Tuesday, August 16, 2011

Tuesday cinema & library (updated 9 pm HST)


Monday's gains on severely low volume were ominous, weren't they? Today, indices struggled in the red, down significantly on no real news from Sarkozy and Merkel, before rallying to pare more than half their losses.

The interesting indicator for me was increased volume in DGP. FAZ had similar volume to yesterday and fell from 59+ to 57+ during the late-day rally. DJ finished -76.97 (-0.7%) to 11,405.93. Nas down 31.75 (-1.2%) to 2,523.45. S&P 500 -11.73 (-1%) to 1,192.76.

My Regular watch list is 28% green, 70% red. AAPL, AMZN, BIDU, LULU, NFLX ... many momo stocks down. LULU down more than 7%.

The Metals list didn't fare much better, just 41% green, 59% red. Silver miners had been red-hot, but fell back today (SIL -1.3%). Could be a breather before a run higher again.

GSVC was up over 16 today before settling at 15.41 (now afterhours) for a 1.9% gain after releasing earnings info. Haven't touched this since selling at 12.10. In hindsight, I should've left that position alone and picked up more DGP as a psudo-hedge. (Oddly enough, though GDX and GDXJ are down today, XG is up moderately. Not going there, though.)

Between now and Jackson Hole (26th), there's no apparent catalyst. Since last week's series of crashes (and melt-ups), the market has been relatively calm. Maybe the downside has been priced in and too many traders are expecting an upside explosion similar to last year's fall and winter. If QE3 arrives and traders are as skeptical and cautious as I imagine they might be, it doesn't really matter to a physical gold owner. Few things bring peace of mind, but a crate full of gold bars would have to be one of them, right?

Blogs
Turd Ferguson: (pm) Feeling good, Louis! (Aug 16)
Turd Ferguson: (am) An interesting day awaits (Aug 16)
Bruce Krasting: Gold and Swiss National Bank (Aug 16)
Jeff Nielsen: Watch gold/silver/oil price ratios (Aug 15)

Vlogs
(new) Mike Maloney: Debt Collapse - The case for $20,000 gold (Aug 16)
libertarianrealist: Ben Bernanke's big lies + $500 silver (Aug 16)
silverfuturist: Possible meetup with Gerald Celente (Aug 16)
The Weekly Telegram: Update (Aug 16)
ScrapGoldBusiness: JP Morgan predicts $2,500 by Christmas (Aug 16)
Casey Research: Dollar is going over the edge (Aug 16)
Hit the Bid: Ron Paul 4 prez (Aug 16)
Even Keel Media: David Coffin (Aug 16)
BrotherJohnF: Short Age (Aug 15)
> Rockwell enters at 2:30
TheLordHumungus: Is it too late to buy gold and silver (Aug 15)

Audio
Al Korelin: Roger Wiegand (Aug 16)

Blog commentary

Reports
Business Insider: Sarkozy to tax financial transactions (Aug 16)
Business Insider: We are Japan (Aug 16)
Business Insider: Germany wants Spain, Italy to sell gold (Aug 9)

Video
(new) Fox: Peter Schiff (Aug 16)
Keiser Report: Banking looters (Aug 16)
Journeyman Pictures: Poetic Justice - Mexico (Aug 16)
The Young Turks: Ron Paul #2 in straw poll (Aug 15)
Journeyman Pictures: The Secret Garden - Bhutan (Aug 15)



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