Miner stocks are suddenly are back in vogue. Pan American Silver rose about 5% today, while gold miners rose 3-4% across the board. The underlying metals were up marginally. It will be interesting to see if today's move turns out to be a blip or the beginning of a speculative premium being built back into these shares, a theme I discussed a couple weeks ago. I guess it depends on whether the metals themselves get into gear soon. They are facing heavy resistance in a strongly rising dollar, but they fought off such problems during their summer rally.
Overall, today's action was rather mundane. Research in Motion shed about three bucks in some volatile trading, but no news to note. GM was down again after posting a big loss. I missed this golden short opportunity which my model signaled back in September. GM's woes continue to worsen, but I am reluctant to enter a short in fear that Mr. Kerkorian will try some other antic to boost its share price.
One big standout today was Google, which dropped a ten-spot. I find it rather ironic that the stock took a dive just before hitting the $400 level that so many analysts have been calling for. If $397 turns out to be the turning point, it will be quite gratifying for us bears.
Disclosure: Short RIMM; Long PAAS Calls; Long RIMM Puts