Finnie rally endeth?

Doug Kass (on Fast Money) says he sold his positions in the financials on Tuesday.

"They've hit their highs for the year," he claims.

 I don't doubt him. But I'm not 100% convinced about this being the peak. Underneath all the flim-flam, this is still an election year and this is still just mid-March. There are still a whopping number of politicians trying to get re-elected to their congressional payola jobs. My guess is the market keeps rallying in varying degrees until the election.

After that?

Doo-doo-ville.

Attack of the Euro castle

11:45 am (Hawaii) An astute poster on Turd's magnificent site noted that the CME mafia attack on gold and silver this morning may have had more to do with Spot price in Euros than Dollars. His thesis is compelling, and with gold price at all-time highs in recent weeks in Europe, it also makes sense.

ScottJ: Raid to protect Euro Gold closing? (June 23 2011)

bigdad06 points to the White House's move to kneecap crude oil this morning as an indication that the Fed/CME mafia is running out of methods to control the price of gold and silver.

(video) bigdad06: Emergency update! (June 23 2011)

On Fast Money, Doug Kass stated what a lot of retail traders and investors have noted: the Fed has no clue of what to do.

I'm debating whether to acquire some First Spouse 1/2 oz gold coin today from the US Mint. Today, they began selling Julia Grant gold coinage. I prefer the proof, never owned one before. But at $929 for the half-ouncer, that's roughly $170 over spot. I don't mind paying premium for the 5-oz America The Beautiful silver coinage, but the First Spouse gold? It's a tough call, especially when American Gold Eagles are available much cheaper. There's a side of me that is practical and has remained sealed to lower bullion prices. But a small part of me is digging the numismatic flavor of coins. Tough call. In addition, a new ATB is out next Wednesday, and on Thursday, new American Silver Eagle proofs go on sale.

I like the ATB that came in the mail a couple of weeks ago, even if it doesn't have that shiny, proof look.

12:37 pm (Hawaii) Did some checking on eBay regarding the First Spouse coins. There have been previous series (2007, '08, '09) of First Spouse half-ounce gold coins, and some of them are selling below spot. They include a half-ounce Dolley Madison ('07) currently going for $676 (with 2 days left).

I don't know how limited their mintages were, but I'm not encouraged. 

(Note: This site lists the Dolley Madison mintages at 18,355 for proof, 12,541 for uncirculated. I think that Dolley coin will get much higher before the deadline.)

Paying $170 over spot for a new Julia Dent proof or even a Mary Todd Lincoln proof doesn't make sense, especially with the possibility of Spot Gold prices dropping this summer. 

Leaning toward waiting a day. If spot prices tank again tomorrow, I'll avoid premium prices; US Mint's prices are locked and will not adjust to the spot. In that case, I'm better off waiting and getting American Gold Eagles elsewhere at "only" $100 over spot. If I wait, I may miss out on the First Spouses, but I like my chances by being patient. 

I don't have a lot of trust in eBay, but prices there are definitely superior for shoppers compared to premium at the US Mint. 

Bada bing

11:27 am (Hawaii) Bullish for gold? Fast Money reporting via Doug Kass that someone bought 50,000 gold call options between $1600 and $1800/oz (out of the money). They will expire in August-Sept, a total of $50 million in call premium paid — whatever that means. Kass says given the size of the purchase, it's likely a central bank or sovereign fund. Is this positioning for QE3?

Brian Kelly thinks it's China swinging for a home run, a win-win plus delivery of physical gold. Terranova thinks it's a good trade. Adami isn't sure central banks are allowed to buy calls. "If they're right, they'll make 10 times that."

What they say is always interesting, but doesn't affect my trades. They won't talk about Endeavour Silver or Extorre Gold Mines. Not today.

Kass zeroes in

Doug Kass is one of the most unbiased people in the stock world, a writer and trader, a bull or bear, depending on the circumstances. He's gone bearish just a tad lately, but that follows his call for the recent bullish run little more than a month ago. Kass wrote about stocks that he views as long-term anchors, 50 of them, here.

Kass still forsees S&P 1050 this summer

Though the "easy money" has been made by those wiser than I, Doug Kass thinks the rockets are still revving up for more in this bullish run.

Kass: Balance trumps outdated buy-and-hold

OK, so I'm nothing close to a genius, but even I knew that long both long term and short term simultaneously in a choppy market can be a great thing. Doug Kass explains in his articulate, seasoned way, as only a savvy master can.

Kass has spoken

Wow. Doug Kass says the markets hit a bottom. Last week.

If Kass is wrong, that might be a first during this bear market.

Kass: "You can buy banks. You can buy credit. You can buy most equities as long as you diversify and stay with market leaders that are free cash-flow generators that don't rely on the kindness of strangers in the debt market."

Gary Schillin says the S&P still has to hit 600. All the other stuff -- housing numbers, operating numbers, etc. -- I don't pay attention to, so Schillin is over my head. Schillin says he's buying the dollar.

I missed the first 15 minutes of the session (3:30-3:45 a.m.), which also happened to be when Citigroup's stock swelled to 2.58 (open) and ran quickly to 2.66. By the time I woke up, C was on a downward plunge to 2.30. My opportunity to sell my shares (most of them, anyway) at a nice profit. Instead, I waited and C traded in a range between 2.40 and 2.52 or so the rest of the day (closing at 2.51.

The Obama Effect is still on. His right-hand man in the economic battle, Lawrence Sumers, spoke quite clearly at mid-day about his outlook. The Dow started upward from there, going from break-even to a 178-point gain. C didn't bump on Summer, but seeing the rest of the field storm ahead is good for confidence.

Apple zoomed to 99.66. I thought about adding more shares yesterday at 95, but opted for more Citigroup instead. Waiting for a pullback in AAPL.

Fed set to cut soon?

Do you believe Doug Kass?