I’ve been lying low, deep within the underground catacombs of my hardened cee-ment (sic) bunker, waiting for the air to change before speaking with you again. Last week the dollar was on the edge of a knife, and it looked like it was poised to strike a blow against my precious metal position that even I, in my well-defended fortress– Haz-mat suited and full-fetal positioned– would find difficult to withstand.
Is it possible we are just enduring one last head fake before the dollar re-asserts itself and makes mince-meat pies out of all my lovely precious metal and rare-earth positions? It’s certainly possible.
But for now, I will revel in the respite, as Stealth-Bernank and the Chinese work out their differences and my “tell-tale” stocks — UPS, FCX and the rare-earths (REE, MCP, AVL, QRM) move nicely here.
If you prefer gambling to regular, gentlemen’s club smoking room type investing (UPS, COP, CMI, MON, etc), then there are two current seat-of-their-pants plays I’m watching right now – sugar high confectionary profits in IPSU and a little-bit-nutty, a little-bit-slutty rare earth play AVL.
I also like SSRI, here, mostly for the pricetag on its silver.
God bless, and I hope to be with you more often this week.
Today was an interesting day, as I sat and ate samiches whilst ordering my sons around as they attempted to clear my ice-bound driveway, and thereby freeing me to do my “early” Christmas shopping.
A roommate of mine with four sons came up with an adage one day with which I have come to heartily concur. It states, “Four boys equals one man.” He now lives in Rochester and had addressed the adage specifically to snow shoveling. Very appropos, therefore, for me today.
Since only two of my sons are old enough to tackle hard work tasks like ice clearing, in effect I had one half a man working out there today. The fact that I had to take over, thereby endangering my back, but also assuring that I’d get to the malls before midnight tonight, is a testament to my friend’s adage. Truly, young teenage males are good for almost nothing save extraordinary food consumption at unprecedented rates.
Please let me know if you need a guest for your seven course holiday meals.
With regaurd (sic) to the stocks (sic) market, I have heaped praises on Le Magistrate’s choice of CMI for over a year now. It has been a paragon of automotive (and trucking) ascendency in this lamely recovering economy, and even today it shows little signs of pausing. Nevertheless, we must be on our guard to pick up anything we can on a retrace, hence the following chart:
Another auto sector darling that has made even more auspicious returns in the same period that CMI has is the head of the Collective, the Borg Warner (BWA). Note how they have assimilated capital returns in an ever efficient, if soulless Locutus-like way over the same period as CMI….
I like this action almost as much as I like UPS looking to broach new all time highs. But we must be patient, and let the trade “come in” a bit, as le Magistrate would say. You can note my target levels, if you so choose.
Also, I think the PM’s have made an valiant effort to maintain here, which usually means there are buyers dying to get in. With that in mind, I bit the bullet and went to a 60% position on EXK, with a 5 k purchase today in the low $6.90′s.
The dollar is down as I type this, so perhaps my faithfulness shall be rewarded. Until tomorrow then, stay assimilated, Borg Collective plebs.
Stung by yellow-jackets on Sat-ta-day, ruined by late night inept Giants football at hostile Lukoil Stadium on Sunday, yet still I rally with room to spare for the big city meeting with the mystery ex-pro ball player and current mutliple centimillionaire. Could be one of my biggest deals since I moved South. (drum roll)
I’m so hood, I just can’t help it, dammit.
And what’s more, the market continued to rally, including my goldbug darling ANV, much to my re-hedged chagrin. Thanks to my selling the calls on Friday, today’s almost $1.40 (5.3%) move felt a lot more like an $0.40 move. Ah well, we can’t all be supreme market timers can we?
I also hedged about 60% of my SLW position on Friday, but she was largely flat today. I do expect both names to climb back down the ladder very soon. I won’t even bother showing you ANV’s chart, but suffice it to say it looks like an arborist standing on a stepladder that’s perched on the radio tower attached to the roof dome of the Chrysler Building. Now if that stock gets bought out tomorrow, you will probably hear me howling in Canarsie tonight, and the Maldives.
All hedges aside, I was still up about 0.5% today, and the market is looking vaguely dispeptic. Tomorrow the Fed will send us into choleric spasms of one form or another, I’ve no doubt, and you know I’ll be watching the dollar for another breakdown from the $81 mark, like we briefly saw the other day.
That could set us off again to bulltard land, as I’ve been trying to relay to the agnostic bearish among us. What’s more, f we do look like it’s run-time, it won’t just be the metals. Yes, ENTR looks like it’s coiling for another sky-blast too. And if you still have CMI, well, keep it as well, ey?