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Sometimes I don’t know what’s wrong with you people. Hootin’ and hollerin’ like a bunch of purple Kool-Aid grape apes, rooting on a man’s demise in slo-mo barely contained rage.
I speak, of course, of last night, when there were more than a few on these boards who were ready to spit on a broken wheelchair in their haste to condemn we beknighted silver bulls in our darkest hour (that dark hour being about 3 am last night). What an ugly display… and most ungentlemanly.
But these ungainly thugs were left grasping at phantoms by an hour or so before the market open this morning, when silver had fought it’s way back to just under $30 and ounce. More important, the silver trend line held today in AGQ. Not, as I had thought, at first support, but rather exactly at the long term trend line.
Sometimes when these things work so perfectly, it’s almost like a thing of magick (sic). This morning, right around 10:00 am, I stood in awe as the candle bottom stopped right at the rising trend line that’s marked this bull since the ’09 Recovery, hovered there for about fifteen minutes, and then slowly — inexorably — made it’s climb through second support, all the way to that first support line. Note the change from yesterday’s AGQ weekly:
The bounce off that uptrend line is very strong ju-ju, especially given that we are still extremely oversold in the PM and silver sectors specifically. We might get some “stall” at that first support line we stopped at today, or we may not. Silver is up this evening again, although we know from last night how great the overnight swings can be in this sport.
I do think that uptrend line will be tested at least once more, unless the dollar begins to break here significantly. If it does, I will likely supplement by adding more EXK, SLW and AG to the port. One thing is for sure… you have your line in the sand for all major stops, whether mental or fixed.
Best to you all, and try not to let the hatahs hate too much on you. It’s hateful. 😉
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this company OMEX with mkt cap of 200MM just found 200 tonnes of silver .. Lol
This trade has my blessings.
Huh?
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so how do you see agq and zsl being down at the same time. somethings not kosher ova der.
Aulde Magick!
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So, sorry to be “Duh” , but $150.00 would be the short term target? A must sell at those levels?
Short term, but play it by ear, w a trailing stop, would be my suggestion.
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I would never wish any trader ILL WILL. Your posts are fricken awesome for important guidance and ideas. I think some posters let their egos and emotions get in the way of trading. I’m all ears.
Anyone shorting Amazon?
Very soon I will be buying LEAP/puts in a selection of overstuffed tech stocks.
Including CRAAPL, btw.
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I like that call. Ive been watching nflx get completely destroyed the last couple weeks. Nothing would make me happier then to see AAPL get killed just so I could skull fuck those AAPL fan boys.
ACTUALLY ID MUCH RATHER SKULL FUCK THOSE APPLE FAN GIRLS…BUT WOULDN’T MIND EITHER IF THE OPPORTUNITY PRESENTED ITSELF.
TMI!
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Better watch what u say about apple….it simply is not going anywhere….
Careful there JG. Iphone 5 coming out early October and Christmas just down the block.
Now, I’m not saying it’ll withstand a market crash but until then…
I know you don’t believe Occupy Wall Street is funded by central bankers and is a paid-for revolution-in-the-making, in order to help usher in anti-capitalist UN Agenda 21…. so let me introduce you to Niki Raapana.
http://www.newswithviews.com/Raapana/niki15.htm
Meanwhile, the Washington Post today is asking for a new Third Political Party…
http://www.washingtonpost.com/opinions/why-we-need-a-third-party/2011/09/25/gIQALQLGxK_story.html
lol. Liberals love the European parlimentary system because it gives an inordinate amount of power to the fringe parties (usually the on left).
Out election is roughly 35% Dems, 35% Republicans and the rest independents. Whoever wins got a majority for that election.
Take a parlimentary system where multiple parties compete for seats then the fringe parties have the ability to swing the government any way they want it. They will make deals in exchange for their support which gives them much more power than the percentage of the electorate they represent.
The libs want a third party because they know the Dims are smoked.
The only way they have even half a chance is if some kind of Ross Perot moron shows up to suck GOP votes. That’s how Clinton won… twice.
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Noam Chomsky, among others, is now openly funding Occupy Wall Street. Communitarianism was created by the United Nations and is known as the “Third Way.” It’s essentially the same party as the progressive liberal democrat, but a bit more amplified: clearly in support of communism/socialism and sustainable development.
Are you surprised that Chomsky is backing some nutbag protest movement?
That guy is the living definition of “Only the Good Die Young.”
Howard Zinn is saving a seat for him on the Hell-Ell.
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“That guy is the living definition of “Only the Good Die Young.””
How I wish….he’s an old geezer now!
Hence: “Only the Good Die Young.”
He did not die young? Get it?
Geez, it seems you are more than EXK challenged…
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Ok, I got it….thanks for the bitch slap. You’re the blogger, I’m just a reader.
Nice knife catching so far but withstanding 20%+ hits with no stops on something like AGQ is outside of my risk management
I hope this works out for you
If you can’t take 20% hits, you should stay clear of AGQ.
It’s a double ETF.
If you need any other pointers– maybe about position sizing, etc.– I’m right here.
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Bitchez get stitcez
TraderDR says:
September 23, 2011 at 2:53 pm
If $AGQ isn’t a definition of a falling knife, I don’t know what is
huh? says:
September 23, 2011 at 3:04 pm
I have no idea how the fuck you guys are buying this right now…This thing is getting completely annihilated! Might be good for a bounce I guess, but I wouldn’t be on either side of this thing.
I will remind you that it actually gapped lower monday….Where I followed that post up with a “now that everyones killed maybe I should buy post”
JUST SAYING….
But thats beside the point…The point is the market is complacent…and I fore see a crash yes I do!
Maybe a black wednesday type of thing..That would be cool wouldn’t it?
St. Francis University is calling…
Double ETF or not, even you had a 10% stop on it
Would it kill anyone to wait until this thing washes out first?
I know you will miss the exact bottom but that’s really ok, seriously
JG,
What are your thoughts on IPSU and are you still holding? I’m holding some, with a cost basis around $8.00, but am considering selling to raise cash and lesson my EQ exposure.
IPSU IS GOING BANKRUPT…
Still holding some, but that play is probably over for now.
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I have no trust in bankers or the governments so I hold PM. More each month. Stocks, bullion, I don’t care. I have about 20% of my portfolio in PM and it grows every month. A core I have no use in selling. I was annihilated this past week. But I save not for today’s price but for the protection of assets and the price that is potentially yet to come.
I went to a few of my favorite bullion haunts. Silver is a sell-out. Out-of-stock for many items. Much more than last month when I had a choice of whatever I wanted. Today there are more out-of-stock notices than “purchase here”.
But the finance media desperately wants you to believe gold and silver will return to worthless value in short order. Why is this? Is it because if average Joe’s leave the dollar and invests in gold then their massive USD portfolios lose value?
I dunno. I’m not a trader/economist/financier. But common sense tells me that all the silver “out-of-stocks” signs says something positive about where the money continues to flow. And it makes me wonder why so many trader types are quick to ridicule and talk down gold/silver. Isn’t it interesting that the government is pushing the herd into stocks when arguably the place to protect yourself is with physical hoards. Why is that?
The governments can try to assuage the herd that everything will be fine. That countries won’t/can’t default. All bovine scatology in my humble opinion. I still buy stocks when they breach 4% yields to add to my IRA’s. But I have no problem protecting myself with a healthy supply of Ag/Au. Gold $1500? $1200? More please.
Eggsactly.
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Hi Jake-
Seasonality and options expiration are the events to navigate us through.
http://www.financialsense.com/contributors/cris-sheridan/2011/09/23/amazing-silver-follows-historical-pattern-to-a-t
http://blog.milesfranklin.com/options-expiration-dates-for-gold-and-silver-are-a-great-time-to-buy
They are becoming more desperate, so the week before options expiration is dangerous. Also, much settlement is rumored at cash + premium due to physical constraint. Under that circumstance it makes sense to crash the price so price + premium is less. The whole game collapses if everyone stands for physical delivery.
Missed giving you a link that I find comforting:
http://seekingalpha.com/article/289717-identifying-the-end-of-the-gold-bull
The summary is that gold performs very well in periods with negative real interest rates (now).
Thanks for the links!
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