Did you take some action today? Were you nimble? Were you quick?
I’ll have you know today I, “Jack,” jumped many a candlestick, whilst running away from ex-Nazi dentists with maddeningly persistent, OSHA-oriented questions.
Did you?
I’m not going to mess around posting a bunch of charts, mostly as so many of them look the same with their one day reversal candles… but I’m going to say it here and leave it up to challenge. Today was a gift from the PM stock gods.
You see, today was the day “they” — the Operators — were going to shake the tree on all the trepeditious weak hands in the PM sector. They were going to drive gold below $1,000 and then knock you over the head with a sockful of nickles to see how many positions you’d drop onto the ground for them to Hoover up.
And they were successful — to a point. They were able to force gold below the $1k surface for a little more than two hours of trading this morning (NYSE hours) before, like a dirty beach ball in the Coney Island medical wash, it broke out above the waves again and headed higher. As I type (11:15 pm), POG is almost $1008 again, and POS is approaching $17. I’m betting we see more recovery tomorrow.
The same thing that happened to physical gold and silver happened across the precious metal mining sector. Very rare was the singular breakout like our previously recommended Corriente Resources Inc. [[ETQ]] , “the Latina Beauty.”
No, most of our names offered instead outstanding opportunities to buy at deep discounts today. Just pull the chart on any Jacksonian or other oft-mentioned PM name and note the reversal dojis as they roared to recovery, some all the way to the green.
And yes I took advantage, though I announced only to The PPT today, as I mentioned I would. And no, I don’t mean to torture you like Sir Laurence Olivier with a rusty dental drill, but… well…
You see, I think we are in trading this Fall in very opportune times, and I want to make sure the people kind enough to keep this worthy site going “in custom” as it were, are rewarded with first dibs on choice observations.
So please don’t think me unkind, but rather, think of me as merely giving you yet another incentive– by way of whirring dental drill– to at least take a peek at The PPT… for your own “toothsome good,” as it were.
Here’s an (edited) log of my announcements on The PPT‘s famed User Notes today:
10:30 & 11:15 am— Bot 15k shares [[CVM]] @ 1.90 (blended)
11:03 am— Bot 40 Silver Wheaton Corp. (USA) [[SLW]] December $9 strike calls @3.60, (SLW @ $12.12)
11:45 am — Bot 1k more [[PAAS]] @ $22.84
11:51 am — announced “POG back over $1,000 oz. again, if you blinked you missed it.”
12:02 pm — announced a potential new flag break formation on Beazer Homes USA, Inc. [[BZH]] .
1:07 pm — Bot another 2k of BZH @ $5.75 (limit order placed at 12:10 filled)
1:22 pm — Took advantage of the huge discount in IAMGOLD Corporation (USA) [[IAG]] and added another 2k @ $13.66 right as it bounced off the upward sloping trendline.
1:36 pm — pointed out the (then 12%) breakout in Corriente Resources Inc. [[ETQ]] .
In addition, after the above purchases, I also gave a “preview” on three potential plays that I think are setting up, maybe as soon as tomorrow. And remember, this is the kind of thing that is happening every day on The PPT, and not just with my picks, but with trades, observations and analyses of every serious trader involved on these pages and elsewhere.
As a result, we’ve become near-Homeric in our collective winship. Grab an oar if you like, we’re off to Troy again tomorrow.
Slange (sic).
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Makeup bonus: Just to prove I’m not an over-secretive ogre, I’ll divulge a non-PM tasty I’ve been eyeing. Take a look at ANADIGICS, Inc. [[ANAD]] on a pullback to $4.75-.80 here. I think it’s going places. Best to you.
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