“Heart Attack on a Plate” — Nom! Nom! Nom! Nom!
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Seared, medium rare dry-aged New York Strip (12 oz) is very good for a special occasion. As are gargantuan prawns with hot hot blazing hot chunky horseradish cocktail sauce. As are “tomatahs and motzz” (sic) w. heirlooms and hand made mozzarella.
And let’s not forget a flagon of ruby red claret to wash it all down.
But only every once in a while, or that stuff’ll kill ya.
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Speaking of “you only live once,” (I know you just said it), I think that’s what we’re looking at here in this late summer coiled up rocket rally. It may flare out and die, but I think it’s just as likely to continue to unfold into the early autumn (!!), and here’s why…
We’ve talked sentiment, and it was hang over the banister and puke ugly here about two weeks back. As ugly as it’s been since before the March ’09 phoenix run. Sentiment is still bearish — note how many skeptics there are, even among the storied stock pundocracy?
We’ve talked dollar, and it continues to melt here. Down another 22 cent (sic) today, to $83.43, I don’t think we see relief til at least $82– the 200 day EMA.
Now let’s talk our market leading Trannies ($TRAN). They continue their stealthy moves after the non-confirmation of the February lows a few weeks back. Now the weekly has them taking out a significant fib line — 61.8% — after bouncing at the 50% retrace.
If we hold above that fib line this week, we could be heading all the way back up to the top again on this coil explosion.
And let’s not forget the Grandaddy (Mammy?) Trannie — UPS, the Men in Brown. This is another long term hold of mine, and it’s like XOM or CHD — always reliable. Check how it’s testing the handle formation here, and keep an eye on where it goes. Given the similar stochastic formulation to the $TRAN above, I see a similar breakout coming:
In other news, the PM’s just stood there, which is fine, and MON is busting the heck out, up another 4.5% to $54.61. I may have to look at this one again for you, with gladness in my heart for those desperation buys in the low fitties and high fowties (sic).
I’ll be busy all day tomorrow, but will try to check in. Best to you.
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thank you. will try to call tomorrow.
still in the process of catching up. however, from i have seen so far , i think we go a lot higher. maybe a pause or pullback, but we go higher. although there are some storm clouds. i will discuss those with you.
Good to hear from you!
Is that Dennis Leary in the avatar, or Ron White?
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That there looks like a T-Bone….and please refer to it as KC Strip not NY Strip.
Good buys on MON in the farty’s etc…..NFL right around the corner.
Yeah, a T-Bone or Porterhouse with a cheaters tenderloin!
It may be cut up in KC, but it’s dry-aged and cooked in Noo Yawk.
Dollar getting hammered again, down another 62 cent, to $82.83. Not much to target.
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Dollar down even more– down 71 cent now, to $82.72.
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POWR appears to be powering up!
That is a KC Strip, the bone goes left to right….if it went up and down it would be a NY strip!
Teach me to argue w. a cattle rustler.
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Whoa easy! You’re calling it late summer already? I’d say it’s early summer, as we’ve only been in this season for like 24 days, ‘n shit.
Today felt a lot like a renminbi unwinding after dumb fund managers bought the Chinese line of letting their currency appreciate.
Dollar still dropping, now only 29 cents away from that $82 target.
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DOLLAR BOUUNNCE!
(got to $82.07, now $82.45)
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How does the $HUI look to you now, Jake? Thanks.
The dollar is rebounding on this consolidation of the launch. Gold seems to be hanging in quite well, and silver should be an opportunity as well. I am on the road so cannot see $HUI, but I am not concerned.
Keep in mind the giant moves we’ve seen over the last 6 days.
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GLD down 1.5% on the day. Thanks for small graces= less than -2%.
Not much expected until Ben Inc. performs his semi-annual monetary policy report in Congress, which is next Wed-Thurs. With the heat from high unemployment, his calming remarks will at least hint at the QE #2 that we all know is coming. We’ll likely see then how much $ gold is oversold.
PM’s, Ouch!!!!!!
Dollar weakness, heat wave …it all came together for the ags – even today they’re strong. But FWIW, I just sold MON.
Nice win.
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Jake,
Is it time to start adding to the pm positions?
Indeuuuuud!
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your thoughts, dear sir, are always, appreciated!
http://globaleconomicanalysis.blogspot.com/2010/07/time-for-dollar-bounce.html