Tuesday, September 30, 2008

Trading Post (still glad to be in cash edition)

So the US markets bounce, and euphoria is in the air. Let's not worry about LIBOR, eh..........
There are a whole bunch of stocks that dropped 10 and have bounced 5 or 6 or 7 today. I'll mention PBR and FCX here cos I mentioned them down yesterday, but there are hundreds to choose from. My general impression today is of low volumes, though. Not very comforting. Ask yourself a simple question: "Have we seen the lowest of the lows?" Yeah, me neither.

Apex Silver (SIL) at $1.78. Don't say you weren't warned.

Novagold (NG) $6.60. Ditto.

Corriente (CTQ.to) (ETQ) up 5% and coming back well. $5 does seem like a roof above its head right now, though. I'm interested in this, but want cheaper.

ECH up 5% at U$38 and bits. I've mentioned this Chilean stock ETF to a few people recently, and I'll be running a full post on it soon (just waiting for the quarterly update on total holdings and percentages, due out very soon). I think it's now seriously oversold and a great place to park some cash to protect yourself against the upcoming weak dollar. Details coming soon, watch this space.

Gold now U$868/oz. Try explaining to a goldbug newsletter guru that there's a perfectly logical and sensible explanation for this drop in gold and see what happens. Or better still, engage one in conversation and see how long it takes them to either swear or use the word Nazi (and the word 'Weimar' doesn't count, as you'll hear that one in the first twenty seconds). More seriously, when a whole group of people are consistently and totally wrong with their market analyses, isn't it about time you stopped paying these unclothed emperors any attention?