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Man, I hate days like this. Even when I hedge my portfolio and sell down to my core holdings, I hate to see my beautiful PM’s get whacked like a homicidal Joe Pesci character in a typical Scorsese mafia flick.
But this is the world we live in when we choose to invest in the biggest bull in the last ten years. All we can do is strap ourselves to the mast, make sure our cargo is well stowed (in hideous questionably weurthy (sic) cash), and ride out the 60-foot waves. Right now, the beauty of beauties — SLW — is getting cranked like a Model A Ford with battery troubles. Did you sell down to your core? Do you have hedges in place?
Still hurts, doesn’t it? Well, going forth all guns and vinegar butter hurts even more. So get hedged, now.
Today, I actually got some short ETF’s. I purchased QID, SDD, and SDS — half positions in each. I expect I will add more. I also picked up several thousand shares of ZSL.
I’m off from the West Coast… will patch back in tonight.
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yea jake it does hurt, went completely flat today except aapl. dumped exk,hl,and slw. frock this noise
Living up to my nom de plume, I increased my SLW to a half position @ 31.50
the 200 is around $25 …
pussy
thats why jake had to go to san diego,
all the sudden,to hell with pm’s now,right. the jp morgue friends are crashing the metals so the morgue can cover their phantom shorts and buy back dirt cheap.good i say,then will just have to buy them back cheaper to.
You obviously don’t think that silver will correct here and go back up?
How low do you think it can go?
Everyone at King World News is super Bullish on any pullbacks in silver and gold.
Your thoughts would be appreciated.
oh yes i do.dont you find yesterday afternoon and this mornings’ action just in metals a little on the bullshit side,and now all the sudden the market is rippin tits this afternoon,and jp morgue all the sudden is rippin tits to? hmmmm.i own physical as well,at a lot lower then the metals i unloaded today.all i know right now before i left this morning, i put in a limit order to dump my exk contracts.it wont get filled by eod. i dont care,come tuesday,i’ll buy the shit hand over fist.indued
So appreciate you posting this in the middle of all you have going on– you are always helping us. Thank you.
I am still extremely bullish on silver especially, just knew this pullback was coming.
Have to shut down BBerry now.
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Get ready for a big week in the market next week, starting on Tuesday.
The PMs will get dumped again, like an ugly co-dependent librarian.
QID is music of the devil…..market is like a broken vending machine?
What do you see? Just a sell off based on the Moon and Sun or do you see a shoe falling or catalyst?
5 degrees here all week Uncle Fu**er….hope you got some serious Business accomplished out there. Would love to see that T&E report.
CFTC voted 4 to 1 essentially saying everything is cool in comodities mkts. Business as usual Mr Banker.
$28 Should Hold on Silver, After Final Move Down
“Any attempt for the bears to push it lower from $28 should run into strong headwinds. While some of the longer-term shorts would like to see lower prices, the demand in the physical market has been enormous, so despite the pullback, silver remains a buy.”
While silver has been consolidating between roughly $28 to $31 for quite some time, the demand for silver has not faltered.
As far as the silver bears are concerned, the wind has definitely been in their face for some time. If they are to relinquish control of the $30 area, paving the way for the next leg higher in silver, it will be because ongoing tightness in the market forces that retreat to higher prices.
For the time being, although silver has been marked down, insatiable demand continues to concern the shorts. This apparently also has some of the traders looking for a final quick move down to form a bottom here.
Eric King
KingWorldNews.com
The JakeGint,
What’s your current thinking on food inflation plays: MOO, MON, MOS, POT, DAG?
Other ideas? What about the ag irrigation play Fly was into in the last year? (The name escapes me at present.)
Yes, ags will be great coming up. Everything will get sold soon, however.
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http://caldaro.wordpress.com/2011/01/16/gold-bull-market-far-from-over/
“Currently Gold is in a Minor wave 4 downtrend. We’re expecting this downtrend to end in February around the $1315 area or a bit lower. Upon completion Minor wave 5, of Intermediate wave five, of Major wave 3 will be underway. This next uptrend could be quite dynamic. Historically, and even in this bull market, the fifth waves have been the strongest of the five wave sequence of a similar degree. In review of the entire bull market, thus far, these fifth waves have had a 2.62 to 4.24 multiple fibonacci relationship to their third waves. This suggests two potential upside targets for the end of Major wave 3 in 2011: $1700+ and $2200+. We’ll take the conservative target of $1700+ for now.”
“Primary wave V is already more complex. Not only is Major wave 3 extending, but Intermediate wave five of Major 3 is also extending. This is exactly how markets prepare to go parabolic. The waves continue to subdivide, with minor corrections along the way, forcing buyers in at higher and higher prices. Naturally, there will be a sizeable correction at some point, when buying subsides, during Major wave 4. Then Gold will enter the parabolic Major wave 5. This will likely coincide with a worldwide economic event. The most likely culprit will be the continuously rising inflationary pressures in the fast growing emerging economies.”
Note: Tony sees a steep correction in silver when gold is in Major Wave4
Heh, I posted this link in the PPT this morning. 🙂
yep, the d wave decline should wash clean the bullish sentiment. another great buying op.
thanks
Interesting analysis, teahouse. Thanks.
I asked a guy at the local nuthouse if food prices were going up. He said most were not too much, but pinenuts from China jumped from $12.95 to 29.95/lb