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Friday, February 6, 2009

Fearful Friday

Here we are, another weekend upon us. What makes this weekend so special? The threat (not promise here) that Obama administration will unveil the master plan to save the financial future of the US, and by extension, the world.

So I expect Friday to be a bit odd with the moves. I'm guessing here that the short sellers may get a bit nervous and cover some of their exposure, resulting in a Friday up day. I am also fearful that if something is announced, it won't meet expectations as being such a huge event as everyone is expecting. Kinda like going to see Star Wars The Phantom Menace was doomed, the movie could not meet geekdom expectations.

In any event, I still like GDX, but I'm not a big buyer here. At EOD Friday, I may buy a little bit of calls to better catch any pop that may happen next week. Gold if/when it hits 1,025 an ounce may get some resistance, but if Gold passes 1,025 with any sort of conviction, watch out, expect gold and gold miners to fly.

The army of news is so brutal, I just don't have the heart to compile it. Check out Mish. At this point, only one news story matters, the Obama administration save......for a day or months, but not years.

Check out this Minyanville article on Gold and Gold miners.

Comedic video on Obamania, lets hope Obamamania lasts for quite a while...

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