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

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We’re getting into the gambling season, boys and girls.  Not just the annual March Madness, which is pure nirvana for we college hoop fans, but we’re also starting to talk Derby Prep racing, and even some golf course skins.

What better time, then to start pushing “all in” while everyone else is scurrying under rocks and diving for cover?  Listen, I have friends in Japan, people I went to school with, so I don’t mean to disregard this great tragedy, or diminish it’s human impact.  But if you think the market is turning because of Japan, or becase of Wacky Quadaffi, or for any other exogenous reason, you need to start thinking about a good index fund, and maybe concentrating on your brackets.

Listen close, as this may be one of the last few times you’re blessed with the benefit of my counsel.   You have very little time left to get your portfolio right, and I’m a very busy, busy man.   You’ve been running around, like a man in a wifebeater tee shirt with an insane clown posse tatto on your right shoulder, and you’ve been buying “the hot thing,”  “the sexy thing,” and let’s face it, “the easy thing.”  This game is not meant to be easy.  It’s meant to be a bare nekkid, blind folded race through a maze full of knee-high bear traps snapping away at your bag.

It’s time to stop screwing around.  This market is very close to getting that last bit of string pushed out, and you are better off closing out all your positions and going to cash like Scottie than continuing to chase every fleeting fancy sparkler in these latter waning days.

Needless to say, I’m not going to cash, though I did raise some today.  How?  By selling out the remainder of my non-PM, non-core plays.   I made the exception by keeping a little bit of hedged MON and UPS, but everything else that does not glitter or end up in the tank of my car is now gone.   And even my earl plays are very minimal.  I’ve got a little bit of ERX and a little bit of PBR and a smidgeon remaining of OXY.   Everything else — gone.

I will likely take some of that cash and use it for some additional leverage, probably for in-the-money calls on GDX, GDXJ and SLW.   These are more liquid PM option plays, and I don’t plan to be in them very long, but I will know when to climb into them.  It will be when the hammer below breaks through the glass flooring that has become so brittle… so brittle:

Print this page out, tape it to the top of your moniter, and refer to it frequently whenever you get the urge to purchase something frivolously. 

My best to you all, really.

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 [youtube:http://www.youtube.com/watch?v=-ERnT1X9HPw 450 300]

A Song for the Times?
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Well, so much for Helicopter Ben’s New York Times- abetted “tightening” kabuki theater act.

Did you enjoy it?  I hear he’s been studying at the New School.

I dunno, maybe the guys down at Goldman called Bernanke up last night and asked him for some help in getting out of their Euro shorts, since DXY (sorry, no quote yet — see? [[DXY]] ) had run up to about $80.30 today by lunch time, only to tuck tail and (Black?) swan dive right back down to $80 flat just in time for Benjamin’s Jawboning routine at 2:15 pm. 

That particular bit of mummery and prestidigitation must’ve in turn convinced at least one or two bag-holding kaftan merchants from Milwaukee to buy dollars again, because the dollar index got all the way to $80.10 by late afternoon, giving us all that familiar “blah” feeling at the close.

All pretense seems to have dropped away after the stock mavens went home, however, and the dollar is now (as of 12:36 am Eastern) trading back down to yesterday’s low’s at about $79.74, looking at a “next stop” of about $79.50, and then $79 even.     Party on, Garth (and Darth… Vadon, that is).

These incipient moves should be enough to get our rally on in the gold and silver sector, not to mention our other hard currency equivalents including earl, natural gas, and the specialty metals.   I was extremely busy today and I apologize, but my punishment was not being able to add much to the portfolio, although I would’ve loved to finish my Allied Nevada Gold Corp. [[ANV]] accumulation today.   I am quite sure it will be more dear tomorrow.  

I was able to add 60 more June $40 [[GDX]] calls at $5.80.   They were a standing order, and I think I may have been able to get them even cheaper, but beggars, chooser, etc. etc.   I now have total 120 of those $40 June strike calls, and I think I’m done there.  

 The rest of my exposure will remain in liquid equities, and I hope to add to positions tomorrow in the usual suspects, and perhaps some NovaGold Resources Inc. (USA) [[NG]] , New Gold Inc. (USA) [[NGD]] and Northgate Minerals Corporation (USA) [[NXG]] .   I also like Exeter Resource Corp. [[XRA]] ‘s relative strength as of late.  

For silver I may dip my toe in the Chanci selection — [[SVM]] , as I’ve admired their price action recently.  I may also look to grab some additional [[PAAS]] .   If [[CDE]] stalls in the early trade, I may also add to that one.

Platinum is reviving tonight along with its brethren, so don’t forget about [[PTM]] and [[PAL]] . 

On the non-precious side, I may grab some [[ERX]] for a ride similar to that of [[AGQ]] .   I also continue to like Petroleo Brasileiro SA (ADR) [[PBR]] and Occidental Petroleum Corporation [[OXY]] .    I also happen to think SandRidge Energy Inc. [[SD]] is undervalued here, and it is a perennial favourite (sic) of The PPT .

Last, don’t forget Thompson Creek Metals Company, Inc. [[TC]] , Teck Cominco Limited (USA) [[TCK]] and Titanium Metals Corporation [[TIE]] in the specialty metal names, and Sociedad Quimica y Minera (ADR) [[SQM]] , as their lithium is a bargain here as well.    I expect tomorrow will be a good day for we merry shipmates of the U.S.S Jackson.

All aboard!

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There you stand, all “a-guts”with leftover Halloween booty, still feeling a little queasy from too much of that new beer you bought after seeing the “Most Interesting Man” commercial (you didn’t know it wasn’t Tecate… you just told the guy the guy at the bodega… “that Mex beer… you know?”)…

And now, this post-pumpkin Halloween Surprise and a half market.

Well, hold onto your grapes here folks, ’cause I think we’ve gotten an RSI scrape-out and bounce here on the [[HUI]] index, and I think the famed 38.2% fibonacci level has held as long term support in the $378 area.

This is significant because it looks like the price of gold is heading back up again– as mentioned Friday and again today– despite the best efforts of the IMF with their attempts at silencing the insatiable third world gold demand and despite even the recent dollar strength.

I think the overall markets may have one more wiggle before the lows are in, so you may have one more opportunity tomorrow to grab some miners before they begin their march back to El Dorado without you.

I like Golden Star Resources Ltd. (USA) [[GSS]] , [[EXK]] , [[CDE]] for “bang for your buck” cocaine dependent trader types, and I think IAMGOLD Corporation (USA) [[IAG]] and Allied Nevada Gold Corp. [[ANV]] and Eldorado Gold Corporation (USA) [[EGO]] are the best of the Jacksons right now.

As my nemesis, Hippy Red Neck Purdy has rightfully pointed out, [[BIOS]] has broken into that “free air” zone I mentioned in bloggish notes past.   I think it’s good to the $9.50 area in the near-term, fwiw.

Last, for you degenerate gambling types, the double ETF’s [[AGQ]] an [[ERX]] are looking like they are ready to start le bon temps roulletting like a bourbon filled Jeremy Shockey in the House of the Rising Son with Ragin’ and Andy Swan as his parallel-pounding wing-men. 

So hold your gourd, pumpkin eaters, this is seed-spitting time!  

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Update:  For the sadness of All Saints

[youtube:http://www.youtube.com/watch?v=Gvb65dCMjZI 450 300]

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