Dow 11,036.37 +142.21
Nasdaq 2,494.95 +37.07
SP500 1,180.73 +17.11
10-YrBond 0.2574% +2.5556
After initial gap down for the indices, it was a quite day.
Dollar nearly $1 higher.
GLD 134.41 +0.93
SLV 26.86 -0.31
PTM 19.60 -0.16
XLE 62.15 -1.24
XLF 14.41 -0.23
VXX 44.87 +1.95
AGQ 128.06 -3.26. Added a little to this long position at 126.40. Day range 125.53 - 130.75. Opened with gap down which put in low price of day.
MDW 0.7070 +0.0770 (12.22%). Ramped high in last 1/2 hour. 52 week range 0.38 - 1.04.
ARG 62.00 -3.90 (5.92%). Airgas Inc. Took back six months of rising price.
EUO 20.39 +0.73 (3.71%). Gap up, meandered higher, closed near day high.
Tuesday, November 23, 2010
20101123 1456
DJIA 11,022.82 -155.76
NASDAQ 2,492.69 -39.33
SP500 1,180.37 -17.47
Waiting for afternoon buying ramp in the indices. Silver gapped lower and has been recovering.
SLV 26.91 -0.26
AGQ 128.51 -2.81. Added a small position to existing long this morning at 126.40. So far, day range 125.53 - 130.75.
NASDAQ 2,492.69 -39.33
SP500 1,180.37 -17.47
Waiting for afternoon buying ramp in the indices. Silver gapped lower and has been recovering.
SLV 26.91 -0.26
AGQ 128.51 -2.81. Added a small position to existing long this morning at 126.40. So far, day range 125.53 - 130.75.
Monday, November 22, 2010
20101122 PM
Dow 11,178.58 -24.97
Nasdaq 2,532.02 +13.90
SP500 1,197.84 -1.89
10-YrBond 0.2574% -2.6176
Ireland saddled taxpayers with a bank bailout by applying for loans.
GLD 133.48 +1.28
SLV 27.17 +0.43
PTM 19.76 +0.01
XLE 63.39 -0.20
XLF 14.64 -0.21
VXX 42.92 -1.53
AGQ 131.32 +4.32. Started 1/2 long position today. Looking to sell a retest of the recent high in the 140s.
ANO 1.25 +0.12 (10.62%)
GS 161.05 -5.62 (3.37%). Some financials weak due to insider trading probe.
UNG 6.08 +0.15. Some buying interest here.
Nasdaq 2,532.02 +13.90
SP500 1,197.84 -1.89
10-YrBond 0.2574% -2.6176
Ireland saddled taxpayers with a bank bailout by applying for loans.
GLD 133.48 +1.28
SLV 27.17 +0.43
PTM 19.76 +0.01
XLE 63.39 -0.20
XLF 14.64 -0.21
VXX 42.92 -1.53
AGQ 131.32 +4.32. Started 1/2 long position today. Looking to sell a retest of the recent high in the 140s.
ANO 1.25 +0.12 (10.62%)
GS 161.05 -5.62 (3.37%). Some financials weak due to insider trading probe.
UNG 6.08 +0.15. Some buying interest here.
20101122 1258
DJIA 11,075.91 -127.64
NASDAQ 2,505.13 -12.99
SP500 1,187.10 -12.63
ZSL 129.52 +2.52. Started 1/2 long silver position at 129.9. May add to the long later today, depending on if/how weakness appears.
ANO 1.2401 +0.1101 (9.74%)
NASDAQ 2,505.13 -12.99
SP500 1,187.10 -12.63
ZSL 129.52 +2.52. Started 1/2 long silver position at 129.9. May add to the long later today, depending on if/how weakness appears.
ANO 1.2401 +0.1101 (9.74%)
Sunday, November 21, 2010
20101119 Weekend
Dow 11,203.55 +22.32
Nasdaq 2,518.12 +3.72
SP500 1,199.73 +3.04
30-yrBond 4.25% -0.03
GLD 132.20 +0.11
SLV 26.74 +0.39. Nice recovery from the lower prices on Tuesday and Wednesday. 52 week range 14.37 - 28.72. From morning intraday low, silver ramped nearly a dollar to close near the high. Metals dip buyers snatch up any morning bargains.
PTM 19.75 -0.08
XLE 63.59 +0.53
XLF 14.85 -0.01
VXX 44.45 -0.88
MELA 4.98 +2.45 (96.94%)
VLCCF 23.09 +0.41. Knightsbridge Tankers Limited. 8.80% dividend.
Nasdaq 2,518.12 +3.72
SP500 1,199.73 +3.04
30-yrBond 4.25% -0.03
GLD 132.20 +0.11
SLV 26.74 +0.39. Nice recovery from the lower prices on Tuesday and Wednesday. 52 week range 14.37 - 28.72. From morning intraday low, silver ramped nearly a dollar to close near the high. Metals dip buyers snatch up any morning bargains.
PTM 19.75 -0.08
XLE 63.59 +0.53
XLF 14.85 -0.01
VXX 44.45 -0.88
MELA 4.98 +2.45 (96.94%)
VLCCF 23.09 +0.41. Knightsbridge Tankers Limited. 8.80% dividend.
Wednesday, November 17, 2010
20101117 PM, UNG
Dow 11,007.88 -15.62
Nasdaq 2,476.01 +6.17
SP500 1,178.59 +0.25
GM will IPO on Thursday. Somehow throughtout the GM bankruptcy they were able to not discharge thier retiree benefits onto the PBGC, which typically would take over pensions after a bankruptcy. The retiree benefits were part of the cause of the bankruptcy, so GM hasn't corrected some fundamental problems.
In the indices, look for a pop on the GM offereing, then look for the stock indices to resume selling off into the weekend.
Oil at 80.49 has been down 10% in a few days.
Gold down 100 in a few days. Can retrace 30% from the recent highs.
GLD 130.38 -0.59
SLV 25.00 +0.07
PTM 19.31 -0.09
XLE 61.70 +0.25
XLF 14.66 -0.10
VXX 48.08 -1.26
LDSH 45.42 +16.09 (54.86%). Ladish Co. has agreed to be purchased by its largest raw materials supplier as it prepares for an anticipated uptick in the markets it serves. ... Vroman says the acquisition will open up new markets for Ladish that were “previously a stretch” for Cudahy-based Ladish, a forger of parts for the aerospace and industrial markets.
Allegheny Technologies Inc. of Pittsburgh has reached an agreement to purchase Ladish in a $778 million deal, or $48 per outstanding common share of Ladish stock.
ATI 48.41 -1.53. Allegheny Technologies Inc.
Municipal bond funds. Get ready to short the retracements:
NPX 12.49 +0.21. Nuveen Insured Premium Income Municipal Fund 2.
PML 10.65 +0.24. PIMCO Municipal Income Fund II.
NTAP 49.25 -3.44 (6.53%). Low earnings numbers.
RVREF 0.79 +0.05 (7.05%). RIVERSTONE RESOURCES.
UNG 5.73 +0.22 (3.99%). United States Natural Gas. Consider a buy at 5.5 for retest of recent 6 and maybe a longer term hold.
Money continues to move out of the high-fliers.
CARV 2.47 -0.36 (12.72%). Carver Bancorp Inc.
DQ 11.19 -2.20 (16.43%). Daqo New Energy Corp.
FSLR 122.83 -7.86 (6.01%). First Solar Inc.
IIIIU 3.85 -1.34 (25.82%). Information Services Group Inc.
NPD 3.96 -0.84 (17.50%). China Nepstar Chain Drugstore Ltd.
RINO 6.07 -1.08 (15.10%). RINO International Corp.
Nasdaq 2,476.01 +6.17
SP500 1,178.59 +0.25
GM will IPO on Thursday. Somehow throughtout the GM bankruptcy they were able to not discharge thier retiree benefits onto the PBGC, which typically would take over pensions after a bankruptcy. The retiree benefits were part of the cause of the bankruptcy, so GM hasn't corrected some fundamental problems.
In the indices, look for a pop on the GM offereing, then look for the stock indices to resume selling off into the weekend.
Oil at 80.49 has been down 10% in a few days.
Gold down 100 in a few days. Can retrace 30% from the recent highs.
GLD 130.38 -0.59
SLV 25.00 +0.07
PTM 19.31 -0.09
XLE 61.70 +0.25
XLF 14.66 -0.10
VXX 48.08 -1.26
LDSH 45.42 +16.09 (54.86%). Ladish Co. has agreed to be purchased by its largest raw materials supplier as it prepares for an anticipated uptick in the markets it serves. ... Vroman says the acquisition will open up new markets for Ladish that were “previously a stretch” for Cudahy-based Ladish, a forger of parts for the aerospace and industrial markets.
Allegheny Technologies Inc. of Pittsburgh has reached an agreement to purchase Ladish in a $778 million deal, or $48 per outstanding common share of Ladish stock.
ATI 48.41 -1.53. Allegheny Technologies Inc.
Municipal bond funds. Get ready to short the retracements:
NPX 12.49 +0.21. Nuveen Insured Premium Income Municipal Fund 2.
PML 10.65 +0.24. PIMCO Municipal Income Fund II.
NTAP 49.25 -3.44 (6.53%). Low earnings numbers.
RVREF 0.79 +0.05 (7.05%). RIVERSTONE RESOURCES.
UNG 5.73 +0.22 (3.99%). United States Natural Gas. Consider a buy at 5.5 for retest of recent 6 and maybe a longer term hold.
Money continues to move out of the high-fliers.
CARV 2.47 -0.36 (12.72%). Carver Bancorp Inc.
DQ 11.19 -2.20 (16.43%). Daqo New Energy Corp.
FSLR 122.83 -7.86 (6.01%). First Solar Inc.
IIIIU 3.85 -1.34 (25.82%). Information Services Group Inc.
NPD 3.96 -0.84 (17.50%). China Nepstar Chain Drugstore Ltd.
RINO 6.07 -1.08 (15.10%). RINO International Corp.
Tuesday, November 16, 2010
20101116 PM
Dow 11,023.50 -178.47
Nasdaq 2,469.84 -43.98
SP500 1,178.34 -19.41
30-yrBond 4.2570% -0.1160
Yesterday, Monday November 15, the dollar closed above three recent peaks. Ireland, Portugal, and Greece continue to have immediate debt problems and Austria announced it may not fund Greece's debt.
With the dollar higher, the metals have correspondingly moved lower.
GLD 130.97 -1.45
SLV 24.93 +0.00
PTM 19.40 -0.61
XLE 61.45 -1.17
XLF 14.76 -0.25
VXX 49.34 +2.10 (4.45%)
REMX 19.43 -0.95 (4.67%). Market Vectors Rare Earth/Strategic Metals ETF.
A few days have passed since the Federal Reserve announced an additional $900 billion of quantitative easing. Let's review some well-placed propaganda.
In the October 18 issue of Barron's, Vincent Reinhart was interviewed by Jonathan R. Laing The Case for Quantitative Easing.
Some article highlights:
The interviewer asked "What about the Japanese attempt early in the decade?"
Reinhart answered "The problem with the Japanese is they went about easing in a half-hearted way."
The real problem was Japan had blown a massive credit bubble in the real estate market and was unwilling to allow bank failures to work out the bad debt. Therefore, the debt still exists and the Japanese economy continues to struggle under the debt burden. More easing would not have cleared the bad debt, just like more easing in the USA will not clear the bad debt.
The system of ever-increasing credit finally failed. Until the debts are discharged, no amount of fiddling will fix a fail system.
Reinhart said "When the Fed announces more quantitative easing, we might not see that much of a reaction in security prices."
It took a few days until debt blew out causing higher interest rates. Since November 8, the yield on the 30 year treasury has gone from 4.10 to 4.35. Interest rates are rising, the opposite of what Bernanke claimed would happen. Bond holders are going to continue to dump their holdings by selling into the Fed's bid.
Reinhart said "When the Fed purchases Treasuries, that also puts downward pressure on the exchange value of the dollar, and upward pressure on commodity prices."
The interviewer asked "Is that a good thing or bad thing?"
Reinhart said "It depends on your outlook."
For the average American, higher gasoline prices and higher food prices are not good.
Reinhart said "Hyperinflation occurs when central banks lose their discipline and monetary policy gets into the hands of the politicians."
The Fed didn't need any help from politicians to destroy the value of the dollar. Since it's creation in 1913, the Fed has devalued the dollar by 97%.
Reinhart said "Should one sit on one's hands instead, and not use all the tools at our disposal?"
The Fed is the number two holder of USA debt, behind the Chinese, and will soon be the number one holder of USA debt. The USA has a budget deficit problem with high unemployment and a collapsing real estate debt bubble. The Fed is trapped with no effective tools. Fed monetization of the debt is a tortured way of having the Treasury directly print money. At this point, the Fed is useless.
The simple market solution is to allow competing currencies. Other changes would be useful, such as reducing the insurance limits in bank accounts protected by the FDIC.
Nasdaq 2,469.84 -43.98
SP500 1,178.34 -19.41
30-yrBond 4.2570% -0.1160
Yesterday, Monday November 15, the dollar closed above three recent peaks. Ireland, Portugal, and Greece continue to have immediate debt problems and Austria announced it may not fund Greece's debt.
With the dollar higher, the metals have correspondingly moved lower.
GLD 130.97 -1.45
SLV 24.93 +0.00
PTM 19.40 -0.61
XLE 61.45 -1.17
XLF 14.76 -0.25
VXX 49.34 +2.10 (4.45%)
REMX 19.43 -0.95 (4.67%). Market Vectors Rare Earth/Strategic Metals ETF.
A few days have passed since the Federal Reserve announced an additional $900 billion of quantitative easing. Let's review some well-placed propaganda.
In the October 18 issue of Barron's, Vincent Reinhart was interviewed by Jonathan R. Laing The Case for Quantitative Easing.
Some article highlights:
The interviewer asked "What about the Japanese attempt early in the decade?"
Reinhart answered "The problem with the Japanese is they went about easing in a half-hearted way."
The real problem was Japan had blown a massive credit bubble in the real estate market and was unwilling to allow bank failures to work out the bad debt. Therefore, the debt still exists and the Japanese economy continues to struggle under the debt burden. More easing would not have cleared the bad debt, just like more easing in the USA will not clear the bad debt.
The system of ever-increasing credit finally failed. Until the debts are discharged, no amount of fiddling will fix a fail system.
Reinhart said "When the Fed announces more quantitative easing, we might not see that much of a reaction in security prices."
It took a few days until debt blew out causing higher interest rates. Since November 8, the yield on the 30 year treasury has gone from 4.10 to 4.35. Interest rates are rising, the opposite of what Bernanke claimed would happen. Bond holders are going to continue to dump their holdings by selling into the Fed's bid.
Reinhart said "When the Fed purchases Treasuries, that also puts downward pressure on the exchange value of the dollar, and upward pressure on commodity prices."
The interviewer asked "Is that a good thing or bad thing?"
Reinhart said "It depends on your outlook."
For the average American, higher gasoline prices and higher food prices are not good.
Reinhart said "Hyperinflation occurs when central banks lose their discipline and monetary policy gets into the hands of the politicians."
The Fed didn't need any help from politicians to destroy the value of the dollar. Since it's creation in 1913, the Fed has devalued the dollar by 97%.
Reinhart said "Should one sit on one's hands instead, and not use all the tools at our disposal?"
The Fed is the number two holder of USA debt, behind the Chinese, and will soon be the number one holder of USA debt. The USA has a budget deficit problem with high unemployment and a collapsing real estate debt bubble. The Fed is trapped with no effective tools. Fed monetization of the debt is a tortured way of having the Treasury directly print money. At this point, the Fed is useless.
The simple market solution is to allow competing currencies. Other changes would be useful, such as reducing the insurance limits in bank accounts protected by the FDIC.
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