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For now, at least. It looks the dollar has bottomed for now, and as a result, I will likely be dumping the rest of my AGQ tomorrow. I will also continue to sell down my overweight positions in EXK, SLW and yes, GSS (which I am overweight for stupid reasons). Some ANV will go, as well as some IAG and EGO too. Not a tonne, but I will be raising cashe (sic) munny (sic).
I will also likely sell some other things tomorrow which look overbought despite their not being in the precious metal category. I shall tell the good gentlepeople of The PPT about that before I make those moves known here in Pikerdome.
What won’t I be selling? That I will let you know… lucky dogges. I will not be selling any UPS.
I will not be selling any UL.
I will not be selling any MON.
And I will NOT be selling any TBT. In fact, I may even add to the latter.
Best to you all, and Merry Kwaanza, Fonzies.
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Unilever? Interesting. What attracts you to UL?
I have long had an eye for PG, but the PM’s are where my money rides for now. I may put UL on the watch list.
UL has 24 straight years of positive seasonality in December*.
How you like DEM appers, Hans Brix?
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*(One guess where I got this information)
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SIL has had such a nice run; I’d rather add on a pullback to the 10 or 20 day, assuming it finds support at one of those moving averages, than trim.
Jake, what do you think about shorting Euros here? Their structural problems have most certainly not gone away as the “kicking the can down the road” jig is up (less and less “bang” for their buck on each of their bailouts). And if your prediction on temporary dollar strength is accurate, the Euro should be the foremost victim. I’m using EUO (2x short FXE) as my vehicle and have been accumulating a sizeable position the past few weeks. As painful as it is for me to even indirectly bet on the USD, long-term I believe the Euro trades much lower against it. Any thoughts?
I lack Mr. Gint’s expertise in all things munny (sic) related, but your thesis appears sound, good Sir. In fact, I’ve been looking for a EUO-type vehicle.
Edit: EUO actually looks like a great buy right now. Sitting right at the 61% retracement and also the 20-day moving average. That’s a purchase, ghostrider.
I prefer to short all fiat via the purchase of real money alternatives.
Seriously, that’s an “Ozzie J” question… I don’t even pretend to be a fiat currency trader on TV.
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How you like those mongo UN Dec 30, Feb 30 & 35 call purchases Tuesday, just before the mongo outta the blue MSCO upgrade wednesday?
More hedge fund arrests are in order. Trying to clean up this market is like trying to rid pro cycling of doping.
I think the market would be more efficient if they made it legal. The information would get out a lot quicker, and there would be a lot less uncertainty.
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Jake, Nice job on the bull run. I bought a very small ZSL yesterday near the open.
Not quite ready to short the metals, but I did keep a tiny sliver of my ZSL from the last time around.
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I’m not looking at anything more than a mean reversion trade to the 20 day (on SLV). No biggie one way or the other. I need to keep my short side tools sharp during this bull run.
so is this jp morgue thing about silver a non issue anymore?
Not sure it’s a non-issue, but I do think way too many people have been using it as a whip on the markets.
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Jake, what’s your rationale on holding TBT? No concern Bernanke wants to keep a lid on this rate rise?
He can only keep a balloon under water for so long… it’s a return to the mean strategy, just like my gold picks were ten years back.
I’m willing to be patient.
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ouch. I was up 12% Mon; down 24% yesterday. I was surprised at the vehemence
Probably more of that ahead.
Holy crap, I hope that was not your entire portfolio you were working with there… if so, you need to google “position sizing” right now and ATTENDEZ!
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EXK Clean bounce off the 13ema on the daily. 5% move! Fuck!
They all touched it and bounced and I missed all of them (slw, exk, ssri, paas, mvg)
@chivo — do you prefer the 13ema instead of say 11 or 20? Why 13? I’ve been using 11, but welcome the chance to learn something new.. thank you.
Well I am not an experienced TA at all but I hear the 13 and 21 are great
After all, dear boy, It IS a bull market!
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JG, have you looked at FRG recently? Doesn’t get as much air time as your silvers but been very good to us this year. Took a 5% haircut today. Thinking of adding more?
ps – you were right concerning my email last night. Contributions are additive. “Dipping my beak!”
thanks chivo..
http://www.youtube.com/watch?v=419aPXb7Uhg&feature=player_embedded
Gold and Silver. No this isn’t a video of Yukon Cornelius.
You are obviously frothing at the mouth. A raving lunatic gold bug. You wear a tinfoil hat to protect you from UFOs and black helicopters.
Why do I think so? Because my television told me so. I am a complete imbecile and cannot think for myself.
Shoot me, as I am already brain dead. Please put me out of my misery.
Actually I’m much more of an oil bug. Though I do have a little PM exposure. Beats fiat by a longshot.
And no I don’t think we’ll see a dead cat bounce back to zero. In real terms it will be problematic, but the inflation will hide most of the bounce. I liked the graph near the beginning of the video (I hadn’t seen that before) and it always helps to see other opinions and predictions. Even if you don’t subscribe to them. I’m a “good prevails in the end” kind of guy.
Bought TLT at $93.22 for a quickie
I’ve bought SIL when it’s broken an uptrend line twice and have been rewarded.
I just wonder if the third time will be the charm.
It’s been easy so far “buying the dip” because the dips have been shallow;
but the next time could be different, one never knows.
OLD TURKEY
I’m so pissed I missed the adds today. I was too busy and came into the day unprepared..
If the metals move up from here, I am going to have some serious trouble adding more, lol…
Chivo — I am much too busy to be trading in and out like that.
Luckily, we have an Olde Turkey market in the PM’s.
So stop screwing around.
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Ha, I thought Jake was the one trading in and out, hence the claque chez M. Fly.
Chivo for Chairman!