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I continue to believe that SLW may pull all the way back to that gap at $29.50. Whether it’s today or later this week, I think we need the pause that refreshes, and scares the freshmen, so to speak. Stochs and the relative strength indicators continue to point down, as you can see from this updated chart from last week, where I’ve left the “circles” in their original places to show the progression:
As you can see the EMA’s are still headed straight up, so I’m not concerned about the trend. I have played SLW for quite a while, however, and she’s got a large penchant for gap filling. I don’t expect this time will be different.
EXK also has a little bit more work to do before it’s ready to blast off. Now I’ve already added back some of the 16k shares that I sold off last week, but I still have another 12k to pick back up. I think the 20-day looks like it may be the spot. Attend:
Still a little bit of healing to come here, but I like that $5.44 zone demarcated by the current 20-day EMA. That’s where I’ll be adding, God willing.
Best to you all, Tunbridge Wellers.
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Careful.
Meanwhile, over on “Sucker Watch:”
A confident General Motors has added 20 million shares of preferred stock to its initial public offering, and it raised the estimated price range for common shares by about 14 percent to $32 to $33. GM announced the changes in a statement issued Tuesday morning. The automaker gave no reason for the increases, but people briefed on the sale say it’s because of high investor demand. One person said bankers handling the sale had seven times more orders for the common stock than shares.
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Sad really. Who are these people? What do they see in GM? Did I miss that memo?
If only they sought common sense instead of GM common stock. I smell something corrupt there.
The IPO would be the second-largest in U.S. history, after Visa Inc.’s $19.7 billion sale in March 2008, and comes 16 months after GM emerged from bankruptcy. The biggest U.S. automaker also increased a preferred stock offering to $4 billion today, $1 billion more than it had planned
1 billion more!!!
Just like that… Like it’s nothing. Months after bk.
While most auto critics says that GM still doesn’t get it. While Ford is moving in the right direction. GM Is still in the last century in regard to car manufacturing. Goodluck to all existing and future GM shareholders.
If those pension liabilities are still intact (which, as far as I know, since they didn’t undergo the necessary bankruptcy, they still are), then GM is flucked, pure and simple.
I don’t care if they start selling no money down time machines.
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http://www.bloomberg.com/news/2010-11-17/canada-said-to-resist-u-s-push-to-sell-more-gm-shares-in-public-offering.html
What a fiasco! Too big to fail is called communism.
Jake
In Aug and into Sep, the dollar bounce stopped (and then rode for a little), the 13 EMA on the weekly chart. We are there now. If it busts through here, $80 seems likely. But I’ll be quick to sell out of the rest of my zsl and add some miners if it fails here.
Looks like we are through that level now. On to $80!
Yes, $80 looks inevitable, but DXY is overbot right now, so be attentive.
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Inshallah, $5.40 almost here for EXK.
snatched a satchel @ $5.38
Had an order in for $5.46, so I got some too.
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Got more at 5.37 because of the Jake!
You are not allowed to buy lower than the Jake!
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Jake
Why just EXK?
I thought a lot of the miners looked ripe for some adds today, including IVN, GSS, ANV, RGLD, SLW & SSRI (and EXK.)
I did add, albeit small, to the tickers mentioned above.
I had only sold (some of) EXK, SLW, AGQ, CDE and PAAS. I’ve already bot back some of the first two that I’d sold, and actually added to the GSS which I’d never sold.
Holding off on the last three til I see dollah $80, or at least a turndown in the dollah from here ($79.15 as of this writing).
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PS — IVN was a good add… I would’ve done the same, just no time at all yesterday, even deep into the night…
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80 is a fact. $87 is a secondary target. there’s nothing wrong with owning a bit of greenies.
For a while…
If fear goes up I believe usd might even spike.
But what do I know…
Unless the Fed is just flat out lying and doing the exact opposite of what they are saying they are doing (iow, absorbing instead of printing $$), then there is almost zero chance of us getting back to $87 again.
Investors are just not that stupid.
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Jake
Technically speaking, what would you look for on a chart of dxy to confirm the dollar will be moving back down? stoch or williams % roll back down?
I never use stochs to “confirm” a breakdown, but rather price and volume. In regard to DXY, I just use price levels and see if they break previous support levels.
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Roger that. So probably you’re looking at 78.30 on the daily for dxy? I read your comment in ppt about UUP lagging and I’ve been noticing that also. But UUP provides volume and dxy doesn’t… Maybe in conjunction, if dxy is passing 78.30 and UUP is breaking 22.65 with volume, we can assume the down move is real and cover zsl, at least before adding any more to the miners?
Sounds like a plan. Right now, I am eating a samich.
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Me too. Roast beef and american, with some horseradish. The real horderadish, too. Not that horseradish paste stuff.
Mix wasabi with mayo and slap that on that sammy. You’ll thank me later!
There are very few edible things I like more than horseradish.
I even like “horseradish sauce” as well. But nothing beats the real thing, made in Eau Claire Wisconsin.
Why, I have no idea.
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Some interesting views for Silver Bulls.
Looks like JPM & Co. are “not covering.”
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INSTEEL I Trust … IIIN
IIINteresting… small market cap… why the IIINterest?
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Clean balance sheet and well run, they own the rebar market … expecting a nice turn Q1 – Q2 …. get in early!
You see a lot of rebar use in the future?
“Shovel ready projects?”
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Nothing more than than the usual highway spending, unless the Dems hammer through some infrastructure stimulus programs prior to losing the house in true GOP fashion, but with $46M in cash and no debt they may seek a M&A deal not to mention resumption of stock buybacks or a special dividend … an acquisition could have an immediate impact on earnings and they could end up the target of another company as well.
It’s about pricing … they have a highly competitive cost structure even operating at 50% of capacity … they closed a NJ facility and will be restarting a SC plant in 2011 that is an advantage for them. Margin pressure on competitors is forcing closures and any increase in construction will drop to the bottom line quickly.
Ok … Who went short on that exchange? LOL
Picked up more of THE EGO at $16.70
Did I miss some news as to why silver just went 3% to the upside post market? Lol
Yes, the “news” was from a certain “Old Turkey,” who has reported, and I quote, “After all dear boy, it IS a bull market!”
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Lol, Jake…
This morning I sold out of ZSL at 14.00 flat. Seems like a lot of the pieces are coming together — dollar moving back down, EU closing in on Ireland, silver moonshotting post-market (of course), etc..
Will spend today looking for adds into PMs to take my positions closer towards full.
As you say, volume on UUP will be the final confirmation and I will be balls to wall long PM’s again.
Looking for my first ever entry into PAL, too!
I would like to see a confirmed break below $78.20 on the DXY.
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since i can’t get that ticker (not sure why) do you have a correlating price for UUP?
From above:
chivo:Roger that. So probably you’re looking at 78.30 on the daily for dxy? I read your comment in ppt about UUP lagging and I’ve been noticing that also. But UUP provides volume and dxy doesn’t… Maybe in conjunction, if dxy is passing 78.30 and UUP is breaking 22.65 with volume, we can assume the down move is real and cover zsl, at least before adding any more to the miners?
jake: sounds like a plan.
That’s not a stock but the index for the US $, silly wabbit.
http://www.marketwatch.com/investing/index/DXY
just testing you 😉
hatchin’ on…
Just for you, Senor Hatchay.
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Check that, 13.97
Bought THE TNA @ $55.79 and THE GSS @ $4.29.
The Hawaii is very happy with all PM’s today!
Thanks a lot for the EXK heads up, Jake. Looks like I was a day late for the re-entry party, but more than satisfied with a 5.75 buy and 4.21 for GSS on Wednesday.
Not sure I understand the Tunbridge Wells reference, though. It’s a nice enough small town. I grew up 23 miles from there in another less attractive town.
Or maybe I’m out to lunch and this is an obscure “Tunbridge Wells Brethren” reference ?
No, glad you caught it. Sometimes shit just pops into my head and I say it, all Tay Sachs-like.
I think I pulled that from an old EM Forester book I’d read along the way.
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