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Young Daniel-san has been nagging me lately about the other lustrous beauty, Platinum —
I interrupt this blog post to tell a funny story about an even younger Daniel — my son. Tonight we were alone together, as the Good Woman took the other kids to see “Star Trek” (she for the second time) and I stayed home with “the baby.” Problem is, he’s not so much a baby any more and quite prone to mischief. Case in point, he had been locking himself in his room lately, so — clever us — we turned his doorknob around about six months back. Skip to tonight, whilst I’m preparing him beddy-bye, he’s mucking about with the door again. Too late — I heard the “click” — did I realize he’d turned the lock and pulled the door shut, effectively locking us in his room until Star Trek was out. Bugger.
Anyway, ever since Danny bugged me about Platinum, I’ve been watching [[PTM]] — the most liquid ETF of the metal I could find. Tonight I’ve taken the decision to grab some given a break from it’s current position. Given a trial period, I may even consider it for the JCHP. I believe the following limpid, elucidating, facile and explanatory CHART will show my reasoning (rather than have you guess as to what the hell goes through my head on taking decisions like these, along the lines of certain obstreperous , cranky “Uncle Fuckers” with whom we may be familiar):
Overbought? Most assuredly. That’s why I’ll wait to see if it clears this critical $15.40 mark before I dip my beak. I think PTM should likely match the other precious metals, and continue to hold value, like it’s other “precious industrial” twin, Silver. We shall see.
Meanwhile, ho hum, the Jacksonians were mostly green-hued again today, all save the two I’ve hedged with sold calls (TBT & TSO). Odd, no? It looks like TSO may take something of a hit here tomorrow, thanks to the foolishness of VLO and WNR, it’s villainous brothers. I’m not overly concerned, as I sold the June $17.50’s at close to $2.00 some weeks back. That said, I’d like to see TSO hold the $16.70, area, as that is the bottom range of it’s current ascending triangle.
The $HUI continues to consolidate under $400, even as the Jacksonians move forward. There should be some room for additional accumulation this week, I hope.
| Name | 2-Jun | % Change | Comments | ||||||
| ANDE | $ 26.84 | 3.23% | Another 3%+ day, Ags still strong | ||||||
| EGO | 10.13 | 4.54% | So much for accumulation. Hope you got some. | ||||||
| GDX | 44.55 | 2.63% | $HUI under $400, yet GDX still up. | ||||||
| GLD | 96.36 | 0.66% | Gold (the commodity) only $14 away from $1k | ||||||
| IAG | 11.20 | 1.63% | Friday’s gap gets further away. | ||||||
| MON | 82.70 | 1.50% | Moving back in the right direction for MONGO | ||||||
| NRP | 24.30 | 0.25% | Back at the top of the consolidation range | ||||||
| PAAS | 23.86 | 2.01% | Chug chug chug chug | ||||||
| RGLD | 47.76 | 3.51% | Just the best thing you can own | ||||||
| SLV | 15.75 | 2.61% | POS over $16 tonight, should follow | ||||||
| SLW | 10.87 | 3.62% | Overbought, but silver rocketing | ||||||
| SSRI | 24.67 | 1.52% | Ditto | ||||||
| TBT | 55.00 | -0.94% | Pullback from yesterday’s gapup | ||||||
| TC | 10.39 | 4.00% | Considering selling the calls on this huge move | ||||||
| TSO | 17.50 | -0.06% | Will have to fight the VLO news tomorrow | ||||||
| AVG | 2.05% | ||||||||
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“I believe the following limpid, elucidating, facile and explanatory CHART…”
pure comedy Jake, and great write-up.
Thanks mon.
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Much better, Uncle Goddess.
Might I suggest you take your fucking charts and stick them in your ear?
Next thing you know, this fucker is highlighting stocks with volume breakouts.
Shave your beard and grow a pair of balls.
That’s all.
I feel like I need one of them spelling bee contestants at my side to explain a few these words to me. Now where did I put that damn thesaurus.
But nevermind that, the lead-in picture is gold, I tell ya. Pure gold!
I will keep this thought of platinum in my head. Great post, kind sir.
MetalloGint (http://en.wikipedia.org/wiki/Metallo) – be sure to check out $URRE, radioactive goldmine [sic] in the PPT. I’ve done some homework and posted a summary in the user notes.
Beware, radioactive substances are not suitable for any kind of long term exposure, but a window of opportunity may arise when you can reach in and “juice up” your nefarious core.
Non-PPT users: I do not recommend handling URRE without PPT instruction.
I have seen a lot of URRE tawk in the PPT… very dicey, but maybe good “for a throw.”
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Sister Mary Uncle Fucker, thanks for your patronage. I trust there was nothing here that would get your heart wrong with JC?
Except the chart, I mean?
Yeah, volume breakouts would be a good time to buy. (eye roll)
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Yes, URRE is good.
That pic is AWESOME!!!!
Hi Jake,
You can also use PGM as play on platinum. :^)
Jake,
Too bad you didn’t pick up any UGA instead of that volatile TSO! http://finance.yahoo.com/echarts?s=TSO#chart2:symbol=tso;range=5d;compare=uga;indicator=volume;charttype=line;crosshair=on;ohlcvalues=0;logscale=on;source=undefined
😉
BTW, I have had similar experiences with my sneaky kiddos. I have threatened much to turn around the door lock but never did. Hiliarious story!
Indie, thanks… I searched for a while…
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Panda — I looked at PGM, but it was about 25% of the volume of PTM, so I went with the latter.
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CF — when they are three and they can work the locks, you have to do it.
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Bought RIC at $3.79
Bought AZK at $4.34
Bought CDE at $3.26
That’s it. I’m out of bullets for today. I probably missed the upcoming bottoms (as could very well be just the beginning of the PM price slide), but those were my targets from yesterday and I like to stick to my goals.
CDE @ 3.26?? Whaaat?
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My bad $14.26
Sorry about that, was looking at an RIC quote while I typed. I’d be careful with RIC, the volume is lighter than I think you prefer. The MM is real cooperative though and eventually seems to fill everything I put out there no matter how far he has to move the price (LOL). I like the juniors, but you tend to go for something with a higher market cap.
The baseball bat my portfolio is taking to the back of the head also has me a bit unsteady. Just have to remember I have only slipped backward to where I was a day and a half ago. My large DNDN position is somewhat cushioning the blow. Otherwise I’d be looking at a negative 5% day.
Do you think we are going to see a large retrace in the PM prices, or are you thinking this is just a temporary speedbump? Long term trends are so much clearer to me than short term movements.
I tend to bet the long term trend, but try to short term trade around core positions.
I’m with you on the long term trend. After last month, we’re certainly due something of a retrace. I look at it as the bull shaking his riders, as he always does.
Stead as she goes, Mr. Scott.
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