Yes, I’ve been down here all day stacking cans of chicken stock and chewing tobacky with the Devil Dawg, whilst we discuss Obamacare Armageddon scenarios and the influence of Frederick Heidegger on the work of the BeeGees, post-Staying Alive.
Okay, so it’s not that bad yet, but I’ve “taken some steps” ovah heah, as I mentioned I would last night. One of them was to cut back a bit on certain plays where I had some substantial gains (in the case of Silver Wheaton Corp. (USA) [[SLW]] and Thompson Creek Metals Company, Inc. [[TC]] ) or wanted to reduce some exposure due to flaccidity Eldorado Gold Corporation (USA) [[EGO]] — all in order to raise cash.
I sold 25% each of the SLW and EGO and another one third of the TC, as it broke $9.25. I now have just a third of my original 1,407 shares of TC purchased at $7.11 left. This second batch was sold at quite a bit less than the first ($11.21), but still at a 30% premium.
The SLW was sold at $8.21 right before the close, and the EGO at $8.12, at 6.35% and 1.5% returns, respectively. Ugly and the folk in the PPT will tell you how reluctant I was to part with even that much, but a necessary cash raiser for our protective [[TZA]] , of which we purchased $10,000 worth at $24.82(as mentioned this morning in the last post’s comments), similar to our other “initial purchases” in the JCHP. I reserve the right to add more in $10k increments, and may do so tomorrow, depending on where this market is headed.
I am also looking at [[SMN]] as a possible add tomorrow, and Natural Resource Partners LP [[NRP]] as a possible cut, again depending on what the commodity movers do. Stay tuned.
| Name | 22-Jun | % Change | 23-Jun | % Change | Comments | |
| ANDE | $ 28.45 | $ 28.23 | -0.77% | 50-day @ $27.53, could “touch & go.” | ||
| EGO | 7.65 | 8.07 | 5.49% | Strong launch off the 200 day today (7.64) | ||
| GDX | 35.74 | 37.33 | 4.45% | Also bounced off the 200 day EMA (35.71) | ||
| GLD | 90.54 | 90.92 | 0.42% | $90 seems like support/ | ||
| IAG | 9.04 | 9.58 | 5.97% | Nice rebound from yesterday’s plunge. | ||
| MON | 78.12 | 79.30 | 1.51% | Continue to watch that $77.25 level. | ||
| NRP | 20.60 | 20.65 | 0.24% | Rebounded weakly, may sell tomorrow. | ||
| PAAS | 18.02 | 18.31 | 1.61% | Need some follow through tomorrow | ||
| RGLD | 41.12 | 42.43 | 3.19% | Closed just about 50 day ($42.27) | ||
| SLV | 13.54 | 13.62 | 0.59% | Tepid response, but POS up 15 cents tonight. | ||
| SLW | 7.97 | 8.21 | 3.01% | Needs to reclaim 200 day @ 8.40, or die trying. | ||
| SSRI | 17.56 | 17.99 | 2.45% | same as above, 200 day is @18.91 | ||
| TBT | 53.28 | 51.85 | -2.68% | Could easily get back to 49.25 before bounce. | ||
| TC | 9.40 | 9.42 | 0.21% | Sold another 1/3 at $9.24. | ||
| TCK | 14.57 | 15.51 | 6.45% | Nice bounce off 200 day EMA @ 14.62 | ||
| TZA | 24.82 | 25.57 | 3.02% | New hedge entrant, up nominally today. | ||
| AVG (daily) | 2.20% | |||||
| AVG (monthly) | -9.93% | |||||
| AVG (inception) | 11.03% | |||||
| Cash ( 000’s) | $ 4.14 | |||||
See, now, that’s funny. But I thought DD got Google to blur his blue prints.
Or was that just the satellite shot of his house?
BTW, you’re doing the Lord’s work here, Noah style.
What’s a cubit?
Now Jake, hold your horses with the hedges.
Gold has now broken the downtrendline since the beginning of June. At least the decline will slow down now, if not marking a bottom. The 61.8% retracement at 912 could actually mark the bottom. But lets see…
TZA, like the other 3xETF’s, is very dangerous to hold over night in periods of whipsaw market conditions.
Fuck, I ve got Bunker envy..makes mine look primitive
@ottnott – A cubit is an archaic measure of length approximately 1.5 feet long.
SLW looks like it may have hit the bottom for this pullback, but we’ll see.
It could bounce up to 9.25ish and then make a small double dip back to the 7.50 – 7.75 area. See similar action March 3 to March 10.
http://www.twitpic.com/7skuf
Glud- understand all that, and I’m willing to risk a little drawdown until I know we are back on the march.
The concentration of TZA is a little less than 6% of the port right now.
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Fans of Gene Wolfe know what a cubit is, btw. He prefers cubits, chains, spans and stades to more conventional measures.
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in mon @80.16
Bought a 100 share starter position in TBT at $52.20. Not the best print of the day, but she opened with a bang and I wanted to get ‘er done. Price looks better on a monthly chart…
Having a great day so far. I hope it lasts.
Somewhat odd to get the explosion day, today, on Fed day, instead of yesterday when you’d expect a snap back.
No one ever said this market was easy to trade. Holding the TZA for now.
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from the wsj:
Monsanto Co. reported a 14% drop in quarterly earnings and announced a restructuring the will break out its herbicides business and cut 900 jobs, or about 4% of its work force, companywide.
Revenue at the operations that include herbicides slid 39% in the company’s fiscal third quarter. Sales of Roundup and similar herbicides dropped 47%, in part because of cooler, wetter weather…
You can ask the PPT participants what I said yesterday about selling some SLW and EGO — basically it was this:
“I’m doing this for all of you, as this is the only way to turn these stocks around.”
Proven to be 100% accurate 60% of the time.
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Freeman — are you in Bonita Springs, FL? My aunt has a place on Sanibel. Lovely in that area.
Naples seems to be the only housing market in Florida that doesn’t go down.
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Nice house:
http://www.yesterland.com/futurehouse.html
They forgot to mention that mom and dad are unemployed and they can only buy GM processed food with their fascist gubbermint food stamps.
NG, NXG, NGD and EXK all up over 6%. The juniors, it seems, will abide.
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That’s one hideous pod house, Scum.
Do you live in Disneyland, or do you do your “Goofy” act freelance?
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GReat move in the JM’s glad to see you comeback strong Jake and Jacksonian holders …. was going to be with you as of yesterday but got beat up bad almost elsewhere that made me biased against buying anything and rather sitting on 59% cash.
Milan — you’ll have plenty of time to buy here. These things never go straight up. Most frustrating damn stocks to trade in the universe (prolly most manipulated, too).
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FYI — $HUI is bumping up against the bottom of the uptrend line it broke just the other day. Needs to get past $345 in order to break back above.
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Do you live in Disneyland, or do you do your “Goofy” act freelance?
Not Goofy, Pluto, in orbit around Uranus.
Actually I live in naples right on the bonita border… Your aunt has a wonderful island to call home. I don’t go to sanibel as often as i would like to, though it’s more beautiful than any carribean island I have been to. One of Jesse Livermore’s widows lived there also.
I sold 75% of my mon at a small loss, sitting on a bigger one now. what’s the cliche? the 1st loss is the best..
Just out of curiosity, if you extradite NRP from the JCHP, are you going to keep it on your portfolio somewhere, or sell it?
I’m pretty enthusiastic about this one, after you pointed it out to me; 10% yields are quite accomodating, in my opinion. I’ll probably turn over some short sale gains into this, if we tread lower.
To all you patriots:
FREE collection of patriotic music from Amazon. Not sure when you’d ever listen to these on your iPod, but I guess maybe if you’re DJing a sports game or some such…
Extradite NRP?
Is it on the lam in Venezeula or something?
No, if I get rid of it in the JCHP, I’ll get rid of it in my own port too.
It was up today, however, so it lives another day…
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Indeud, of criminal proportions.
Indued… —————> New Post! —–>
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