10k?… Oh no, panic!
Please.
That was the most anti-climactic dip under 10k I’ve ever seen. Anyway, I was sort of stuck on an off-site office all day anyway to miss all the action. Kind of glad I did. Next week should be real interesting. Sorry I gotta keep this quick, but I got guests from all over the place to take care of. Last week I had New Yorkers, then my friend came down from LA for a job interview, now I have guests from Philippines from my last trip, and a childhood buddy from when I was 10 is here too I’m going to have an epic Super Bowl party. Or not… crap I work on Sunday!!Â
Yeah, this is kind of a random weekend post, but I thought it be necessary since you probably think I was kidnapped or something.
One thing I do want to mention, is the volume that poured into gold today. Usually we measure that as panic, but the play is so obvious, I think it’s more of traders making a bet on strategy than panic…. unless you count shorts anticipation of a reversal leading to covering in the precious metal sector as panic. Let’s see where that takes us.
Stocks to watch in this “battle at the 10k” line:Â GG, EGO, FRG (”panic buying”), IRBT (short this to the single digits), BIIB (medical stocks are cool place to hide when times get hot).
