Yes, I’ve been down here all day stacking cans of chicken stock and chewing tobacky with the Devil Dawg, whilst we discuss Obamacare Armageddon scenarios and the influence of Frederick Heidegger on the work of the BeeGees, post-Staying Alive.
Okay, so it’s not that bad yet, but I’ve “taken some steps” ovah heah, as I mentioned I would last night. One of them was to cut back a bit on certain plays where I had some substantial gains (in the case of Silver Wheaton Corp. (USA) [[SLW]] and Thompson Creek Metals Company, Inc. [[TC]] ) or wanted to reduce some exposure due to flaccidity Eldorado Gold Corporation (USA) [[EGO]] — all in order to raise cash.
I sold 25% each of the SLW and EGO and another one third of the TC, as it broke $9.25. I now have just a third of my original 1,407 shares of TC purchased at $7.11 left. This second batch was sold at quite a bit less than the first ($11.21), but still at a 30% premium.
The SLW was sold at $8.21 right before the close, and the EGO at $8.12, at 6.35% and 1.5% returns, respectively. Ugly and the folk in the PPT will tell you how reluctant I was to part with even that much, but a necessary cash raiser for our protective [[TZA]] , of which we purchased $10,000 worth at $24.82(as mentioned this morning in the last post’s comments), similar to our other “initial purchases” in the JCHP. I reserve the right to add more in $10k increments, and may do so tomorrow, depending on where this market is headed.
I am also looking at [[SMN]] as a possible add tomorrow, and Natural Resource Partners LP [[NRP]] as a possible cut, again depending on what the commodity movers do. Stay tuned.
| Name | 22-Jun | % Change | 23-Jun | % Change | Comments | |
| ANDE | $ 28.45 | $ 28.23 | -0.77% | 50-day @ $27.53, could “touch & go.” | ||
| EGO | 7.65 | 8.07 | 5.49% | Strong launch off the 200 day today (7.64) | ||
| GDX | 35.74 | 37.33 | 4.45% | Also bounced off the 200 day EMA (35.71) | ||
| GLD | 90.54 | 90.92 | 0.42% | $90 seems like support/ | ||
| IAG | 9.04 | 9.58 | 5.97% | Nice rebound from yesterday’s plunge. | ||
| MON | 78.12 | 79.30 | 1.51% | Continue to watch that $77.25 level. | ||
| NRP | 20.60 | 20.65 | 0.24% | Rebounded weakly, may sell tomorrow. | ||
| PAAS | 18.02 | 18.31 | 1.61% | Need some follow through tomorrow | ||
| RGLD | 41.12 | 42.43 | 3.19% | Closed just about 50 day ($42.27) | ||
| SLV | 13.54 | 13.62 | 0.59% | Tepid response, but POS up 15 cents tonight. | ||
| SLW | 7.97 | 8.21 | 3.01% | Needs to reclaim 200 day @ 8.40, or die trying. | ||
| SSRI | 17.56 | 17.99 | 2.45% | same as above, 200 day is @18.91 | ||
| TBT | 53.28 | 51.85 | -2.68% | Could easily get back to 49.25 before bounce. | ||
| TC | 9.40 | 9.42 | 0.21% | Sold another 1/3 at $9.24. | ||
| TCK | 14.57 | 15.51 | 6.45% | Nice bounce off 200 day EMA @ 14.62 | ||
| TZA | 24.82 | 25.57 | 3.02% | New hedge entrant, up nominally today. | ||
| AVG (daily) | 2.20% | |||||
| AVG (monthly) | -9.93% | |||||
| AVG (inception) | 11.03% | |||||
| Cash ( 000’s) | $ 4.14 | |||||
