Monday, September 26, 2011

Strange twists just the norm now (updated 1000 am)

3:19 am (Hawaii) Been up all night thanks to a heavy dose of sugar and excitement for this morning's session. Gold and silver spot prices sank to new near-term lows before bouncing off 1550 and 26. FAZ, which I re-entered on Friday at 69+, dipped to below 65 this morning. With futures up strongly, I was about to sell, but FAZ started climbing higher and is now at 66.55. Futures are still strong (+113 on the Dow Jones), but US dollar might be slowing down at 79.

All the old rules and pairings don't mean much right now. What you see is mostly what you get. Gold is back above 1600 and silver is above 28. Wild swings and the opening bell on a Monday hasn't even rung yet. Might just put in a low stop order on FAZ and hit the sack. Nothing on the horizon today expected to drive the market one way or the other, just oversold conditions. No matter what the Eurozone politicians say, Greece is simply running on fumes and I still don't blame the Germans for not wanting to financially support another country.

Update 3:31 am Out of FAZ at 65.50 65.75. Gave back some of the profits I made last week, but this was a smaller position just to be a little safer. Win some, lose some. No sense waiting it out with the way FAZ can rattle and roll up and down. Keeping an eye on FAS, ZSL, DZZ, DGP, AGQ, but not expecting a change in this morning's bullish momentum - or dead cat bounce.

Update 4:02 am Back in FAZ, small position, 67.50. Early gains on the Dow faltering.

Some Monday morning cinema & library.

Update 10:11 am Just woke up. Sold FAZ for a small loss again, before I hit the sack, at 65+ 66.12. I was right earlier. Would've been better off sleeping. I ended up giving back more than half of last week's profit even though it was obvious that a technical bounce in the market was due soon.

Zero Hedge: Waiting for 'Cashin Crash'? (Sept 26)
Zero Hedge: Marc Faber: 'Gold is quite oversold' (Sept 26)
Zero Hedge: Shanghai Gold Exchange hikes silver margin by 20% (Sept 26)
SGS: London Gold Exchange KAAABOOOMSKIE (Sept 26)
SGS: 43% in 2.5 days (Sept 26)
Dan Norcini: Gold coming under selling pressure in very early European trading (Sept 25)
Chris Duane (Silver Shield): Your local silver field reports (Sept 25)
Zero Hedge: Deutsche Bank charts danger map (Sept 25)
Turd Ferguson: What's really going on (updated) (Sept 25)
Reggie Middleton: So when does 3+5=4? When you aggregate risky banks, then pretend you didn't (Sept 24)




Eye candy

Street Low Magazine: Rez Made Bikini Contest (Sept 25)
Michele in US sling (May 3)
Maxim hometown hotties bloopers (Jan 9)
Michelle from LA (Jan 18 2010)

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