Sorry I haven’t been around to post pictures of ugly food, but I had to blow out of here real early tonight, as Bob Dylan and his Merry Band, along with Willie Nelson and John Commie Mellancamp were in town for a great five plus hours of rock & roll.  They were uniformly good, and Dylan was border line great tonight.   Pretty impressive for a 68 year old dude, living legend that he may be.

Willie is 76 which is just freaking incredible, given that he sounds exactly like he does on the radio.   Even John Commie Melons was pretty spry at 58.  Still, they could’ve dropped him from the team and not have had such an odd mix of iconic greats with aging boy popstar.   It makes one wonder — who will Bob tour with next, Vanilla Ice?

Because I just got back, and because I’m out all day tomorrow, there won’t be a Jacksonian Summary today.  Looking over the list, it’s a pottage of offal.  Down almost 3% today, with our money padrones, both gold (price $911.70/oz.) and silver (price $12.90/oz. ) getting beaten up in a summary back alley fashion, purportedly by Treasury Bond Salesman bearing Snidely Whiplash moustaches.

IAMGOLD Corporation (USA) [[IAG]] was the worst of the lot, down over 8%.  I think that means we get a bounce tomorrow, given that there’s strong support at $9.00 (where we bounced today, btw).    I do think that the price of gold goes to $890 or so, here and that the miners are preceding that move.  

 Again, those of you who are lucky enough not to have a full position should be taking this opportunity to add at least some IAG here.   Yeah, we might see lower prices, but not three months from now.    This is stock that I believe will see at least $15 before the year is out, which is a 66% move from here.

The same can be said for Eldorado Gold Corporation (USA) [[EGO]] , Silver Standard Resources Inc. (USA) [[SSRI]] and Silver Wheaton Corp. (USA) [[SLW]] , all bludgeoned today as well.   Again, nibble with a sidelong glance for the great cat named Treasury, but nibble nonetheless.   You shall soon bell that cat.

I expect we’ll get something of a bounce tomorrow — in almost everything — but again would not be surprised if there is some follow through drubbing on some of these, including even [[TBT]] .   I will be out, but may take the opportunity to dial in some more [[TZA]] on a rise tomorrow, just to continue hedging these summer doldrums.

Non-PM Teck Cominco Limited (USA) [[TCK]] got whacked today too, but I think we may get a bounce tomorrow thanks to our friends at Alcoa Inc. [[AA]] .

On my recent non-Jacksonians, [[BIOS]] can easily get back to $5.25 (its 20-day) and Health Grades, Inc. [[HGRD]] still looks very strong here.   Healthcare seems to be a continuing “safe haven” in this period.   Checkout Amgen, Inc. [[AMGN]] for reference.

_________________

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Teck Cominco Limited (USA) [[TCK]] is the strongest of the litter, here, and most of the precious still have work to do.  The silvers in particular are giving me agita, but only in that they are making me wait.

I bot some more Silver Wheaton Corp. (USA) [[SLW]] today as it tested its 38.2% fib, and [[PAAS]] and Silver Standard Resources Inc. (USA) [[SSRI]] had similar (though not as severe) pullbacks today.   Seasonally, we’ve entered into a slow period in the PM’s, but I am just not willing to sell anything right now, given the precariousness of the bond and dollar situation.   Sure, we could have more strength in both, but I just keep looking at the amount they have to sell this week (hat tip to Scum Bucket), and… well, let’s just say hard money is looking a lot more appetizing, and I’m getting ready to reload on more [[TBT]] . 

Of my non-Jackson’s Allied Nevada Gold Corp. [[ANV]] was actually a gold miner that was up today, and I’ve already mentioned that I increased my position in Rubicon Minerals Corp. (USA) [[RBY]] .   Pretty soon I’m going to look like a gypsy Queen with gold and silver (and a touch of platinum, though I’ve yet to add to my starter position in [[PTM]] yet) dangling off my fingers, toes, ears and dreadlocks.

But that’s what our major theme is going to be here, folks, for the duration, so get used to it.  Soon, you’ll thank me for my persistent nagging.  In fact, it’s quite likely that someday, you’ll be adorning your children in “just 4 Kids” NY Giant paraphenelia in my honour (sic), and sending them off to college with tuition bills paid for in gold doubloons and pieces of eight.

I have every confidence.   All I need is the patience of a Bengal tiger in the deep brush on the annual Marlon Perkins’ Eat a Safari Tourist Day.  

Non PM picks I like, if you’re interested, include [[BIOS]] and Health Grades, Inc. [[HGRD]] here.   Best to you all.

Name/			%
Ticker	2-Jul	6-Jul	Change		Comments
ANDE	$                 30.89	$               29.67	-3.95%		Bounced off 20 day, sell on break $28.90
EGO	9.25	8.75	-5.41%		Closed a cent over the 50-day ($8.74)
GDX	38.31	36.94	-3.58%		Gapped down, doji’d, 200 day $35.94
GLD	91.25	90.76	-0.54%		POG $925 headed for $900?
IAG	10.34	9.93	-3.97%		Bounced off 50 day, patience, a keeper
MON	71.96	73.26	1.81%		Bounced as I suspected, but vol. sucks
NRP	20.77	20.70	-0.34%		Still oversold, but hanging in.
PAAS	18.22	17.83	-2.14%		Looking weak, still.
RGLD	41.52	39.04	-5.97%		Below 200 day EMA, looking weak
SLV	13.16	13.10	-0.46%		Oversold, but 200 week beckons (12.40)
SLW	8.40	7.75	-7.74%		Closed penny over the 38.2% retrace, I bot.
SSRI	18.79	18.20	-3.14%		Doji’d but could seek $17 one more time
TBT	50.73	50.94	0.41%		Looks ready to make a move
TC	10.36	10.07	-2.80%		Could target 50 day ($9.00)
TCK	16.09	16.88	4.91%		Chinese investment give a pop.
TZA	23.63	24.34	3.00%		Portfolio saver again, still 1/2 position
Cash (000)	$               13.44	$              13.44	0.01%		Same
AVG (daily)			-1.76%
AVG (monthly)			-1.14%
AVG (inception)			11.26%

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Silver’s been acting sickly for enough time to start irritating the most patient among us. I can only repeat that after last month’s huge moves, we were do as big a consolidation. Note — not a full retrace, but some pullback here, while the bull tries to shake the riders.

The good news is, gold’s hanging on here, even despite the attempts to knock it flat. It’s down today to $929 on the spot market, from $939.80 — a little bit more than 1.1% for the day. Silver, on the other hand, continues to take the brunt of it, with a 33 cent loss down to $13.60 — or almost 2.4% down for the day. That discrepency cannot hold, as silver is already undervalued compared to gold.

From a technical viewpoint, both the price of silver (POS) and the ETF [[SLV]] are showing similar signs of running into significant support.  I use the ETF here in this example because it’s a little cleaner:

From the chart, you can see SLV’s long term 38.2% fibonacci retrace line lies at $13.14. Moreover, it’s 200 day Exponential Moving Average (EMA) closed at $13.19.

I think there’s a good chance we dip to these levels and begin climbing back before the end of the week. The 38.2% fib line is usually very strong (like it’s inverse — the golden ratio of 61.8%), and it should hold for a solid bounce here. When I see this level, I will be taking advantage of the bounce by taking down a position in the double silver ETF [[AGQ]] , and riding it for at least a swing trade. I may also pick up some more [[EXK]] and any other miners I feel look “opportunistic” at the time.

Best to you.

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So they gave Bernie 150 years in the slam. Sounds like a big deal, but I bet he doesn’t do 12… this side of the daisies, at least. Hey fugheddaboudit, he might even escape the above elaborate costume by becoming the “prison accountant” and doing Bubbah’s taxes every year. Can you see it?

Bubbalah, I have news! Yoah tax refund estimates out at 16 cahtons of Marlboro Reds and a case of Mint Jelly Spam. No, dahling, it is no trouble.  You just pay me my “dahposit” of five cartons, and we can get the ball rolling on this new “thing” right away!

He should be fine.

But enough about old Bernie.  Let’s face it, he’s getting what he deserves, and that’s what we’re all about on the Jacksonian Plan too.   Right now, it looks like the market is taking its time taking a decision.   Will she run up to the top of the hill at 960 again, or jump off the cliff righ here at 926-ish, and end it all, emo lemming style?   I admit I don’t know, as today was a veritable “stick in the mud” despite the drop in the dollar and the increase in oil prices.

Earnings are still coming out favourably (sic) in some industries, including health care and selected technologies.  Aging pension filler behemoths like Johnson & Johnson Johnson & Johnson [[JNJ]] , Amgen, Inc. [[AMGN]]  , Merck & Co., Inc. Merck & Co., Inc. Merck & Co., Inc. Merck & Co., Inc. [[MRK]] and even good old staple stock Pfizer Inc. [[PFE]] are starting to look like they’ves got some gusto here, and the Jackson’s seem like they want to go into hibernation.  

That doesn’t mean there’s not money to be made, however, and on top of the Jacksons I’ll be watching these nutty juniors like Allied Nevada Gold Corp. [[ANV]] and Rubicon Minerals Corp. (USA) [[RBY]] , and some key techs that The PPT has been alerting me to.   Two I purchased today were Fly’s current hot pick [[ARMH]] and perennial PPT favourite (sic) [[BIOS]] at $6.02 and $5.83 respectively.  I am also waiting on an entry for TEKELEC [[TKLC]] , perhaps tomorrow.  

In the meantime, the only Jackson that I think looks appetizing here is [[TBT]] , as I think it’s getting very cheap again.   I continue to monitor the silvers closely, however, as they’ve been volatile lately.  That said, the spot price of silver is back above $14 tonight, and gold is back over $940 again.   Good signs.

 I promise to make myself more available tomorrow, and keep you updated on the purchases and sales, if any.   Good night for now.

Name/			%
Ticker	26-Jun	29-Jun	Change		Comments
ANDE	$      30.23	$      29.91	-1.06%		Low volume pullback.  Keeping an eye.
EGO	9.40	9.45	0.53%		Plateauing.
GDX	39.20	39.15	-0.13%		Hanging on the 20-day
GLD	92.29	92.04	-0.27%		POG over $940 now.
IAG	10.48	10.30	-1.72%		Low volume pullback.
MON	75.25	76.20	1.26%		Still a lot of work to do.
NRP	20.82	21.02	0.96%		Watch for break of bear flag here.
PAAS	19.08	18.55	-2.78%		Turned away at the 200 & 50 day
RGLD	42.07	42.97	2.14%		Low volume retrace, not trusting.
SLV	13.90	13.66	-1.73%		POS back above $14 this evening.
SLW	8.72	8.52	-2.29%		Between the 50 and 200 day EMA.
SSRI	19.52	19.16	-1.84%		Same as SLW
TBT	50.84	50.65	-0.38%		Very slight pullback… looking to add again
TC	10.44	10.57	1.25%		4th upday, on light volume
TCK	16.56	16.06	-3.02%		Low vol, still above 20, 50, and 200.
TZA	22.50	22.52	0.09%		Flat on low volume. Do or die, here.
AVG (daily)			-0.56%
AVG (monthly)			-6.96%
AVG (inception)			14.80%

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We all get busy, so I know this problem plagues a lot of us longer term swing traders and investors.    You take on a small position, justify your trade, and then when it starts doing well, maybe you take a look at selling some of it, but then, having done so…  forget about the rest?

Well, that’s what happened to me with [[EXK]] .  Remember how well that one was doing?  And I even came out and pointed out that it was battling with it’s trendline… here’s the original chart, for reference:

Well it approached it and crashed.  I sold about a third at the time, which is my usual response.  Unfortunately, if I was paying closer attention to this weekly chart, I would’ve sold more on the more obvious retrace direction.  Hindsight is 20-20, but I should have anticipated this result:

Major takeaway —  I need to limit my positions, so I can pay better attention to even small positions like this one.   Think about it, not only did I miss a good opportunity to sell more or all at a significant resistance, but I psychologically barred myself from buying more at the lower support.   Via these mistakes, we breed poor performance.   I will try to do better for myself, and for you, faithful reader.

I still like EXK, by the way, as I do a lot of my smaller miners for the long term.  I just recognize that there will be myriad opportunities to make money in short swing trades in names like one, even as this bull advances.

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My friend Mr. Russell was reconstituting today, just as my enemy Mrs. Pelosi was trying to reconstitute our country’s energy markets.  So you can imagine it was a bit harum scarum.

I will come back later, and blog like the wind in the willows (maybe I’ll have illustrative capabilities back by then), but now it’s off to a super important pool party replete with screaming brats.  Ah, parenthood.

Later.

____________

Back, and I’ve looked at the JCHP for today, and save for the bizarro behaviour of usually reliable Royal Gold, Inc. [[RGLD]] , it looked like a general consolidation day for the PM’s, which is natural given the large moves a number of them made yesterday.  Eldorado Gold Corporation (USA) [[EGO]] continues to look good here, as do a the juniors I’d mentioned earlier in the day (see last post).

I will try to find out wtf is going on with RGLD this weekend. 

The other good news is that the non precious metals — Thompson Creek Metals Company, Inc. [[TC]] and Teck Cominco Limited (USA) [[TCK]] , as well as ag supplier The Andersons, Inc. [[ANDE]] all look like they are uncoiling out of their bullish flags again.  Keep a close eye for volume increases.

Last, be sure to keep an eye on the biotech pinless hand grenades I’ve tossed around over the last couple of weeks.   A number of them did the astral elevator today, I think because of Russell Reconstitution Day.   They included [[HEB]] , [[CTIC]] and ImmunoGen, Inc. [[IMGN]] .

Lastly, Fly’s chip box chomper of the future, [[ENTR]] had a nice gain today, but more important, it rose on huge (almost 16x average) volume.  I did not see their name in the Russell rebalances, so this volume remains a mystery.  Something to look for on Monday, however, as significant volume is usually… well… significant!

The Jackson’s on Friday:

Name/			%
Ticker	25-Jun	26-Jun	Change		Comments
ANDE	$        29.95	$      30.23	0.93%		Moving nicely out of the bull flag
EGO	9.39	9.40	0.11%		Consolidation day for gold
GDX	39.99	39.20	-1.98%		Ditto
GLD	92.31	92.29	-0.02%		POG broke briefly over $940, then back.
IAG	10.58	10.48	-0.95%		Consolidation day for gold
MON	75.66	75.25	-0.54%		Ditto
NRP	20.83	20.82	-0.05%		Flat again, forming bear flag?
PAAS	19.34	19.08	-1.34%		Held up at the 200 day EMA
RGLD	46.00	42.07	-8.54%		Freakish late day drop.   Be prepared to cut
SLV	13.81	13.90	0.65%		Up with the POS
SLW	8.81	8.72	-1.02%		Held up at the 50 day EMA
SSRI	19.65	19.52	-0.66%		Held up at the 50 day EMA
TBT	51.03	50.84	-0.37%		Near flat today, could be done w. pull back
TC	10.31	10.44	1.26%		Like ANDE moving out of flag
TCK	15.99	16.56	3.56%		Same, looking very strong here
TZA	22.74	22.50	-1.06%		Flattish for a triple.
AVG (daily)			-0.63%
AVG (monthly)			-6.44%
AVG (inception)			15.49%

 Update: The Ozzie’s get it right.   Or at least their Senate does.  Let’s hope our own Senate can be as astute when this criminal theft Al Gore bill comes before them.   Hold your reps accountable on this one, people.

___________

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