in & out

5:49 am (Hawaii) In DGP before the end of after hours trading yesterday at 63.63. Sold at 64.62 this morning. Just got up a few minutes ago, missed the mini-run to 65+, but a little profit is fine with me before the day ends. Just not willing to be in a position over the weekend, especially PMs, with a Brit holiday on Monday and the threat of more margin requirement hikes in gold.

I'd rather wait it out, let the margin hikes hit spot price (even if there's no hike, the effect could be the same) and get a far better price.

Brother Turd Ferguson has been spot on of late with his outlook in PMs. A master, really. He could be wrong from time to time, but his perspective on the day-to-day is captivating. Indices are up modestly (0.8% to 1.6%). No reason to expect QE3 from the Helicopter later today but who knows how that turns out. Heading back to bed for now.

GSVC is above 17 now on yesterday's news of investment in Twitter. It's nearing that 19+ top. FAZ is down more than 1% though most banks on my Debt Spiral list are in red.

Update 6:06 am Okay I totally missed Bernanke's speech. Dow was -220 and I didn't know it. It was a 1-minute chart of AAPL that got my attention. (My TV is off and is staying off for now.) AAPL shot from 372 to 381 at roughly 10:15 am Eastern. It didn't make a difference for me. I still wanted out of DGP at some point today. But it explains how DGP ran to 65.50 or so.

Reuters: Bernanke quiet on next Fed moves, stresses job crisis

With no pronouncements or hints of a formalized QE3 or hidden facsimile, it's fine to be in cash.

Update 8:34 am DGP ran to 66.50 or so. Nice run by gold (1806) and silver. Both are running higher with the indices, which I didn't expect. That won't last forever.

Buffett can't save the banksters

4:06 am (Hawaii) No matter what "they" do, they can't save this market while it is still filled with toxins. Buffet has purchased, what, five or six billion dollars worth of BAC preferred shares. This prolongs the inevitable, but for now, that has most financials in green this morning. Yet, the indices have drifted from break even to negative. I have no hate for Buffett. In fact, I'll be thanking him maybe. FAZ is now down to 56+ and once it hits 55, it'll be at support. 55 is where FAZ drifts to before some Euro bank craps out a load of bad news once every two or three weeks.

Not planning to automatically buy FAZ at 55, but now that price is on the radar thanks to Buffett, I'm keeping a close eye on it.

Gold and silver are down again, and I don't even care what the spot price is. I'm all cash, saving in physical and not selling that. DZZ was at 4.90 or so after hours yesterday, was at 4.95 in premarket today, and has gone as high as 5.19 already. Now at 5.04.

DGP (60.87) and AGQ (206.09) are at attractive levels, but that's not enough for me to scale in yet. I'm content to wait through tomorrow's Jackson Hole bizness. The lack of stress from being untethered to this space alien machine market is refreshing.