Perfect Place for “Multiple Sammitches”
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As I mentioned last comment (previous post), I’m on the road again. I might even grab Fleremy tonight for a Cavalcade of Past Haunts Tour.
Does Dorian’s Red Hand even exist anymore? Howabout Skibar? Anyway, no matter. The point of today’s post is that I remain hunkered down, eating sammitches, preferably of the pastrami-variety, monster-portion-sized, a la the Carnegie Deli.
By now you should all be in the 25-40% of “core” range, depending on your risk preferences, unless you are H50, in which case you have converted everything into cash, including house and lawn mower, rolled said cash into a Yuban coffee can, and hidden said can deep within the moist jungles of Kauai.
As I said, we all have our risk tolerances.
Today, I’m watching with popcorn in hand as Bernanke hectors Congress for his magic water pistol and the Greeks turn their tourist trade into so much half chewed souvlaki-on-a-cheese wheel. As a result, the bizarro dollar continues to strengthen even as gold and silver march up along side it.
One has to win, and I hate to admit that I think it will likely be the hideous dollar, if only because we are owed a serious bounce here, and we’ve yet to get it.
So for now, hunkering is appropriate, but don’t be afraid to throw a scalp out there every now and again. After all, what’s the market good for if you can’t play around in times like these?
Best to you all.
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Watching the miners grind lower as we head toward SPX 1250. Then we can start picking and choosing our future portfolio… EXK in the 6’s and SLW in the 20’s looks mighty good…
SLW at 28-29 looks very tasty.
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That’s interesting… my title disappeared!
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Maybe you’ll wake up after you give back another 1/3 of your gains….
How could I do that? Most of my gains are booked.
Pay closer attention, or be gone, mathlete.
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Instead of the spam protection being an addition problem, it should be a reading comprehension problem.
If a train leaves Minneapolis at 2:30 Central at exactly 3 minutes before a plane takes off from Singapore heading due South, how long before the Fly bans someone?
I’m not completely hunkered down right now. I’m doing some hit and run trading in equities and I have some large UUP right now. But come late July or August, I will be back!
Just japing w. you, H50!
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I know.
Mrs. 50 would love to be back in N.Y. right now. Not enough action for here over here.
Actually,come to think it, I’m not exactly sitting on the beach right now.
Hey H50. This is working out according to plan however we may see an earlier entry point into the market as anticipated. As soon as we hit 1250 I’ll be scarfing up some bargains but keeping powder dry as we head into the dog days of the summer.
hey Hack.
I looking for it somewhere between 1249 and 1256. Maybe grab some SOS take the ride and get off fast.
My bonds kicked ass today on above average volume so it’s obvious that smart money has left the market. Even Elvis has left the building. I’m beginning to think that S&P 1250 is a speedbump to 1210 or lower. I’ll be selling the remainder of my equities into any bounce that comes up. You 100% cash?
Looks like your did the right thing with bonds. Not 100 cash yet. I got UUP which is working and three small sized longs which did not work today, namely AIG, CLB and F. I’m hoping they will work if we get a decent bounce. This tape definitely sucks!
Keep pimping the PM stocks so your readers can follow you down the path of losing money.
Perhaps you should consider changing your avatar from that of a pedofile…
Lol – reading comprehension: FAIL
Spelling: FAIL
Do NOT pass go, do NOT collect $200.
Thanks for playing.
Can’t even spell Gint backwards…
Senator Gint, I’ve been wondering if you’ve formed any type of opinion on Glencore International PLC (UK:GLEN).
Your humble and grateful reader,
Don
Don, all I know is they are a big commodity trader… that’s not really what we are focusing on here. You might as well ask me what I think of SAC Capital or some other hedge fund…
Trading commodes is a lot different than looking at the underlying product.
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I hear you, Jake. Thanks. I’m 80% cash, waiting for the all clear. I’m off to the gym before I do something stupid. Safe travels.
I’m a stupid dick…however not stupid enough to be overweighted PM stocks.
“By now you should all be in the 25-40% of “core” range, depending on your risk preferences…”
I could go back and link, but my time is precious. Jake has been saying for weeks to sell off precious and raise cash. The fact that he intends to return to the PM’s after the preponderance of the selling is not material to the discussion.
The attempt at “pedophile “was my favorite. Obviously, there are some “issues.”
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http://tinyurl.com/3pfgl2c
GDXJ junior gold miners have not been this undervalued relative to the price of GLD , since last august.
True– which means that gold is overpriced… lol.
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If you want a lower Gold price, wait until end of August! – LOL
Reserve the duck boats Mumbles Menino … The City of Champions will be having another parade … Woohoo!!!
Congrats to the Bruins.
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The Ron Paul portfolio. http://www.businessinsider.com/what-ron-paul-invests-in-2011-6 looks like he reads Jake’s blog 😉
Dayum, he’s in some real illiquid stuff… “Virginia Mines??”
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Kitco News) – CME Group is decreasing the margin requirements for gold futures by 10% as of the close of business on Monday.
The “initial” margin to open new speculative positions will decline to $6,075 from the current $6,751 for 100-ounce gold contracts traded on the Comex division of the New York Mercantile Exchange, CME Group said in a notice issued late Thursday. The margin for “maintenance” of existing speculative positions, as well as all hedge positions, will be reduced to $4,500 from the current $5,001.
CME Group said the changes as part of the “normal review of market volatility to ensure adequate collateral coverage.”
Decreases were also announced for the exchange’s smaller 10-ounce, miNY and E-mini gold-futures contracts.
Gold breakout Jake? LOL
Its not the CME, its the $$$ collapse, $ 1600 GOLD this month June!
No question margin arrangements count! As we silver bugs are well aware…
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Jake, thoughts on dipping into $NG today?
Any other catalyst aside from the Cramer mention?
I think bigger caps — maybe even GDX would be the better way to go today, if we hold this bounce off $495 on the $HUI.
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Didn’t know about the Cramer blab. $NG looks like it’s sitting on mid-term support, and a move up would reveal a failed breakdown from the multi-month downward channel.
Then again, I’m looking for a swing trade here.
Anyone catch that run up in PZG in last couple of minutes? I like it.
I’m there … one of the few I didn’t discard
Nice.
jake, have you heard any scuttlebut about this dodd-frank part of finance reform about pm’s that go into effect this coming week. something about not buying pm’s otc?
I think it has to do w. leveraged cash contracts. Could mean that we get people looking for leverage in the miners…
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