___________________________________
I started selling some of my QLD horde today, only to turn around and plow those winnings into more AG, SLW and EXK.
Why silver? Mostly because the happy silver mining family was bludgeoned like a prize veal on the night before the St. Anthony Festival these last few weeks, and I like the reversion to the mean theory — no matter how temporary that reversion might be.
You know I started accumulating the PM ETF’s, GDX, GDXJ and SIL last week in order to capture some of the rebound that I saw coming from that sector. Well this week I will concentrate more on individual names like the above in silver and RGLD, AUY and ANV in the gold mining sector. I might also dabble in those insane brothers XG and XRA.
Just to give you an example of what I’m seeing here, and why I think there’s still a lot of room in these PM names, here’s my markup of the EXK weekly.
Note how last week the price bounced off the long term trend line only to leave that long tail in a hammer? And note also how most of the stochastics are headed north once again? I am seeing that in a lot of these names. Again, it can all change on a dime in no time, and believe me, I will be ahead of you, elbowing you in the chin as I run for the exits if it does. But right now, the dollar is on our side, and the momentum is coming back to these names.
Let’s have some fun while we wait for the deluge, shall we?
Best to you all.
________________________________________________
If you enjoy the content at iBankCoin, please follow us on Twitter
Not now Cato . . . .
Thanks for laying out your thesis behind the trade. Very helpful.
Thanks Jake!
Wish I wasn’t locked into my positions.
Will keep eyeing.
Casssshhhhhing!
1187 seems to be a killer of late. we flail around it but eventually roll over and die. still like the 1227 move later on.
Shorting oil seems like an alternative idea.
Technically, direct correlation to S&P, but a recent argument was compelling:
The middle east wants to keep Barry Hussein; thus, lower gas pumps, keep more money in consumers holiday wallet.
I’m on the fence though, I say rally up before Halloween kicks off days off.
Not so sure the ME want to keep Barry Hussein.
I think they believe he is clueless. Generally both the Arabs AND the Israelis (since the Reagan era, at least) want Repubs in place.
Dems don’t give a scheiss about international policy, and are bad at it, to boot.
______
I gobbled on SLW yesterday. Still holding AGQ from 102 and a bunch of NUGT’s at 27. Lifes good! My AAU is the bruised bastard child but i’ll hold on to it. Everyone needs an albatross.
Albatross!
Eat up.
______
PM shorts are like this guy on the bike –
http://paul.kedrosky.com/archives/2011/10/mountain-biker-taken-out-by-antelope.html
lol.
__
Damn, what are the odds?
That gotta hoyte!
FYI NUGT will become a 3x etf on Dec. 1. Enjoy.
http://finance.yahoo.com/news/Direxion-Realigns-ETF-etfguide-294373268.html?x=0
Thanks for the info.
I hope the spread on the bid-ask narrows because it is too wide on the NUGT-DUST for my day trading tastes.
I just find GDX-GDXJ easier to trade long and short- smoother short term trending and narrow spreads.
Volume will bring narrowed spreads. I actually know the guys at Direxions. They are scrappers.
____
D.O.?
yep.
____
haha.. I read the title was thinking.. when did I ever call you a fool Jake??.. 🙂
Thanks Jake…don’t you normally post those trades in PPT…I don’t see them?
Yeah, I was out most of yesterday. I try to post in PPT when possible, but have trouble getting to it from Crackberry. I’ll usually email Fly but I didn’t even do that.
Again, apologies… I did most of those sells/buys at EOD, yesterday.
Loving the thesis. I held through the worst of the last couple of weeks, added a few shares to double, even triple, down into the nausea, so any light from this hole will be much welcomed.
How’s this for a prediction:
Romney/Cain or
Cain/Gingrich
Raising Cain. The next two weeks will be critical to the aspirations of Cain. We’ll see how he handles higher expectations and the attacks of being a front runner.
I think with a couple more winning debates and some well placed media appearances the man can win this nomination.
I can almost guarantee that if he gets the nomination he will tap his old buddy Newt to be his running mate. And that, my friends, will be an incredible ticket. With Cain’s conservatism and Newt’s brain they will make wholesale changes to the cesspool that is DC. Couple that with a GOP Senate and House, the Marxist leanings of this country will be dissolved.
That is partially why we are seeing the leftists in full unhinged mode. This is their time. Once the elections come in Nov it will be lost. The next year will be a dangerous time for this country.
Today the dream ticket is still not likely. A month ago a Romney/Rubio ticket was almost assured. Now I see a Romney/Cain ticket.
Romney is no idiot. He needs minorities, conservatives and Christians. He can wrap that up with Cain.
But my hope is Cain/Gingrich. I would pay money to see Cain debate Obama and even more to watch Gingrich debate Biden.
This is a ticket that will TERRIFY the leftists and the DC GOP/Democrat establishment.
I would much rather Cain/Gingrich, though if I could really mix and match, I’d do Cain/Romney.
Romney is the perfect behind the scenes guy. He’d be the most powerful — and effective– veep since Cheney.
And what an upgrade over the — literally– brainless Biden.
__________
I worry that Romney can never beat the prejudice of the Christian right part of the GOP Base.
They think the Mormons are cultists… not sure they can break that down.
_______
Some Christians may have prejudices against the Mormons but in the end the whole of the right will come out en masse to support anybody who is running against Obama. The right will be just as motivated in ’12 as they were in ’10.
Romney will get the grudging support of the Tea Party.
The Tea Party is mostly ceding the Presidential race to whoever ends up on the Republican ticket is gonna be good enough. Their energy is focused on the Senate races which they can have greater influences.
Makes sense as a retired Obama is not a guarantee. But he can be greatly neutered by a right leaning Congress.
The glorious thing is that we have the possibility of retiring Biden for good and Obama at a very early age.
This rally is as expected folks. The “omfg the world is coming to an end bear market” will continue shortly. Silver may have a small bounce, but I would need to see it move higher to confirm the lows first. Im not much of a bottom picker.
http://imageshack.us/f/856/carryonsir.png/
Who knows maybe Im way the fuck off.
You sure are skeptical…
____
If you were referring to me then yes…Im just waiting for Black Thursday.
Has anyone read Cain’s 666, I mean, 999 plan?