Yes, that’s me, under the stone, there. Actually, it’s what’s left of me after I burned up in a fiery husk doing the classic “buy at the bottom” move.
Now I just sit and wait as I watch my accounts draw down. Luckily, I don’t need the dough right now, so I can afford to play the longer game here. I still have about 10% cash left after deploying into a number of bounces over the last two weeks. I think those bets will pay off in the near term, and I may even take something off the table as a result.
But things continue to be insanely busy here, so one solace is I can only look at the market a couple of times a day. Yesterday, I had two sit down lunches with two completely different parties. Usually I can schedule around anomolies like that, but in this case, I just could not, and had to take both meetings.
Last week, I had to take two separate simultaneous conference calls. I’d never done that before, and last week I had to do it twice. Do you know what the level of difficulty on such a stunt is? First, you have to have the right equipment. In my case, I had my office phone on speaker and my cell phone in an earpiece jack. While simultaneously listening to both calls (one of which was playing in my right ear), I had to be able to “respond and mute” at a moment’s notice in order to speak to one or the other respective parties. I felt like a schizophrenic dj at a retro-70′s disco party.
I am looking at some long term charts right now, and $HUI is approaching a ten year monthly line right now (about 350) that looks like good support. But we can bounce at any time now, as we are ridiculously stretched below the 200 day EMA (almost 26%!!), and that means we are getting stretched to the utmost…
Hang in there, my friends. My next post will feature a phoenix.
16 Responses to Greetings from the Ceme(n)tary!
LOL, puppy hugs and kisses.
No doubt a Phoenix sir, happy for you your work is so busy..
I hope being done with my molt is at hand, have earned some turkey feathers of late.
take care Jake.
They finally did me in today…also distracted by meetings, much to my financial displeasure.
I have decided to go down with the ship. I am going to close my eyes and hold for however many years it takes to get back to “even.” It may be this year, it may be a decade from now, but I will eventually break “even.”
thanks for the post, Jake.
looking forward to the phoenix !
by the way, I see there is a new Neil Y album coming, the site says June 5
It’s hard to understand how quality names (slw, exk, ag,) continue to drop and even blow through 52 week lows!
By now I thought holders were those with the strongest hands. Who are the sellers?
Do they not see the cash flows? SLW as one example is producing silver at a cost in the low single digits and gold in the $300′s.
AAU? She’s so beaten, she’s bound to rise? Or should we just pile into the 25 man fortress better known as SLW?
Also, i think it was a good few weeks for our Mormon horse.
Nice post Jake.
Hope you get some good time off with the family this summer.
Always appreciate your commentary.
This is as hard as it gets!
Thanks for the update Jake
Now i know how it feels to have dropped my soap in prision. Last two months have been brutal.
Roughly how much of gold stocks downdraft is being attributed to short-selling? Market makers or big hedgies, any source.
I just don’t think retail is the one selling at this level because prices are already piercing below multi-year lows.
I think the markets hyper-overreactions are entirely attributable to leveraged bets and short bets right now. None of this matches the fundamentals in the actual stocks being played, generally speaking we are having a slightly improving economy (well except for Greece, that is). And Greece is 90% of the CNBC headlines and less than 0.1% of the worlds assets, but they let it take center stage to move the markets and move the mouthpieces.
The market is no longer functioning like a rational system for valuating investment returns of companies. It no longer serves the primary purpose of supporting economic growth, but rather merely to support the ever increasing leveraged and outwitting schemes of advanced trading and betting.
TIME FOR CHANGE
oh boy.. I am sorry
why the headstone is not gold – plated ..
that shit is cheap
Tomorrow we turn the corner!!!
SHZ rare earther destroyed, any thoughts, legit as the others, or 2 speculative? just started into QRM last few days…