Stocks stage a nasty intraday reversal as volume inches higher.

Better than expected economic readings gave stocks a boost in early morning trading.  Volume surged into the market as stocks were well into green territory.  However, late morning the rally lost its steam and began to fizzle.  Stocks finished lower on a nasty price reversal while volume rose; not a recipe for success.

Gold and silver ETFs UGL and AGQ continue to look very promising.  The amount of money being printed by the United States Treasury has never been seen before; EVER!  It amazes me anyone thinks when you simply increase the supply of a “thing” it can be worth more.  Simply supply/demand curves would demonstrate that increasing supply while demand remains constant or steady shows the value of that “thing” would go down.  Look for more and more investors to rush into gold as confidence in the dollar worldwide begins to wane.  Our only saving grace:  the rest of the world is in a depression that will most certainly be worse abroad than in the United States.

The other metal that is moving is Platinum.  PTM is another ETF that is beginning to show signs of life.  Although, in my mind, it ranks behind UGL and AGQ it still can see a similar move higher if gold/silver continue their climb.

This market is not looking good whatsoever.  Stocks like BRCM, RATE, AAPL, GOOG,  DVN, LZ, ADM, RWR…all of these appear to be breakind down or are about to.  Be quick to cut losses or simply continue to stay on the sidelines and avoid this horrible market.

Market Speculator

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Last 5 posts by Market Speculator

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