from King World News
On the heels of gold trading down more than $20 and the HUI Mining Share Index plunging nearly 8 percent, today one of the greats in the business discusses today’s action, and also included is a note about the mining shares.
By Bill Fleckenstein President Of Fleckenstein Capital
May 18 (King World News) – Overnight markets were once again uneventful. However, the SPOOs experienced a small decline and once Wall Street got around to opening that small loss was turned into a modest rally for the Dow and S&P, although the Nasdaq was 0.75% higher, led by Apple. Remember, Apple is now “safe” to buy because Berkshire Hathaway has anointed it and tech bulls are back to extrapolating a higher price for AAPL to mean good news for much of the sector. In other words, sloppy speculation still prevails, despite the fact that so many various and sundry companies in the retail universe and other sectors have been slaughtered…