Don’t Bungle the Burgle, Bilbo!

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Silver is quickening again and the dollar is drooping…

I remain, however, unconvinced that this was the only shaking we are going to get.   Attend to me now.  I do not recommend selling anything more in egregious fashion.  Your selling should be all but done, as mine is, unless you’ve got an IRS-man’s butcher bill to pay this Friday, which I certainly do.  In that case, you are forgiven for converting more silver-gold shekels into dirty unwashed lettuce.

The question remains, however, should we be buying again here?   Is the coast clear?  I’m sorry but I cannot warrant it.  Things seem a bit too quiet if you know what I mean.   And the symmetry of the cycles argues for a more pronounced drop in some of our more parabolic names…  Take EXK for example:

Yes, we opened up above that green line, and even managed to stay above it, despite the lower closing black candle.  But such a weakling day bodes ill for the future, even with a strengthening silver price. No, the clockwork of the universe demands a finer symmetry, and I believe that means we move to at least our 20-day EMA, which, in flattening, may bring us to our rising support line in the  $10.00-10.50 area. 

The feasting will be sweet there.

And there is another treasure I seek, with my arrows aimed at lower levels than we achieved today.  That valued asset would be the damned elusive AG — which has plagued me since the mid-teens when I first laid traps to ensnare it.   I’ve never owned it… preferring instead to hunt it with stealth at various tepid water-holes.   Only raising my poisoned blow gun once… twice…. and now again:

Now this stock in particular is known for showing me the fool (as I haven’t caught it yet), and it very well could be showing a significant reversal here today from which it will never turn back.   I’m just not sure of it, given the state of the dollar (seeking a rebound soon, I think) and the relative torpor recently evidenced in the price of gold.

My price is a little above the 50-day EMA on this one.   I hope to snare some, but if not, God speed, and happy burgling.

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… No?

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What’s the matter? You don’t like gut-scissoring roller-coaster rides with your daily portfolio analysis?

C’mon, Mr. Pushups, suck it up.   Take one for the team, bear down.  Raise greasy lettuce for samitches.

Did you sell anything today?   I did, but not a whole lot.   My biggest move today was gettting rid of about half of my AGQ earlier today at prices north of $261.   It’s a deleveraging play, much like getting rid of my call options the other day.  I also sold 40% of my PAAS at prices well north of $41.60

 I didn’t sell any more EXK (I’d already dropped 10k shares last week), even though it did the “Egregious St. Vitas Dance” today.   It’s interesting to note my warning post of last week here.  Recall this?

Remember that green line I drew up there when I was cautioning you to let a little go last week?  Well, here’s that same chart today…

Uncanny, no?  

Will it hold?  I’m not sure, and we must remember these momentum burners tend to have the harshest pullbacks.   That said, I still like EXK on a further pullback, as well as SLW if you are lucky.   On the young gold side, AAU, NGD and yes, EGO are already starting to look tasty.   ANV is not far behind, and keep in mind also “dark horse” and relatively recently introduced XG.   If it continues to move  like this I will do a feature on it soon.  

Keep in mind these things can get oversold in two days… it’s just that volatile.   So be ready with your trenchers full of soapy cabbage for opportunities that will be knocking sooner than you might believe.

Best to you all.

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As beautiful as silver and gold are, you cannot eat them.  No, not even the Wonka Bar wrappers or the Hershey’s Kiss coverings you’ve meticulously assembled into a quilt for the spare bedroom.

No, since they are only useful as “stand-in” for a much poorer form of currency, one can only use silver and gold as placeholders for the more awful green stuff that we can then exchange for our MACDonalds (sic) greasy burgers and large fries.

In other words, sometimes you have to sell– even the good stuff.   So why not, then,  cash a little in when things are getting a bit overstretched?   Especially in the instance of a number of our small silver miners.   EXK is one of my favorites, for instance, but even I can’t turn a blind eye to the recent break out of the triangle and (as I’d predicted) parabolic advance immediately thereafter.  Now may be the time to scoop a bit of cream off the top… just to make sure you have pizza money:

I think we blast through $12.00 tomorrow, and I do believe I will take off one sixth of my position when that happens, ensuring myself beer money for the weekend.

I also think AGQ and some of the other miners are in similar rarified air.  I may shave some off of those as well.

If I have some money left after many a frosty bottle downed, I may even grab some more of IAG, as I believe it’s months long “saucer” consolidation is at an end and it will soon be headed to $30, and more:

Note the above is a weekly chart, and that’s a long time coming chart if I’ve ever seen one.  I also see similar breakout potential in both EGO and NGD, the former being more immediate than the latter. 

I will try to post some more chart looks tomorrow.  There’s a lot to be excited about.  Play safe.

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No, not the markets, although that’s going to happen sometime.  Nope, this is just me banging the kettle drum about the dollar going “pink submarine” again.  Had these charts ready last night, but the great god Westin decided to eliminate my wireless signal in random fashion (curse you, Westin!) in the middle of the night and I was too tired to call down and bitch them out.  

In any case, the chart below is pretty much where we are right now, save that the dollar is even lower ($75.90 @ 9:51 am EST) than it is on this chart:

We are fully through that blue line above, now.   Keep an eye out today, but I’d be surprised if we claw back above it today, and I don’t think the jobs number tomorrow will not give Bernanke any reason to tighten.   I have many favorites, but if you’re interesting in catch up, why not grab some volatility in an appreciating asset class.  Three guesses?

We are through that triangle top right now ($9.95) as I type.   Best to you all.

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My world– it is broken.  I cannot tell up from down, black from white, cockatiel from northern tufted sparrow.

Fitty took Quaddafi Blood Money!

Fitty took Khadaffy Blood Money!

Ah haaaaah…  Fitteeeee  took the fuggin’ Choiduffy Blood Money!

(and so did Beyonce too!)

Where, where oh Lord, has the world gone off kilter when childhood heroes like this turn to ashes in our eyes?  Who now can we look to to fill the Muppets Tree Float on the Thanksgiving Day Parade route?  Who will take the opposite of Lil Wayne’s “Douglas” in the best stovepiped 16th Presidential fashion in the Annual Rapper’s Lincoln-Douglas Debates Re-enactments?

Who??

Warren Gee, where have you gone, man?

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Listen, that shit is all funny and everything but I was up over 3.5% in my stock portfolio and 27% in my option portfolio today, so I can afford to make light fun of a bunch of zillionaire celebrities taking more millions off a bloodthirsty murdering thug dictator who was personally responsible for the deaths of 190 of our fellow citizens, not to mention a schoolboy friend of mine, over the skies of Lockerbie, Scotland.

But let’s not play, that shit is pretty fucked up.   I’m sure there were quite a few celebrities who did the song and dance thing for old Adolph when he was in his prime, but I’m going to doubt it was after he started marching Tribesman off into the woods for target practice.

Curtis, what the fuck were you thinking?

Continue to purchase SLW, EXK, ANV, RGLD, EGO, etc.  We are on the thin end, yet.  Pax.

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[youtube:http://www.youtube.com/watch?v=2m2FIQzal9U&feature=related]

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The knock-out makes the fighter a star, but there’s a lot of steps leading up to the fatal punch, that money maker.   It all starts with foot-work.  Ali had the greatest footwork this side of Sugar Ray Robinson, and he defined footwork as a defensive weapon in the famous rope-a-dope strategy, that combined an amorphous passive-aggressive upper body roll with a sly shuffle-dance against the ropes that literally sucked the power from the brutish giant, George Foreman, on that signature humid night in Zaire.

I advocate a similar strategy to assist in absorbing the brutal retaliatory flurries that will inevitably arise from this tidal bull we presently enjoy.  Roll with the punches.  Bleed some shares if you must — 10%, maybe even 20%.    I would not go beyond 30% at this juncture, however.   Keeping cash on hand is one thing, keeping too much of the nasty stuff and missing the rocket launch that is coming is another.

I hope this post will be timely, if in fact today’s hesitation leads to something more stomach churning.  Most important is that you do not lose your focus while the roller coaster whips you about.  

In the end, you must ask yourself the rational question:  Has any single component or fact set changed in the paper money destruction thesis?   If not, you must carry on to the predictable end.

Hint — We’re not there yet. 

EXK, SLW, PAAS, MVG on silver.   IAG and ANV and RGLD on gold.  AAU and NGD and PGZ are for your higher risk plays.  All of these on the expected dips in the next few days.

Pax.

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