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9/19/08

Trading Post (euphoric sheep edition)

PCU is my star player, up 11% on wickedly good volume. I missed FCX for sure, but no tears here.....getting richer by the minute. Spot copper back at $3.20 and a real rollercoaster ride, though I'm glad to say it's pulling Zn up with it.

Am I buying today? You must be joking! This is a BS euphoria rally tailor-made for the CNBC market chasers. If there's something the US Gestapo forget to ban shorts on, I might take a contrary position in something come Monday or Tuesday. But that's really in the "might" column, nowhere near the "will" column. I am very happy to sit in cash.

Plenty of relief rallies in progress. Choosing just one, the Bovespa (+7.44%) is mustard, and Petrobras is leading (+17%) the charge there. The world is not coming to an end...got it yet?

Why is gold not joining in on the party today? Look at the three month T-Bill yield at 0.66%. I told you why this is the key last night.

Why is silver outperforming gold? I told you on Wednesday. I'm holding the SLV til next week, FWIW.

Why are idiot goldbugs shouting "I told you so" and touting for subscription sheep today? Told you that one, too. The Kitco dot com articles section is just mindnumbingly unreadable today unless you have a warped sense of humour*.

*guilty