Oy, that’s hot!
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Yes, Yes, BAC is rallying, but I’m not trusting this.

Rather, I think the FAZtards are about to have their sup o’ gluttony, here, as the weeklies try to reclaim the 13 and 34 week EMA’s they’ve already pierced.

I’ve found this is a fruitful place from which to grab some SKIFFLES, or in these more modern day, FAZ-mobile vouchers for a ride home.

I expect we’ll get turned at some point in the range between the $46.75 and $47.50 mark. That’s when the Citi Parti will experience the first pang of hangover, and then, le deluge.

And gold is overbought even as the dollar surges back, same with silver.   I will stay with my hedges there, and perhaps add a GDX hedge as well tomorrow.

It can’t be sunny every day.   Keep your chevrons up.

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I Know…. Nosssink! 

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Regrettably, it’s come to my recent attention that my site has become infiltrated by black bag conspiracy nuts of the Alex Jones variety.  I would ask without undue rancor that knot-heads believing in the alleged 911 “Inside Job,”  the Barack Obama Birth Certificate Kerfuffle or the Bilderbergian/Illuminati Central Axis Hypothesis (whatever that means) to kindly pole-stave off to a nearby conspiracy swamp of their choosing.

You see, all political movements — left and right — have their nutty fringe, and I’d rather not indulge those fringes right now given the seriousness of our national economic and social plight.

 So please, continue thinking that you’ve got that Jewish Lobby Puppet Master thing all figured out, and do keep proferring your legal brief claiming Barack Obama is just George Bush in more fashionably cut business attire.   That’s all fine for the Cheetohs and Miller Lite– Lone Rifleman meetings you’ve been conducting in Mom’s basement apartment, but this site is not for such erudition.

And don’t get me wrong,  it’s not just about your poor spelling and ham-handed grasp of the Queen’s grammar that’s putting me off.  Generally, that’s an amusing byproduct, in truth.

No, the ban is really about getting serious.   We’ve got a little over a month to go to make sure the bums on both sides of the aisle get the message that we are too well informed an electorate to allow another ten year Great Depression to come about under our watch.    It’s time to make sure that we have representatives educated in economics and U.S. Civics as a baseline. 

 That means no more “government-first”  initiatives, and the only time the word “investment” should come out of a poltician’s mouth is when he or she is referring to the myriad free choices for risk capital available to the private sector.   If these rubes can’t understand “First, do no harm,” then they must at least understand “Stand down, and let the people govern themselves.”

You see, it’s an ironic verity that the PPP’s mentioned in today’s title are actually  giving the “government-firsters” ample cover by repeating their paraonoic’s claims.   In fact, it seems PPP’s can’t realize that the people who would imprison them are not wearing the jackboots of their dark dreams, but instead carrying the clip-boards and white coats of the empathetic and concerned bureaucrat. 

It’s this attitude of creeping  incrementalism that must end.   Only by remaining wholly rational in its face can we hope to return to the principles — by no means perfect, but always powerful and disposed towards freedom — that brought this country to its acme.

Instead of cursing the darkness,  light a blowtorch, and think about which candidates are seeking to keep your markets and by proxy, your civilization, free.  Then go and give them every hand you can spare.

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Looks like the dollar may have temporarily bottomed late Friday afternoon, as it’s rebounded about a quarter over the low $78 it posted then.  Tonight (midnight Monday morning) has dollar trading at $78.24 and gold and silver about flat.  I continue to hope for a bit of a pullback here, but I’m not counting any chickens and would advise caution in the coming days.   October is seasonally weak for gold, so you might be on the lookout for a nice bit of weakness with which you might ride Santa’s sleigh into the Yule holidays.

Still hedged on SLW and ANV, everything else is foot loose and fancy free.    My best to you all.

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Yes it is….

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I haven’t a whole lot to add, save that I expect a ripping bounce (at least) if not a further resumption of the dollar bow-out.   We actually came within four cents of hitting $82.50 after hours on the DXY (dollar index) and I wouldn’t be surprised if she tried for the 50-day at $83.06 after such a ramp.

That said, The PPT is very deeply oversold and that’s worked as a signal for me for the duration, so I will respect it.   The dollar has already busted into overbought territory on the 5-day RSI stochastic, and even the slow stoch is  catching up after being severely oversold just yesterday.  Expect volatility, but continue to expect dollar death.  It’s already back down to $82.25 this evening.

For tomorrow, in time-honored The PPT tradition, I will be soaking in a mixture of Epsom salts and TNA at the open.   As an after-bath aperitif, I will be enjoying a balsamic vinaigrette and gin reduction of ENTR, which wants higher, despite today’s crazy ride.

Gold is holding steady and so is silver.  Add to long term plays as you see fit.  RBY was even up today, God bless her.

Best to you all.

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We may get some pull back here in the golden markets, as — ironically — the dollar declines and the Euro strengthens. This reversal would be a sign of diminishing panic, and may be taken as a cue for traders to offload some “bunker assets” like gold and silver and lovely platinum, the precious platypus of heavy metals (much like the late Ronnie James Dio, R.I.P.).

But as I said to a faithful reader today — do not forsake the bull for the distress of  an uneven ride.  Bulls can be ornery and force one to pour over the Yeller Pages for the solace of a chiropractor, but they are in the end, powerful avenues to wealth for long term trend traders. Until much further notice, we are in a PM bull, and all eyes should be focused on the quality names.

As a result, I must fall back to Allied Nevada Gold Corp. [[ANV]] again, despite their recent capital raise that has their stock back on it’s (round) heels. Still the weekly path could be no clearer here for those still waiting to participate:

The daily is a little more hairy but describes some nice entries.   I like the 20-day here ($18.64) , but only if it holds like it has been since March.   It’ll be worth waiting for, I think.

On the silver side, I liked [[EXK]] ‘s action today, but I still love Silver Wheaton Corp. (USA) [[SLW]] for the long haul.   Here’s a look at the weekly chart and SLW’s quest for a more tolerant planet:

And here, again, the considerably uglier daily chart, which I believe is still under voice-command until further notice:

In short, I think opportunity will be knocking soon, in it’s best Vince Sham-Wow “Limited Tyme (sic)” pitch guise.   There will be others (for example Cree, Inc. [[CREE]] and Veeco Instruments Inc. [[VECO]]   who shined through today) but these are my two current foundation plays.  

I am leaving Royal Gold, Inc. [[RGLD]] out only because it’s a different royalty animal, but I’d get any of that that was available as well, should we dip on the PM side.

Stay strong, despite the mugfuls of black charnel soap bubbling in your Campbell Soup Kids’ cawfee bowl.

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What do I always say to you about dire times?  You want to buy gold, silver… and pasta of course.   What are you going to do, eat heavy metals that are far more useful worked into cheery adornments and dental hardware? 

No, of course not.  

In times of rising food prices, you want to eat staples that will fill your belly while providing you the carbo-rush you need to get you through those crucial trading hours between early morning sugar frosted bombs (and coffee) and late afternoon Butterfingers bar from the vending machine (and cawfee).

You need pasta to fill your demanding gut.   With some red gravy, or maybe some butter, or a light slathering of pesto.   You want the hot hot penne, the tri-color wagon wheels, the masticola.   So, it seems,  do many others, if judging by today’s nice action amidst Col. Kurtz’s “horror the horror” market show (brought to you be Procter & Gamble) will attest.

Check what this li’l beauty did today among the carnage that is all things not precious metals:

Now granted, this sucker had good numbers today… with expanding gross and net operating margins.   That’s all good, but you know that the real reason for [[AIPC]] ‘s increasingly good numbers is “the new frugality.” 

Embrace it, pop it in your mouth, swish it aroun your tongue.   It’s the latest thing.

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Not the latest thing is the relative strength of gold and to some extent, silver, in this downdraft.   Yes, even with [[UUP]] threatening $25 again, and the dollar index (DXY) being over $85 this afternoon, it seems the PM’s are holding their own.   This bodes very well for them on any reduction of the dollar’s recent climb.

That said, my perfomers today were [[GLD]] and [[SLV]] , Allied Nevada Gold Corp. [[ANV]] and Eldorado Gold Corporation (USA) [[EGO]] , and [[EXK]] and [[GDX]] , IAMGOLD Corporation (USA) [[IAG]] and Royal Gold, Inc. [[RGLD]] , my favourite here.

I like all the PM’s until further notice… they’ve decoupled from the dollar, and that can only be a good thing.

I also got hammered today in Monsanto Company [[MON]] and [[TBT]] , as was so kindly pointed out by my own personal troll.   Amazingly, I bot some more MON just below $60, though not far enough below.  I continue to like both names.

I am near exhaustion level, ladies and germs, business is that crazy.   I’m sorry I didn’t get to post a new one to you intraday today, but I will try to be there, at least through the comment section, in doozy dozy days like today.  Be safe, as Fly says, but look for the rebound here tomorrow.

My best to you all.

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Yeah, there are a lot of silver eggs breaking out, but why not play off the Easter theme and show how [[PAAS]]  is bouncing off both excellent (and reliable) trendline and moving average support lines?

Look at these here eggs!

Silver is over $18.00 tonight and I expect more from [[SLV]] and [[AGQ]] tomorrow.  But in the long run, you are best off with the people that pull this beautiful, most useful metal out of the earth.

That’s Silver Wheaton Corp. (USA) [[SLW]] , [[SVM]] , [[EXK]] , [[CDE]] , Hecla Mining Company [[HL]] , Silver Standard Resources Inc. (USA) [[SSRI]]  and of course E8’s [[MVG]] — a most excellent call.

Gold will blow out in unison, but as always, Silver is the high beta T-Rex.  

Best to you all.

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