8:27 am (Hawaii) Got a good night's rest, woke up an hour ago to see Spot Silver trapped at 45. Makes sense, this being precious metals options expiration. A month ago, 45 seemed out of the stratosphere, but attainable. Well, 49 was penetrated, and this pullback to 44, and back up to 45 is within reason — all manipulations and agendas included.
From where, we have Bernankepalooza tomorrow. If all things remain status quo and the slightest hint of QE3 is uttered from Benjamin's lips, the bull stampede resumes. For now, I'm content to stay in 100% cash. Trying to time Spot Silver here is too much. I can see a small entry position at 44.50 or 43.50, but nothing more. This could dip to 40 in minutes. Then Spot becomes very buyable; global demand won't allow a drop below 40. I'd put chances of a bounce there at 99%.
Meanwhile, gold miners are spiking. XG (+6.8% to 9.41) and NGD (+2.4% to 10.74) are among the big gainers on my watch list. On the other hand, silver miners are eating dirt. EXK is down 5.4% (10.72), SLW (not a miner, but trades with them) is down 4.5% (39.17). PHS, PAAS and PSLV are all down substantially.
Crude oil? UCO is up fractionally, but WNR is down 4.3% (17.88).
Other news include Facebook getting more into coupon/deal service to challenge Groupon. IPOs in Groupon and Facebook are going to be massive one day.
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