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We spent all day tightroping the edge of the knife, with the dollar up over $81.15 at one point, and looking to scratch it’s way back to another resistance level at $82 (see yesterday’s chart).
I am eating samitch after samitch whilst trying to get transactions done in my real-world job before the arrival of Santa and his hated Year-Ending Elves. These elves are characterised (sic) by their size 15 purple Chuck Taylor sneakers and black leather jackets. The come to destroy your year end payouts by crashing deals or worse — extending them over the dreaded January 1st barrier, where goblins dwell, stretching their cold emaciated hands out to offer only sauer kraut on cool buns — and no dog, hot or otherwise.
But I won’t bore you with all that trouble. Suffice it to say I’m busy, and I don’t like what the tragically unhip North Koreans have been doing to my dollar, especially combined with the large selling on strength in the SPY’s that we saw today.
Right now the dollar is banging once again at the $81.00 level, even after it fell off in late day trading today to flirt with the high 80.60’s. I’m afraid I won’t be quite right until I see it disappear below the waves of $80 for good, which may not be for another week now, given the friskiness the mentally challenged greenback bulls have exhibited here.
So I may actually dump my calls for reals tomorrow, but I may also eat a samitch. Whatever the case, given today’s selling on strength, if I see the dollar threaten rain again, I will be clearing out of almost everything but my PM positions, with the exception of MON and UPS.
When it rains we must be ready with the bumbershoot, wot?
Bless you and keep you.
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Jake, why would UPS be OK not others?
Good seasonality, and I have very few other non-PM holdings, so its not as dramatic as you’d think. UPS is a very long term holding of mine that I will likely never dispose of.
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thanks jake. i would like to have a few things to hold for very long time without having to babe sit them. but maybe for me to wait for a better entry with UPS.
Did Jake just shout FIRE?
Hardly. I said “umbrella,” not “bomb shelter.”
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Jake, there must be a disconnect now or maybe I need new glasses…dollar up and gold also up? Maybe its the fear trade. Not really sure how else to interpret this.
Yep, people are afraid the Euro is going bye bye
Also, apparently China authorized a mutual fund to invest in foreign gold etf’s although I can’t find the link
Try this one Chivo:
http://www.wopular.com/china-approves-gold-fund-funds
Again, as I explained yesterday here and in the PPT, when the dollar and gold go up at the same time, more often than not, it’s a portent of a dollar drop. The fact that silver is also moving up gives me even more confidence in that direction. Silver is usually slaughtered as “an industrial metal” when the dollar looks like it’s going to strengthen over a longer period.
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Earlier in the year during Euro Crisis round 1 I believe gold and the dollar rose in tandem.
Another great day in which the 40% of my port ( the PM portion) is holding the rest up quiet well thank you.
And of course The Jake also!
Wow, huge news Jake – Ron Paul appointed chairman of Fed oversight committee.
The US Dollar might strengthen now. This might also indicate that the dollar is threatened, and it took his appointment to let the world know we will defend the dollar (since he is the most vocal about wanting a strong dollar).
http://www.charlotteconservative.com/index.php/2010/11/ron-paul-to-be-appointed-committee-chair-overseeing-federal-reserve/
Interesting… one wonders if it’s not window dressing, but heartening all the same. Allegedly, the Fed is still “independent,” however.
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It should make the Humphrey-Hawkins hearings must see TV!
Think they’ll let him peek into Ft. Knox?
LOL, he might demand it.
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No way or if they do, it will be a smoke and mirrors tour.
It’s a win nothing or lose alot proposition. The best possible is that everything is actually there. The worst, it’s not. Who really wants to kick that beehive?
Ft Knox hasn’t been audited since 1953. And that was not a thourough audit. Back then gold was not generally produced to the high standards 99.9… we use today.
IF (BIG IF) the gold that is supposed to be there is really there; it may be junk gold, (og lesser purity)
Personally, I will sleep well tonight, knowing that our government would never deceive us. It’s all there. Just as they said.
Not so fast??!! http://market-ticker.org/akcs-www?post=173938
Today was “Victory Day” for Jake. There will be no update, save perhaps in the comments section.
It was a good day, and the black clad ones did not win.
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good for you sir – happy to hear the year ending elves were dispatched + wish you a continued good week.
VD2 Today may be Victory Day II for The Jake.
Yes today has been an unexpected bonus.
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Thinking about taking some silver stuff off the table EOD today ..
Seems like we are OB on daily & weekly. It’s weird though cause the dxy could be turning here and through Sep & Oct, we were OB the entire time… Could happen again?
I did get some good buys very recently, though, that I could lock in for profits…
You have an agenda here, Jake?
I’m not selling yet, as we may have a parabolic move coming soon if all the shorts give in at once.
That said, your desire to take profits is entirely understandable.
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Well I know what kind of potential energy is stored up in this sector, and my worst nightmare would be to miss the switch to kinetic, if you know what I mean..
At the same time, I feel almost a responsibility to take some profits..
On the other hand, I just got a bump in BP at my firm and am sitting with heavy cash…afraid to use what I’ve been bumped to, LOL….
Decisions, decisions……………
Cash is only sometimes trash. Just look at RBY to see why you can never sell it all. I’m sure the same will come when I sell 2/3rds of my IAG.
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Geez Jake you’re putting me off my breakfast! what is that painting of?
not to answer for Mr. Gint, but I believe it is “Judith Beheading Holofernes” by Artemisia Gentileschi…
Man Jake, you should have stuck it out in NRP. I know you didn’t like the volatility, but it provided lots of buying opportunities and they were paying a massive dividend to hold it out.
Your displaced child is spreading its wings nicely. I’m pretty pleased.
Still have some… just took it off the Jacksonian list, is all.
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Where can I find the list of your Jacksonians?
You can probably search the blog, but here they are off the top of my head:
ANDE
ANV
EGO
GDX
GLD
IAG
MON
PAAS
RGLD
SLV
SLW
SSRI
TBT
TC
TCK
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That collective group of long term holds is up over 111% since I started this blog on May 1st of 2009.
And yes, some of them are in the red.
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Jake,
IAG hasn’t been doing shit lately. Are you still holding?
Yes, but I may trim, depending on what I see in the next couple of days. Just not responding as it should.
Never sell it all, as I’ve said.
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Hey Hawaii, no offense old man, but the adage “everyone is a genius in a bull market” is certainly true for you
I was watching you for months and I truly can’t believe you didn’t blow out your account yet. Well done
Wait until you do, you never forget your first time. I will be there to buy your margin call
Thanks, you must be real smart. If only you provided even a single shed of evidence that you know anything.
Where’s your website?