There’s no discounting the genius of Andrew Lloyd Webber, no matter how much you may disdain the theatre (sic) and the Broadway musical genre in particular. Let’s face it, the guy’s first real hit was a modernistic pop re-working of a story from Genesis for goodness sake, and no, spratlings, I don’t mean a Phil Collins biopic. You have to admit — that’s not exactly got “sure fire hit” written on it when you see it on cold, flat paper. But that strange beginning launched the man’s career, and now he’s widely considered the best living writer for the musical stage, with hits like Jesus Christ Superstar, Evita, Phantom of the Opera, Sunset Boulevard and yes, even Cats under his belt.
The reason I bring this all up, oddly enough, is that I was dragged to a community theatre (sic) production of Webber’s Joseph and The Amazing Technicolor Dreamcoat this weekend where my niece was starring as a children’s chorus extra. And oddly enough, it was fantastic. I was thoroughly entertained. I guess that’s how I guage the worth of the intellectual property — if it’s still damn good after the semi-pros get though with it, then it must be some heady stuff.
And I am no big fan of the Broadway stuff, either. I lived in New York for years, but I had to be dragged to every “real” show, just like I had to be dragged to this one. Go figure that I’d never been to a Lloyd Webber show even in the Apple. Next time, I won’t be so reluctant.
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Another thing I haven’t been reluctant about is buying silver like the last man standing on two legs at a lycanthrope convention. This 5-year weekly chart shows why:
As you can see, we’re within a hair’s breadth of the 200 week EMA, which as served as solid support through most of this bull in precious metals (save for the brief period of unpleasantness last Fall).
What’s more, we are very oversold on the slow stochastic, to a point we have not seen since the last time the PM bull was tested, back in 2006. Even more oversold than we showed in the depths of the Fall sell-off in almost every major asset!
I believe this is significant (even as MACD and RSI are not nearly as oversold), if at least for a bounce, and have put my money where my mouth is and bot some more [[AGQ]] as of Friday. I have room for 1,000 more shares, should silver decide to test that high $11 range again. This week’s increase in the Blees Rating (out of 100) to 72 from the previous week’s 66 tells me that commodity traders are taking off their short hedges once again, and readying for strength in the PM’s.
As I mentioned, I think that gold may also visit the $880-$890 range again, and I will be adding to select junior positions if we should be so lucky. Those of you who have not done so may want to take any opportunity to accumulate some physical (again, I like those Maple Leafs) under $900. I may do so myself.
Also, amazingly enough, [SLW] filled a gap that was formed back in March (20th-21st) when it was blasting off out of a consolidation pattern. All of it’s oversold indicators seem to be turning back up, save MACD.
Last, have look at Monsanto Company [[MON]] which is also ridiculously oversold on the weekly slow stochs, and is just a little bit beneath is’t 200 week EMA — the place where it’s been bouncing for the past year, including last Fall and this March. I think this might be a good place to accumulate with a tight-ish stop below the March lows ($69-ish).
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