6:25 am (Hawaii) Well, well. My gut feeling was right after all. Too bad I don't act on my gut much these days. As feared, economic pressure across the globe, particularly in the Euro zone, is at a peak again. FAZ is up 3.9% (45.00) from Friday's close of 43.29. Not a surprise, but I had no desire to sit in this issue, all things considered. Hey, all cash is never a bad thing over a weekend in this climate.
As for precious metals, Spot Gold is holding up quite well at 1514.30. Spot Silver is healthy enough at 34.80. Both are basically unblemished by the possibility of further austerity measures in Europe. The congestion of chaos abroad could make it easier domestically for the Treasury/Fed to jump start QE3. I want to to be completely prepared for that day rather than be caught off guard.
DJ -128 (-1%) to 12,338
S&P -13.75 (-1%) to 11314
Nas -33.50 (-1.4%) to 2310.
US Dollar +0.53 (+0.7%) to 76.33
Crude Oil -2.50 (-2.5%) to 97.60
Economic Times: Gold prices rise on global rally (May 23 2011)
ABC: European debt crisis shakes markets again (May 23 2011)
International Financing Review: Greece restructuring likely to trigger CDs (May 23 2011)
Washington Post: Apple partner Foxconn confirms third death, cause of explosion (May 23 2011)
Update 6:50 am (Hawaii) Watch list, mid-day winners: TVIX +1.58 (+7.4%) to 22.91, EDZ +1.27 (+6.7%) to 20.35, XG +0.65 (+6.4%) to 10.82, TZA +1.74 (+4.9%) to 37.53, VXX +0.84 (+3.7%) to 23.60, QID +1.59 (+3.2%) to 51.62, AMRN +0.29 (+1.6%) to 18.79, CMG +4.31 (+1.5%) to 284.35. The watch list is 24% green, 76% red. That's bearish.
The worst performers of the morning are LNKD (-8.1% to 85.65), PSUN (-4.9% to 3.28), YZC (-4.8% to 36.61), UCO (-4.5% to 45.72), RLOC (-3.8% to 20.95), BIDU (-3.7% to 129.67).
Playing the finnie etfs? FAZ is up 3.3% now to 44.72. Off its high of 45.11.
The one thing I did right before the weekend was get more physical, mostly gold. I wonder how many citizens in Greece have been buying physical gold as a hedge against their inflationary woes.
Update 7:07 am (Hawaii) 25% of my Metals List is green and 71% red. XG, one of my gold favorites, is now up 7.3% to 10.91. Missed that boat on Thursday and Friday. Still, a lot of gold plays are underwater today. GDXJ, the junior gold miners etf, is down 3.1% after last week's big move higher.
SCO, the double crude oil bear etn, is up 5.2% to 47.31.
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