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No, it’s not what you think. I’m talking about a jump to value ovah heah.
Getting ready to add even more Silver Wheaton Corp. (USA) [[SLW]] this morning at $14.87 (announced on The PPT yesterday) as I have a longer term buy-stop in at that level. Also liking Allied Nevada Gold Corp. [[ANV]] at these ridiculous levels as well.
The one thing that’s great — and horrifying – -about these PM miner markets is that you are never really “out of the game” until that final ridiculous blow-off top. There’s almost always an opportunity to grab shares cheap thanks to the high volatility, and more important, low float aspect of these markets.
I am hoping for a nice hard sell off into the 10 o’clock time frame. Hard enough to make one’s kidney’s seize up like they’ve got hold of a spot of rancid hot cawfee.
I want to buy into that fear this morning. I am putting on the armor of steely determination now.
For your bennies, I’ll be looking at the gems — not only the above mentioned two, but Eldorado Gold Corporation (USA) [[EGO]] , Royal Gold, Inc. [[RGLD]] , [[EXK]] , [[PAAS]] , IAMGOLD Corporation (USA) [[IAG]] and yes, Chanci, even [[SVM]] for the first time for me.
Don’t forget also about the bank stocks I’ve mentioned — BB&T Corporation BB&T Corporation BB&T Corporation [[BBT]] , PNC Financial Services [[PNC]] , Pacific Capital Bancorp [[PCBC]] , Huntington Bancshares Incorporated [[HBAN]] (watch for earnings on this last), and the two LED sweeties — Cree, Inc. [[CREE]] and Veeco Instruments Inc. [[VECO]] .
Last, note the ags are again on the march. My favourites here are The Andersons, Inc. [[ANDE]] , Sociedad Quimica y Minera (ADR) [[SQM]] and of course, the Franken-Corn Friends at Monsanto Company [[MON]] .
I hope to have more for you later…. Hit ’em low and hard.
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Democrats in Congress must quickly pass legislation increasing the federal debt ceiling by an additional $1.9 trillion to stave off collection calls from the company that provides the fibrous paper used to manufacture U.S. currency, according to House Speaker Nancy Pelosi.
“Without that paper, we can’t print the cash that keeps our economy moving, said the California Democrat, who acknowledged that the “average ‘Joe Prius’ probably doesn’t understand these basic principles of macro economics, which is why they elect people like me.”
Congress has never neglected to approve a bill to raise the debt ceiling Pelosi noted, a fact she hailed as “the best measure of our reliability. The people know they can trust us to do this work, without fail.”
Invoices from the firm that provides the currency paper continue to pile up at the Treasury Department, and Pelosi said the voice mail on her iPhone is full of automated dunning messages from the manufacturer.
“I know what they want,” she said, “but I don’t take the calls because I know they’re going to put me through the whole rigamarole. You know, ‘If you can pay the overdue balance today with a check by phone, please press one. If you can make monthly payments using your Visa or Mastercard, please press two. Para continuar en espanol, marque tres.'”
If the debt ceiling gets increased to $14.3 trillion, Pelosi said, “not only will we be able to buy paper to print more money and pay our past-due balance, but we’ll have enough bond stationary so we can sell more debt to China.”
President Obama agreed, adding, “Make no mistake… In order to spend our way out of this economic crisis, we must borrow the money to pay off our debt for printing money so we can generate more cash to spend in the economy. It’s just common sense.”
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I read this in the paper on the Washington Metro this morning and just hand typed it because I think it is utterly ridiculous. Is this some kind of sick joke?????
Did you leave your sense of humour at home this morning? Of course it’s a joke.
LOL. Um, yes, it’s a joke– albeit the part about raising the debt ceiling w. out fail is dolorously treu (sic).
Wish I’d written it!
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dunning is a great vocabulary word.
Soon to forcibly introduced to the general public.
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Oh hahahaha… dam I looked all over and didn’t see until the very bottom it says “satire” hahahah thank God
Definitely seemed believable with this administration…
I sold out Cree the other day bu will look to get back in a little lower.
Don’t stay out too long.
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Add FMBI to the regionals holding up
Nice call on the hard sell…and rebound. Someone should tell you, you might have a talent there!
Seriously.. That was an amazing call. Wish I would have read this ahead of time.
Grrr I missed the SLW jump in point this morning. Stupid real life!
That’s what makes this game so much fun! 😉
Spoke too soon. Looks like we are getting another round of hard-selling this afternoon. Stay tuned…
Not quite wrung out on the overall markets, but the PM’s have bottomed, me thinks.
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Jake, partially out of respect for your unshakable faith in this gov’t doing the wrong thing, I – in spite of the recent Volker sightings – have just dipped back into SLV and SLW.
Also got some NG. Do you opine on them?
Mkt closed at major support – should bounce, or gap up, on Monday.
Good call on the silvers. I bot two sets of 60 call contracts of SLW June $11’s today, the first at $4.00 this morning and the second later at $4.40.
I also bot another 2k of SLW stock at $14.83. Not adding SLV here, as I’d rather focus on the miners right now, and maybe some AGQ.
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I like NG, and own a bunch, but not as much as I like ANV, EGO, and IAG. I also like AUY and GG, but think of them as the acquirors rather than those to be acquired.
Of course, I also love RGLD and picked up another 500 cheap this morning.
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PNC down STI up. Odd, no?
Not as odd as your brother voting for Obama.
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Sorry I was out all day… will respond to comments as soon as I can… need to run to kids’ hoops right now.
Jake
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One more gap down with these miners, IMHO. GDX as an example may reach down and touch the 200DMA just for kicks. I’m thinking Monday will be adding good amounts of some of the ones you like. SLW, ANV, EGO, IAG, EXK.
Many of these stocks hit support levels and stuck there today.
Good heavens, that was a miserable week to be long even a % of your port the miners.
Yes, which is why I kept my hedges on, and though I got out of my SLW short calls (and went long calls BIG), I kept the GDX and RGLD short calls and 150 of the SPY puts.
Crazily enough, I ended UP today, if only by 0.4%. This is what tells me the PM’s have bottomed.
(If not the rest of the market.)
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I should of sold SQM…..greed is an ugly thing.
SLV looks to be on sale. AGAIN.
BTW don’t think I didn’t see that let down to Seton Hall.
Ricky boy has jumped the shark….to much talent to much
tradition down there. Calapari is a piece of work.
They have some serious swagger. Odd No?
Did you see my Chiefs added Charlie “front butt” Wiess [sic]
And Romeo “Sans Belt” Cronelll [sic]
Patriots Midwest Division
Weiss was one of the names bruted about for the Lou job before they got Florida’s Strong.
I’m glad we dodged that bullet.
Pitino should be fine, he cannot help a lack of senior leadership with Sosa and Smith at guard.
You will be fine with SQM. Get more.
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Big Pro-Silver Mention in Barron’s this weekend… hoping the lack of response from the miners means that people are actually beginning to fade Barron’s for once.
Certainly don’t want the first to burn out too early. Still, the comments made w. in the article are treu enough.
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http://www.youtube.com/watch?v=eZA0qNsf4m0&feature=pyv&ad=3723781624&kw=economy
This was pretty well put together…..check out 10 mins. What are your thoughts.
Interesting… it blew up on me at about 21 minutes in, but I got the gist.
Treu, to some extent, but the whole “we are only exporting inflation” crap is just that.
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For example, that kitchen with nothing made in this country?
If you are a cheap bastage, I guess.
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