Developing…
Comments »Green Shoots in Gold Fields?
Oh I had a great picture for today. You shoulda seen it. Larry Kudlow, nekkid, save for a leprechaun’s chapeau and a human sized version of the parti-coloured (sic) NBC Peacock’s fan jutting from his ass-quarters, carrying a wee pot o’ gold for the Jacksons.
Alas, Vincenzo is still in back of the cold room there, with the sand blaster and the servers. You know that marinara gravy, it is recalcitrant. So you’ll just have to use your imaginations.
On to today. First, with regard to the new Jacksonian pick: I still haven’t made it, but today I ruled out any natural gas plays. If you are interested in the reason, please visit The Caveman Forecaster’s blog for a great post on the natural gas market, and be sure to read the comments that follow it as well. Short version: natty is just too volatile and not a great long term performer due to its seasonality, and therefore not a good candidate for long term value like a Jackson should be.
So we’re just going to have to nominate another candidate. The door is still open for your suggestions.
Today, I have to admit I was leaning in the direction of the gold camp again (surprise!). I told you in the post previous about my increasing interest in Gold Fields Ltd., which had an almost mystical meeting with it’s long term (ten year!) 61.8% fibonacci retrace today at the low of $11.42, from which it bounced nicely to close today at $11.58 (+2.75%). I bot a starter position a little higher than that, at $11.67 today.
I also reiterated that the junior miners — as expected — seem to be leading the recovery from our pullback here. For example the non-Jacksonian “Three Golden Horsemen of N” juniors — [[NG]], [[NGD]], and [[NXG]] were all up 6.72%, 7.97 % and 4.29%, respectivley. As mentioned I added to my stores of NG today at $4.94. Oh yeah, another junior gold I own that did well today was [[ANV]] up 5.69%.
I also added to SLW today at the propitous price of $8.88, even though I own gobs of this one already. I just couldn’t hold off with it below $9, and may add again. Stylene of The PPT also added some SSRI at $19.41, and I was jealous even though I was “full up” in that Jacksonian stalwart already. Some of my last purchases in SSRI were higher than that level!
I think the silvers may have begun to feel out a bottom today as well, as you will see in the Jacksonian performance. In fact, the precious metal component of the Jacksons is now “market divergent,” although I’ve a feeling the market will catch up with us tomorrow.
| Name | 15-Jun | 16-Jun | % Change | Comments | |
| ANDE | $ 28.83 | $ 29.04 | 0.73% | Another doji, but crawling back up the triangle. | |
| EGO | 8.28 | 8.51 | 2.78% | Nice junior-joining movement at EOD. | |
| GDX | 37.97 | 38.37 | 1.05% | Nice inside day, showing a change of direction. | |
| GLD | 91.10 | 91.93 | 0.91% | POG back to $935, nice step. | |
| IAG | 9.25 | 9.54 | 3.14% | Oversold yesterday, joined the juniors today. | |
| MON | 84.97 | 81.62 | -3.94% | Sued by rival, still on trend. | |
| NRP | 22.99 | 22.44 | -2.39% | 38.2% fib @ 22.05 decent entry | |
| PAAS | 20.95 | 20.74 | -1.00% | 20.70 support held, still flabby. | |
| RGLD | 41.81 | 42.90 | 2.61% | Didn’t like EOD selloff… 41.50 in future? | |
| SLV | 13.83 | 13.99 | 1.16% | PO Silver still on 50 day EMA! – ($14.16) | |
| SLW | 9.25 | 8.92 | -3.57% | Big support in the $8.50 range if we’re “lucky” | |
| SSRI | 19.92 | 19.62 | -1.51% | If this got to $19, I’d buy it one last time. | |
| TBT | 55.49 | 53.59 | -3.42% | Getting ready to buy back the sold calls at $53 | |
| TC | 11.05 | 10.68 | -3.35% | Support bounce at $10.40. Still w “the market?” | |
| TSO | 14.98 | 14.98 | 0.00% | Not natties to replace, so don’t even say it. | |
| AVG (daily) | -0.45% | ||||
| AVG (monthly) | -7.28% | ||||
| AVG (inception) | 16.47% | ||||
Unattended Addenda: No vids postable this week either, but this is pretty funny fun that is funny (hat tip to the Big Swan).
Wednesday Morning Update: Bot 1k more SSRI @ $19.02. Bouncing on lower channel and support.
Wednesday Morning Update: Of all the junior golds I mentioned yesterday, [[ANV]] is showing the strongest relative strength, which bodes well for it’s continuing performance as this market turns back up for us. I may add a little here as well.
Wednesday Morning Update: RGLD filled that gap from back on 6/12. Currently (@ 12:23 EST) seems to be in “full recovery mode” at $44.23 (+3.10%). This is perhaps my most treasured Jackson, as you know. Hat tip to “Glud” for the shout out on CA’s blog.
Wednesday Afternoon Update: I may have found the new Jacksonian. I really like the pullback on [[TCK]]; especially when considering it’s pullback — almost to the penny — to it’s 23.6% long term fib line (officially 14.52). I bot a small starter here (1.5 k shs) @ $15.04.
Wednesday Afternoon Update: Might do a whole post on this but I am starting to look at other “ten year fib charts” since I got such curious results from GFI and TCK today. Just pulled up SSRI’s and it’s 61.8% fib was right at $19.01!
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