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Geez, a guy goes road trippin’ for one day and lookee here-– the market melts down like a fat guy at a Bette Midler Film Festival. I’m going to be honest here… I don’t really give a cut quid about the overall market. I’m heavily invested in the dread instruments SKF and TZA, so I’m well protected against the whims Mr. Dow and his Standard and increasingly Poor friend.
What I’m not protected against is the whims of the $HUI, gash damnit to the hezzy.
So I took some egregious blow to the head after all today, my “bad ETF’s” not withstanding, especially at the end of the day when the whole market dove for the subterranean depths. That said, it wasn’t as bad as it could’ve been, and the $HUI remains in that channel we described yesterday. Check it:
Note, we haven’t even broken through the 20-day EMA here, which has been recent support. I guess I’ll just have to eat some sammitches and wait to see what kind of follow-through we get tomorrow. My major problem, as always, is the dollar, which is breaking up back to those fib levels we talked about last time. Look at how damn close we are again:
Tomorrow will probably be do or die for both the dollar and the $HUI, so let’s try to pay some attention. I’m going to be out again tomorrow morning, but I’ll check in and make sure the markets are behaving– and you are too. If the coast is clear, I’d say the hot silvers are your best bet — AG and EXK and even MVG. Otherwise, you can chill and have your girlfriend make you a sammitch.
Best to you all.
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I never seem to make a decision on PMs. Have my eye on DZZ (at this point) but wth knows. Started listening to Peter Schiff daily radio. interesting stuff
BIGMOUTH!!
Hmmm.. Makes you wonder… Weird.
I was singing that very song in the shower this morning.
“as the flames rose to her roman nose and her walkman started to melt”
La da la da dee da
Maybe we think alike more than I care to admit.
The Smiths rock, despite the toolishness factor.
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Well, it looks like we’ll have that test right off no?
Silver getting assassinated and dollar up over $78.40. Looks like that fib is breached.
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Saw the Smiths twice. Great memories.
The protest in Wall Street is growing and is being taken over by pro-Marxist factions that blame capitalism and private property for all of our ills.
The central bankers are essentially funding the protest that is taking place against themselves, in much the same way they fund both sides of every war to generate more profit/control.
UN Agenda 21 is going to unfold very rapidly. Be prepared to lose your rights, going forward. Society is about to change in a big way.
I don’t see it. TP types are too much on alert.
And well armed.
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As much as the Tea Party is vilified they are about all that is standing in the way of complete statist control.
They stopped Obama and his machine and they have put a lock on fuckery by the GOP.
This country is a mess but at least there is a large faction out there that is laser focused on what is going on. That pisses the government off. Pisses Wall Street types off too.
The Tea Party was created by central bankers. Libertarianism existed before its creation and did not need to be recreated in the form of the Tea Party. The Tea Party was created and then infiltrated by undercover Marxists (Palin, Beck, Denninger, etc.) working on behalf of central bankers. Then the central banker-controlled mainstream media took a shit all over the Tea Party they created.
All for the purpose of diluting, confusing and destroying any momentum behin the Libertarian movement. And it worked!
That’s one of yte more ridiculous theories I’ve heard.
The Tea Party movement is probably favored by 50% of the GOP and as much as 25% of the electorate. Compare that with the 1-2.5% popularity of the Libertarian effort. Why in the world would the central bankers try to inflate even part of the libertarian message by that much?
Use your head. The media attacks on the TP provide ample evidence that they are pissing off yte Fabians.
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You forgot to mention the Illuminati, which of course has exclusivity rights to make the tea-bag teaparty hats.
The profit margins on those hats are extremely lucrative, which is fueling the expansionist goals of the Brothers of Tyre.
Society has already changed in a big way. Like they say about the frogs and boiling water…
People are going to have to decide if they are going to fight for liberty and freedom or allow Marxism/Political Islam/Socialism destroy the West. Big government or limited government. Rule of law of rule of man. It’s a choice.
Folks can either sit around and fret over some shithead getting voted off the singing and dancing island or be part of the solution to return this country back to some semblance of sanity.
We have embarrassed ourselves in the memory of our Founders. They pledged their lives, fortunes and sacred honor. We are shitting on that sacrifice. Seems so quaint does it not? That’s because the statists have destroyed our sense of history.
Everything that they warned about is coming true. We seem to think we are so enlightened because we tap on an iPad or drive over-priced cars…but we are the same as we were in 1775. Some wanted liberty. Others wanted to remain a slave to the crown. Today its the same. Rich or poor, half of this country remain slaves to the state. Bailouts, welfare, entitlements, stimulus…
We have allowed regulations, political correctness and bureaucracy to saturate this country. The government is drowning us. We have failed.
“Government is not reason; it is not eloquence. It is force. And force, like fire, is a dangerous servant and a fearful master.” George Washington
Rather than “frogs in boiling water,” I feel it’s best to refer to the Fabian socialist method known as the “inevitability of gradualism.” I believe this is one of Saul Alinsky’s strategies, as well (Obama and Hillary are big Alinsky fans).
FYI next fib on silver (50%) is $36.30.
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So are you looking to back up the truck at that level or just wait and see?
Just bot a large parcel of AGQ at $175.
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164.44
Wow, silver bounced almost perfectly at the 50% fib.
Nonetheless we are out of the channel on the $HUI, and unless we bounce back today to the $600-level I will be strategically selling some of the miners I just bought the other day. (Phuck!)
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Yea but at what point are in “buy the blood” mode? The cash flow from the miners will still be the best game in town even with say $1200 Gold and $30 Silver.
USD not doing us any favors either. Ugly. And just when the little guys (XRA, AAU, PZG, etc) were starting to make some noise.
“You fargin’ iceholes!”
$HUI in big trouble!
Jake,
a couple questions if you don’t mind. You said you’d consider dropping AUQ if it broke the 200-day at $10.21. That’s well complete. Are you considering selling?
Regardless what happens in the coming days, do you think the miners (and gold would probably have to lead) will be marching higher again in the coming months? By the end of the year?
Thanks for any views…if it’s a bull run taking a breather or a medium-term top makes the difference of whether it’s best to take the losses or to weather the storm.
Cheers
Looking for a bottom in gold @ $1650-1700 …
Tea,
I just did that too and it came out in the same general area.
We should start up again in or around the middle to late November.
Sorry on the road and B’berrying. I got stoprd out of my AGQ but then sold half my TZA hedge and went long TNA at close.
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Gangsta!!
Silver target was $35 … waiting to see if that holds.
Sold all PM’s except AAU & PZG weeks ago … Even parted company with my precious MVG a few days ago around $11.
Waiting for a good op to get back into FSM & MVG … gonna buy a basket of cheap gold miners ($2-5) like BRD, RBY, MDW, CGR, VZG and XRA for the long haul when we bottom.
GL H5O
Tea,
Sorry but I calculated wrong. We still bottom late Nov., but between 1300-1400.
Very bearish …
Those Smiths are OK, but they never could keep up with the Joneses who could really ROCK! We need a giant market flush here – just flush all this stuff out and we can start anew, no?