7:00 am (Hawaii) Rise and shine in partly cloudy Honolulu. Traffic is light, the sky is bright and humidity has departed. The market is in red. Dow -155 (-1.2%), Nas -9.21 (-0.3%), S&P -15.29 (-1.2%). Metals are being dented. My Metals list is 21% green, 77% red, almost the opposite of yesterday and signaling an abrupt end to the recent rally.
Obama's move to release 60 million gallons of oil from the Strategic Petroleum Reserve came mid-morning, apparently. The White House continues to make every effort to bring crude oil below 90. It's currently at 91/barrel.
My FAZ trade is working fairly well, up to 51.21 at this morning's high, currently 50.52 as financials are getting blasted, from GS (-1.4%) to NBG (-6%).
But any gains today in that small position are being nullified by my small position in DGP, which is down 3.8% to 47.90. It's off its low of 47.50. That's quite a dip from yesterday's high, which I think was 50.30 or so. Summer doldrums may be unavoidable, but the Eurozone situation makes this different from the last two summers.
For now, at least, FAZ is playing like a pseudo-hedge for DGP. As the banksters go down, FAZ goes up. Long term, though, PMs are going up. It'll be a long time until banks are "solvent," if that.
Spot Gold and Silver shredded by the CME mafia once again. More dips and I'll add more to my physical stash. 33 would be really nice. ZSL is up 7.1% to 18.61, off its high of 18.98. DUST, SCO, GLL, DZZ all up. US Dollar (UUP) is up 1% on Euro issues.
Weird thing is, if the Euro is getting slammed, Europeans normally flock to gold. That may happen overnight and in the morning.
AAPL off its high of 328.49, now +1.4% (327.14). Hard to say if AAPL is still a leader when the market goes up or down. Looks more like it goes contrary at times.
LA Times: White House announces plan to tap oil reserve (June 23 2011)
MarketWatch: Sales of new homes slip 2.1% in May (June 23 2011)
No comments:
Post a Comment