He was Emo when Emo wasn’t cool.
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Stubbornly and like an ass, I sold continuously throughout the day.
In drips and drabs of course, but it becomes cumulative after a while. Frankly, I don’t know how Docteur Le Fly does it. It seems like one day he’s fully invested and then — BOOM! — He’s 60% in cash.
It doesn’t even seem to faze him.
I, on the other hand, agonize on every share sold in a rising market, even as I know deep down in my medulla oblongata (sic), it must be done. I am at a little more than 25% cash right now and I feel as if I’ve been scourged on the wheel for a fortnight.
Perhaps I shall cut out that nasty M.O. and be shrived of my cognitive dissonance sins at last. Who needs motor function anyway? I can always blog at you via sophisticated “eye-blink” technology, right?
Onto the shriving. Needless to say, I bought nothing today, despite the ambulatory nature of such Ag Gems as Jacksonians The Andersons, Inc. [[ANDE]] and Monsanto Company [[MON]] , which finally broke back over the $80 barrier. You remember the old Fly-saying, yes? “If it gets over $80, it’s going to $120?”
We shall see. I also like Intrepid Potash, Inc. [[IPI]] and Agria Corporation (ADR) [[GRO]] , but lower.
Sales today were across the board on the PM’s and I even took the time to sell off some odds and ends as well.
I sold some enormous Eldorado Gold Corporation (USA) [[EGO]] today — almost 30% of my stash, 4k at $13.12. I also sold 2k shares of the enormous performer IAMGOLD Corporation (USA) [[IAG]] , one third of my holdings in that name, for $18.85. Sawing a hunk of my shoulder blade off would’ve been less painful.
Of my 6k shares of [[GDX]] I sold 2k outright at $50.18, and then hedged the remainder by selling March $50 calls at $5.25 a piece.
Taking a dull spoon to my eyes, I sold another 4k of Silver Wheaton Corp. (USA) [[SLW]] , and then hedged 7k of the remaining 11 by selling 70 March $16 calls at $1.90 and $2.00. Perhaps talking about it here will assuage my pain?
I sold 2k of [[PAAS]] at $24.68 and another stray K of Allied Nevada Gold Corp. [[ANV]] at $12.16, leaving me with 4 and 10k respectively. What will you have of me next? My children?
Oh my, I must have been putting this one out of my mind, as I’d almost forgotten… I also sold 8k of [[EXK]] today (40%!) at $3.68. Arthur Koestler, I know your Darkness at Noon!
Last on the precious fronts, I sold 1.5k of [[CDE]] at $21.99 and $22.03, and 4k of Rubicon Minerals Corp. (USA) [[RBY]] at $4.16.
On the “odds and ends” front, I sold another 2k of [[BIOS]] at $7.68, leaving me with only 2k left, which I will not sell outside of Armegeddon, where I may need River Styx fare.
I also sold 6k of Citigroup Inc. [[C]] for a rare loss (only a couple of pennies plus commish) on a complete “cautionary” basis. I think I can buy those back cheaper, is all. Last, I sold a stub amount (1k) of Sinovac Biotech Ltd. [[SVA]] which I’ve owned since the low $3 range, for $7.51.
Last, but not least, I booted the remainder of my [[ERX]] (1.5k) with the dividend pushout, at $38.46.
I am quite exhausted and on tenter-hooks, ovah heah, but I must trust my charts and instincts, or all is lost. I am thinking we will see a correction at least into Turkey Week, as Tim Geithner and the Klown Kircus will be selling more yummy T-bonds into the maw of Mother Market whilst we prepare for Pilgrim Foods.
You know what that usually means by now, I expect. If not, you have not been paying close attention, and are condemned to suffer the fate of Piglet during Swine Flu Saison (sic). (Ostracism)
Best to you this weekend. Off to see an Opera.
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Addenda — if you haven’t already done so, be sure to ring up your block head Senator and tell him/her that this Obamacare is a train wreck waiting to happen. It looks like Dirty Harry Reid and the Dem Senate are taking a page out of Madame Pelosi’s book of legerdemain and are going to try to jam this through in a Saturday Night Special. If this were a good bill, of course they’d have no need to be so serpentine.
Ciao.
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Jake- sending you this recent vid of Jim Rickards in case you haven’t seen it yet– clear and concise take
on China, the dollar and gold
http://commoditytradealert.com/blog/?p=3909
Grazie… is he from Canada? I used to know a Clint Rickards… but I think he passed not very long ago.
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Lynds, it’s a very interesting time to be alive, no? Scary, but interesting.
I read a book called “The Fourth Turning” and had to call my little girl (away at school) to tell her that her generation was destined to be the new “Heros”, just like the generation from WWI, the last generation of Heros. (I think it was WWI and not WWII)
I told her that she was considered a Millineal kid, or a 13er, the generation coming of age after the Gen xr’s.
My parents would have been considered the Silent generation and the “Artists” by archetype.
Anyway, all is not lost, because our kids generation is going to be completely opposite of the Boomers and ARE going to save the day.
BTW, Obama is considered a Gen X’r and a “Nomad”.
Seriously interesting book about history and the different roles generations play in it.
Obama, born in 1960, is a loathsome, typically self-centered boomer.
(Unsurprisingly)
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There’s no damn opera in ky. You must be off to an antique roadshow
antique roadshow in ky
‘Tis an outright Calumny!
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must have been fun
Nodded off in the first Act.
They’re usually more action packed, but this one had extremely soporific music… and I’d had a Woodford just prior, so….
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I still see nothing in this tape that says anything but consolidation and bullishness.
I still have yet to get on the Ag wagon but will next week.
I’m not fond of using covered calls for hedging. Its too annoying to unwind when you are wrong. That’s one of the reasons I moved to short puts only for the trading account.
They’ve been berry berry good to me.
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Just a thanks for your great input.
Most welcome. Join in the discussion any time.
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Not unloading any RGLD?
No way. I don’t have enough of it as it is (only about 4k shs). I want more if it dips.
Grandmama shall not be touched.
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They only want your first born child.
For medical experiments, no less.
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Bill S. 1858
Yep. The barbarians are at the gate.
Who will stand in the breach?
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Your clone.
What a pussy. Do you believe that the government is going to continue to destroy our currency or don’t you? The mkt is signaling that it still believes – – gold had every excuse to go down over the past couple of days (stronger dollar, weaker oil, weak SPX), but still it got bought.
Anyway, I moved almost completely out of financials and tech and into ag over the past couple of weeks. I’ve shifted, but haven’t net sold anything PM-related …and I am not on tenter-hooks (sic).
You keep your bets, Milford Millie, I’ll keep mine. Why not actually post some of your laser-sharp commentary on the PG for posterity?
Warning — that may involve stringing more than a few sentences together. You can ask the V.King for help.
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Hmm …disturbing …you’ve gotten the state right …nothing better to do with your time? …do I need a restraining order?
I have no interest in the PG. I visit IBC for Fly’s humor, CA’s disciplined charting, and to highlight your idiocy for your duller readers. I don’t want anyone to mistake your syllable-wasting abuse of the language for knowledge – -or your ‘Being There’ in PMs as reason to credit you with some broader wisdom about how the world works.
As I suspected, you are nothing but a chicken-hearted, insipid troll.
Thanks for the self-confirmation, anyway.
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4 sho
Hi Jake,
Long time!
I’d be careful with Gold stock longs, GDX is a megaphone pattern–I was short GDX,PCU,NEM,GOLD all at the very top. ( Did you expect anything less from me?) And will re-enter shorts on any pop ups–
Z!
Pay attention. I’ve been selling for over a week now.
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Yup, it is very extended. But why not choose a time frame and wait for a trigger? Right now I’m ready to dump 2/3s of my exposure in the sector if Thursday’s low in GDX is breached …but then, of course, I am not trading a market-moving billions of shares as the emotive Jake pretends to be ….as he must ‘painfully sell all day long’ for days on end.
Please report all this incisive commentary on the Peeg, so we can follow this excellent thesis more closely.
All I ever see you do is buy something for a nickel bid and then sell it for a nickel loss over at CA’s.
Hardly impressive, and useful to no one.
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I completely agree minus the Jake baiting…
The market does a great job of telling you when it’s done if you pay attention.
LOL. What do you geebs think I’m doing? Sticking my finger in the air?
I am 25% cash, not 100%.
Unbelievable.
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Wow. Atlanta’s Jason Elam matches the Giants’ Tynes on the second “chip shot” FG miss in Giant Stadium today.
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I found it, from a post many days ago–
GDX Megaphone
http://retracementlevels.zstock7.com/?page_id=12
This is the only opera one could ever need:
http://www.youtube.com/watch?v=WWtbXpyqPGU
That’s not opera, that’s the background muzak for a car commercial.
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How much of your total are you leaving in precious metals. Currently I am at 10%. Does this make sense or should I dump it all and wait for pullback to get back in?
Thanks.
I’m way more than 10% right now. You should have at least that much in.
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Jake,
Is most everything you have in precious metals or do you balance between that and other commodities or stocks?
I have a little under 20% in UPS that I do not touch, save to hedge, ever.
I have a pretty large position in MON too, but outside those two bigs, it’s mostly PM and commodity positions. I have a number of “FLY Plays” but they don’t make up more than 10% of total port.
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One of these days, I’ll do a top ten list.
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Jake,
Thanks for the info. It sounds like you’re about 45% or so of the total portfolio in precious metals, leaving 20% for the long term in UPS and 10% for Fly kind of positions and 25% in cash. Is that about right?
It interesting to me because I beginning to understand that your and Fly are almost never out of the market, whereas I have been going in and out.
If that is correct, can you explain why this is. I’m sure it makes sense, but I can’t quite grasp it fully as I’m such a newbie.
Thanks,
I’m not a big fan of paying taxes, for one thing. Second, I’ve found that over the years, building positions in long term secular trending stocks is a far better returning play than jumping in and out of hot money movers. There’s usually a bull market in something, even in the worst markets.
I guess if you want to make trading a profession you can get completely in and out of a market every day, but for me to be 100% either way would constitute a rare event.
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FNG 🙂
“and Monsanto Company (MON: 80.08 +0.64%) , which finally broke back over the $80 barrier. You remember the old Fly-saying, yes? “If it gets over $80, it’s going to $120?””
at least it broke a downtrend line …maybe this, the 17th recent cross of $80, will be the charm.
Yes, it was an ironic comment.
MON is a “never sell” — like RGLD, but I think it’s going to have trouble getting past that 61.8% fib at $93.50.
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Jake, you represent everything that is wrong with this country.
And you, Grandy, flaggelate innocent goats on your abbatoir vacation days.
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Turkey Claus has been appeased.
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