… Miss America
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So, you want to trust Dr. Ben and his dollar action today?
‘Cause, I’m gonna tell you… that was some weird stuff today, kids. Weird action. Like as in “head-fake action.”
Maybe even “trying to break the buck action.” Yeah, we all remember how Soros made his first billion, right?
You think anyone else took notice?
So, I ask again.. you feeling lucky, punks?
A couple of baubles for your thoughts. This first I do not own yet, and it’s in the speculative (ie, “non-producing”) gold mining sector:
This second is also not recommended, even though I did buy it today, mostly out of a sandy chagrin caught in the back of my esophagus, borne of my missing the recent moves in REE, which I didn’t buy last week, when I should have. This is a lesser “rare earth” variant thereof, which I took a very small starter position in today, as per my announcement in The PPT.
Keep in mind this one is overbought, and possibly more important, it rhymes with “barf.”
Best to you all.
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lotsa metals had good action today.
on my Buy Point scan, we had AXU, NSU (both similar patterns to AAU), PCX, CGC, NAK, AZK, IVN
on my compression breakout scan, we had VALE, UEC, GNI (never heard of this one but damn)
for your watch list jake
Great Northern Iron … a royalty play but their property reverts back to COP in a few years. Great dividend play kinda like BPT but anyone’s guess for how long.
thanks Teahouse
I like VALE too… and I talked about IVN yesterday.
will check the others… thx.
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yes, lemme know what you think
Jake,
Are we ready to start stepping back into (taking starter positions) the old standbys yet? GLD, IAG, SLW, PAAS, SSRI, ANV, EXK.
Since I got stopped out I’m getting itchy again, but waiting for your signal.
Wouldn’t hurt to dip a toe here, but let’s see what the dollar looks like tomorrow morning… going crazy tonight… looks like it’s going to do a three day head and shoulders formation… this is very atypical.
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Thanks Jake,
I’ll wait ’til I get up tomorrow (noon your time) and see what going on.
You think dollar strength in the works?
Geithner sending some interesting messages tonight…
http://www.marketwatch.com/story/geithner-says-major-currencies-in-alignment-wsj-2010-10-20
Roughly? Euro & Yen? Meh!
Geithner’s got nothing to do with dollar flow, so I would put this down to jawboning.
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this back and forth action really coincides with the dollar’s demise stepping to the forefront of world news .. perhaps we get a good indication of a longer term trend with more eyes watching?
” The most obvious short term count suggests that Intermediate wave three, of this five intermediate wave uptrend, ended on monday at SPX 1186. The pullback that followed to SPX 1160 yesterday is morely likely an A wave of an ABC Intermediate wave four. The market rebounded nicely today after yesterday’s pullback in what would appear to be a B wave. ”
If OEW is correct, some more currency fuckery is likely which will complete this ABC Wave4 and commence the 5th wave up in this Intermediate move. The OEW charts remain positive as long as we stay above 1175.
Jake,
I was wondering if you had any thoughts on GBG?
Not my cuppa… don’t like the political risk over there in Sud Afrique.
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Jake,
Any way to get this guy a tab on the blog?
http://www.youtube.com/watch?v=x4o-TeMHys0
Or the spoof
http://www.youtube.com/watch?v=ao-jSnKNCF0&feature=related
Jake …. you take any PBR yet?
Aside: RBCN bounced nicely off that green candle
Not anymore yet, but only because I haven’t been watching it today. I already have a small core position, though.
Right now I’m in the midst of wading back into my ANV position, which I’d carved back by a little more than 35%.
Got 1500 shs today for a “toe back in” at $22.56.
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yeah $22.50 looks pretty good …. thought we might see $21.50 but $22 could be the bottom with a chance at $20.60 +/- if gold gets close to $1300.
Yes, I still have additional dry powder to deploy, just to get me back to where I was pre-selloff.
You see, I didn’t mean to sell ANV, but I got some of my sold call hedges assigned, if you can believe it. That left me with about a 65% position, which I am now rebuilding.
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I stepped back in today with small amounts of GLD, SLW, PAAS, SSRI and ANV for a total of approximately7.5% of port.
One of my trend following systems flash a dollar down signal for the short term.
Good timing to start at least, I’d say.
A lot of stuff was already going into oversold, if you can believe it.
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Jake, I stuck a toe into the AGQ waters as well today. I know you mentioned selling your final tranche the other day, but at what point would you consider beginning re-entry? TIA
I will wait to be sure the dollar is done rising before I get on that bus. Not one you want to buy early, as it’s double the pain on the way down, too.
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jake,
how come the gold stocks have generally not participated in the recent gold run up and also stock market run up? and now that gold is coming off, they are participating in the downside
I don’t know where you’ve been but a lot of my stocks have near doubled since late August.
What are you talking about, specifically?
Take a look at AUMN, btw.
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sorry, wasn’t very clear on my question.
specifically, both EGO and IAG topped out around sept 15 when gold was at around 1260. gold pushed all the way to 1388 but EGO and IAG did not go up. an now that gold has pulled back from 1388 to 1327, EGO and IAG are getting hit pretty bad. any reason for this?
another stock is ANV which topped out oct 5.
looking at other stocks like KGC, AEM, NG, CDE, they did not top out as early as EGO and IAG. so maybe just EGO and IAG are lagging lately.
Yes, IAG especially has been a laggard, which is why I’ve been adding. As I explained at the time, these things tend to run in cycles. ANV is a good example… it hit it’s 200 day EMA at the end of July and nearly doubled since that point. I have EGO hedged, currently, but may add a bit to that one too.
Oct 5th was about when all of them started stalling out. Usually the miners will move before the metals. You should see them move up before the POG as well.
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thanks jake,
bought some ANV and EGO today
Probably dumb question, but what’s POG?
price o’ gold
Thanks!
Sorry I won’t be able to get a post out tonight, but I will try to do one tomorrow if I have the chance.
Watch this space for possible moves… some of our stuff is getting oversold and I even bot some more ANV today (22.56).
I would like to get a bit more lower tomorrow.
Also looking at RGLD, EXK, EGO and SLW.
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Not headfake..eur/usd hit resistance in the 1.4050/1.4000 and they sold it down…Stock Market is turning into just a baby brother to F/X Market these days
JG – Have you seen this yet? It was referenced by Peggy Noonan in the WSJ today….Interview with Moe Tucker, former drummer of the Velvet Underground, and now Tea Partier….some good stuff in here…..
http://blogs.riverfronttimes.com/atoz/2010/10/moe_tucker_interview_2010_politics_tea_party_velvet_underground_video.php
Some of my favorite lines —
“I am also against the government taking over the student loan program, car companies, bailouts and the White House taking control of the census (what the hell is that all about?); [about] any First Lady telling (I know, I know, “suggesting to”) us what to eat, the mayor of New York City declaring “no salt” (screw you, pal!), the mayor/city commissioners of Anytown, U.S.A. declaring you can’t fly a flag, can’t say the Pledge of Allegiance and can’t sing the National Anthem. I’m against a President dismissing any and all who dare to disagree; the water being turned off in (central) California, at [an] area where they’ve turned off the water because they want to save a one-inch fish — turning that huge area of farming land into another dustbowl — the insipid start of food supply control methinks!”
…….Anyone who thinks I’m crazy about Sarah Palin, Bush, etc. has made quite the presumption. I have voted Democrat all my life, until I started listening to what Obama was promising and started wondering how the hell will this utopian dream land be paid for?”
Strong Island, represent!
I thought he’d go underground until we got some resolution on the Yankees.
You wouldn’t believe how the Rangers being up 3-2 has sustained some of the despairing Crackboy fan clients I’ve got out there.
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it would be quite the stake in the heart of texas if the yankees came back to win this series and then the Giants put the cleat to the throat of the cowboys on monday night.
can’t say i wouldn’t welcome both those scenarios
(although i have my serious doubts)
The Crackboys are certainly due, but you never know.
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I would file that one under “mugged by reality.”
I don’t think I want icky RINO Peggy Noonan cheering for my side, though. She needs to take a long vacation.
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Ba ba Booo-yaaahhh!!
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just hoovered up a few XRA’s on the cheap.
Why are you so enamored of that stock? Is it because it has an X in it?
I think it’s a dawg, at least for now.
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Jake
Why do you prefer to write calls instead of sell the common you own?
Because it’s a bull market and I don’t like to lose my long term positions. Generally, I can time these things so that I don’t even have to buy the option back… I just collect the cash and let it expire worthless.
Not always, though, and I’d rather scramble to cover a written call than to buy back a stock I sold.
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Jake, I topped off some IAG around 17 and some EXK 4.48 today. Hoping you would approve of my latest buys:) Your post gave me the encouragement:) Still waiting for AGQ…
I added some IAG today as well. Didn’t get around to EXK, yet. There’s time.
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I sent an email to [email protected]. Is that yours?
Yes, I’ve replied. Don’t check it all that much, so you’ll have to let me know when you send to that one, thx.
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Can you sing, “The yellow rose of texas”, for me??
I am not from dallas but its sweet that texas will be in the world series.