Note, upper left corner — “The Perfect Sammich”
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To the chagrin of Bears and cash horders everywhere, the unemployment numbers were magically re-arranged in unicorn land to gallop forth and match the pixie-dust retail fabulations we got yesterday.
Ladies and gentlemen, I’d like to take this moment to thank The Gap Inc. [[GPS]] for saving America. It’s quite obvious that all those laid off investment bankers and advertising execs are putting their latest model Research In Motion Limited (USA) [[RIMM]] and Apple Inc. [[AAPL]] communications devices to work via banana-skin-tight tee shirt sizing down at the Mall of America.
Let’s face it, late stage consumer meltdown (“don’t get mad, go shopping!”) is the only logical answer to our employment resurgance (only down 35,000 jobs this month, President Obama, we thank thee!)– Coo coo coo joo, Urban Outfitters, a nation turns it’s plastic cards to you… hoo, hoo, hoo.
Hoo, hoo, hoo. Now, get back to folding!
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We didn’t get our [[HUI]] touch of $415 yesterday, and that annoyed me, but only temporarily. I think we may get just enough dollar strenth today (DXY rose to $80.89 this morning on the good news that the mall employee to mall attendee ratio was flattening). Same goes for Allied Nevada Gold Corp. [[ANV]] which got as low as $14.33, but did not fill Monday’s gap at $14.24.
I’d keep my PM buys in there at those levels, as I think those gaps want to be filled. Silver Wheaton Corp. (USA) [[SLW]] is a different story, as it fell quite a bit yesterday on typical pre-employment number chicanery trading. I would be buying it right now, as I think yesterday’s washout was a last wriggle before it heads back to the recent highs in the high $17 area.
All that said, I expect to be lightening up on some of my option plays, perhaps as soon as early next week, as I think we’re due for a pullback after fighting the overly bearish for the last week or so. As they pile in, we shall pile out — if only temporarily — from our higher risk positions. That would include my [[GDX]] and Monsanto Company [[MON]] calls, not to mention the previously discussed Silver Wheaton Corp. (USA) [[SLW]] , though north of $16.00 for that last.
Expect the dollar to begin to weaken here (watch [[UUP]] with DXY), after absorbing some of the glow of cheap brandy acclaim from today’s numbers. I still like [[TBT]] , however, as I think the treasury markets will recess in unison with their underlying currency. Chickens & eggs and all that.
Best to you all, and enjoy your smelter sammiches (sic).
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Isn’t Paul the Walrus…..
or backwards Paul is Dead?
Did you notice the action in Good ole Family Dollar yesterday?…..money press
You going to see the Cuse?
Yes on that last. I have an extra ticket, too, if you want to come over for the day/night.
Btw — that “coo coo c’joo” is from Simon & Garfunkel’s “Mrs. Robinson,” not the Beatles Eggman tune.
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Already flaked out of going to SO Beach with wife and outlaws…..as much as I would love to get into the car and come to Freedom Temple…I think I’d get in trouble. Thanks for the offer!
I am eatting eggs, they are eatting eggs, I am John Lennon,
goo goo gajoob ga goo goo gajoob.
I was close….I think I like Beatles version better!
Yeah, I always liked that Eggman Beatles tune when I was a kid… probably because it was so out there.
Tomorrow is the last L’ville Hoops game in Freedom Hall, btw. After that I guess it’ll be tractor pulls, Slim Pickens concerts and nekkid rodeos for the old girl.
For L’ville Hoops it will be “On to the Next” in the beautiful new $400mm Arena yet to be named…
On the pics, my office is about a block away, to the left of the bridge, as you are facing the southern bank of the Ohio.
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Good post as usual, but I have to ask why you still recommend TBT as a long term holding. Since the time it was created (5/08), it’s down a little more than 30%. Over the same time period, TLT is pretty much even. It doesn’t waste away like FAZ, but it still erodes with time. So, even if your idea about shorting treasuries over a long time frame is a good one, why play it with TBT? There must be a better way than that.
Maybe, but I’ve yet to lose money on TBT (it doesn’t move that much like other double ETF’s) and when the Treasuries finally break down, you want to own a piece.
I’ve only recently built my position back up after selling quite a bit in the mid-fifties. I just don’t want to get involved in either shorting TLT or the treasuries themselves. Too much hassle.
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In a previous life, I gather you were a prospector in the Black Hills, DEADWOOD style.
Classic Fly
No doubt ….I have him pegged more like “George Hearst”
While you would be like “Cy Tolliver” and me well how bout E.B. Farnum
Cy Tolliver? Not Al Swearingen?
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Shared an elevator ride with Swearingen while in Budapest. Highlight of the decade. Love that guy.
He’s a Brit, isn’t he?
Dig the mustachio.
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Yeah, i think he was there shooting a movie. Couldn’t have been nicer to us.
Just paid for yah mothah’s new XLR today… and then some.
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i wish it was her new non-XLR…
And nevermind XLR, the real question is did you pay for all those bottles of Heitz Cellars Martha’s Vineyard and such.
Who squealed?
Don’t worry, I paid for those today too…
And I think she was talking about the SUV, fwiw, but not in exclusion of the other… unfortch.
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In 1936, Morris Rabinowitz fled his native Germany .
He sold his assets and made five sets of solid gold teeth with his cash, well above the limit he could bring into the U.S.
When he arrived in New York the customs official was perplexed as to why anybody would have five sets of gold teeth.
So Morris explained:
“Jews who keep kosher have two separate sets of dishes for meat products and dairy products, but, I am so religious I also have separate sets of teeth.”
The customs official shook his head and said, “Well that accounts for two sets of teeth. What about the other three?
“Very religious Jews use separate dishes for Passover, but, I am so orthodox I have separate teeth for Passover meat and for Passover dairy food….”
The customs official shook his head and said, “You must be a man of very strong faith to have separate teeth for meat and dairy products and likewise for Passover. That accounts for four sets of teeth. What about the fifth set?”
Morris looked around and spoke softly. “To tell you the truth,” he said, “once in a while I like a ham sandwich.”
“The Smelter” is kosher, by the by.
If the above seems like an ad for Boar’s Head Meats, then I gladly submit…. Possibly the last remaining “sure thing” left in business is a Boar’s Head route.
No one can touch their quality, or their exacting distribution standards.
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The Smelter would be Kosher Style…..kinda like Madonna
Boar’s Head is good stuff…Agreud!
new cartoon
http://www.ibankcoin.com/peanut_gallery/index.php/2010/03/05/faz/
How’d ya like Paulson picking up $100mill NG @ $5.50 ?
http://finance.yahoo.com/news/NovaGold-Announces-US100-iw-3135072831.html?x=0&.v=1
It’s good to see at least SOME of these money manager types are reading my blog….
😉
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Best. Louisville. Win. Ever.
Or at least this year. 78-68 over #1 Syracuse.
Great way to send out old Freedom Hall.
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My son who is Sr. at KU says….doesn’t Pitino look like a GM at high end Vegas Casino…..”Yes Mr. Gint….anything ya’s needs…..here is my pager #….wanna see a show..some.broads…anything ya’s need.
That was a special “Red Out” game for the last game at Freedom Hall — he doesn’t usually wear goofy sportsjackets to games like that, but it was the only dark red thing he had (he says).
I guess he realizes stuff like that makes him look like a croupier at the $10 tables.
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Jake
Did you go to UL? I thought you were an East Coast guy, but I think I knew you lived in KY now.
Can’t wait for March Madness! The best time of the year.
Beware of kicking old men wearing ‘i am a motherfucker’ t-shirts down empty elevator shafts.
Oaktown, represent! Don’t mess wid [sic] it.
Big win for the Obester if they really did catch this gigantic douche.
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Listen to this rep blast the dems and Rahm. Drudge is all over this one.
http://www.breitbart.tv/rep-massa-blast-dems-he-was-set-up-hoyer-lied-may-rescind-resignation/
Jake – We need a new post. You’re off the front page.
Your thoughts on the Greenback please. Up or down from here? Are we in a consolidation or did the move up roll over? Thanks.
He’s busy…he and Danny are pitching quarters on the front stoop.
Front page musical chairs!!
Starting….NOW!
Yog — apologies… this new post was actually written last night, I just hadn’t edited it and thought I’d have done so by the end of this morning. Been a madhouse around here. M&A picking WAY up, which tells me “good news” for the market.
All a reflection of the shitty dollar inflation, btw, imho see —————->>>> Next Post!
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Thanks. I pulled the trigger and lightened up ALOT. Sold the TBT and most of my QLD which I’ve held since the end of 2008. I like the PM rec’s in the next post. I’ll pick some up tomorrow AM. Aussie J’s idea that we are somewhat like 1996 has me thinking that we might sell off into the election. Other warning flags include low cash at mutual funds and the fact that ECRI keeps talking about how strong the recovery is. Which might mean a rest before the next leg up which should be driven by profit growth and multiple expansion.
Regardless of what happens next, it was a very, very nice run.