Friday, June 10, 2011

Markets down again

Saudia Arabia or Opec indicated they were going to reduce production but they raised it instead. This will help gas prices, I predict gas prices to go down this summer and possibly metals as well. They operate well over there when oil is at $70 a berrel, if the price is to high then people stop using much gas.  11:01 am:   Silver $36.67 -.90,    Gold $1535.20   -$9.10,  $ index  +.54 at 74.732,  WTI crude $99.26 - $2.67 or down 2.62%             NASDAQ -30.90  -1.15% at 2653.97. AGNC declared the $1.40 dividend this morning. ARR is at $7.69. I sold my ARR that was on  on margin made some cash. I had bought it when they did the offering.  The econbomy is not strong enough for high oil prices so they have to come down, the high oil prices we have had have been a drag on our economy. CIM is $3.55 down $.03, they should be announcing dividend soon. I think they are 10 cents from book value. AGNC is having a hard time going up in this market- it is back and forth from negative to positive trading on the day.  11:22 Cim has an RSI of 32.37 at $3.54, it is not totally oversold yet but a dividend announcement may stop the drop. The markets have taken a beating the last week and CIM is falling with the general market, when the market comes back up CIM will also go up. 

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