Monday, July 11, 2011

Smell of fear season?

Funny thing.... PGM's drifted down to $2.60. Since the buyout is a shares/cash combo, are people scared that palladium/platinum is about to go south?

There's a lot of fear all of a sudden about Euro bonds and the associated CDOs, contagion, bank collapses, yadda yadda. Are people scared that there's going to be a Euro bonds & banks collapse?

Copper miners are down 4%. That doesn't indicate happiness about the economy. Fear of a rotten China, maybe?

Gary Tanashian just sent out a positive, happy newsletter this weekend. I wouldn't want to offend him by calling him a contrary indicator, but sheesh, JNK:LQD has sunk again all of a sudden; does this portend something bad? Is it "not off to the races after all" now?

I dunno dudes. I'm cashing up. Had a few other profits to take. I bought some more BTO on the sink to $3.19. I sold some SWD this morning for $1.75, probably to Otto subscribers who had just sold off their PGM and decided to plow their money into Sunward. I also dumped half my GPM into the bid for a bit of a profit - no reason for me to have the large position that I did, I was just too greedy.

I'm seeing deals right now, and might buy back some FVI or more SWD or some more AUU at a cheap price... just not yet. I'm suspecting fear is infecting the market. With my big 5-figure win in PGM this morning, I'm happy to sit on the sidelines for a few days as things solidify.

2 comments:

  1. momn,

    SWD's move might be because of this:
    http://www.321gold.com/editorials/moriarty/moriarty071111.html

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  2. Oh dear... Bob Moriarty. Plugging SWD in the same article where he says he likes Thom Chalandra. I can smell Otto's brains frying right now.

    Well, I guess that might mean anyone buying it today on Moriarty's rec is a weak hand. That's usually the case. And if we see the market tank on Italy worries, we might be able to buy some SWD at sub-$1 as these guys all dump. :-)

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