A painful blip on the screen for us commodity longs - an incredible opportunity for Fools sitting on cash!
I always try to keep at least SOME cash on the sidelines for times when the market becomes this irrational, but this time around I have no reserves to take advantage of today's incredible buying opportunities.
For those Fools that do, however, today is about as obvious a buying opportunity as I've seen in quite some time. My gold and silver stocks for the most part have not fallen below their lows reached during previous stages of the correction cycle which began in March, but they are certainly lower than I ever thought they would be again. There is no rational reason for the USD to be rallying today, and the rally will end just as abruptly as it began. CDE, Great Panther, MAG Silver... these are some of the more incredible bargains I've ever seen.
Bargains abound outside of gold and silver today, too. ACH under $27 even as Aluminum prices have cruised higher.
And coal? PCX under $120?? MEE down to $70 from its recent high of $95. Pretty much any coal name is a buy here, as higher coal prices will be with us through 2010 REGARDLESS of what oil does.
And metals recycling names... they never should have been included in this sell-off. They are all buys here... MEA,CMC,SMS,SCHN [see my recent blog post].
Big names like RIO at $31... ludicrous! Buy buy buy!
Any Fool sitting on some cash today is one seriously lucky Fool. The ridiculousness of these price levels will soon be seen once some savvy investors come to the table... right now they're sitting back laughin at the tape with their fingers on themouse wondering precisely when to jump in.