[youtube:http://www.youtube.com/watch?v=RDnlU6rPfwY 450 300]
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.