Monday, June 7, 2010

Noon Risers

GLD is steady again with a 1.76% gain to 121.30. Hate the gold bugs or love them. They don't care. They feel safe in their nuke-safe vault. UGL (ProShares Ultra Gold) is up 3.41% to 55.50 and has me a bit dazzled.

SLV is up 3.05%, which seems fair enough, but really, this ETF and the metal just don't get much respect. Conspiracy theorists can continue to claim that JP Morgan and other major house(s) manipulate the price of silver. Will that ever be proven or disproven?

IRE up 7.50% to 109.14, but I am not touching this ... I think. At 3.99, the moves are so sudden and swift. I'd feel slightly comfortable just getting long at a much lower price and letting it go up, not worrying about intraday fluctuations. At some point in the distant future, the economic climate in Europe settles down. Just not for today or tomorrow.

Meanwhile, AAPL is making a lunch hour rally to 255.22 after falling to 252.14. Still down for the day (-0.66), and it'll be tough for shares to gain when the iPhone G4 news is built into the price and the market sells off on each minor rally.

UNG is hanging tough again, up 15 cents to 8.33. I got out at 8.02. Again, UNG is resistant to market forces. 32 of the 39 nat gas stocks I'm watching are positive toady, including GDP (+7.31%) and KWK (+6.61%). In this roughshod market, the nat gas sector has gained true believers. At least or the past few days, anyway.

REXX, ROSE and RRC are also trading well in the nat gas field.

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