Nasdaq 2,518.21 -37.31
SP500 1,199.21 -14.33. Consider shorting if it bounces to 1214.
China sold off 5%. Europe sold off then recovered.
Dollar down a little. Building cause for 80 then 83.
Metals and other commodities down big with corn/rice/bean limit down. Risk trades were taken off. Precious metal bulls will want prices to go down with lighter volume.
Oil was down.
EU urges Ireland to accept a bailout. Instead of pushing the debt bubble further, Ireland could allow their failing banks to fail and be restructured. Allowing the banks to fail would create short term turmoil that would quickly resolve into a fresh start for Ireland. Ireland's debt is a bigger problem, as few would advocate a country default on it's debt.
GM is expected to IPO on Thursday. Participating banks have a big incentive to push this out at a good price. The banks will try to keep indices levitating until then. Four trading days to keep the markets pumped up so the banker's bonus checks will roll.
GLD 133.69 -3.97
SLV 25.52 -1.59 (5.87%). This retracement into 25s, if it builds cause here, will build a base for further gains.
PTM 20.58 -0.13
XLE 62.94 -0.94
XLF 14.94 -0.25
VXX 47.60 +2.17 (4.78%)
BA 63.09 -2.28 (3.49%). Huge downside volume. 52 week range 49.72 - 76.00.
MELA 5.60 -0.34 (5.72%). MELA Sciences, Inc. The shorts have pressed their trade. Now they await a regulatory ruling due this week. 52 week range 5.23 - 12.24.
Municipal bonds are faltering. With tax revenue problems and difficulty making substantial budget cuts, municipal bonds are a losing proposition.
MUB 102.90 +0.32. iShares S&P National AMT-Free Muni Bd.
PCK 8.65 -0.14. PIMCO California Municipal Income Fund II.
Printing money is the last refuge of failed economic empires and banana republics:
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