Overall thumbs up to the RNC. Some lame moments, but this is the Republicans, after all. They are the opposite of slick. Unlike many, I enjoyed Clint’s off the cuff rambling. He’s like your crotchety grandfather — the one you got your sense of humor from, the one who could always make you smile. Rubio had the second best speech of the convention, after only Ryan, and his tying his own immigrant roots-story into the Euro-style socialist policies of the Obama Administration was as spot-on as it was rhetorically brilliant. To whit:
“These (Obama policies) are the ideas that people come to America to get away from.”
Mitt was better than I expected, if only third place (Christie was terrible, IMHO, btw). He humanized himself, I thought, and connected with the women’s vote, which will be crucial. His economic versatility can be taken for granted, and it will be what helps save this Republic, but he’s not going to get that chance without “the womenses.” Unlike Obama, he’s not just another pretty face.
I’m reasonably upbeat about the prospects of the GOP ticket going into November, but much work remains to be done. Despite Obama’s Jimmy Carteresque record, he’s got major dollar-equivalent support from the likes of the major networks and wire services. The good news is the American populace is discounting these propaganda organs substantially in the 21st Century. The Obama-Reid-Pelosi abysmal record is there for those who want to review it, and it’s our job as intelligent arbiters of our own republic to make sure the truth is not buried under slander, spin and misdirection. God bless us all.
I think yesterday’s downspike may have presented an opportunity, market-wise. I may start to step back into some of my sold off SLW and SIL positions. I also like SLV for the duration here. Those of you who have not done so may even think about physical silver. I think we’re done pulling back and getting ready for the (longer term) move back to the 2011 highs. We’re back above the 200 day EMA (and pulled back to it yesterday at $29.40). We may pay pull back to fill in some gaps in the recent rise, but I don’t see SLV getting back below $28.50 any time soon.
For those fleet of foot and young enough to throw some bones on a play, I think BAA presented a nice opportunity yesterday on that big pullback. If you look at this five minute chart, you’ll see a bunch of buying in the last hour of trading, all at that magic $4-dollarish mark.
I think this thing is headed back to $5.00 at some point before year end, and that’s 20% from here. Keep in mind this is a risky one, and against my usual gold miner picking strategy as it’s got tonnes of political risk, being in the “Democratic”(hah!) Republic of Congo. Keep your finger on the “caution” button for this sucker.
Another beaten down stock I was asked about (by Ragin’ Cajun, it turns out, sorry I took so long RC!) is rare earth miner MCP — Molycorp. I don’t own any of this but looking at the chart, it seems like this would be as safe buy with your stops set below the close on the 28th ($10.75). I think yesterday’s action was typical back and fill volatility, and MCP is ready to join the re-inflation party Chairman Bernanke is about to touch off in pursuit of “four more years” for he and Barry.
Best to you all.