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As I mentioned the other afternoon, it looks like it won’t be long now, for the dollar and the precious metal markets to once again take different tracks. And that should mean good things for the miners, as evidenced in what appears to be an approaching turn in the $HUI Gold Bug Index.
Turns out this whole Greek fiasco is becoming something of a mud-stomp for our swarthy souvlaki-eating, Ouzo-swilling band of molotav cocktail pitchers, and it appears that the European Community might even be angling to kick the Greeks out of the Euro no matter what. Hey, as crazy as it’s become in Greece, at least they don’t have Federal officials inspecting their kids’ lunchboxes for “nutrition violations,’ yet, eh?
I say so be it, and let it be done. Either way it’s apparant that Big Brother Bernank is not going to let some rock-throwing, Fiat-torching proto-Spartans ruin his very stable run into the 2012 elections (and yes, he’s running too, believe it). So be prepared to be awash in liquidity here. Drachmas? Schmachmas! Take some digital dollars and shut up, already.
Around 8 am this morning, currency traders tried to make the dollar go “pop!” but gold and silver are currently calling bullshit on all that. Yes, these three can sometimes rise together like the greatly undervalued kings of the comedy stage, Larry, Moe & Curly (not really) in a Depression-era movie house, but more often than not, this alliance is proven false within a matter of days, if not hours. As I type this, mean-spirited Moe (the US dollar) is taking a pratfall from it’s earlier spike over $79.60, and Larry Gold and Curly Silver (the fat, dumb one), are careening higher.
As I mentioned earlier, I will also be looking for a turn in the miners here. My weekly chart shows us approaching the bottom of that channel I pointed out the other day:
And the daily chart shows an even more clear bottoming in the stochastics. Note also we almost touched the bottom of this (admittedly loose) consolidation triangle yesterday as well.
Quite a few of my stocks popped in the last hour of yesterday’s trading (along with the whole market, of course), including my March Madness pick, AUY.
I had thought that contest was starting this Friday, for some odd reason that seemed truly logical only in my own beleaguered head. I think that launch would have been perfect, but in the meantime, I’m in a bit of a hole, so be sure to purchase as much AUY as possible here, and to short that hideous purveyor of ethically questionable time-share vacations, AWAY. Thanks in advance, and…
My best to you all.
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Watching AGQ quietly basing, perched atop the 20 day.
waiting for that sucka to pop,exk also
I have ready a pirate smile as well… arrrrr!
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Thanks JG!
Savage is not gonna like this post
Ah well.
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It appears Savage has grown more sanguine with this post!
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loaded GDXJ before Christmas; locked and loaded NUGT averging into the intraday lows on 2/14….WWWEEEEEEEE
I grabbed a pocketful o’ (R)GoLD for luck yesterday @ 69.81. Not the bottom but not bad.
Thanks Jake! Did you sell some NUGT or are you still holding?
I’ve got a small amount.
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Thanks!
A chicken nugget in every lunchbox!
A selloff in metals has started… any buyers at these levels? GDX, GDXJ??
Are you watching the dollar, Martha?
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I won’t add GDXJ at this level, I play GDXJ and NUGT based on different chart patterns and criteria…GDXJ is a medium-term chart bottom play, while NUGT is a rebound-after-big-drop play
Big downward sloping flag on GLD also, plus GLD is close to breaking through the upward sloping trendline connecting the lows of 8/2010 and 2/2011 (and kind of touching 3 other points and a gap). Both reasonably bullish; keeping my fingers crossed I’m not seeing things.
Nice bounce off the 20-day EMA yesterday as well.
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please. go read ragin’s posts. they’re straight to the point. honestly, your writing requires too much work…I challenge you to read some of your stuff and see if you can understand it…keep it simple stupid. nesspa?
Hillary, you are just too small-minded to understand. If you require translation, kindly move on.
Start reading more, complaining less, n’est ce pas?
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Turns out this whole Greek fiasco is becoming something of a mud-stomp for our swarthy souvlaki-eating, Ouzo-swilling band of molotav cocktail pitchers, and it appears that the European Community might even be angling to kick the Greeks out of the Euro no matter what. Hey, as crazy as it’s become in Greece, at least they don’t have Federal officials inspecting their kids’ lunchboxes for “nutrition violations,’ yet, eh?
you want me to read THAT?
I read, honey. But I read only the good shit…Fitzgerald, Conrad..not bloggers who play writers on the internet..cheers!
I’d warrant you wouldn’t know Conrad from Converse.
Moreover, there was a link attached to that sentence, for those who were clever enough to click on it. I was highlighting a story of the day.
Computers and this whole internet thing must be new for you, I’m assuming.
Better stick with the tee-vee.
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woj.who’s talking to you asshole? you move on dickshit.
hey jake-
thoughts on the dollar running here a bit?
blew thru resistance…
I am watching. I’ve still got TZA and DZZ hedge on, although they are not helping much… which I take as a good sign… lol.
We’re pretty deeply oversold on $HUI now, and as always, these are the times when I must war with my gut… but I have to stick with the analysis for now. If I’m wrong, this ain’t the time to bail, but on a bounce.
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Looks like a 17 month topping process, Boom!
NUGT trending still lower premarket Thursday. It just might hit the December lows around $19 before it slingshots off the bottom.
Silver looks like its forming an inverse h&S, neckline around 29.50 – 30 -ish. Dollar is acting strong today. I wish silver pulled down towards that neckline. Looks like we might see a selloff continue here.
Gold looks the same (reverse H&S), fwiw.
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Thinking 162ish for GLD and 30 for SLV, would be a good entry/add points …
SLW looks very good at $34.80 or so… if it bounces there, I think we’re off.
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Picked up some AVL @ $2.87
and MORE GSS @ $1.92
ROFL @ you and GSS.
It is your great white whale. But I fear you will end up like Ahab, tangled in the harpoon line, doomed to a watery grave.
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When i get to 51% ownership of that POS, i’m going to turn things around.
Did NUGT just put in a low at -5.2% at 8:30am? Damn, didn’t even have time to raise more cash and it had bounced back. I think I need triple-caffeinated coffee to trade this sucah fast enough.
NUGT printing an outside day on big volume with an hr 45 to go.If price holds this is the pivot point, get long with 1st target gap at just under $28. One man’s very humble opinion.
My thoughts similarly. I averaged in between 21.50 and 20.90, and expect to see resistance in the mid-27s.
You guys and your nugget hunting. 😉
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FLACK!
Of course, the low on SLW was $34.90.
I don’t know why I play games like that… shoulda just bot it….
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It’s starting to look a lot like your call in the dollar and $HUI were correct.
Just callin’ them as I see them.
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