She sends me,
If I spring a leak, she mends me.
I don’t have to speak, as she defends me.
A drunkard’s dream if I ever did seeeee ooooooone.
(Appropriate electro-banjo interestice)
Silver (la Lune) and gold (El Sol) are both galloping across the skies now, impervious to my caution. Thundering over my head, their coursers full afroth, they say “paaah!” to my 70% position, daring me to chase my favourite (sic) miner names like some aging bobby soxer on Frank Sinatra Night at the Sands.
I will not, however, as some option positions in the longer term department have sated my appetite for “easy dough” at the moment. Instead I will stick to the still bargain issue lesser metals that are just now awakening to aroma of the lightly salted lightly peppered Bernanke Steaks that are being served to the market, “screw inflation”-style.
I will admit that I should have realized the printing presses would be truly whirring this week, as “the Bernank” attempts to assist “Backbone Barry” in ways that even Plugs Biden, with his literally literal literalisms and abstruse accolades cannot. As I type, the dollar is down more than 80 cents (!!), plunging below the 50% fibonacci line that I mentioned the other day ($80.72) and now heading for the next support at $80.00 or so.
Given the ferociousness of today’s takedown I wouldn’t be surprosed if we broke below $79, even in the near term, as we head to new lows in 2013. Ben seems to be pulling out all the stops, as unemployment still sucks, and the only thing that will get people to think things are ok is if the market is up, up, up. So be it, but just keep in mind we are playing with interest rate fire here. That’s why I like the commodities more than the stocks here. It’s only a matter of time.
I see my perspicacious friend Le Monsieur has already taken my “Cripple Creek” stock TC as his latest addition, so I won’t spend much time lauding it (you’ve probably already bought it, haven’t you?). Know that this stock truly was crippled, unfairly, IMHO, by a bad financing timing decision. It can get back to $5 (200 day EMA) very easily from here, I believe.
On other non-PM’s, I like TCK here, also beaten down like an ugly mule. The nice thing about this metal mining sector is how you can make tonnes of money on beaten down stocks in it for about four out of the 52 weeks of the year. I think we may be in one of those periods.
Feel free to ask, I’ll probably say yes, but ask anyway.
Best to you all.
32 Responses to Up on Cripple Creek
Will you miss Yogi when he’s gone?
Not to worry… Yogi has left the building.
What you don’t think The Iron Backbone is a winner after that speech last night?
Howabout denying God three times? I think someone said Lee Atwater couldn’t have scripted a better Bizarro World West Wing episode than that schit.
And I will give Yogi a special dispensation if he’s wrong.
It will be too much fun gigging him to let him escape ungigged.
I’m sure he’ll just pull a ‘dpeezy’ and assume another alias.
I may grant special clemency and let him pay me to resume posting (the bet was on the entire site, not just your blog).
That’s allright, my blog has been a ghetto for the marginalized on this site for years.
Classy and classique.
Oh shit, I’m famous!
did someone deny god thrice? god bless them
I have not conceded the wager. I no longer have time during the trading day/week to make comments or even read the blog. My comments would be limited to the weekends when there is not much going on around here.
Hi Jake. How about one of your samurai7 PBR, are we going up from here till last 32ish range ?? Or, stay away? Thanks.
I still like it, despite the communistic shennanigans of the Brasilians.
Goddamn it. Whens that pullback in GDX/GDXJ going to happen so i can pile back in?
It will happen. It always does. Buy a little bit if it makes you sleep at night.
Isn’t Sir Rober Hoek the guy who invented the microscope? Or am I thinking of Leewanhook? (Sp?)
YES! Though i realise now his surname is spelled ‘Hooke’. I was introduced to him when reading Quicksilver (Neil Stephenson).
That’s where I read about him most recently!
(I recall briefly reading about him in biology as well in HS).
Love Stephenson’s stuff.
Gaps need to be filled!
Happy to see this post. I just cut back to 35% and am waiting for a pull back after this spike today to get back in more heavily. I’ll have to take a look at TC and TCK.
I think that’s artful planning, H50.
I have been an Unfaithful Servant of RGLD and CEF at $37 and $18, respectively.
you da man.
Take a looksie at the beautiful $NG chart. That thing was over $15 a little while back. Just starting to run now. I am knee deep in it, and not planning on selling a single share for a long time!
…worth a good looksie… if this company ever starts making positive earnings it will fly…
a break above $5.25 would be good news in the meantime. (my $0.02)
You also da man!
Jake, that is NOT a banjo on The Bands Cripple Creek. It is likely a Jew Harp (mouth harp for the P.C.) and/or a keyboard synthesizer. If I’m wrong, MOOBs will correct me.
Yeah, I agree it comes from a keyboard, but its sort of rubber bandy sounding.
nice post, Jake…
Junior miners: TGB made a neat break-out to the upside 8/21 and is my favorite bottle-rocket to date… the eps has stabilized and this stock could start channeling higher.
Thanks I’ll have a look.
I really enjoy your posts, Jake. I am chuckling over your first paragraph as my 6-year-old started first grade last week and for the past few days, he has been happily singing a little French children’s song, “Le soleil a rendez-vous avec la lune mais la lune n’est pas la et le soleil attends…” Oh yes, I’ve started a position in SAND (that baby SLW) average around 10 and think that it could start moving now that the private placement’s been completed. Have a great weekend:)
Should I decide to buy TC Monday, what are your thoughts on where a stop might go?
I would wait H50… let it pull back from this overbought condition. If you must start, only go 25% and set your stop at 2.99 or so…
Okay Jake I’ll wait. Thanks!