[youtube:http://www.youtube.com/watch?v=PTUY16CkS-k 450 300]

I’m sorry, I’m a little Johnny Come Way Lately on This, but….

_____________________________

This might be the funniest of these dual play cartoons that have come out yet…  Just the part about “The Ben Bernank (sic)” might be worth the whole six minute ordeal.

And then there is “THE Goldman Sachs.”    Just too much hilarity.

____________________________________

“The head of the New York Branch (of the Fed) is… THE William Dudley…”

Shit, sorry, I’m laughing some more…

______________________________

Henceforth, I will be putting “the” in front of all nouns for greater comedic effect.

_____________________________

Sorry, it looks like THE dollar is still attempting a relief rally after dropping like a stone for nine weeks starting the end of August and reaching all the way to the end of the first week of November.  I suspect that rally, now six days old, will not last out this week.

Why?

Because the Turkey Gods, all red and gold and orange, will come wattling this way next week, demanding their pound of quantitive easing and giblet stuffing for all concerned.   The fat man in the red hat and curly white beard is not long behind the Fat Feathered Gods (not to be confused with the Scat Covered Dogs of The New Oblivion), and they too will demand the dollar die as is slated in the Book of Deuteronomy, right after the admonition against lying down with false cat idols.

I started buying back, ever so stealthily, this last end-0f-week, and put away small amouts of GSS, EXK and SLW that I had dispose of in recent days.   I still have a lot on the menu there, and most appetizing at this point is IVN, which I will take down at any sign of weakness. 

Let us all remain alert in these coming weeks to the actions of the Great Feathered Gods, and of course, their minon, THE Ben Bernank (sic), who scrabbles along behind, with the giant Baster of Heaven, ready to pass gravy unto those who most deserve it… meaning us.

Best to you all.

___________________________________

Comments »

 

_____________________________

I’m on the road and the wi-fi is weak in this hotel room.  Therefore this will be tres brief.

Frankly, I dunno if it’s time to start climbing back into PM’s with a passion, but my guts says there’s one more shake here before we’re ready to reset.  If I’m wrong, we should know by the dollar’s return to the downtrend relatively quickly.

In the meantime, let’s not forget about our old friend, Mr. Egregious Interest Rates.  I like TBT here as a hedge against Bernankianism, even though it looks like we’re due a bit of a pullback in the next few days.

What’s lucky for us, is we are approaching resistance here, and after a pullback, the buy point should be rather obvious:

A break of that line, or a retest, should be a safe entry on what should become a long term hold for you.

Ciao.

___________________________

Comments »

 

Don’t Look Now… it’s Silver Cher!
________________________________________________________

Today’s downstroke rode the same tidal wave out that had been building up and cresting these past weeks and days.   Even I was surprised to see how much power that wave continued to exhibit all the way through this morning’s early peaks.

But you knew that momentum had to recede eventually, and SLW’s egregious heights over any semblance of “the mean” was as good an example as any:

EXK, our other junior silver darling, showed the same signs….

That should make for a nice entry… again.   And although the silvers were the drama queens today, even noble ANV looked to have a little bearish candle hung on it today.  Again, opportunity knocks:

And what, besides outsize momentum, caused these sharp rebounds today?  Of course it was your favourite fiat currency, the almighty U.S. dollar, rebounding out of a seeming death spiral in the low $76 region.  Know look at it:

This weekly chart gives the best perspective of all.   The dollar is obviously rebounding somewhat, but the downtrend is still very much in play.  In fact, I think the dollar will have a hard time getting past that 13-week EMA that’s been containing it for months, like a damsel in a tower.

I don’t believe that line will be crossed this time, either.   Look for a pullback from the high $78-$79 region.

My best to you all, trimmers.  Let the Cher be with you.

______________

Comments »

[youtube:http://www.youtube.com/watch?v=WM1RChZk1EU 450 300]

The Greatest Hip Hop Video Of All Time… Do you Dispute it?

____________________

And so appropos, no?   Can you dispute I got a million ways to get it?

Who holds the Jacksons, still?  Which of you?  

__________________

I took some silver off today, specifically SLW, PAAS and EXK.  My positions in these were fecund and preposterous.  They were an insult to God, they’d grown to such metastisitic proportions.

So I reset on some.   But I keep all of my SVM, MVG, and SSRI, with an eye on adding again to all of them.

And even more so with the gold juniors.   Some have asked me, “what of IAG?” 

More of it here, good sir?

Yes, good sir, yes, yes.    And NG and IVN at any scant opportunity.   But above all, constantly feed RGLD. 

Outside these of the Precious, only MON, UPS and ANDE are attractive to me right now.  

Go on now, I’ve given you enough! 

Go!

_______________________________

Comments »

 Indeuuuud!

___________________
Don’t get me wrong, silver will pull back almost immediately here. And gold should have a nice refrain as well. But all the Glenn Beck modalities aside, let’s not lose sight of the big picture here.

Don’t let the closet commie Keynesians who are currently plaguing the Fly ward you away from the nose in front of your face. It seems there are those who would hew to the belief that the sovrereignity of our currency will remain, unmolested by the tenets of common sense or basic economics. In the words of Lewis Carroll — “Callou Callay, oh frapjous day!’

Nothing to worry about here right?

But then, there’s that old bogey “empiricism,” creeping up to spoil their party once again. One example?

Does this indicate an overbought investment?  Well, sure.  For the last ten years now.   In fact, that’s why perhaps the silver sister has finally begun catching up, and the ratio between the two has begun shrinking.

But there’s still quite a bit of room to go:

Even silver looks a bit overbought right now, doesn’t it?  Yes, in fact, I may take some of my leverage off early this week as a result.  That means I’ll likely sell some of the AGQ I re-purchased in the $93 and $96 ranges, and maybe even sell my SLW December $25 calls as well. 

It’s not like I’m going to sell any of my core positions.  That would be foolish, given the disposition of our currency.  The DX-Y chart is what you should be watching, rather than the ephemeral explanations of the “cake and eat it” economics students who’ve recently appeared like noxious mushrooms on these internets.

Don’t let their quibbles with Glenn Beck or any other broadcast polemicist stay you from your review of the empirical data.  The dollar will bounce, likely at $74 or so.  But that gato will be expired before you can cash your small beer change. 

Friends, the dollar is the Dallas Cowboys of the currency world.  It may have another touchdown or two in its future, but those brief triumphs will be wreathed by tragedy.

Indubitably.

___________________________

I still like EGO, if you’re looking for a latter day saint.  Also, IAG is probably a pullback look. 

_________

Comments »

 

Outside the Fly’s Polling Place

________________________

I am back at the command post at long last, situated in front of the multiple cathode-ray and flat panel screen monitors, in order to BRING YOU THE ELECTION 2010 MIDTERM RESULTS!

It is now a little past 6:00 PM Eastern Time, and the polls are closing all across the Eastern Seaboard.  Early results are beginning to trickle in, and I will update you as they are “called” or at least semi-tabulated.

I am not going to mince the verbiage with you tonight — if the GOP doesn’t secure at least 50+ seats in this House election, I will consider today’s polling a failure.   The same with regard to the Senate — I would require at least 8 seats in the Republican column to be “encouraged” for the road forward for this country in 2011-12.   I’m optimistic, but optimistic about gridlock for the next two years, for first this Congress should “do no harm” to our country.

We will finish the job, God willing, in 2012.

Breaking:  Just caught Nancy Pelosi –smiling like a woman who thinks fossil fuels are made from ground up trilobites she found in the river bed on her ranch property– saying that she thinks the “great turnout” they’ve gotten today will secure her Speakership for the next two years.

It was a fake smile, in case you were wondering.

Updates: So far nothing  much from other states, but in my area, we are already showing Rand Paul with 55% of the early vote, vs. opponent Jack Conway’s 44%.

In Indiana Dan Coates, who came out of retirement to vie for Evan Bayh’s retiring Democrat Senate seat, is up 59% to 40% for Brad Ellsworth, his Dem opponent.   Both of these are expected pickups for the GOP, so no surprises as of yet.

Stay tuned for more action!

________________________________________________

PS — Market wise, we Jacksonians kicked some butt today.  Amazingly, my SLW position had quintupled in size, all-in, since inception (the actual intitial buys are up over 10x).  My other picks in the PM sector continue to soar as the dollar rips lower.  I will continue to keep you informed as to my moves in that space, no worries.

________________

BREAKING!!   Fox News calls two Senatorial Races — with 4% of the vote reporting Fox calls the Kentucky and Indiana Senatorial Races for Rand Paul and Dan Coates, respectively.   That’s one “hold” (for Jim Bunning’s “R” seat in Kentucky) and one “win” (for Evan Bayh’s “D” seat in Indiana) for the GOP.  One pickup, seven to go…. developing!

________________________

Comments »