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Yeah, I’m still selling.

Maybe “Armegeddon-style.”  Like I’m one of these fine Japanesey blokes fighting like a samurai to smoosh my face against the rising nylon tide.

All I know is that the dollar trade is stre-e-e-e-e-e-tched taut. There’s only so much a dollah can take, after all.

Before it snaps.

So I’m selling, into egregiousity. I’m selling beautiful IAMGOLD Corporation (USA) [[IAG]] — one third of my portion at 2k shares @ $18.87.

I even sold more Silver Wheaton Corp. (USA) [[SLW]] today… only 1k at $16.15, leaving me with 10k left.  I got rid of the bulk of my KKR Financial Holdings LLC [[KFN]] as well, 4k shares at $5.35.

Meanwhile, in Market Earth, people keep appeasing the Turkey Gods with supplications comprised of gold scoffing and precious metal pilgrimage, saying :

“Oh Turkey Gods, if only you will make this a secular bull, and give reasons unto us that will be economically feasible for this uplifting in the markets, I will promise to stop throwing trash and banana excrement on my neighbor’s lawn, in Thy mercy.”

Too little too late, I say.  My pendulum is stuck at 9 o’clock, but not for long my fair thee widgets.   Said pendulum will come “crack-back” style to implode the knees of those hoping for a consolidato (Italian for “get up & go market”).

I am at 30% cash right now.  Near unprecedented.  There’s only so much a market can take, and guess what?   I’m selling more calls tomorrow.

Best to all you nylon tug of war mavens.

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He was Emo when Emo wasn’t cool.
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Stubbornly and like an ass, I sold continuously throughout  the day.    

In drips and drabs of course, but it becomes cumulative after a while.   Frankly, I don’t know how Docteur Le Fly does it.   It seems like one day he’s fully invested and then — BOOM! — He’s 60% in cash.

It doesn’t even seem to faze him.

I, on the other hand, agonize on every share sold in a rising market, even as I know deep down in my medulla oblongata (sic), it must be done.  I am at a little more than 25% cash right now and I feel as if I’ve been scourged on the wheel for a fortnight.

Perhaps I shall cut out that nasty M.O. and be shrived of my cognitive dissonance sins at last.  Who needs motor function anyway? I can always blog at you via sophisticated “eye-blink” technology, right?

Onto the shriving.   Needless to say, I bought nothing today, despite the ambulatory nature of such Ag Gems as Jacksonians The Andersons, Inc. [[ANDE]] and Monsanto Company [[MON]] , which finally broke back over the $80 barrier.    You remember the old Fly-saying, yes?  “If it gets over $80, it’s going to $120?”

We shall see.   I also like Intrepid Potash, Inc. [[IPI]] and Agria Corporation (ADR) [[GRO]] , but lower.

Sales today were across the board on the PM’s and I even took the time to sell off some odds and ends as well.

I sold some enormous Eldorado Gold Corporation (USA) [[EGO]] today — almost 30% of my stash, 4k at $13.12.     I also sold 2k shares of the enormous performer IAMGOLD Corporation (USA) [[IAG]] , one third of my holdings in that name, for $18.85.    Sawing a hunk of my shoulder blade off would’ve been less painful.

Of my 6k shares of [[GDX]] I sold 2k outright at $50.18, and then hedged the remainder by selling March $50 calls at $5.25 a piece.

Taking a dull spoon to my eyes, I sold another 4k of Silver Wheaton Corp. (USA) [[SLW]] , and then hedged 7k of the remaining 11 by selling 70 March $16 calls at $1.90 and $2.00.     Perhaps talking about it here will assuage my pain? 

I sold 2k of [[PAAS]] at $24.68 and another stray K of Allied Nevada Gold Corp. [[ANV]] at $12.16, leaving me with 4 and 10k respectively.    What will you have of me next?  My children?

Oh my, I must have been putting this one out of my mind, as I’d almost forgotten… I also sold 8k of [[EXK]] today (40%!) at $3.68.  Arthur Koestler, I know your Darkness at Noon!

Last on the precious fronts, I sold 1.5k of [[CDE]] at $21.99 and $22.03, and 4k of Rubicon Minerals Corp. (USA) [[RBY]] at $4.16.  

On the “odds and ends” front, I sold another 2k of [[BIOS]] at $7.68, leaving me with only 2k left, which I will not sell outside of Armegeddon, where I may need River Styx fare. 

I also sold 6k of Citigroup Inc. [[C]] for a rare loss (only a couple of pennies plus commish) on a complete “cautionary” basis.   I think I can buy those back cheaper, is all.    Last, I sold a stub amount (1k) of Sinovac Biotech Ltd. [[SVA]] which I’ve owned since the low $3 range, for $7.51.

Last, but not least, I booted the remainder of my [[ERX]] (1.5k) with the dividend pushout, at $38.46.

I am quite exhausted and on tenter-hooks, ovah heah, but I must trust my charts and instincts, or all is lost.   I am thinking we will see a correction at least into Turkey Week, as Tim Geithner and the Klown Kircus will be selling more yummy T-bonds into the maw of Mother Market whilst we prepare for Pilgrim Foods.

You know what that usually means by now, I expect.   If not, you have not been paying close attention, and are condemned to suffer the fate of Piglet during Swine Flu Saison (sic).    (Ostracism)

Best to you this weekend.   Off to see an Opera.

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Addenda — if you haven’t already done so, be sure to ring up your block head Senator and tell him/her that this Obamacare is a train wreck waiting to happen.     It looks like Dirty Harry Reid and the Dem Senate are taking a page out of Madame Pelosi’s book of legerdemain and are going to try to jam this through in a Saturday Night Special.   If this were a good bill, of course they’d have no need to be so serpentine.

Ciao.

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There’s room for Every-frickin’-body!
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It’s quite likely I’ll be busy today, so I wanted to throw a couple of brontosaurus burgers out there for your barbecuing pleasure in case things get all jiggy like yesterday.

‘Cause, make no mistake, we are entering into primo deal season here, if all of my bidness (sic) radar array are working in proper function.  My group is busier than a one-armed Palo Alto Perma-Bear at a self-congratulatory back-patting contest, and if the middle markets are moving, then I’m going bet the big boys have more cooking than just Uncle Warren’s Train Set purchase yesterday.

For one example, look for deals in the edumacation business, for one thing — companies like Apollo Group, Inc. [[APOL]] and DeVry Inc. [[DV]] and Career Education Corp. [[CECO]] have all been beneficiaries of a sea change in education delivery in the last decade or so.  

However, I think the paradigms are going to change even more drastically going forward.  I am getting this intuition from the myriad start-ups and later stage deals I am seeing in this space over the last 12 months.   As a result, I’d look for tuitions at all but the most exclusive post-secondary schools to come down in the very near future.   As a father of four near-genius children, I couldn’t be more pleased.

That aside, I think there’ll likely also be acquisitions in the Precious Metalspace as well,  as the various hedged and non-hedged behemoths squat and mark their territories by gobbling up junior miners with promising cargoes of “ounces in the ground.”   

To my chagrin,  I have no insight from an M&A perspective, as the majority of that deal making occurs north of our borders in the frozen outbacks of Canuckistan, completed by cigar-puffing investment bankers wearing snow-blindness goggles and polar-bear fur pantsuits.

Therefore, I can only point you out the promising junior and middle sized firms that may be in the snowmobile screens of various behemoths like Barrick Gold Corporation (USA) [[ABX]] , Newmont Mining Corporation [[NEM]] , Goldcorp Inc. (USA) [[GG]]  and AngloGold Ashanti Limited (ADR) [[AU]] .    These include:

Golden Star Resources Ltd. (USA) [[GSS]]

IAMGOLD Corporation (USA) [[IAG]]

Eldorado Gold Corporation (USA) [[EGO]]

Silver Wheaton Corp. (USA) [[SLW]]

[[CDE]]

Hecla Mining Company [[HL]]

Exeter Resource Corp. [[XRA]]

[[BAA]]

Ivanhoe Mines Ltd. (USA) [[IVN]]

[[EXK]]

[[PAAS]]

Silver Standard Resources Inc. (USA) [[SSRI]]

Compania de Minas Buenaventura SA (ADR) [[BVN]]   ———->>>> note: this one can be an acquiror or an acquiree, given it’s geographic interest.

and of course, the “catch all”  — [[GDX]] .

There are quite a few more that I’ve left off as I’m rushing, so feel free to add your own, and I may or may not add or comment on those later.

Best to you all, and one last thing:  beware the bear traps — and those calling petulantly from within them.

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Update: In a shocking and unexpected move the dollar is down again [[UUP]] .

Who could’ve seen it?  Heh. 

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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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Happy Halloween Surprise Mothah-Cluckas!
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Okay, just burn it if we don’t bounce here. Here’s the amazing thing about this Halloween Surprise we’re experienceing right now… someone almost predicted it.

And I say “almost” only because he said we’d retest the lows today and then rally all next week, and obviously, only Fly and his Time Machine can check that part out yet.

Here’s the thing. He said this when we were hitting Wednesday’s lows, and he predicted yesterdays’ massive rally and today’s retest!  If he hits on all cylinders  with this prediction, we may have to give him his own blog.

But let me tell you Fly aint gonna like it.

“Developing….”

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Let me tell you what I’m doing right here and now… I’m “wading in.’   I sold some more of my options yesterday under the “too good to be true” axiom, thinking we’d at least have a little pullback from yesterday’s move.

Well I guess we did have something didn’t we?     Well, we more than tested Wednesday’s lows (again, as mystery guest predicted) and even filled that October 6th gap.   We are now on the march back, however tentative, and I’m adding to my PM’s here, and other Jacksons.

I already bot 200 more [[AGQ]] this morning, too early again, at over $55.   Dumbass, right?  Well, I’m not too worried about AGQ long term, truthfully.

I am also eyeing my “strength” Jacksons, including suddenly cheap silvers Silver Wheaton Corp. (USA) [[SLW]] , [[EXK]] , [[CDE]] and on the gold side Allied Nevada Gold Corp. [[ANV]] , IAMGOLD Corporation (USA) [[IAG]] and Eldorado Gold Corporation (USA) [[EGO]] .  

Let the price of gold be your biscuit here… it’s not even coming close to the lows of Wednesday, which tells me this is one more false “whip” of our secular bull.   Don’t get bucked.   Those of you who were lucky enough to sell some yesterday (and even the day before) deploy cautiously, but wisely.

And with great vigor.   As your cautionary flag watch for $22.70 on [[UUP]] — that seems to be holding off the Huns for now. 

Best to you.

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Zut, Alors!

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Some of you may wish to take this opportunity to weep like a disgruntled Maginot Line engineer a week after the Blitz (see above).  

That’s right it’s crying time again.   That time when the gold and silver bulls that as of late have been so docile and yielding of fresh milk (as far as you know) have now grown into raging Tauruses (Taurii?), trampling your bloated carcass and rifling your pockets for loose Good & Plenties.

But let’s check our calendars shall we?   Has Sinterklaas arrived already, muling his burlap bag of kittens and freshly polished wooden clogs?  

Has Mother already placed a large roasted poultry on the dusty “for guests only” dining room table and surrounded it with gut-stuffing, cream-embossed ancillary vegetation  seen — thankfully — only once a year?

For that matter, have even any cleverly disguised neighborhood brats beaten on your manor door, claiming King’s Right upon any nougat resident?

No?

Well, then, heck — go order a Kung Pao or something.  Take the day off.   Feed the birds.    Go have a pigeon sandwich with pigeon sauce on the side.

Or if you’re of a mind, and have recently grubbed some coin selling an egregious biotech hand grenade with your one remaining three fingered hand, see if there aren’t some glittery bargains out there you may have missed the first time around.

Caution — nothing’s really much of a bargain, valuation wise.    To buy here you’ll have to accept the thesis that we are “dollar unhinged” at this point, and that gold and silver are going quite a bit higher.   If you’ve been with me since inception, you’ve probably bought into that much. 

We’ll look at the dollar later tonight.    There will be a low and a rebound, but I don’t think it’s coming until [[UUP]] is down below $22.00.   That said, we’ll remain cautious.

There’s not a ton out there that I’m eyeing to add, but that’s only because I’m so “jug full” at this point.     I  continue to think the silvers offer the best opportunity, so I may want to look at the double POS(ilver) [[AGQ]] .

I also think [[PAAS]] is an opportunity here, thanks to yesterday’s sell-off on the merger news.  

[[CDE]] is hardly taking a breath (and I forgot to include it in yesterday’s list, my bad).  

 Silver Standard Resources Inc. (USA) [[SSRI]] has been lagging, but it’s known to catch up rather quickly. 

  Silver Wheaton Corp. (USA) [[SLW]] is of course my favourite (sic) silver,and don’t forget mighty mite [[EXK]] .

On the gold side, my current favourite — and non-Jackson — Allied Nevada Gold Corp. [[ANV]] is pulling back here.   I also like Yamana Gold Inc. (USA) [[AUY]] and [[BAA]] on this pullback.    

Of the Jackson golds, Royal Gold, Inc. [[RGLD]] is “the one” I choose above all others, thanks to its royalty leverage.   IAMGOLD Corporation (USA) [[IAG]]   and Eldorado Gold Corporation (USA) [[EGO]] have also been champions and will see the 20’s by Christmas, in my opinion.

One last thing, platinum is really picking up after lagging here, and I think  [[PTM]] is very close to “BTFO”  in the $16.50 area.   This is one to have in your portfolio as a “core holding” along with [[SLV]] and [[GLD]] , in my humblest opinion.

That’s enough for now.   Go to the boulangerie and weep over an anisette and black-black coffee.

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