Yer Late, ya bastid!
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Things have been ripping around here, as the overstretched band of “no bidness” that plagued us for the first six months of the year has snapped back with a vengeance to “too much bidness.”

I am not crapping you, we are hiring right now, as we just hauled in about five new deals in the last month.   Now I’ve got to actually execute them which is going to stretch me thin all the way into Christmas.

Luckily, my portfolio is largely set.   I will nacker about here and there, but you know my thesis of “Baby $HUI to the Christmas Tree,” ovah heah, and I shall not stray much from it.

Right now, one of my favourite plays — Silver Wheaton Corp. (USA) [[SLW]] looks to be ripping into the close, and the price of silver ($17.71 right now)  is hardly wavering even as the price of gold takes a mini-step back ($1,049.00).

Remember that Allied Nevada Gold Corp. [[ANV]] target fibonacci extension I put up a few weeks back after it’s breakout?  I said it would hit $10.70, remember?  Well, that worked out well, as it’s there and past, and I would look at that $10.70 area as a nice place to pick up some more shares of ANV, which is quickly becoming one of my favourites (sic)  — Jacksonian even.

Last, my beloved, if neglected Jacksonian stalwart, [[TBT]] .    I still own a metric shit tonne of this, even though I sold a bunch in the high 50’s some months back, thinking I’d buy back on a retrace. 

 Well, I was waiting for it to hit that $44.90 fibonacci level we had discussed, and it breached even that  so I said “ok, I’ll wait.”

I should have just bot some there, or at least averaged down.   Now, I’m doing a bit of a chase, and will attempt to refill my love gourds on a subsequent (hoped for) pullback to the $45.50’s area.

That is all for now, but if you want to discuss specific charts, I can throw them up this weekend at your request.  

Back to the salt mines.

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Let the above visial metaphor serve you as caution both political and market-noteworthy.  And I would rather put the emphasis, if I could, less on any proposed lack of intelligence and more — as in this particular case — on a plethora of emotional overload.

I think we’ve all been conditioned since the dawn of the Modern Era to be less disciplined about our emotions and how we allow them to guide our better judgment.  Therefore I don’t derisively dismiss those who would choose a relative unknown, a blank slate — a cypher, even — over “more of the same” after years of increasingly partisan turmoil, economic upheaval and yes, war.  I don’t even calumnize those who would, with less than optimum due diligence, usher such a person in under the auspices of emotionally laden, even heartfelt notions of “change” and “renewal.”

However,  I do applaud those for whom the fugue is beginning to lift. 

A similar sense of euphoria has been brought up short recently, this time in our gold and silver metals and corresponding miners markets.  Despite my many assurances that the treacherous bull of the last nine years would careen about tossing off weak adherents like so many loosely tied marionettes, many are still appalled and even frightened by the pullback we’ve experienced over the last week.

That, however, is an example of the very psychosis of secular bulls.

Like mad men at the mazurka, secular bulls will make you dance for every penny, and some days you will dance your feet raw.  Sell calls, my friends — or take some positions down to a more manageable level if it’s worth your good sleep.  God knows, some nights it’s worth mine. 

Note my [[$HUI]] chart below for clues:

We may bounce here at the $400 breakout, or we may take the $HUI all the way back to the 61.8% fib retrace at just below $380. I am prepared for both scenarios, and I would suggest you gird your loins for both as well.  As for market specific stocks, I like Allied Nevada Gold Corp. [[ANV]] tomorrow, off a bounce of the 50-day, which has served as strong support for a while.   That would be approximately $8.73.

My best to you all.

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After all, this is why we are socking away wins for a rainy day:

So yeah, the Jacksons (up a collective 36.5% since May 1st as of today’s close) may be doing egregious “loaves and fishes” type miracles with your cash pile, but let’s keep our nose to the grindstone, as you’ll need that dough when a ham on rye, hold the mustard sets you back $36.25.

Remember we are all about dollar destruction here.   Take a look at that chart and ask yourself if the Congress and the Fed are going to support that kind of spending (not to mention the huge Medicare and Soc Sec liabilities) via the good old fashioned “belt tightening” of increased taxation and spending cuts?  

As they say in Texas, “No, hail no.”

So let’s be opportunistic and remember that there will be pullbacks in these metals, but that we need to manage our positions to maximize cash flow in this critical period.   For me that means selling calls at critical junctures, and even trimming the sails to raise cash from time to time.  If I’m reading things right, however, you are in for a bumpy, but enjoyable continuing ride here.

Keep in mind Rubicon Minerals Corp. (USA) [[RBY]] has broken to new highs yet again, and Allied Nevada Gold Corp. [[ANV]] remains a favourite pick.   I may take some leverage (ie, bot calls) off the table in Silver Wheaton Corp. (USA) [[SLW]] soon, as it’s run faster than it’s brother silvers by far, with over 66.8% returns since May 1st inception, while [[PAAS]] and Silver Standard Resources Inc. (USA) [[SSRI]] are only at 43.5% and 29.2% respectively.   I think SSRI especially will gain from here. 

On the junior level [[EXK]] continues to be a junior trooper, and I continue with a leveraged position in [[CDE]] as well, because of the acute lack of overhead.  I also own Hecla Mining Company [[HL]]

On the gold side, IAMGOLD Corporation (USA) [[IAG]] remains the monster of the pack, with 85.8% returns since inception, but I’d look for a pullback here before jumping in.   Eldorado Gold Corporation (USA) [[EGO]] and Allied Nevada Gold Corp. [[ANV]] still look like they can pack punch here, however, so keep an eye out on them and yesterday’s mention Gold Fields Limited (ADR) [[GFI]] .  

 Last, non-PM Monsanto Company [[MON]] grabbed back some ground today but continues to be undervalue in the Jacksonian sphere.   Still a “grandkids pick.”   The Andersons, Inc. [[ANDE]] –up over 106.5%  since Jackson inception — is still our leader, and looking for $39 as it’s next “achievment.”

I’ll have more tomorrow, but let’s shut it down with a veritable classic from my youth.   Share it with a favored son of daughter, and it’s likely they’ll never forget it:

  [youtube:http://www.youtube.com/watch?v=P7tQVEEPWv0 450 300]

Slange.

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Real quick, I added to two positions today.  First,  Allied Nevada Gold Corp. [[ANV]] :  Probably my favourite (sic) non-Jacksonian.   It’s pulling back here nicely, and I think getting set to take off, as evidenced by strong closing  volume today:

Note what I did with the Fibo’s on this one? Sometimes, I try to “project” a target by aligning the strong fibonacci levels with a support or resistance line. In this case, I’ve put the 38.2% retrace line (it would have to be a “future retrace” of course) right at the bottom of the congestion zone created by the price-volume bar (green box). If this method is near accurate, we should top out of this next blast off at around $10.70. Let’s see if I’m correct.

Also, I bot my favourite (sic) African continent gold play Gold Fields Limited (ADR) [[GFI]] . Luckily, I’ve already saved this one:

I just love that pretty picture, and added more today at $14.19.  Perhaps a little early, but I’m not too concerned with this one long term.

Last, we cannot ignore earl, and my latest hot shot stock in the development area Parallel Petroleum Corporation [[PLLL]] :

(Update: I’m not going to post the PLLL chart as it’s busted out and looked to be capped at the current buyout price of $3.15 or so. Good job if you were quick like Chanci and got some right away.)