7:08 am in Hawaii and I'm finally up. Going 35 or 40 hours without shuteye (not a problem) had me due for a good night's rest. Having no positions definitely helps.
Glad I was out of UNG in afterhours yesterday. Took a small, small loss and missed a late run to 8.49, but UNG is now 8.14. That would've hurt, even with a small lot. Nat Gas is down overall today as traders take their profits. MMR has held up well (+3.7%, 10.09). WPRT (+2.45%, 16.70) and XTO (+2.2%, 42.79) are among the natty gassers in positive territory today. UNG is near the bottom of the list with a 3.21% loss.
VXX, which I departed at 32.53 with a small profit, is now 31.99. Something really unusual occurred in the past hour: both AAPL and VXX were flat, and even when AAPL dipped a buck to 249, VXX remained almost entirely flat. It's rare that they trade in the same direction, even if it's flat, for an entire hour.
They have diverged in the past 15 minutes, but it has more to do with rotation and outflows than anything else. Money's moving to conservative sectors or staying off the field entirely. Volume is thin and there's no conviction on either side.
Dick Bove cut his estimates on JP Morgan, but C is up (+1.24%, 3.69). GS is down again (-1.91%, 136.03). BP is down huge (-5.5%, 34.73), but inverse oil ETNs like SCO (-2.65%, 16.16) and DTO (-2.25% 80.83) aren't doing much better. BP is clearly on Obama's shit list, as today's TV interview by NBC demonstrated. For awhile SCO and DTO worked fine, but other oil plays have picked up nicely after being dragged into the bottom of the Gulf by BP. The BP shorts are laughing all the way to the bank.
GLD is up fractionally while SLV is up 1.63% (18.09).
