Friday, July 6, 2012

Dollar dollar bill y'all

The weekend is upon us after a strange week thanks to the 4th of July being on a Wednesday. AAPL roared higher, up to 614 yesterday, but is now at 603+ as the market pulls back. A lot of that is due to the LIBOR scandal, another bankster scam that has every stock on my Debt Spiral Dance list red. Deutsche Bank is under investigation, down 5.3% to 33.55 and near its low of the day. Soc Gen (SCGLY) is down 5.9%. It's going to be industry wide and FAZ is ripping higher for a second day in a row.

The US banksters aren't being hit as hard, but it's still a bloody mess: BAC -2.1%, C -2.4%, JPM -1.5%, MS -2.4%. The dollar (UUP) and euro ultra short (EUO) march higher, as does TVIX. Oddly, gold and silver are being bludgeoned along with financials. Most stocks are moving on miniscule volume today. Buyers have run from the market like it's a house on fire.

Taking precaution yesterday turned out to be good given that my sleeping hours overlap with the market. Holding AAPL from 95 or whatever would be different, but since I didn't do that, playing with AAPL at 600+ is turbulent to say the least. With the Dow (-161), Nasdaq (-49) and S&P (-16) down 1.2% to 1.9%, it's not the time to try and be a hero.

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