Well, SLV tripped some tight stops this AM, which was fine - I was up double digits on it anyway. Gold went way up overnight, then back down, interesting that someone had to sell quite a lot at 3 AM at prices not yet seen in the US during trading hours...The safety stocks are going up at present. I'll probably look to trim those sometime today. I kind of doubt the results of the Jackson Hole meeting are going to make everyone real happy, and I'd rather just be out for the turmoil myself (though it will be a money making opportunity for whoever calls it right).
You can't surf on a pond - no waves.
Big waves are good, if they're predictable, you can surf.
Hurricanes and waterspouts send even the best surfers indoors to make a Margarita -- there will be better weather tomorrow.
NSYE was down with computer issues this AM. The joke is the new IPO must have been named "DROP TABLE Equities;".
After the close:
I took the MCHP trade off the table today, at a loss. It had recovered some after I'd doubled down on it, and even had a so-so rising OBV, but...gone. Better to take a small loss now than a much larger one later. FCX I didn't touch, even though it zoomed, because it was still red (and I had a lot of it) and the buying on it was intense all day long. So, fingers crossed that "turnaround Tuesday" carries over a couple more days, and maybe I can get out green. PG I'm still holding, as its real green, and going as I thought it would, not surprises there - caught it right at the bottom of its trading range, and now it's mean-reverting, nice. Hoping to be able to hold that long enough to get the divvies on it. I also held BTE, which like FCX zoomed but not all the way to green, also pays nice divvies, and went from big negative to positive OBV today, looking stable all the while. That prospect of Libya coming back online with oil soon is bogus, of course. It will take them awhile. As ZH has been showing, both sides of the media reporting on that are telling outright obvious lies about the true situation, so it might be best to wait on that. And BTE has nice monthly divvies too. Still trying to build up a litte bit of stuff that looks like investing rather than swing trading here, but this just might not be the best time to be making the attempt.
I kept some token PM's just because...But we're seeing a fairly fierce pullback in gold now. One wonders -- was the runup really because Chaves demanded his physical, and the rumor that the funds don't really have the gold to back the paper is true? Or was it just the rumor. Was the other rumor that Libya's gold is the real reason that NATO suddenly got religion and pushed the issue to victory, but Qaddafi managed to sell a bunch last night true? No telling. Gold bugs are known to be pretty "out there" -- in fact, pretty far past tinfoil hat types who claim that 911 was faked, or they know who got Kennedy. Thing is, there are enough of them to make the rumors self fulfilling as relates to gold pricing. Crazies with money. In fact, one reason I play the PM's is because fanatic crazies are actually a bit easier to predict than the run of the mill human -- and these are noisy about it, so finding out what they're thinking is easier than for example the guys who trade NFLX, LULU and BIDU.