Another awesome night of rest. 6:58 am Hawaii time and the markets are flush with green gold. DJ up 93, Nas +27 and S&P +11 with 3 hours left in today's session. Nas is up 1.26% after lagging yesterday. Yesterday's strong finish was a tell for Nas, but I didn't really care. I slept nice, still 100% cash.The Nat Gas sector is on fire. My list of 39 has 38 issues in the green. That's quite positive for the time being. BEXP (+6.80%), PQ (+6.62%), KOG (+6.56%) and MMR (+6.19) lead after a couple of down days for the sector. Natural profit-taking before another run, probably.
UNG is the lone red bleeder (-1.59%) at 8.05. It's reverted back to its form in pre-Obama Clean Energy speech times. Huge selling today.
Nat gas is up, but so is oil. USO is up 3.04% despite BP dropping a whopping 8.87%. Much of that, as well as the market's surge up, came on Bernanke's bullish speech. BP trading at 31.75 now.
US Steel rallying again, up 3.5% to 42.79. FCX up 2.05%, though its off its highs. FXI up 1.83% (39.52).
Positive on those fronts, plus financials are up. C (+3.43% to 3.87), GS up fractionally to 138.19 (a steal?) and Spanish conquistador STD is up 2.79% to 9.20. C has been a smart buy below 3.60 for the past year. STD dipped momentarily below 9 today. Both tempt me.
Dollar down (UUP -0.65%, 34.16) and Euro up (FXE +0.65%, 119.91). We may be topping a bit here if the tiny caps are any indication. BBI is up 2.27% to 0.29 and HAUP is +3.30% to 2.19. BBI (Blockbuster Video) is likely going to file for bankruptcy and trades primarily as a lottery ticket. How quickly the market turns stupid again.
Photo: Denise Milani (no website)
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