Sell Sell Sell

Today the inevitable reversal of wild gains overtook Wall Street, echoing what occurred in major foreign markets Monday. One reason was a renewed push-up for oil prices after an OPEC meeting was unable to accommodate demands to be allowed more production from the United Arab Emirates. Oil briefly hit $77/barrel but fell later by two bucks, still a drag on the economy. Moreover, a fire in the southern (Mexican) side of the Gulf of Mexico further added to worries about oil supplies not meeting demand as the US recovers from the virus.

China will increase its supervision of companies listing on foreign markets the Wall Street Journal warned. I think most of my readers have figured that out already. The Dow is down 400 points and the other indexes are also in the red.

The Institute for Supply Management reported that the service sector purchasing managers' index fell to 60.1% in June, down from 64% in May because of shortages and price hikes. While still positive this hints at trouble ahead.

Gold is up and over $1800 again. Gold stocks we recommend are up even more. This is not just my call but also that of our Japan-based reporter Chris Loew. You need a store of value outside the stock market in your holdings.

Photo by Adeolu Eletu on Unsplash

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*Today's big winner is game-maker Nintendo, a Japanese stock Chris dislikes, picked by Abhimanyu Sisodia (member of a younger generation.) NTDOY announced the scope of its new Switch on which you play video games. The global chip shortage kept the platform from being truly a new variant, as was originally planned, but given the serious needs for semiconductors, a toy-maker was not going to get them. Instead, the improvements are upgrades rather than a new Pro version, with a bigger and more stable screen, and better speakers. The new version will be priced at $50 more than the current model (it costs $299.99.) The market seems to expect that NTDOY will do well with the upgrade but with Nintendo at $75.52 at the opening, I think most parents will be backing Chris rather than Abhi as the holiday season approaches. Grandparents may be more generous. SELL HALF. I will do so later today after you have had your chance.

*Antofagasta in UK trading fell 4.6%, I think our worst performer. ANFGF here is only down 1.42% but may fall further.

*Ericsson rose 0.4% while Nokia fell 0.27%. NOK is a meme stock traded in Finnish crowns and ERIC is not tainted and trades in euros.

*Multichoice of Africa rose 3% at the opening and kept most of this. It was spun off by Prosus and Tencent. last year.

*Qualcomm crashed despite being a partner with Keysight in creating a 10 gigabytes dual-radio data connection. QCOM.

*Taiwan Semiconductor TWN rose 0.42% to $119.4 while Tower Semi of Israel fell 2.33% to $28.81. The duo were both covered using Tower's ticker symbol, TSEM by last week.

The Barbarous Relic

*The price of gold is up 0.2% plus (it changes) but the price of SPDR Gold (GLD) is up 0.25%. It was the focus of heavy call options trading with a $175 strike price.

Our Kirkland Lake Gold, KL, rose 0.93%+ after opening up 3% on news. First of all yesterday in reported a new high-grade intersection at the Macassa Mine southern end. Warrior Gold (Toronto-WAR) bought the total “Arnold Property” which covers 538 hectares near the Kirkland Lake project of Agnico Eagle. WAR is paying with stock and smelter returns and gave the sellers rights to finds subject to approval by the TSX Venture Exchange.


*Irish Alkermes plc which helps US vets cut their alcohol dependence, gained a tiny bit today. Cheers. ALKS.

*The share close to dropping like ANFGF was Israeli Enlivex, ENLV, maker of Allocetra immunotherapy and cytokine control to treat cancer, but it recuperated.

*US Thermo Fisher Scientific (tipped last week on CNBC Money by Jim Lebenthal of that ilk because it will do well without a pandemic) today rose 1% at the opening and now is up 0.5%. Baird gave it a $550 target price and the rise today has only taken it to $515.79. It is my largest holding. TMO.

*Genfit of France opened up 5% in tracking European trading but then fell 3%. It works on liver cancer. GNFT.

*Japan's Takeda dropped 2% after analysts warned TAK may cut earnings to continue R&D spending. TAK.

*Israeli Compugen fell 4.11% despite it being eyed for investment by the UAE which may turn poor. CGEN.

*Teva fell 1.8% after it revealed that it recalled a batch of topotecan because of glass particles in one vial holding the cancer treatment discovered by a pharmacy. It didn't say how many vials were recalled. TEVA started the day up.

*Pfizer fell after Israel revealed that its jab is less effective against the Delta+ variant than other forms of covid-19. PFE.

*I correctly predicted trouble at Walgreen-Boots Alliance after my last stay in London, at the start of 2020. Updates depend on getting back in. WBA.

*Spanish stocks including Grifols were said to be worth double digits more by Andbank in an interview with Dow Jones. GRFS will gain from normalization of US hospital care which will up plasma use.


*The sector is being spooked by China's crackdown with Prosus PROSY, owner of 28.9% of Tencent, down 4.21%. TCEHY,

*American Express AXP is a rare DJIA winner after it was tipped Sunday by Goldman Sachs.

*Swedish Investor A/B gained 3.6% on no news (except the senior Wallenberg condemning protectionism.) Its holding Swiss ABB Ltd rose and fell back twice today. We own it directly and via IVSBF.

*Coupang CPNG is down after the Korea Fair Trade Commision inspected its HQ over charges that its algorithms favored exposure of its own private label products on the platform against those of nonaffiliated advertisers. Awful.

*Mitsubishi Finance, MSBHF, rose 0.2%. Sumitomo Mitsui, SMFG, fell 1.22%,

*SPDR Bloomberg 1-10 yr tips, TIPX was a rare winner which protects against inflation. Another was SPDR Portfolio TIPS ETF, SPIP.

*AAIGFAIA Group Hong Kong, the AIA spinoff gained 2 points today but fell back both times.


*BP lost 4.22% over higher oil prices. Royal Dutch Shell B lost 1.61%, RDS-B.

*CSIQ popped up after punters realized it was not dependent on Beijing's approval to sell its solar patches.

*Plug Power rose 3% more at the opening. PLUG is a hydrogen fuel cell play.

*Canada ute Algonquin Power gained a fraction. AQN operates mostly here and up north and owns 46% of Atlantica Sustainable Infrastructure plc AY, a UK green fund that gained 0.26%.


*Mexican Grupo Bimbo (GRBMF), a bakery multinational, gained 2.72% today and trades at $2.26.

*Nutrien of Canada however fell 3.33%. Fertilizer prices will rise because of costlier oil. NTR.

*Norwegian Tomra Systems went ugly again with the TMRAY stock up 2.36 % to $57.36 and the TMRAF one down 0.62% to $56.46. The company is a maker of reverse vending and sorting machines mostly used by supermarkets.

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William K. 2 years ago Member's comment

An interesting insight indeed.

William K. 2 years ago Member's comment

Really, an interesting title, for sure. Not quite so sure about exactly WHAT to be sell sell selling. Perhaps Nintendo? But what about the long-play??