As expected, the averages are giving back a little. The bulls are trying a rally at these levels. NASDAQ, which has been stronger than the S&P recently, seems the best approach.
The delay in Geithner’s speech on bank bail out doesn’t seem to be a problem for bank stocks.
Gold is getting smacked as Columbia announces a major gold find. The mine, which will take over $2 billion to get started is slated for production in several years. It is being heralded as one of the world’s top ten finds. Interestingly, Columbia has a law which requires that 83% of production goes to the state. That may explain why Anglogold Ashanti (AU), the mining company which made the discovery is only up 3%.
Looking for free web conferencing? Try yugma.com.
Textron (TXT) was trading at $5/share last week and is now $7.18/share. I picked up a pilot position last week and added to it this morning. Imagine, TXT for $5 a share. But airplanes and golf carts are not exactly recession proof, are they?
Copper is trading down a few cents but its decline as well as gold’s doesn’t seem to be impacting FCX or FCXprM, both up 2-3%. Am long the preferred which was yielding 20% when first purchased; now at 12 1/2%.
