[youtube:http://www.youtube.com/watch?v=xm6PGh2fvTg 450 300]
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Listen to me very quietly and carefully — You need to be on your toes at all time and keep a cool head like Jimmy Dean in a meat locker because half of what’s going on is designed to scare you into a blue paralysis that will render you immobile, and thus, malleable.
The market thinks you’re putty, see? That’s why we’ve got guys begging off, folding their tent, going to cash, putting that roll in a coffee can and burying it on the back 40, right next to the bomb shelter packed with MRE’s. They say “no mas!”
I say “oversold.” I say that some of the wilier tells in the mining industry — like ANV and CDE, NG, MVG, BRD, and yes, even beaten down old XRA all jumped ahead 3.5 to 6.5% today. What’s more, they all stayed up even after the selloff in the precious metals themselves (gold and silver) later in the day.
This is my signal to hold fast and watch the market closely. I still think this debt deal quails the dollar, either by lack of confidence in the foreign markets or by dint of Bernanke printing press (Jackson Hole Conference right around the corner).
So I’ll continue to bide my time here, beer and NUGT‘s in hand, and wait and see what spooky stories the market brings us tomorrow…
All the best to you, my fearless ones.
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