Thursday, May 06, 2010

20100506 PM, 9%

Dow 10,520.32 -347.80. Day range 9,869.62 - 10,879.76.
Nasdaq 2,319.64 -82.65
SP500 1,128.15 -37.72. Day range 1,065.79 - 1,167.58.
30-yrBond 4.17% -2.29

Intraday indices crashed with huge volume and huge downticks to test the lows of February 2010. At one point, indices were down 9%. The very high volume will make it more difficult to break through these lows and puts the indices into a large consolidation. Long term indices look to go lower. Short term the weak hands were taken out today so there will be a bounce.
Dollar was up along with Japanese Yen and Swiss Franc. Other currencies lower.
Gold rocketed higher to close above 1200. Expect consolidation for a test of 1227 all time high. Gold in Euros closed at all time highs.

GLD 118.49 +3.40
SLV 17.32 +0.21
PTM 19.58 -0.01

XLE 56.05 +1.99 3.42%
XLF 15.26 +0.67 4.22%

VXX 26.12 +2.79 11.94%

DGP 31.90 +1.76 5.84%
ANO 1.35 -0.09 6.25%
EXK 3.68 +0.07 1.94%. Strong stock.
MDW 0.63 -0.04 5.97%
NGD 5.67 -0.11 1.90%

NNVC 2.19 -0.29 11.69%. Day range 2.03 - 2.48. Held above 2.

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