down below 67 and SocGen is down just 12.8% after being shredded to -22% earlier in the day. Everything has its limits and when the limits are stretched too far, just like Le Fly says, there's a rubber-band, snapback result. Eventually.
Gold continues to stay near its highs. DGP is at 64.50. But silver is roaring today. Probably a massive short-covering, but it was due. AGQ at 204.75 after hitting an intraday high of 207.03. Do the puppeteers dare naked it short silver back to 160? Possibly. I'm not touching ZSL or AGQ right now unless a new catalyst hits the market. AGQ is up 10.5% here, topping my Metals list.
AG (+10.6%), FSG, GSS, NUGT, PSLV, EXK, SVM, GPL, NGD, REE ... all at least 7% up for the day with less than 2 hours left. I wonder how well the silver and gold miners will hold up if the market continues to slide downhill. Is this a brief respite from the hellhole that miners had been buried in for weeks and months? Or is this move going to be long term since gold is becoming more popular with human beings who hate seeing their hard-earned fiat dollars turn to shit because of inflation and a fucked-up monetary system?
I tend to think it's the latter.
Might be a nice play in AAPL going into the bell. Now at 372, just off its high of the day. I got out at this level early in the session. I just don't see, hear, smell a catalyst that can sustain a run higher. Hmm...