Italy in play: Giorgia Palmas
10:39 am (Hawaii) I got up late after a busy weekend, feeling rested. The Dow Jones was down 100 points, then stumbled to 120 or so down. This was around 8:00 am Hawaii time. Two hours before the close. I blinked and the Dow was down 50. I blinked again and it was -5. By the close the DJ was +68.99.
I haven't turned up the volume on CNBC in the background, though I see on the subtitles that China is offering (threatening?) to buy Italian bonds. Details? I have no idea. But if that's what it takes to get the market up, that's amazing. Not surprising, but amazing.
Today, FAZ went from 66 (up 3 bucks) to 63 to 65 to 64 and when I woke up, it was at 65. It closed at 61+. Tumultuous and turbulent, indeed.
I remain all cash because as forked up as the banksters are on both sides of the Atlantic, there will be a lot of flimflam (like today's rumor) that will sucker punch anyone late to the party, ie buying FAZ at this level. I'll wait for a drop to below 60, preferring 55 and 50.
Gold and silver? DGP melted down to sub-66 before closing at 66.84 (-4.3%). AGQ down 6.3% to 210.91. I still prefer to stay away from paper silver as long as the banksters are long gold (per JP Morgan's $2,500 prediction) and short silver. Today's move in spot gold price to $1,800 bears watching. If it stays above $1,800, maybe I get more physical, but I'm on the lookout for price to sink into the 1700s. A lot of sharks out there are desperate to raise cash, similar to how AAPL is often sold off after hitting new highs. Just like AAPL, gold price can crater through sheer profit-taking.
AAPL did finish up 0.8% to 380.36 after being in the red most of the day. Low was 371+.
It's that simple for me right now. Not interested in miners. Not interested in longshot plays, even good ones like GSVC. It's about the banksters/FAZ, DGP and AAPL. Not interested in VXX or TVIX. Not interested in GDXJ or EXK or XG. Or BIDU. Keeping things simple.
At some point, the ice cracks and these PIIGS fall right to the bottom of a frigid lake. That's why I'm keen on re-entering FAZ at some point. That's why DGP will jump. Eventually AGQ will run with gold, always in its shadow. So FAZ at 55, DGP at 60 and AGQ at 200 will pique my interest much more.