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Stocks Stabilize

Daily Rap 10-06-2021

The indices were under pressure overnight and opened 1% lower, plus or minus. From there they immediately bounced, such that by midday the S&P was only down about 0.5% with the Nasdaq was not too far from unchanged. In the afternoon, the indices continued to push higher and managed to close with the modest gains that you see in the box scores.

Away from stocks, fixed income was mixed, and green paper was stronger. Meanwhile, the metals were weak overnight, as gold lost 1% and silver fell almost 2%, but in New York, they trimmed the losses and ended up turning slightly green. The miners were stable for the most part all day and closed pretty firm for a change.

After All, It's What They're Good At It feels like the miners are finally trying to dig in,...more

Last year's posts for Ask Fleck

Q: Hey Fleck, there is an interview of Jim Grant by Consuelo Mack at Wealthtrack. Here is the link:
It is enlightening and entertaining as Mr. Grant always is.
I would encourage everyone to listen till the end where Jim Grant gives his one best investment choice for our current economic condition.

Fleck: Thanks, I'll check it out.
(posted: 10/5/2021)

Q: Hello Bill, a few days ago you mentioned that you use AEM as a trade as opposed to a core holding. I am trying to gain a little nuance as to why you would pick this stock as a trade. Is it a simple price based trade, something more complex like portfolio risk management positioning, or something else entirely?

Thanks for all you do. I learn something from you almost every day.

Fleck: I trade it because in the past it was more expensive (though high-quality), and it has big swings. Most names I don't trade, so I needed something to adjust exposure. You're welcome.
(posted: 10/5/2021)

Q: Dear Bill,

One reason not to sell KL (or to flip it into AEM now to capture the merger spread) for those who asked is that if you hold KL through the merger, your cost-basis on KL will get rolled into your holdings of the new AEM. So if you have sizeable gains on KL, you can defer realizing those gains and paying the taxes on them by just holding KL through the merger.

Fleck: Exactly correct.
(posted: 10/5/2021)

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