Tuesday, January 4, 2011

Strange second day of year

Mixed day as precious metals (gold and silver) down 2% today. Market averages opened lower but recovered midday to finish flat. Unfortunately, the IWM gave back almost all of yesterday's gain down (1.5%). Guess I was lucky not to have TNA after all.

Industrial Metals & Materials still the top sector as MCP made a new high up 7.4%. Eventually by the end of the day it pulled up sector components CLF 3.8%, WLT 2.7%, ANR 2.6%.

Steel joined the new high list via Russia's Mechel MTL up 6.1%.

Coal via YZC up 2%, KOL up 1.2%, PCX up .5% did well despite most of the components like JOYG down (1%).

Casino WYNN did well up 3% closing near its highs. Gapping up 1 pt at the bell, slowly moved higher despite the market displaying negative advance/decline internals all day.

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