DJIA 10,637.99 -144.96
NASDAQ 2,348.42 -45.94
SP500 1,138.03 -19.41
Dollar higher. Gold and silver lower after being slightly positive this morning.
Oil lower. The world is literally flooded with oil. With deflation, in a year or two oil can be in the 20s.
Yesterday sold most holdings in miners and gold. Holding small position in small cap miner Evolving Gold.
Last weekend was more talk about EU loan guarantees. That juiced the market before the open Monday. After that, markets have sold lower. If not in cash over the weekend, consider being short general market, short precious metals and most miners, long dollar, short pound.
DZZ 10.99 +0.11. PowerShares DB Gold Double Short ETN. Went long at 10.86.
UUP 25.11 +0.15. PowerShares DB US Dollar Index Bullish Fund. Went long 1/2 position at 25.12.
ZSL 31.67 +0.22. ProShares UltraShort Silver. Went long at 31.50.
Rare insights in CNBC interview about euro, dollar, precious metals. Several approximate quotes:
Dollar flows are overwhelming physical holdings.
Dollar is the best of the fiat currencies. [ I would add the best of the large fiat currencies. ]
Oil storage is at all-time high with future months selling $10 higher.
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