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We’re getting into the gambling season, boys and girls. Not just the annual March Madness, which is pure nirvana for we college hoop fans, but we’re also starting to talk Derby Prep racing, and even some golf course skins.
What better time, then to start pushing “all in” while everyone else is scurrying under rocks and diving for cover? Listen, I have friends in Japan, people I went to school with, so I don’t mean to disregard this great tragedy, or diminish it’s human impact. But if you think the market is turning because of Japan, or becase of Wacky Quadaffi, or for any other exogenous reason, you need to start thinking about a good index fund, and maybe concentrating on your brackets.
Listen close, as this may be one of the last few times you’re blessed with the benefit of my counsel. You have very little time left to get your portfolio right, and I’m a very busy, busy man. You’ve been running around, like a man in a wifebeater tee shirt with an insane clown posse tatto on your right shoulder, and you’ve been buying “the hot thing,” “the sexy thing,” and let’s face it, “the easy thing.” This game is not meant to be easy. It’s meant to be a bare nekkid, blind folded race through a maze full of knee-high bear traps snapping away at your bag.
It’s time to stop screwing around. This market is very close to getting that last bit of string pushed out, and you are better off closing out all your positions and going to cash like Scottie than continuing to chase every fleeting fancy sparkler in these latter waning days.
Needless to say, I’m not going to cash, though I did raise some today. How? By selling out the remainder of my non-PM, non-core plays. I made the exception by keeping a little bit of hedged MON and UPS, but everything else that does not glitter or end up in the tank of my car is now gone. And even my earl plays are very minimal. I’ve got a little bit of ERX and a little bit of PBR and a smidgeon remaining of OXY. Everything else — gone.
I will likely take some of that cash and use it for some additional leverage, probably for in-the-money calls on GDX, GDXJ and SLW. These are more liquid PM option plays, and I don’t plan to be in them very long, but I will know when to climb into them. It will be when the hammer below breaks through the glass flooring that has become so brittle… so brittle:
Print this page out, tape it to the top of your moniter, and refer to it frequently whenever you get the urge to purchase something frivolously.
My best to you all, really.
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Jake is Dr. Goldfinger.
I wasn’t nervous exiting PM’s for buying uranium stocks today. But after reading an ominous missive from “Jake the Great”, I might take profits sooner than later, for the switch back toward rediculously high portfolio percentage of silver.
Anybody like Soltoro SOL? They are just down the street from Endeavor. I was chatting with them at PDAC last week and they seemed attractive. Lot’s of potential… like a pudgy chick jogging. Thoughts? Incidentally, selecting SOL as a ticker seems unfortunate.
I don’t know about pudgy, but we may get a phat opportunity to grabs some quality names at deep discounts today.
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“take profits sooner than later”. Hahaha. Self-derisive laughter. But genuine.
The market grabbed me by the short and curlies, and is dragging me toward Styx.
I saw a pudgy chick jogging today and her ass looked like 150 pounds of bagged hammers…
Jake,
Thanks so much for keeping us up to date on your thinking.
What he said.
Is your blogging career coming to an end Mr. Jake?
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Billy Meier’s Open Letter to all Human Beings of Earth (July 5th, 1951) (14 years old)
21. Through the guilt of the people, all storms will assume increasing and more violent forms, such as hail storms, blizzards and flooding rains, as however also the ozone-layer will become very dangerously damaged.
22. Monstrous deluges will belong ever more to the order of the day, because through the overpopulation, the forest wetlands and swampy plains will become altered in function to become residential areas, whereby the wild waters of the flooding rain will find their way into the houses of the people because they can no longer escape into uninhabited wetland areas.
23. Landslides and avalanches, as well as earthquakes and seaquakes as well as every kind of storms will prevail; gales and typhoons, hurricanes and tornados will increase ever more in their numbers and will become ever more violent and destructive.
24. And also therewith overpopulation will bear the guilt, because overpopulation will become monstrously negative and will thereby give rise to an unnatural climate change that in only one decade from today will already begin to effect the world very detrimentally.
25. The monstrous mass and weight of the cities and villages continuously stress the inner structures of the Earth more and more through which the tectonic plates will be adversely affected, inevitably leading to increasing tectonic displacements and faults, through which immense tremors will be evoked world-wide, whereby finally the deaths will go into the hundreds of thousands and into the millions.
26. And these tremors also have influences on the Earth’s entire volcanic activity, consequently, also the volcanos that are multiply connected together world-wide that will become ever more frequently and more destructively active.
27. That will also demand many human lives, indeed, especially in those areas where unreasonably, habitations are built too closely to volcanoes, as is also the case with beaches by oceans, by great rivers and seas, where the immediate shorelines are built up, which, through storm waves and tsunamis, will be flooded in violent measure and will demand very many human lives.
Not meant to be easy, like when Chuck Berry was swimming across Turtle Creek…
Ouch. Doesn’t sound like it ended well.
Snapping turtles?
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Quite possibly.
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why, if I may ask?
Depreciating assets, the bain of any astute financial mind.
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Jake — I’m just getting started on PM’s as a result of following your blog for the past year, so I’d appreciate ya sticking around, even if the blogs are less frequent. Besides, who the Hell else around here would I send Rex Murphy stuff to? Not many get Rex, especially in the US of Eh.
Gotta love Rex, and his compatriot, Mark Steyn.
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Rex Murphy? From Newfoundland?! What Rex stuff you been sending Jake, Chuck? Always like a good Rex spiel!
You left the door open, Jake………. We at The Track Philosopher are bankingCoin on the weekends at the track — come with us as the markets and the dollar settle down.
Cats by 5
In their first game? Not exactly sticking your neck out, are you?
What will be their score against OSU, should they get that far?
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They may not get past WV. I cant stand the institution. I
really appreciate your insight. you seem unnervingly prescient this morning.
I think I’m unnerving myself, seeing silver down over 5%. Nice tsunami avatar, btw!
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Jake, you see the ESPN movie on the Fab Five? – pretty good.
Yes, I was pleasantly surprised. Weird to think that’s all ancient history now. I remember that screwed up TO like it was yesterday.
Did not remember how much better Webber was (at least at that point) than the rest of them, however. Kid was a natural born monster.
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Webber was about 2 feet taller than every kid in those early movies.
Jalen Rose used to annoy the crap out of me, but he was amazing…before I saw the movie I couldn’t remember King and Jackson.
Very good indeed.
PM’s looking a little risky!
They are always risky, on a relative basis.
You just gotta know how to play ’em. We are in no-brainer territory here, methinks.
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Jake should we buy this PM bottom?
I’m waiting til after my haircut, but leaning yes.
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Jake,
Do you think Japan is selling everything at the moment (including pm’s)?
Temporary drop in everything?
Ozzie Jay was correct, Japan has no choice but to POMO to all hell and get out.
That means, fake money will be in abundance. All assets will be bought, at least temporarily.
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Usually a massive down day is a no brainer but the fact that is has come after two weeks of chop makes me less certain. I for one am waiting until the end of day to make any decisions beyond nibbling a little on SLW and ANV.
This Japan stuff has me second guessing Nucular (Sic) energy…as well as the collective global population. Though, I fear a couple of months from now when gas is $5.00 a gallon our short term thinking will kick in and we will go right back to what is easiest.
Jake – you are the main reason why I frequent IBC. The Fly is fun to read but I am afraid of where the site will go without adult supervision. Scott doesn’t blog enough to us lowly non-members, and though his posts get better and better, it will not serve as a replacement for the voice of reason.
^^^ “…the fact that it has come…” ^^^
Apologies…the edit button is not working.
Thanks for the compliment.
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Agree. Jake you are golden.
Agree. And silver!
here here and silver forever
Jake, QSURF is down 16% today. Do you still hold this one? Add?
Little tiny bit left, but stopped out of most of it.
I wouldn’t sell any more here.
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Jake
Tell me you stepped in this morning when the dollar started reversing?
My accounts are now 45%-65% PM’s
3 biggest aggregate positions SLW, EXK, ANV in that order.
IAG, MVG, NGD are 5,6 and 7.
GDX, GDXJ are 8, 9.
PAAS would be higher but I was looking for the 200ema and never got it.
I did however add PZG today.
I’m LOTRing it up ovah heah.
Buena suerte amigo.
Just bid for 60 SLW June 35’s (calls, of course).
SLW is on today’s Wall Street Journal “Buy on Weakness” list, as is GLD.
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Jake, what about AAU? also down big today. I also have PAAS. Wonder which one is good to add on dip. Thanks.
Funny, I actually made a chart up for AAU last night, but neglected to post it. Support is at $3.25 and then the 200-day of $3.06. If you can get it at $3.00, you should be very enthused.
I’ll post the chart tonight.
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Jake, please keep blogging or posting somewhere !
did you pick up any “bargains” yet ?
nasdaq100 down a bit over 1.5 %
golds seem to be down more,
hmm…
slw anyone ?
Enter the PPT youngin.
Started toe dipping on SLW calls. More to come.
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Jake,
Thoughts on EXK, and gold in general…don’t recall any posts you’ve made.
Opportunity for both.
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SLW hit the 50 day EMA almost perfectly and is bouncing there ($38.00)
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FWIW — EXK 50 day is at $7.50 and that is also very strong support.
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Thanks Jake,
You may not leave your computer on days like today.
Got the June $35 strike calls for $6.70. Looking for at least a double.
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Thanks for keeping us posted here.
I jumped on June $40s at $4.05
as duck said – thank you for being around today sir.
I took losses in oil names today and threw the money into gold and silver
if oil bottomed today I will kill myself
the USD hasn’t rallied a bit with all this shit which should be good for PM’s?
I also took a hammering in CXZ. unless this thing can go to 0 how can it not be a buy 50% down from a week ago?
sad to read you’re closing up shop Jake, I’ve always greatly enjoyed your blog and it’s multitudinous auric tidings.
What is this crap that Jake is leaving????
Is he? Really? He never mentioned anything like that
McFly… (knock knock knock)
“Listen close, as this may be one of the last few times you’re blessed with the benefit of my counsel.”
What Jake leaving? Say it ain’t so!
Driving through West Nash Vegas just BLASTING the Sirius XM “1st Wave” station and revisiting my adolescence. Freaking out that I know every single word of every single song.
Gawd, the endorphin rush!
(and sorry Moobs, but i’m headed for a late evening meeting in the
Western river town, or i’d have stopped)
Oh, Cherry-Oh, Cherry- Oh Bay-bee!
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It’s cool. Hope you had a great time.
What is this I hear you are stopping blogging? Moving to PPT exclusive or what?
Old U-2, old R.E.M., Old Police, Squeeze, UB-40, old Bowie, — the Fuggin Clash!
I’m in proximal heaven!
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Best musical era ever.
Jake, where are you heading off to?
Gabriel’s Red Rain!
The Fixx’s One Thing Leads to Another!
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Never blogpost and drive.
Stick around, Jake. The party hasn’t even started yet.
Jake Gint,
I’m not sure where you are headed next, but I imagine that it’s important. Because you seem to have a lot of fun flexing your incredible blogging and market dominating skills on here. I wish you the best of success in whatever you undertake, and I wonder if your trip to Washington is related to your blogging departure. I deeply hope so. Regardless, I’ve enjoyed learning from you, making money because of you, laughing at your humour, and looking up words when you are in a garrulus mood since before you were a tabbed blogger. And if you could provide one parting gift to me and other longer-time readers here, it would be a list of perhaps your top ten books for imparting wisdom and knowledge (markets, politics, whatever).
Sincerely,
Grant
no way…………..aw man….. fuck, i just joined the ppt to……no fuckin way. god bless jacob. i’m missin you already man. check in every once and a while will ya.
Jake – All the best to you and your family. Make sure you stop by PPT every now and then.
Tip of the hat, JakeGint. Twas a good time!
Holy crap, I’m not dead yet.
I’m just in Memphis!
Right next to Gibson Guitars, Moobs. We still LBO’ing those guys?
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I think people misunderstood your line “Listen close, as this may be one of the last few times you’re blessed with the benefit of my counsel.”
However, Memphis is as close to death as you can get without actually going … to Arkansas
lol better arkansas than nebraska, though.
Or louisiana…
This lovefest gotta help for a raise negociation doesn’t it Jake?
Baby please don’t go—Gary Glitter
Are your really leaving this blog? That would really suck!
Picking a full Big East final four – Cuse, Conn, Louis & Pitt – the rest of the world doesn’t play real basketball. Pitt over Conn in a close, high scoring, beat them up final.
Would love to see that, but I just don’t think so. Cuse definitely not there this year and while I’d love it, I don’t see Lou beating Kansas if they match up.
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hey see if they’ll sell ya les paul.lol
I don’t know if its this hotel, or the site, but I cannot log onto a “new post” on my blog.
I was just going to post that AAU chart (it’s a buy tomorrow I think), and say that we are oversold and I will be grabbing more SLW (calls) tomorrow.
Be well, I’ll be home tomorrow evening.
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Is that it? No more Jake? Who’s gonna be our precious metals savant? F*CK!!!
Relax.
The dolla just dropped through that brittle $76 floor on your chart. Back the truck up time?
Fix ya colla
YES, backing up the truck. Have an order in now for more SLW calls, same strike.
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Stolen article from “The Onion”
“WASHINGTON—Responding to the ongoing nuclear crisis in Japan, officials from the Nuclear Regulatory Commission sought Thursday to reassure nervous Americans that U.S. reactors were 100 percent safe and posed absolutely no threat to the public health as long as no unforeseeable system failure or sudden accident were to occur. “With the advanced safeguards we have in place, the nuclear facilities in this country could never, ever become a danger like those in Japan, unless our generators malfunctioned in an unexpected yet catastrophic manner, causing the fuel rods to melt down,” said NRC chairman Gregory Jaczko, insisting that nuclear power remained a clean, harmless energy source that could only lead to disaster if events were to unfold in the exact same way they did in Japan, or in a number of other terrifying and totally plausible scenarios that have taken place since the 1950s. “When you consider all of our backup cooling processes, containment vessels, and contingency plans, you realize that, barring the fact that all of those safety measures could be wiped away in an instant by a natural disaster or electrical error, our reactors are indestructible.” Jaczko added that U.S. nuclear power plants were also completely guarded against any and all terrorist attacks, except those no one could have predicted.”
Sounds ominous.
Jake- Hopefully you still have my e-mail and phone number.
Give me a holler when you are in the area and we will get together again.
Until then, best wishes to you and the family.
Down goes da Ville!!
I have said “worst loss in my memory” at least three times this year, but this one really was.
Just heartbreaking, and I hate that we had to root against the magnificent Kenny Faried, who has been a big story in our papers all season, thanks to his top 5 draftpick double double performances.
That kid is going places.
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