7:57 am (Hawaii) Just closed your eyes, breathe deeply and this could be a month ago, a season ago. LULU up 10%. GMCR up 9.4%. BIDU up 6%. NFLX, oh, Netflix, up 5.5%. AAPL up 2.5%. Just beautiful, mindless moves higher. YOKU up 5.1%. GOOG 3.5% higher. The effect of free monopoly money, printed to no end by Helicopter Ben.
Problem is, the market is up today without provocation. It was due for a bounce in the midst of this 2 or 3 week slow-motion crash. Gold is down into the 1860 area after flirting with 1915 or so overnight. Silver has backed up to 42.50 after visiting 44.00 again. All natural, as they say. I don't suspect CME mafia involvement this time. It feels like normal profit-taking. Come on. AAPL shouldn't be below 350 anyway. It's up more than $10 to 366+.
When Helicopter Ben alludes to any form of QE3 on Friday, the indices will race higher than today's gains (DJ +1.8%, Nas +2.5%, S&P +1.8%). It could be good for 1,000 points on the S&P 500 (currently 1,142). But there probably won't be another run like QE2. The general public is past the point of fantastical whims and lies. More people know the fractional reserve banking system is the real bubble. Video of riots in major cities across the globe do not lie. So I expect plenty of turbulence and roller coaster action.
I'm trying to leave my modest position in DGP alone, whether it hovers near its high (72.25) or today's low (69.15). I got up around 7 am Hawaii time, so it was much too late to ride today's momentum on the bullish route. Keeping my eyes on AAPL, FAS, DZZ, ZSL. Also QQQ, BIDU. More than likely I do nothing. With DJ up 180 points, maybe it catches fire into the close, or maybe it fizzles a little.
Update 8:08 am CNBC reporting that an earthquake hit Virginia and was felt as far as headquarters up near New York City and far west as Detroit. Market remains near its highs for today. It was a 6.0 quake.
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