Basic materials are screaming higher because everyone thinks the Fed is going with QE3 next week. Silver, gold, copper, even coal, are making wealthy men out of new shareholders. God knows the sector has been bludgeoned to death and is due for an oversold bounce.
With that in mind, I bought a little TC today, a mere 200,000 shares, just to test the waters. Most of these companies are impaired and are not worth holding, long term. But, in the short run, they can and will go higher, providing the Fed adds liquidity.
I booked a 6% gain in LOGM, despite the fact it wants higher. It was never central to my thesis and I’d hate to see a small gain turn into a loss. In addition, I sold 100,000 NAK for a 30% gain. I will hold the remainder of my shares into October.
Lastly, I added to PPC because it’s cheap and the protein trade is young. By the time Thanksgiving comes around, all of you buttfuckers will want in. By that time, I will be selling to you for magnanimous gains.
NOTE: Take notice of yet another grande IPO, ADNC. Unreal.
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It appears, great minds think alike.
(Fugger!)
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JG, are you lightening up in the PMs?
I actually lightened up a bit last week, so I’m just holding steady right here. But this is a good time to take profits if you’re asking about short term.
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You lightened up last week? Gary said to hold for at least two more months.
Okay, so. Manufactures were down 1% last month, yet materials are up. Your market makes no sense. Plus it is absurd.
Perhaps the problem is in your own thinking.
Your thoughts on the Basic Materials trade that you’ve been blogging about & stating in the PPT is definitely playing out..hat tip.
The Clam is having a harder time getting his way on the board, esp cuz they can smell his exit date in early 2014 in the air (he said he won’t do another term). Even HILSENRATH from the WSJ is not out saying its a 4sure thing about QE which is not normal for him. Yes, discussed, but still an issue if the Clam has his other Govs with him on this.
TIMESTAMP
Holding TC from 2.51. Welcome aboard the cocaine train.
Welcome to the POMOtoreum …
On this here Blog 5 years ago, I stated that all one needs to do is invest 50% of their net worth in RGLD and stop trading. Well, today its breaking our to all time highs above $90 pps, an annual average return of 40%. Not bad. $100 target is in reach which will trigger a sell of my core position. HL was a steal under $4 a few months ago, did the beep beep..
But there have been huge drawdown in the metals. It is not a seamless ride.
That’s for certain Fly, extremely volatile and JRs have been decimated, that’s why I was so adamant on making RGLD your core holding as it didn’t have the derivative exposure and is a true royalty play without the geopolitical and mining cost liability. The share performance has reflected that, it’s been an absolute cash cow!
Oil sector is in play. XOM, COP, CVX will continue to rip higher.
Canada closes embassy in Iran. Fuck me. Perhaps it’s time to buy gold and oil.
Iran is such a pussy. If Obama wants to really mess with them, he would release the Stat Reserve and smash down their already cheap blackmarket Oil Prices.
I raised some cash today. It may be early but with most of my materials stocks up over 10% today, I had to take some off the table.
I love how the analysts downgraded both CLF and TCK!
CLF up over 14%
TCK up over 9%
I sold positions in both today.
but why?
You don’t think there will be a pull back on Monday?
V.King
Strange market. Several big caps like INTC and CSCO
down big – usually happens
when funds are trying to raise mucho cash.
Maybe to buy metals?
QE won’t fix iron ore demand collapse in China
CLF and RIO buyers are hoping the Chinese go POMO to save them from sub $100 prices
Leveraged names will be raising cash – watch for the bounce to be used for such a purpose.