10:08 am (Hawaii) Some days, I regret that sleep is a necessity and miss opportunities. Some days, I'm just grateful for warm weather, a cool breeze and a modest profit. In those seconds (or minutes) it takes to log onto the internet from my bed after I get up, my brain can't help pondering what happened since I went to bed two or three hours into the session. Did gold and silver keep rallying? Or did something hit the market hard and send prices crashing?
When I hit the sack this morning, the Dow was up 240 points or so. It just closed the session +146. I mentioned this earlier today, and I'll say it again. This feels like a wanna-be rally. People generally want to get happy and go long and just forget about it. But it ain't happening. The gap-up moves were instantly piggy-backed by the algo space-alien superduper trading machines, which is partly why spot silver was up big and AGQ was up around 14% early in the day. (Puppeteering notwithstanding.) AGQ is now at 121.22, up 7%. That's still a humongous move from 90 yesterday (or was it the day before). Insanely massive move from the bottom when spot silver was at 26.00.
I'm not convinced spot silver is going up. I'm not convinced it's going down. If the HFT computers are searching for patterns and feeding off momentum, as usual, what happens when there's nothing conclusive in the near term? AGQ looks like it should go back to 200, that this run from 90 to 120 is just the beginning. But I'm not touching it. Yet.
DGP and gold should be done bottoming, but again, I'll let the puppeteers and machines do their thing before I step in again. The market, the precious metals ... most everything that moved up today couldn't sustain those beefy gains. I'm holding off and maybe something will be attractive before afterhours trading ends. But I'm not assuming it will happen. The relatively quiet front of Europe always bears watching, no pun intended.
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