Something tells me a lot of people are going to be disappointed by today’s tape, all but the cement headed gold traders of course. By the way, I do not trust the price of gold or silver, based upon a one day lift. If forced to own precious metals, I’d avoid the miners and go long a levered ETF.
Today has been a great day for trading. But I’ve avoided the task, especially since I am fully invested. I don’t feel like selling anything; therefore, I can’t buy anything. If I had cash, I would have bought both AMBA and WETF on the morning collapse and made a cool 250k doing it. Instead, I am barely up, no more than 0.25%. At the lows of the session, I was off by 2%. At the highs, I was up 1.1%. In other words, today happens to be a non-event for me.
Nevertheless, one should respect the renewed volatility and become aware that the NIKKEI is going to dictate the direction of our market in the near term. Japan has been the playground for risk, coupled with being a source of funds for carry trade loving deviants. Any prolonged pullback in the NIKKEI will be reason enough to sell into my birthday (memorial day), get drunk, and sit atop vast gains whilst the rest of the clowns try become viable.
I am very disappointed in the pullback in IMMR. I really thought it was primed to go.
Several Chinese burrito stocks are perverted to the upside, namely SCOK, CNIT, JRJC and SUTR. The Option Addict nailed SUTR. I do like JRJC here for a spin.
Don’t become discouraged. LNN is cheap as balls and The PPT called the bottom this morning, flagging an oversold signal. It is, however, not oversold any longer.
More later.
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And FRO? Do you still see good outcomes?
I am in this for long term. If it went to $2 or $3, I wouldn’t care either way.
Granted, I’d be happier at $3.
The 1987 crash lead to capital pouring out of US and into Japan adding fuel to the 1989 Nikkei bubble, who’s decline was prolonged and fueled by a “you can’t hedge or short” government policy.
Now that the tables are reversed, I theorize that the Japanese 1 day 1000 point crash will create a bubble somewhere over next couple years.
Any guesses where, what country, what asset class?
ETFs are worth less than cow dung subject to heavy manipulation by the big boys. Stay away from those lazy picks and take the time to pick up some genuine and valuable miners. There are plenty of bargains out there now.
you’re all very welcome for the WETF call this morning.
WETF was a gift this morning!
I don’t see any pullback in IMMR