(8:29 am, Hawaii) I can understand AAPL's run, crude oil rising and even precious metals gaining ... but everything else? Not so much.
Less than two hours left in the session and the glorious ride of the past few days is beginning to stall. More than 80% of my watch list was green earlier, but now it's just 47%. Precious metals have reversed field. SLW, PHYS are among the silver plays that are now in the red as silver futures tumbled from a HOD of 38.38 to 37+. Still a nice run.
Crude oil is flat, fractionally down, which means WNR is down 1.8% and UCO is null today (+0.02%). CRR is up 0.2%.
Japan is stabilizing somewhat. The yen is down fractionally an, as is EWJ.
SBUX continues to roll (+2.6%) and AAPL is up 4.80 (+1.4%) to 343.98. Yesterday, while the market exploded, AAPL was slightly down. Today, AAPL rolls. International rollout of iPad 2 is tomorrow.
Molycorp (MCP) continues its amazing run. It was at 45 two days ago, now 55.82, up 7.9% today. OPEN is now at 98.10 (+3.1% today). Le Fly's call for OPEN at over $100 was dead-on. Other big winners today are LVS (+6.6%), F (+5.5% to 15.10), AMZN (+3.8% to 171.53) and ... EGPT (+3.2%).
Update, 9:40 am (Hawaii). 20 minutes to the closing bell and the market feels skittish. Sure a lot of stocks are up. Indices are up. But gold and silver have plunged since hitting highs at mid-day. Could be a no-big-deal moment in the big picture. Nothing goes up in a straight line, not even silver. But this is not the time to enter. Chasing not allowed.
AAPL hit 346 earlier and was above 345 a few minutes ago. The chaser in me wanted in at that point, but the technicals said NO. So I waited, ate a bagel, returned and found AAPL at 344.72. A great non-chase. No risk management, no longevity.
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