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Stepped up the buying today, in the teeth of the downdraft. I see these fat white bloated English bodies piled high, but stand firm in my resolution that we are approaching an oversold bounce in the precious market. [[GDX]] gives me more than a ray of hope with it’s action today:
Note the 61.8% retrace hit on this weekly chart. That’s a very significant level, which will usually put up a ton of support from the underside (as well as resistance on top). Now we may get another tap of this level tomorrow, but I think this is the place we should all be accumulating our PM’s of choice.
You know I have.
Today, I added another 2k of Silver Wheaton Corp. (USA) [[SLW]] at $14.03, and yet another 40 June 11’s of the same name, this time at $3.90. Don’t ask me why I keep buying 40 contracts at a time, there’s probably some internal fibonacci mechanism at work here. I also added 2k more of Allied Nevada Gold Corp. [[ANV]] below $13 and another 4k of [[EXK]] at $3.32. Last I put on 1k more CDE at below $15-. I think that’s it for me in that name.
I also added significantly to my [[AGQ]] net weurth (sic), with another 800 shs at $51.52, give or take. I now have 2k shares total. I will add, but cautiously, to this bucking bronco. I think that the dollar — [[DXY]] may scoop to $80 here, which could some additional pressure on the PM’s.
It will all be temporary, I aver.
On the hedging side, I dumped another 50 of my [[SPY]] puts at a nice profit, which generally means that there will be a waterfall decline tomorrow morning.
You think I’m kidding. I’m not. I have 100 SPY puts left, and am still “full up” with 14k [[BGZ]] and 10k [[QID]] . This has cushioned some of my long losses these last few days, but I can tell you verily that I look forward to blowing out of these positions.
I think we approach that time. Keep in mind silver is trading right now at one sixty seventh the price of gold. That’s nuts, and could presage a gold drop to $1,030-ish. Even there the POG is still well over 60x the price of silver.
Short summary — silver is already sold. I don’t feel it has a whole lot farther to go. Trade accordingly.
Best to you all.
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Gene Simmons likes gold @ :39, See, I knew you’d like KISS if you gave them a chance 🙂
http://www.youtube.com/watch?v=zbfpwqeaASo
Too funny. Gene should get a spot on that CNBC Octagon-box show.
In full make-up, of course.
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My GLD puts just filled not too long ago. So no worries, I’m sure your reversal draws nigh.
The good news is; the $$ollah is overbought. … the bad news is; the $$’s overbought.
Hoovering SLW, AGQ, EGO, GDX as we speak… sniffing for more ANV as well.
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SLV really needs to hold here. Things are looking ugly, but some of the miners look to be gathering some support.
http://www.screencast.com/users/Jayhawk1991/folders/Jing/media/40641808-144c-44a4-b755-b1eb9405fd88
Exciting, isn’t it?
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Count the 5 waves up and then count the # of waves down in this “correction” …
Could be the middle of the treacherous wave3 or just the start of wave1 ….. but if it’s an ABC wave down rather than a 5 wave down pattern then it could be close to finishing … hmmm, what to do?
Have a samwitch and wait for it to develop ….
I prefer to call bullshit on the whole rear-view mirror Elliott Wave geometry en toto. 😉
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Working for me … went to 33% cash based on the “frost heaves ahead” road sign warning
Instead of Gov Milktoast’s pablum, would that your Repubs used something like the following impassioned talk for the 1st half of their response last night:
http://www.youtube.com/watch?v=TdI4qZq6ROI
…with the 2nd half of the speech emoting about shining cities on hills and such – – Schiff forgets to do that.
He’s a decent speaker. Voice is too annoying though.
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Thought this was pretty good …stolen off a local blog..
******************************************************
Dear iPad:
Thank you for being another expensive piece of electronic technology that nobody really needs. As you know, many of us will end up purchasing you after we succumb to your clever marketing campaign that convinces people they need something they have lived without their entire lives. We look forward to your second and third updated versions that will surely “work the bugs out” while so many of us are currently rushing out to snatch up this expensive first version you have just rolled out. Never mind the fact that we are already toting around a laptop, an iPhone, an iPod and have a really useless, gawdy GPS stuck on our car dashboard…we will buy into your marketing campaign and justify the purchase of our GPS by using it to steer us in the direction of the nearest Apple store, which we should already know how to locate in the first place since it’s less than 5 miles from our house. After arriving home with our newly purchased iPad, we will be sure to immediately log in to our Facebook, MySpace and Twitter accounts to let everyone know what we did today. After that we’ll post about it on our personal blog and then text everyone we know to brag. We owe all this feeling of necessity and our continued obsession with gadgets to you iPad, for it’s you who keeps the flame burning until the next unnecessary electronic toy comes along to woo us into submission.
Sincerely,
American Consumer Nation
Too close to “treu” to be satisfyingly amusing.
This is why I never buy the latest thing. Soon, I will get my first rotary phone.
________
All the major indices have broken long-term support and now support has become resistance, which we are about to head up into, and then bounce back down off of, in a big way. That second leg down will be a journey.
BKX? Finnies lead, Sam Snead.
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All the rights secured to the citizens under the Constitution are worth nothing, and a mere bubble, except guaranteed to them by an independent and virtuous Judiciary.
Andrew Jackson
PCU sitting on 200 day MA
Up this morn, as is Lungsac’s FCX.
________
Ouch!
fake.
_____
and yet, so satisfying.
Banks looking tasty this morning.
FITB, HBAN, BBT
and for the gamblers — PCBC, BBX
________
extreme intra-day volatility in PM’s …both ways .. .could be sign of trend change … time will tell
GDX is my tell here… if it holds that $41.20 area, I think we are good.
DXY could easily go to $80 here, though, so I’m thinking that for GDX to hold, the market will have to anticipate some dollar gold co-sanguinity here.
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I’d love to sell some puts on SLW here but the chart is damn ugly – some support here but better at 12(at least it’s not flagging).
AGQ is one of the worst I’ve seen(not that ultras are reliably chartable but still).
You need big balls to be jumping in here…
SLW is simply unchartable. I’ve given up on it. You just got accumulate, and then distribute. Pay closer attention to gold and dollar to trade it.
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