UUP is our proxy for the dollar as you recall.   It’s right at make or break here hanging about it’s 61.8% retrace.  Now, on my other graphing software, the 61.8% — Golden Ratio — retrace line is at $24.07.   No matter, we want this sucker below $24 to feel good about the dollar not threatening this rally again.  

Good thing we are in PM’s and heavy metals as they are negotiating this squall just fine today.   On the gold side, [[ANV]] continues to show real nice relative strength, to the point where its making me wonder if there’s not something going on.   [[PAAS]] and [[PTM]] are doing well as well, and you may want to have a sally at [[NG]] as it’s getting bootstomped for no particular reason while [[NXG]] is up.  Perhaps it’s the “X” chromasone?

I like [[TIE]]  and [[TC]] is just insane.  I may sell the calls after this posting, in fact.   In the meantime, the golds and silvers are hanging tough, and [[TBT]] is right at my intermediate sell level (high of about 59.50 today).   I may sell the calls on that one as well, depending on what the dollar does to the close.

On other crazy stuff, [[ENTR]] is finally breaking out, while the [[HEB]] takes it in the shorts.   Watch that one, along with [[IMGN]] as I think they’ll both “be baaahhk” like Arnold.   Another Fly buy is [[OVTI]] which I’ve had for a while now, and is finally perking.

Queries welcome.

Here’s a great theme for today.   Whether we’re talking the dollar or the market, you gotta love this humble boy from Northern Florida.  Fantastic rendition, too, the way he gets the blase LA crowd to sing the whole first verse (Hat tip to Boomer):

Update:  Funkier version from Hamburg, sorry about the “non-embed” you can see that one on Youtube.

[youtube:http://www.youtube.com/watch?v=RiztRc910Ps 450 300]

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 Update:  Sorry, no calls to sell on TC!  Therefore I am selling one third of my position here at $11.21.   I am risking that I won’t get the better price to reload.

Update: Bot 1k more [[GDX]] @ $40.88 for shizzles and gizzles.  Hanging on the 61.8% fib.

Update:  Re: [[UUP]]– she ended up at $24.00 on the dot.  Isn’t that just like a woman?

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The market is meandering all day, so I’ve been out eating samitches (sic) and picking mushrooms.    Looks like our precious metal pullback is continuing as expected.    I hope you are taking your time, but picking up some of the Jacksons you have perhaps neglected in weeks passed. 

[[SLW]] in particular looks tasty here, having filled that gap and then some at $10.04.  It’s now proceeding to fill the gap it created this morning at $10.29.   Someday, you will revel in these prices.

From the picks I went over on the weekend, you’ve had opportunities to buy all of them cheaper than Friday’s close, but most have gained back a lot of what they lost this morning (recognizing that [[ARTC]] hadn’t lost anything).    [[TIE]] continues to look like it wants more here, as does Fly’s favorite [[TRID]].

I really hope you took care of the “Devil Dawg Special” in [[SPAR]] this morning, as that perfect contra-indicator gave it his very special “Great Short” blessing, ensuring that it will continue making your grandchildren millions even when you are moldering in your platinum encrusted marble and jade pineapple coffin.

Seriously, it’s not often one gets blessed with a “reverse Devil Dawg.”  Don’t let this opportunity pass you by unattended.

Disclosure:  I bot 1000 shs [[SPAR]] @ $10.07.   Don’t cry to me, you could have gotten it in the nines! 

Targets for some PM’s?  — I’d love to get more [[AGQ]] @ $47.70

More [[EXK]] @ $1.75

More [[NG]] @ 4.75m

More [[GG]] @ $34.35

More [[SSRI]] @ $20.50 (back up the freaking truck)

More [[RGLD]] @ $43.10 (see above)

More to come later, but CAVEAT:  if you join my purchases at the above prices, above shown Devil Dawg will come to your house and give you all of his kibbles and bits.   And you may lose money.

Best to you all.

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Update: I forgot to add that biotech jumping bean fizzing hand grenade [[HEB]] is looking like it might be on the comeback trail again, ovah heah.  Proceed with extreme caution.

Update: Bot 2,000 TIE @ $10.75.

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‘Twas a rough day in the trenches for most of the Jacksonian Core,  but then we turned lemons into lemonade by using the retrenchment here to pick up some final positions in the silver miners, including AGQ (Double Silver ETF), PAAS,  and SSRI.   Those buys were featured in my previous post,  if you want entry points.

   I did not add to my “favourite” (sic) silver miner – SLW, but only because I already have what I consider to be a “full position” in SLW, at least for now.    I may augment that position from time to time with options purchases (or sales in hedging situations), but I will likely not add any more equity in that name.

I also eschewed adding more EXK  (-5.89%) today, due mostly to it’s volatility and low float (less than 150 k shares traded a day).  This is a stock you want to accumulate when it’s asleep — its just too damn hard to pick up when it’s moving hard one way or another.    I reserve the right to add to EXK in more calm seas.

I also added some non-Jacksonian Core gold positions, some old, and some new, whose entries are also found in the previous post.    You’ll recall I purchased a beginning position in NGD just before yesterday’s close.    That stock actually held up well, so I decided to also add its “brothers” NG and NXG.  All of these have been showing favourable (sic) patterns in the last few weeks, and their purchase is part of a diversification strategy in the smaller miners.   It’s best to take this shotgun approach with these smaller guys, as you usually cannot pick up their exposure via the GDX ETF, which only purchases the larger cap issues  but you want to have a position in these flyers for when they start to run.   Some of them will double and triple, but in these cycle peaks, you never know which.     

In that regard, I also added to my position in ANV at the end of the day.    Like with SLW and EGO, I now have a full position in this name, and expect to see it run to at least the 61.8% fib retrace at $6.72 before breaking out to new 52-week highs. 

I also took this opportunity to hedge out my largest (and non-Jacksonian) position in UPS, and to begin a “foot in” purchase in SRS  as well. 

Non-PM Jacksonians did well and not so well today, MON was up a little less than 1% while its sister Ag play ANDE was off  4.67%.    If ANDE cannot hold above the $19.40 uptrend line here, it’s likely to fill that gap over a dollar below it.   As well, Jacksonian Core Coal play NRP (-4.89%) has been performing miserably here, even as coal operators have been consolidating.    This could be due to a (temporary) interest rate response, but I won’t recommend adding to this one until it’s back over the 38.6% retrace at $22.70.     Last, refiner TSO was largely flat–  off less than half a percent.

Without further ado, here’s the 14-Member Jacksonian Core’s performance (arranged alphabetically for your reading pleasure) for today:

ANDE — $19.79  (-4.67%)

GDX — $37.94 (-2.61%)

GLD — $91.09 (+0.42)

IAG — $9.87 (-2.66%) 

PAAS — $19.26 (-3.02%)

RGLD — $40.60 (-2.98%)

SLV — $13.81 (-1.49%)

SLW — $8.85 (-5.04%)

SSRI — $19.93 (-5.18%)

TBT — $49.29 (-2.08%)

TC — $7.68 (-4.00%)

TSO — $16.09 (-0.43%)

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A bloody good evening to you all!

(Warning! Extremely stupid video to follow, usher the children from the room)

[youtube:http://www.youtube.com/watch?v=teM_imSYGVs 450 300] 

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Bot 1,000 more AGQ @ $44.27.  Bounced right off the 61.8 % fib line at $43.57 this morning. That would have been the perfect entry, but I was trying to respect my 10:00 am discipline.

UPDATE: Ditched the remainder of my CRAAPL @ $121.05.  Only 400 shs left, but I kick myself for not cutting it loose over $130. 

UPDATE: Bot 6,000 NG (PPT: Buy) @ $3.30

UPDATE: Bot 2,000 more SSRI (PPT: Sell) @ $21.18

UPDATE: Bot 6,000 (starter position)  NXG (PPT: Strong Buy) @ $1.85

Non-Jacksonian UPDATE: Just hedged out my UPS position purchasing the July 50 puts and selling the July 45’s for a debit spread of $1.50 a contract.   Shelter in a storm.

Non-Jacksonian UPDATE:  bot 2,000 SRS @ 24.55-.56 for downside hedge.

UPDATE: Bot 2,000 more ANV (PPT: Strong Sell) @ $5.81

UPDATE: Bot 1,000 more PAAS  (PPT: Sell) @ $19.09

Caveat: If you purchase any of these PM plays you may wake up with The Midas Touch — but ironically — only with respect to your favorite cats.    On top of that, you could easily lose money.

Developing…

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AGQ (+3.75%)

EGO (+2.28)

EXK (+8.24)

GDX (+4.42)

IAG (+4.11)

PAAS (+1.28)

RGLD (+6.98)

SLV (+2.04)

SLW (+5.78)

SSRI (+7.41)

And newcomer (bot 10k @ $2.19 late day) — NGD  (+13.54) 

Non precious Jacksonians MON (+4.82) and TC (+3.36) did well today too.   

Ever onward — this PM revolution is not done by a long shot.

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[youtube:http://www.youtube.com/watch?v=Gz3Cc7wlfkI 450 300] 

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UPDATE:  Looks like we will have a chance, however brief, to get into some of these silver (and gold) plays this morning if we have been remiss.  With my usual caution, I will wait until 10:00 am or so to see what the market looks like.   I will be looking specifically at the smaller caps, like EXK, ANV, EGO, NG, NXG, and even CDE and HL.

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