Brad McLeod, Former Navy SEAL
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If you plan to ride a massive bull, you’d better make sure you’ve got your callous-horned hands fastened tight to the cinch-rope my friend or you are going to get “bucked” like the most worthless of chickens.
Buck-buck-BUCK!
And let’s face it, it’s still all about the buck, and the relative elasticity of it’s deceased kitty carcass as it bangs off sub-$73 levels for a brief fight with gravity, guts askew and a-twirl.
But despite what I’ve been telling you about silver’s nosebleed status, you still take to sack-cloth and ashes, warning that finally, the Apocalypse is upon us at last, in full penitential glory. But please, put the cat-0-nine tails away for a second and take a look at where silver really is this evening:
How long do you think that dead cat buck is going to bounce and our silver salient going to fall? Maybe til next week or so? Okay then, so let’s make a compact. This week, we’ll talk about Derby and Oaks horses, because I’ve done almost zero homework on that subject (I’ve been busy), and we’ll just forget about “the life” for a while here, capiche?
Presumably, you have some dry powder ready, as you’ve been “taking some off” the last couple of weeks or so. Allright then, let’s just wait til we see that RSI lever get to oversold (should be any day now), and then hope to the Jenny Craig Goddess of Skinny Lattes that we get to that 50-day line up there, where we can back up the truck once again.
In the meantime, put some low ball bids in, just for kicks. Scatter them about. Today, two of my low (and lower) balls in one stock (EXK) were picked up in the course of a few scant minutes. Same went for a low bid on SLW. Tomorrow, I hope to garner some AGat egregiously low prices, and I may yet throw a “stabber’s bid” at old AGQ back at the sub-$300 level.
You just never know what you might end up with there, Forrest.
God bless, and relax.
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Jake is Dr. Goldfinger.
Nice Jake. I will attempt to snag some silver tomorrow.
I’ll sleep mon it & decide tomorrow.
Best of luck to all.
I’ll do it for forty.
this post was just the best. you have taught us so well that as silver dropped today i didn’t drop my core positions-just kept an eye on the dollar and potential buys up the road.
Welll im thinking about dropping my WNR and buying up a bunch of these names….if i am going to carry a speculative position (outside all my systems trades), i might as well try and ride a ginormous bull market. Timing seems good to start scaling into some of these.
induedly.today brings us a gift for physical to be had.wwwhhhaaaaa waaa waaa .a perfect fit for that woman who was painted gold in said ian fleming style. need to post that pic,would be classic.
I believe I’ve posted it before….
Here’s one from a Life magazine cover at the time…
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Jake, what’s your commentary on the CME raising margin req. 3 times in less than 2 weeks. Present and Future repercussions?
Thanks Z
Appreciate your work.
1) They are trying to dampen speculative fervor.
2) They are running out of above ground silver for delivery.
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Are you going to the Derby this year, Jake?
Hells yeah.
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Excellent. I haven’t been in two years. I need to try and make it back.
I’ll be the guy in full top hat ,tails, silver headed cane and spats.
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(laughter) well I’m not going this year, but in the future I’ll buy you a Julep.
AG has a target of 16
WE TOLD YOU NOT TO GET INVOLVED IN THAT
Who is “we” paleface?
And I would only dreeeeeeam of AG getting to $16, where I’d stuff up with it.
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Not sure when is the last time I saw so much buying action from you Jake in the PPT. That says something. Thanks for the updates today inside the Premium area. Really appreciate it.
It’s all GTC stuff I put in some time back. So I guess I thought it would get here a week and a half back… but it’s amazing how I’m still so shocked!
A lesson in market psychology, lol.
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/SI could tag the 50-EMA today at this pace…
Given its recent stretch about the 200 day EMA, not inappropriate, no?
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no sir! I got some stink bids that are getting warmer… Dare I say… AGQ calls…
Got some AGQ at $261 at EOD.
I dunno about calls… leverage on leverage. Just be ready to part w. them quick, good or bad.
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Finance blogs have quickly reversed and are talking about how silver is done. Like it is going back to $15 or lower. Miners are all destined for penny stock levels. Just a week ago these folks were giddy at the thought of silver breaking $50 with moves to $60 and beyond. Crazy market psychology like Jake mentioned above. My limit orders were hit today, and they are still going lower. Portfolio taking a beating but I keep hoping AG goes to $16 like a masochist. I’ve bought every dollar down since $23. Not a great trading strategy. Hope is not a strategy but I’d like to think that I am picking up quality stocks at a discount. It’s funny I was desperate for AG and others to decline so I could buy more only a week or so ago and here we are and I’m scared shitless to pull the trigger.
Silver Bull Market Likely to Zigzag to $100 and Beyond
http://www.minyanville.com/businessmarkets/articles/silver-bull-market-bull-market-silver/5/3/2011/id/34302
My $17.20 limit for AG was hit and held … for now anyway. If we see 39 then next stops are $16.40 & $15.30 as I see it.
I was a dumbass yesterday and bought for $18.71. Should have stood back.
You’ll be happy for it soon enough.
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No you weren’t … I made my first buy at the same price (50% fib retracement) … stay on the attack, averaging down and avoid shooting your entire load at one price. Even if you miss the bottom you can still add on the way up once the trend is established.
Jake / Tea
I want to register my thanks for sharing your trading strategies with me. I am grateful. I got stopped out with a 5% loss. I have trades that will clear tomorrow, but today there was no “dry powder” available.
I did it for forty…… SLV
Did anyone get the Deliverance quote… I guess I am getting old we use to say that all the time… Ill do it for forty…LOL
I should add this is a quick trade to 43.00
This magnitude of a pullback is healthy for the advance.
As for AG, well… that’s what we have stops for. lol.
Did you write that article for the Alpha boys?
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which one? 🙂
Jake! My man! I love you buddy and no disrespect, but after a big high volume drop like that my advice to you is to “wait and see” and “dont catch a falling knife”. I can see the case you have made for why silver might just be a buy right now, but I would take it day by day making my decisions right before the open after taking a look a the futures market and how pre-market trading goes. At this point, buying silver is akin to catching a falling knife. Yep, you might be right and I can see the logic behind it, but I wouldnt make any hard or fast decisions. I would also not be a user of leveraged etfs or any type of leverage with silver. Just use SLV if you absolutely must go long. Just some words of advice. The safest place to be right now is flat and not trading until the market plays its hand. Peace buddy!
Thanks for the laugh, “buddy”.
I see what you are saying but I don’t mind catching some small knives at this late juncture in the C wave. The turns are a lot more g-force worthy at this stage and one has to accumulate on the
Fly so to speak.
Still have plenty of dry powder to deploy. Just waiiting.
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I honestly do not believe in any type of “wave” theory. Out of the last 100 years, how many times has it worked? I just know what year 2000 looks like and when I stare at the SLV chart it looks exactly the same. In fact, I placed both charts together today and they look remarkably similar. So if you were in March of 2000 right now after the first push down, would you still be talking about C waves? and if you were talking about the waves in one year would you still be in this blogging business or would you be under a different name?
You see, these wave theories were started so that you can spend your money on one of these subscription sites. A lot of these indicators were started to sell something, but they dont actually work too well.
Hey, if you are so confident of your wave theory then why not get in on the trade now in the futures market?
You sound like you’ve lost quite a bit of money to certain shysters in the past.
I sympathize with your plight, but I assure you, this is not the place for your remedy.
And let’s be crystal clear– I am not “selling” anything to you or to any who come here. I merely explain my thinking and investment philosophy. You may take it or leave it.
Be well, troubled person.
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We are currently in a parabolic top on silver. In that sense you are right: 2000 was also a parabolic top.
However, silver goes through these parabolic tops at regular intervals: you will find them in 2004, 2006, 2008, and now.
Each bull market is a series of smaller bull markets. When this mini-bull market blows off, silver stocks will probably fall 50% — even worse than 2000.
But the final parabolic top is always much larger, and involves public participation. We’re not there yet. Precious metals represent a very tiny portion of investable assets worldwide, particularly compared to the last bull market in the 1970’s.
I don’t believe Jake is catching knives here. Silver has a normal correction (which he even so stated is possible given the parabolic rise above MA’s) and the blogging world freaks out.
There’s some important levels here to watch in which we can hit and the silver bull is still intact. Let’s keep it simple: First off we have the 50DMA which has yet to be touched, then below the support shelves we have at 36 and 33, below that, the 200DMA at 30.
Oscillators will show silver yet to be oversold so the correction might not be over yet.
My interest lies in watching how closely silver is tied to gold at this phase of the bull. WIll silver stabilize here as gold gets to oversold, or will the baby be thrown back into the bath, and take water into its lungs before being resuscitated as gold swings back up from oversold status..still a ways off?
Why does this matter? I think it will be a tell as to whether silver continues to outperform on the next leg up. I still presume there will be a next leg up as gold needs to go parabolic to pull in hapless suckers to take positions off the hands of big money players.
But hey folks, let the lessons of the last week be learned. When gold goes parabola, and gives a spike of 100 or so points on quadruple volume, don’t get locked into the fame and fortune you’ll receive when it hits 2000, get out at the price at which the gift is given.