Last I saw him he was running around, all ass & tail, gunning down shots of Don Julio and screaming “New Lows in July, damnit!!”  

But here it is August, and the only lows I’m seeing are the catatonic stair steps of [[UUP]] as it heads to its crypt in the basement.  Remember my post about the “noise zone” from the other day?  Here’s our result:

Looks like $23 is the make or break area, here.   If we get there, I think we get at least a bounce.   Would not shock me to see further deterioration after that.

Again, that means good things for our PM and Jacksonian buddies, and they all rallied today, with the overall portfolio up 3.23% today and now breaking to new highs since our May 1st inception, with a return to date of 26.62%.   My only regret is that I didn’t put more cash to work last week when I upped my Monsanto Company [[MON]] and Thompson Creek Metals Company, Inc. [[TC]] holdings back to their former strengths.  

Another interesting note — while Mr. Anderson — The Andersons, Inc. [[ANDE]] remains my top performer with a 92.81% return since May 1st launch, my second chasing close on his heels is also my newest pick Teck Cominco Limited (USA) [[TCK]] which is up an astonishing 88.76% since first purchase back on June 16th at $15.04.    Most of the PM’s are in the 20’s percentile range (still off their June highs, mind you) with IAMGOLD Corporation (USA) [[IAG]] leading that pack, up 32.06%.

The one Jacksonian clunker (for which I receive a large “cash” dividend) is Natural Resource Partners LP [[NRP]] , at a negative (4.11%).   I will consider NRP’s inclusion in the ongoing list, unless it’s laggard status improves.

As for the best of the Jackson’s currently, the silvers seem to be standing out nicely, with my favourite (sic) Silver Wheaton Corp. (USA) [[SLW]] breaking out past it’s 61.8% fib, and looking to continue here to resistance in the near term at $11.00 or so.   I of course will hold onto it until the bonds of time are loosed.   Silver Standard Resources Inc. (USA) [[SSRI]] also looks extremely strong here, with another breakaway gap, up over 6% today like SLW.  [[PAAS]] was only up over 5% today, but is exhibiting the same tendencies.  

Last, non-Jackson junior silver [[EXK]] was also very strong today, with a nice volume spike and also gapping up over resistance. levels.   It seems to be heading to it’s recent highs ($2.40) , and I’d say that’s going to come quickly.   My analysis is that the Central banks were so busy suppressing gold today that they forgot about her little brother, and the beach ball popped above the water for all to see….

Onto the non-Jackson golds–  I still like Allied Nevada Gold Corp. [[ANV]] , which is becoming almost Jacksonian in its stately and dignified rise here.   Take a look at it’s weekly chart when you get a chance — it’s a thing of beauty.   As mentioned in my comments section, [[BAA]] broke da Flummox out today over the $2.14 barrier I had mentioned in my chart the other day, and Ivanhoe Mines Ltd. (USA) [[IVN]] is looking to move higher.  I also still like Golden Star Resources Ltd. (USA) [[GSS]],  even though it’s rise was crippled by the Curse of DMG early this morning.  

On the non PM front, I still very much like Mirant Corporation [[MIR]] — which also has A and B warrants, if you are interested in that type of thing.   I also applaud any of you that took my [[CNXT]] breakout signal chart from the other day to heart.  I think they’ll be more there, btw.  

 That should be enough for you to digest for now, but check in my comments section tomorrow for trading updates.   Best to you all.

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Sorry I haven’t been around to post pictures of ugly food, but I had to blow out of here real early tonight, as Bob Dylan and his Merry Band, along with Willie Nelson and John Commie Mellancamp were in town for a great five plus hours of rock & roll.  They were uniformly good, and Dylan was border line great tonight.   Pretty impressive for a 68 year old dude, living legend that he may be.

Willie is 76 which is just freaking incredible, given that he sounds exactly like he does on the radio.   Even John Commie Melons was pretty spry at 58.  Still, they could’ve dropped him from the team and not have had such an odd mix of iconic greats with aging boy popstar.   It makes one wonder — who will Bob tour with next, Vanilla Ice?

Because I just got back, and because I’m out all day tomorrow, there won’t be a Jacksonian Summary today.  Looking over the list, it’s a pottage of offal.  Down almost 3% today, with our money padrones, both gold (price $911.70/oz.) and silver (price $12.90/oz. ) getting beaten up in a summary back alley fashion, purportedly by Treasury Bond Salesman bearing Snidely Whiplash moustaches.

IAMGOLD Corporation (USA) [[IAG]] was the worst of the lot, down over 8%.  I think that means we get a bounce tomorrow, given that there’s strong support at $9.00 (where we bounced today, btw).    I do think that the price of gold goes to $890 or so, here and that the miners are preceding that move.  

 Again, those of you who are lucky enough not to have a full position should be taking this opportunity to add at least some IAG here.   Yeah, we might see lower prices, but not three months from now.    This is stock that I believe will see at least $15 before the year is out, which is a 66% move from here.

The same can be said for Eldorado Gold Corporation (USA) [[EGO]] , Silver Standard Resources Inc. (USA) [[SSRI]] and Silver Wheaton Corp. (USA) [[SLW]] , all bludgeoned today as well.   Again, nibble with a sidelong glance for the great cat named Treasury, but nibble nonetheless.   You shall soon bell that cat.

I expect we’ll get something of a bounce tomorrow — in almost everything — but again would not be surprised if there is some follow through drubbing on some of these, including even [[TBT]] .   I will be out, but may take the opportunity to dial in some more [[TZA]] on a rise tomorrow, just to continue hedging these summer doldrums.

Non-PM Teck Cominco Limited (USA) [[TCK]] got whacked today too, but I think we may get a bounce tomorrow thanks to our friends at Alcoa Inc. [[AA]] .

On my recent non-Jacksonians, [[BIOS]] can easily get back to $5.25 (its 20-day) and Health Grades, Inc. [[HGRD]] still looks very strong here.   Healthcare seems to be a continuing “safe haven” in this period.   Checkout Amgen, Inc. [[AMGN]] for reference.

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[[AZK]] – big buy at EOD on Friday — over 20% of the day’s stock traded in the last 30 minutes.

[[CDE]] – Very high volume (over four times average) white doji after ten (!) red down days in a row.  Bears watching.

[[DROOY]] — 29% of all trading in one five minute period on Friday (3:50-:55) drove the stock up 43 cents (5%).

[[EGO]] This Jackson pick also had almost three times volume on Friday.  Strong into close until last five minutes, with a massive sell stick.  Ended with an inverted (white) hammer, volume indicating bottoming.

[[FRG]] Could get interesting over $4.21  — handle breakout?  Also, E8’s possible AEM buyout pick.

[[GRS]] Could be a short here, on a break of $6.90.  Weird EOD activity on Friday.

[[IAG]] Again, almost 3x normal volume on an up day for this Jackson, but massive last ten minute red candles give pause (1.4 mm shares out of 9mm total).

[[NGD]] Another that looks great on the daily chart, but then that last five minute plunge gives one pause.   Breaking out up til then — could’ve been opex.  Looking for handle breakout here.

[[NXG]] Massive volume white doji, but last ten minutes blood red too.  Still on trend.

[[RBY]] Maybe the best pick of the day, breaking to new all time highs on Friday.  STILL had EOD selling the last ten minutes!  What was going on?   I guess we’ll see soon enough…

Developing…

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(Thanks to ‘Shed for the family photo)

As expected,  the miners have begun to consolidate a bit of last week’s (and last month’s) run up.    Nothing major mind you,  but the $HUI tells the tale here.  Remember this weekly chart from the 22nd of May?

A little more than a week later, the $HUI is behaving as indicated.   Remember that red line — the “likely target for a short rest?”    Here’s today’s same chart: 

This wholly expected retrace may bring us as far back as the top of our “consolidation box” ($375-ish).  But if the dollar and the 10-year continue to exhibit problems, I shouldn’t expect this rest to last much longer than that.    I will be using this time to aggregate some names like [[GG]] and [[AUY]] that I’ve been looking to add.   Those of you who have been waiting for a Jacksonian entry may want to consider this week’s opportunity as well.    

One other thing, I’ve been thinking about water as an appreciating commodity recently, and many of the water-related stocks have begun setting up nicely.  I may take a shot at grabbing some of the desalinator [[CWCO]] tomorrow if the stars are properly aligned.   

Note the new “comments” section on the JCHP performance chart.    Innovative, no?  

Best to you all.

Name		1-Jun	% Change		Comments
ANDE		$       26.00	3.59%		Moving with the Ags
EGO		9.69	-2.32%		Accumulation opp. Here
GDX		43.41	-1.70%		$HUI pullback
GLD		95.73	-0.49%		Resting for the leap to one grand?
IAG		11.02	-2.22%		Friday’s gap @ $10.92
MON		81.48	-0.82%		Yet to fill gap @ $85.06, Barron’s mention ↑
NRP		24.24	2.45%		Low volume up day, KOL up big
PAAS		23.39	-0.13%		Still very much in uptrend channel
RGLD		46.14	-0.92%		Half volume day, pullback
SLV		15.35	-0.78%		Friday’s gap @ $15.06
SLW		10.49	-0.29%		Friday’s gap @ $9.99, will it get there?
SSRI		24.30	1.72%		“Indefatiguable”, Friday gap @ $23.26
TBT		55.52	5.47%		Gapped up, strong volume day
TC		9.99	4.06%		Gapped up today, didn’t fill.
TSO		17.51	3.36%		Hugging the top of the triangle, must break $17.80
		AVG	0.73%

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There is nothing like “living for the moment,” and I won’t begrudge the staunchest of my conservative reader base a splash in Fly’s Pool of Carney Delights,  over on his blog and in the incredibly exciting “User Notes” section of The PPT  .   Let me assure you, ladies and gentlemen, there be some astute trading minds throwing Kruggerands around in that room.

That said, I’m sure glad I’ve got the bulk of my holdings in the JCHP, my friends, because I’m not sure how much time is going to be left in this “bring your own lava lamp” filthy 70’s-era hot tub party.    I think I already see some unpleasant objects of questionable birth rising up amongst the bubbles.  

First, I’ll draw your attention to our friend, Mr. U.S. Dollar.   He’s pretty much in “do or die” territory here, and frankly, I’m thinking we’re in trouble whether he strengthens or not.    Lookee here — remember our faithful dollar proxy UUP?

Well, heck if he’s not banging around down at the same December 18th lows that set the timer going on our next market plunge (which occurred about two weeks after the dollar started to climb again).   And here’s what’s worse… the dollar can continue to go down here, but I’m not sure that’s going to benefit our stock markets much, either.  

Why?   Well because there’s another bit of business the dollar keeps low if it’s behaving, and that’s our Treasuries’ interest rates.   If we show relative strength in our dollar, then foreign investors are willing to keep our debt.   But if the dollar keeps getting mauled here… well, those same folks might not be so kind to our lovely treasury paper.   Remember back when we first advocated  TBT as a Jacksonian pick?  Here was the chart:

We were expecting a nice move up, and we sure got it — in spades.   However, now the rapid run up in rate must give us pause with regard to how much longer the music can play.   Look at how far we’ve come since that last posting:

Bang!  All the way above the 200-day EMA.   Now you know I’ve been selling calls against my position here, in anticipation of a pullback.  Well, even as I expect a pullback, I’m just as ready to take a loss on those calls if I see this thing launch anymore than it has.  

Remember, TBT is my “Stock of the Year” pick in Rajun’s annual contest, and I continue to believe TBT is going to be the play of the next three to five years, minimum, thanks to the unwinding that will have to happen in our long term bond rates.   That said, high interest rates eventually take a bite out of stock prices, so we are going to have to be even more synched than ever with the JCHP. 

Remain vigilant my friends, and make sure you attend to RGLD.   I believe it’s the harbinger of our gold holdings’ future.   The other PMs will follow it’s lead, but it will likely become the star of this Jacksonian portfolio in future.

UPDATE:  I added another 1,000 shares to my SSRI holdings today.   I will add another 1,000 if I see further weakness, and then I will likely be “full up” in this name.

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		26-May	% Change
ANDE		$   24.95	6.90%
GDX		41.84	-0.50%
GLD		93.76	-0.73%
IAG		10.56	-2.76%
MON		85.25	-1.57%
NRP		22.75	2.43%
PAAS		21.64	1.03%
RGLD		45.38	2.53%
SLV		14.42	-0.55%
SLW		9.49	1.61%
SSRI		20.82	-4.19%
TBT		55.07	2.80%
TC		8.73	1.04%
TSO		16.73	3.08%
Avg %			0.85%

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Not to be disparaging, but I’ve felt I’ve spent the week with a squadron of flying goats.   There you are flitting from tree to tree looking for the best green shoots, ears up and horns out,  “baaaaahhhing” it up to beat the band.   

Chips stocks!  Cancer stocks!  Lenny Dykstra Car Wash franchise stocks!  Get ’em while they’re hot from the chute!

But why must you make your lives so difficult?  There’s no reason to search for rare buds in the top branches of the acacia tree when there’s plenty of bull grass right here on the ground.   Come down from there and take a look at the freshly scythed alfalfa I have gathered for you, my yellow-eyed friends. 

Remember our weekly $HUI chart from last week?

Well, look what’s happened this week…. Pop!

Can anything be more promising than that little green bud out of the consolidation zone?    And yes, we’re a little overbought here, and should be coming into some more resistance around 400 or so, but we should welcome that opportunity.  

After all my boy, it is a bull market — and maybe the only one you’ll see for years to come.  So relax some, take a load off, and get your nets ready.   It’s almost harvest time again.

This week’s Jackson Core Holdings Portfolio results were very pleasing, especially as measured against the indexes.   So have some nice goat cheese this weekend, and maybe try to pause a second whilst hoisting that relaxing beverage to remember those who have served, and especially those who have fallen in order that you could enjoy this great country.    Be well.

Name	5/8/2009	5/15/2009	∆	5/22/2009	∆
ANDE	$    21.50	$      21.31	-0.88%	$    23.34	9.53%
GDX	37.46	37.65	0.51%	42.05	11.69%
GLD	89.98	91.55	1.74%	94.45	3.17%
IAG	9.92	9.83	-0.91%	10.86	10.48%
MON	86.42	89.95	4.08%	86.61	-3.71%
NRP	23.39	21.29	-8.98%	22.21	4.32%
PAAS	19.35	18.66	-3.57%	21.42	14.79%
RGLD	39.90	39.97	0.18%	44.26	10.73%
SLV	13.79	13.77	-0.15%	14.50	5.30%
SLW	8.91	8.58	-3.70%	9.34	8.86%
SSRI	20.06	19.06	-4.99%	21.73	14.01%
TBT	52.24	49.13	-5.95%	53.57	9.04%
TC	7.98	7.65	-4.14%	8.64	12.94%
TSO	16.72	16.60	-0.72%	16.23	-2.23%
		AVG	-1.96%		7.78%
Name	5/8/2009	5/15/2009	∆	5/22/2009	∆
SPY	$    92.98	$      88.71	-4.59%	$    89.02	0.35%
QQQQ	34.23	33.37	-2.51%	33.54	0.51%
DIA	85.47	82.78	-3.15%	82.87	0.11%
NDX	1,394.16	1,355.11	-2.80%	1,363.17	0.59%
RUT	511.82	475.84	-7.03%	477.62	0.37%
		AVG	-4.02%		0.39%

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