There’s that bloody pullback we were talking about last weekend! Um — No need to overdo it, there, brother! We don’t want to scare any new Jacksonians away now, do we?
Well I can’t say this wasn’t expected, although the bludgeoning of [[TSO]] is a mite much in my opinion, and may warrant some additional consideration, should it continue much past the $14.80 level, where I would consider it more than a bit damaged. Obviously VLO and WNR are the culprits here, both pointing to an overcapacity in the business and possible need to raise capital (on WNR‘s part) allegedly. As you know I was short the June 17.50’s, but even that money doesn’t make up for today’s bludgeoning. I may just reshort the 15’s, here and exit if that is my fate. TSO is something of an oddball (like MON and ANDE) in that it’s not directly commodity related, but rather peripherally.
In short, I’ll let you know what I decide, but for now, TSO is on the “back alley execution” list. Even though I bot most of my TSO below $10, I recognize that it’s only “Jacksonian” from the official start date of May 1st, so I will account for the loss (bot @ $16.01) from that date if I take it.
The good news is I think we may have a new Jacksonian entrant. I began a “starter” position in [[PTM]] today, at $15.14. As I type, it’s about a dime below that, so I may add before the day is out. If do add PMT to the JCHP, then I will likely kick out TSO, at a loss.
In other Jacksonian news, [[TC]] is getting its socks rocked, in one of it’s now familiar one day pull backs. Perhaps I’ll remember to sell the calls when I should next time. As it is, it’s filled that $9.59 gap from last Friday, and I shall probably add a small amount more today.
[[EGO]] has tested the rim of that long term cup that was in formation from July of last year. I expect it should hold up here, and I will likely add a small amount from recent biotech winnings to my pile here as well. [[SLW]] I would wait on, now, to see if it can’t fill that gap down around $10-. Gap fills have been excellent buy opportunities as of late. [[SSRI]] ($23.38) and [[PAAS]] ($22+ ) are both at good accumulating points, here. Also if you feel adventerous, non-JCHP double Silver ETF [[AGQ]] has pulled back nicely here, too, but you may want to wait to see if it fills that gap at $52.30.All the JCHP golds are accumulatable at these levels, right now, and I’d grab RGLD first, as always, and GDX is always a good “backbone” hold.
Caveat: As always, I offer my opinions only, and not the usual advice for which you consult your local gypsy palm reader. If you decide to follow me into the Jacksonian fold, it is because you are a person of independent means who spits in the face of market carnage. Just remember that here, even in this sainted borough of the iBC Website, you can most assuredly get shot. Trade accordingly.
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Update: I bot 2k more EGO at $9.38.
Update: I bot 1k more PAAS at $22.05
Update: I bot 4k more NG at $4.85
Update: I sold 4k TSO (25%) at $15.02
Non Jacksonian Update: I bot 10k CTIC (25%) at $15.02
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I trust no fiat paper money was harmed in the making of this post, but I’m sure Jackson wants his face off those notes.
Thanks for the timely intra-day post Jake. Yes some of them are being pulled back hard.
Curious – Of the whole JCHP which in your mind are the top 3 must haves?
All the best,
Dubz,
That’s a hard choice, but I guess for long term I’d go with RGLD, SLW and SSRI.
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Thunder, the worst thing about burning a fiat Jackson is that you are giving $20 to the Fed.
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Thanks, still waiting on SLW almost picked it up at $11.43, glad I didn’t. Hopefully a good entry point will appear soon.
A den of vipers and thieves if there ever was one.
Just got more EGO, 2k @ 9.38.
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Dubz — I think that gap will fill.
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You like EGO better than AUY?
Yes.
AUY has run up too much compared to EGO.
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FWIW — looks like IAG is going to fill that gap at 10.04 as well. Maybe in one day… sheesh.
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BOT 1k more PAAS @ 22.05
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Thank you, as usual.
Thanks and beware *DJ Fitch Assigns Junk Rtg To Tesoro $300M Notes & Negative outlook in this weaker cash flow environment.
Bot 4k more NG @ 4.85.
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Jake, what do you think about NXG on this pullback?
Sold 25% of my TSO (4k shs) @ $15.02.
That means it comes out of the Jacksonian tonight.
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Jam —
NXG Could easily go to $2, here and the trend line is @ $1.75. Be cautious, buy it slow if you go.
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Surprised i got this filled – thought i missed it.
EGO Limit 9.26 — — 14:39:22 06/03/09
^^^^
Damn! 3 cent (sic) off the low! Not bad…
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Great calls over the past month, JG. Even called the pullback. Nice one.
Although a nit pick – you never should have sold crAAPL back in the 120’s. She’s a favourite (sic) of mine, as you know (#6). Any chance she takes TSO’s place? New iphone coming out soon…
You could even get a gold case for your ipod to make it fit in. Silver, perhaps?
Maybe not.
What that, m’boy?
Technology?? In the Jacksonian Core Holdings Portfolio?
As clever as old Eli Whitney’s Cotton Gin is, I just don’t see it!
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Jake, you were due a regression to the mean after that good run. I have a rule that I have never really enforced on myself to cash out of some positions if just about all the positions in my port are all up at once for a run of a few days or few weeks. Just too much good luck not to take advantage of.
Now having said that, UGA is down only 2% today compared to 13% in your TSO. And don’t think I won’t continue to remind you of the comparative performance!
Would you shut the hell up about UGA? The TSO I cashed out today was up over 100% since I bot it last fall. I also sold a bit north of $19 and 18, and of course all those countless short call hedges I’ve done since buying it.
It just may not be “long term worthy” at this juncture.
As for the regression to the mean, I agree, I should’ve been selling calls in all my PM’s last night. That said, I don’t expect to be down in these names long, that’s why they are Jacksonian, and “long term” by definition.
I enjoyed accumulating today, and will continue to do so if the opportunity arises.
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Short answer, no I won’t shut the hell up about UGA! You should know that by now!
But on a serious note, I agree on the PM’s I think they will continue the trend up soon. I would certainly be looking at this as a buying opp. I couldn’t be happier with my SLW.
ROFL, Jake, at Daniel. I’m so glad I had a little girl. All she ever wanted was a majic wand. I swear she thought for five years running , Santa could do that for her.
With boys though, all I have to say is you better put the ’57 Chevy in storage. Engine and transimission parts is what comes after the locks. KWIM?
Or in your case, the Packard. LOL
Hey, on another note, this fire sale is what I’ve been waiting for. I think more DXO, ROY and SLV. Thanks for the price target on SLV! I couldn’t figure out when would be a good time on that one.
And that reminds me,
We were up at Hilton Head, SC last weekend and if this young strapping young lad didn’t come walking in front of me with this HUGE John Deere tattoo pasted all over his very, muscular back.
What the hell? Country boys getting tatoos of John Deere?
It is kind of cool, though.
I wonder what Danny would think of that?
The kids are going back to grass roots, whatever that means for them. Country kids promoting John Deere, my daughter bound and determined France is her future (I am of French Canadian descent), my scientist brothers’ young genius son living in Bazil for some unknown reason, my niece in a private school for all girls, of her own request.
The kids are making a big statement, if you take the time to observe.
Check what he did today. Broke the bathroom door lock, wife takes it apart so we can replace it, what does he do?
He puts the damn thing back together and proceeds to lock the bathroom door again so we cannot get in it.
I swear I am not making this up, and that he was three at the end of November.
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IMO — Tattoos are hideous, and I seriously hope they are way out of fashion (again) by the time my kids get to that idiot age.
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Budding little genius. who’dofthoughtit.
Next thing he will be hiding things. Your car keys, wallet, your wife’s bcp’s, anything he perceives of significance.
I’m telling ya, that’s how the little budding genious’s operate.
HAHAHA brace yourself. It’s all good, though.
Jake, I have a 3yr old girl, doing the same things to me now.
Except with a more woman-like demeanor – manipulation and trickery is already starting to emerge.
Worst part – she is teaching her little sister all the tricks.
Best part – I show her charts and ask if the line is going to go up, or down. She tells me, with total confidence.
And she is right more often than I.
Non Jacksonian Update: I bot 10k CTIC (25%) at $15.02
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CTIC at $15.02 Whaaat?
(Happens to the best of us…)
That’s what I’m selling it for.
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Little man is my youngest of four- I think he is being instructed on some of these slick moves.
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