Monday's gains on severely low volume were ominous, weren't they? Today, indices struggled in the red, down significantly on no real news from Sarkozy and Merkel, before rallying to pare more than half their losses.
The interesting indicator for me was increased volume in DGP. FAZ had similar volume to yesterday and fell from 59+ to 57+ during the late-day rally. DJ finished -76.97 (-0.7%) to 11,405.93. Nas down 31.75 (-1.2%) to 2,523.45. S&P 500 -11.73 (-1%) to 1,192.76.
My Regular watch list is 28% green, 70% red. AAPL, AMZN, BIDU, LULU, NFLX ... many momo stocks down. LULU down more than 7%.
The Metals list didn't fare much better, just 41% green, 59% red. Silver miners had been red-hot, but fell back today (SIL -1.3%). Could be a breather before a run higher again.
GSVC was up over 16 today before settling at 15.41 (now afterhours) for a 1.9% gain after releasing earnings info. Haven't touched this since selling at 12.10. In hindsight, I should've left that position alone and picked up more DGP as a psudo-hedge. (Oddly enough, though GDX and GDXJ are down today, XG is up moderately. Not going there, though.)
Between now and Jackson Hole (26th), there's no apparent catalyst. Since last week's series of crashes (and melt-ups), the market has been relatively calm. Maybe the downside has been priced in and too many traders are expecting an upside explosion similar to last year's fall and winter. If QE3 arrives and traders are as skeptical and cautious as I imagine they might be, it doesn't really matter to a physical gold owner. Few things bring peace of mind, but a crate full of gold bars would have to be one of them, right?
Blogs
Turd Ferguson: (pm) Feeling good, Louis! (Aug 16)
> Charts 2-hour Dec gold | 2-hour Sept silver
Turd Ferguson: (am) An interesting day awaits (Aug 16)
> Charts 2-hour Dec gold | 2-hour Sept silver
Reggie Middleton: The French markets today and overlooking inevitable pan-European real estate collapse (Aug 16)
Bruce Krasting: Gold and Swiss National Bank (Aug 16)
SGS: Has everyone given up on Comex? (Aug 16)
Gold Money: Gold price held up by sick dollar (Aug 16)
Jeff Nielsen: Watch gold/silver/oil price ratios (Aug 15)
Mike Adams: 7 things most people don't know about national debt, banking, money supply (Aug 2)
Vlogs
(new) Mike Maloney: Debt Collapse - The case for $20,000 gold (Aug 16)
libertarianrealist: Ben Bernanke's big lies + $500 silver (Aug 16)
silverfuturist: Possible meetup with Gerald Celente (Aug 16)
The Weekly Telegram: Update (Aug 16)
endlessmountain: Jon Stewart/Ron Paul, school setting economics (Aug 16)
endlessmountain: The Silver Log - Long-term volatility on Dow, gold, silver (Aug 16)
ScrapGoldBusiness: JP Morgan predicts $2,500 by Christmas (Aug 16)
Casey Research: Dollar is going over the edge (Aug 16)
Hit the Bid: Ron Paul 4 prez (Aug 16)
Even Keel Media: David Coffin (Aug 16)
BrotherJohnF: Short Age (Aug 15)
RT: Lew Rockwell: Death of the dollar (Aug 15)
> Rockwell enters at 2:30
TheLordHumungus: Is it too late to buy gold and silver (Aug 15)
Audio
Al Korelin: Roger Wiegand (Aug 16)
Blog commentary
After the Storm: A few 'big picture' charts from Adam Brochert (Aug 16)
Reports
CNN: Wells Fargo to test $3/month debit card fee (Aug 16)
Business Insider: Closing bell — Stocks fall after flood of bad news (Aug 16)
Zero Hedge: Key highlights from Merkel-Sarkozy meeting (Aug 16)
Business Insider: The most important points from Merkel, Sarkozy (Aug 16)
Business Insider: Sarkozy to tax financial transactions (Aug 16)
Zero Hedge: High-yield market selloff implies '100% probability of mild recession' (Aug 16)
Business Insider: We are Japan (Aug 16)
RT: Govts rob citizens, money printing race disastrous (Aug 16)
USA Today: Allstate sues Goldman over sour mortgage-backed securities (Aug 16)
Stars & Stripes: True cost of wars in Afghanistan, Iraq is anyone's guess (Aug 15)
Daily Telegraph: Robert Zoellick: Global markets face new 'danger zone' (Aug 14)
Business Insider: Germany wants Spain, Italy to sell gold (Aug 9)
Zero Hedge: CATO Institute finds Fed must be abolished (Nov 13 2010)
Video
(new) Fox: Peter Schiff (Aug 16)
Keiser Report: Banking looters (Aug 16)
MSNBC: Food stamps as economic stimulus? (Aug 16)
Journeyman Pictures: Poetic Justice - Mexico (Aug 16)
The Young Turks: Ron Paul #2 in straw poll (Aug 15)
RT: What you didn't know about the war (Aug 15)
Journeyman Pictures: The Secret Garden - Bhutan (Aug 15)
The Real News: Bart Chilton: 'A hair trigger away from economic calamity' (Aug 14)
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