_____________________________
I had a Sargent Schulz moment this morning and, as a result, ended up selling “nossing.”
As you may recall, we opened kind of weak in the miners, and I decided to hold off til my usual 10-11 am period to dispose of some stocks. But we began rallying shortly after the open and it looked like gold was trying to hang in there. Generally, I would not recommend this line of indecision and I would enjoin you, rather, to “follow your plan” at all times.
Sometime, however, my “gut” tells me that I should stay my hand. Often times allowing for a little patience, and “not trading” instead of pro-actively trading, I’ve saved myself considerable heartache and regret.
That doesn’t mean I won’t be selling tomorrow, however, even as the dollar drop today tells me it will be difficult for gold and silver to break down any time soon. What I may be doing instead is selling a portion of some of my fatter gold plays (and maybe some silver if we discontinue our current rebound) and investing in some “fast actin’ Tinactin” recovery stocks, like EEM, QLD, TNA and perhaps even some ERX (sorry Cain!).
I would be loathe to abandon the recovering baser metal plays as well in this snap-back, so I will be inspecting TC, TCK, TIE and even some AVL tomorrow. Last, take a look at two good beat-downs for some fast flash action — CREE and PBR . These are two of my old favourites which have fallen considerably OUT of favor. They may be worth a spin of the wheel.
Best to you all.
_______________________________
If you enjoy the content at iBankCoin, please follow us on Twitter
BTW, I did just under 5% today, doing “nossing,” which is not bad for hand-sitting action.
Would’ve done better had I not hedged my WNR on Friday, but that’s what you get for playing with your WNR, I guess.
______________
Please just not in public. Otherwise, I understand that it is a most natural impulse.
No mention of AUY?
What would you like? A “woo hoo?”
Woo hoo!
___
Jake – Nice job on the PM’s (as usual).
Bot a small amount of DZZ with a tight stop. Let’s see what happens.
Ah, great call on CREE. You know that’s one of my core holdings. I don’t normally do this, Jake, as you know, but I would like to ask you about a tiny little miner called Chesapeake Gold. CHPGF. Tiny company. You are the man in that space, but I’m getting a tip, and curious to know what you know of them, if anything.
PBR looks great here despite the explosions. Though I remember it hitting $16 or so in 2008.
I know it’s heresy on this blog but JBLU might be ripe for a quick trade. Oversold like a motha.
Gamblers only, please.
Little boy blue…he needed the money!
ahhhh, sibling rivalry … go get him DMG!
Stopped out of DZZ. This couldn’t be IT for the dollar, is it?
Sold out of everything yesterday except ANV,RGLD and SLW. Might dump those this week and stay in cash until OCT or so… NLY has been wild ride, but looking for some dividend better than money market account.
“Duck” is right!
sorry I haven’t been chiming in today– i’m out doing the Lord’s work ovah heah.
___
as long as i don’t get “goosed” too much tomorrow I’ll be happy
http://townhall.com/political-cartoons/2011/08/10/90624
Jake, would you buy any HL at the closing price if you didn’t own any or is there a reason this seems to never play along with the others?
Hey Jake:
I have a bunch of AGQ. It has actually held up quite well over the last week and I am bullish on silver. One question though, do you know whether this ETF suffers from the decay of re-balancing that other leveraged etfs do? This is the first time I have traded this etf and I am wondering whether I should just get out while I am ahead.
Jake,
Are you expecting a raise of the margin requirements in gold soon?
JAG killing it AH … 2nd good ER in a row … looks like they’ve finally turned things around. Mine more efficient and costs under control.
http://www.marketwatch.com/story/cme-hikes-gold-margins-but-prices-still-rising-2011-08-10
It took them a few shots to knock down silver…more to come.
Hey mars,
That pslv trade we discussed the other day is working out great so far. I’m thinking of buying the gold trust too!
IMO: SLW bounced hard off a up-TL from 2010, along with coming off of oversold conditions. SLW and its bretheren have some room to run north, quite a bit actually. Longer-term if SLW goes south of $29 there’s an uber-nasty H&S pattern waiting for it. I think SLW can take out 40.19 and potentially go to new highs if silver joins or plays catchup to gold.
Quite the day. The retail investor has just blown up. My brother called me up and asked me what I thought about him moving all soon to be worthless US paper out of his 401k government endorsed wealth decelerator. He thought he should take the hit to his ball sack via IRS thievery and buy a house instead. He thought it was a marvelous idea because he was getting his limbs removed sticking with the plan’s aggressive growth option. Yo bro, why not go to cash and wait it out? Aren’t you set to retire in like 30 years anyway? Nah, dude is done. The robots have terminated him. Of course it is hard to disagree with him. Like most 401k plans his options available to accumulate wealth is shit. Like me he thought he was enjoying the company match. Like me he diversified across available funds. A little index, bond, cash and international. All of which are dying an inglorious death. All of which will take rapidly reducing years to climb back out of. What’s the point? Indeed little bro. Indeed. I stopped contributing but I continue to tread in the muddy waters in fear of the shiny IRS guillotine.
It appears that the market is unsure what to do with itself now that it is free of government involvement. While London burns, the market tanks, ratings agencies rape us, SEALS get blown up, Europe declines, etc., Biden and Obama retreat to their respective vacations. This is the worst exhibit of leadership I could envision. Even if you carry buckets full of water for our Great Teleprompter Orator there is no way you can think this is leadership on any level. It’s just the pits. Folks need their vacation but damn if real leaders wouldn’t see to the business at hand and at least take an interest.
But I don’t think they care. I actually believe this is the game plan of the socialists in charge. This is their perverse way of redistributing the wealth. Social justice. They couldn’t tax the money out of the hands of the rich then, by cock, they will let the wealth simply aerate. Too bad Paulson! If you won’t give the government’s money back then we will fooking destroy it.
There is some sinister shit going on in the world economies. There is also some massive incompetence running the economic and political sewers. It has gotten so bad that I have taken to watching Cramer in the evenings in an effort to understand this mess from at least a basal level.
My first stack of bullion is set to be delivered in the next few days. The silver kind but PM nonetheless. It will sit in the vault and one day I’ll go touch it. Maybe it will feel like $100 instead of $17 when I do.
Sorry for the evening rants Jake.