Friday, September 16, 2011

Need rain to get rainbows

7:43 am (Hawaii) It's a cloudy morning in Honolulu. No. I'm not sure. I haven't looked yet. It's just a little dark for this time of day and I'm guessing it's cloudy. No fricking unicorns or rainbows though, unless you're Keynesian to the core and can't see how Europe and the US could ever falter in this monopoly-money printing scheme.

Doesn't matter to me. I'm staying in, watching the market. Waking up at this time of day, seeing the market slightly up (0.1% to 0.4%), seeing gold up from its low of 1760 or so ... and seeing financials down - that's an eye opener.

FAZ dipped to 52+ but is now hovering at the 55 level. Is there one more dip coming to 50? The current dip is on fairly strong volume, and finnies are down modestly. SCGLY is actually up 1% while everything from AIG to BAC is down 1-3%.

AAPL is up 1.5% to 398, near its high today. BIDU flopping around, barely green. Same with GOOG. Not a believer in this equities rally. Near term, they could all rise and I might play a quick trade here and there. But gold's rally tells the obvious: paper money is not worthy of our trust in the longer term.

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