[youtube:http://www.youtube.com/watch?v=DgwJJ3pXvOw 450 300]
(Appropos of nothing, really)
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I don’t even know why I attempt to suggest other varietals. Is it the desire to be au courant? The obligation to entertain? Devil-may-care hair in the wind type stuff?
I don’t know, but really… it’s just plain silly. There’s a single bull market at play here, and this is what we are about. I had a bunch of positions take egregious losses today, most notably those in the “hot but not” LED space, like CREE and (worse) VECO. POWR hung tight, but I can’t imagine that nasty Friday WSJ article will leave it be, either.
I even took a small bit of VECO off today, in the mid-33’s, because I figured it would be a while until I saw that position back in the drivers seat. No matter, as I bought more AGQ with the proceeds and promptly saw it rise a buck and a half (to $60 a share). Is there anything more exciting than having one’s steed cut down from underneath one in the midst of pitched battle, only to find a stronger charger at the ready?
That is why I was not down today, despite egregiousity in the above names and even some other hard metals like TC and TCK. It was all due to the gorgeous strength of our gold and silver portfolio. I speak primarily of the silver miners, including SLW, PAAS, EXK, SVM, MVG, CDE, SSRI and HL. But the gold’s included prized champions like RGLD, ANV, EGO and IAG, who were stalwarts too.
Note how the $HUI index held up today on the weekly:
Am I wearing cats’ pajamas or is that thing looking like it wants $520? You tell me.
Then there’s one of my favourites, ANV. She’s just been a trooper since we picked it up just under $6 last year, and is seeming to have no trouble moving on three times that size. Note that strong weekly consolidation?
And the daily looks just as promising, after a decent pullback:
Another promising pick, and one I should leave alone and go macrame a duvet, or something “crafty” like that. God knows I’m only dangerous going outside my “comfort zone” in the PM world, and He surely sent me a signal today.
May be time to re-assess and de-stress. Real money is coming back into vogue once again.
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