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I’ve come to speak with you again...
Because I see Bernank softly creeping
Left his seeds where I was sleeping
And the vision, that he planted in my brain
Still remains,
Echoed, in the sounds of Bernank…
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SKF — Skiffles filled the gap today on Uncle Warren’s egregious self promotional purchase of BAC preferreds this morning, and at the same time hit my buy stop in that gap. I am still only at about 25% of my desired position in the Skiffles, and I will gnaw at my target steadily and stealthily, giving myself ample room and time to digest my purchases, like a fat gourmand at a Polish Pastry factory.
I fully expect Skiffles to head back to the $Two Hundo$ range again, and then some (recall, it saw the $400’s in the last bank conflagration). I smell rancid bank death upon the breath of every visiting European tourist, and no amount of spearmint freshener will remediate it. Not even good licorice.
Meanwhile, my 30% remaining gold positions all rocketed up today, in the midst of global downfall. Go figure. This is why we never sell the entire core, friends.
Not yet, at least.
My best to you all.
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WTF? All my formatting has disappeared… glitches, glitches, bitches.
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What formatting? It looks pretty good.
I had bolds and italics on a lot of that. It sets some of the text apart, makes for an easier read, and “look and feel.”
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So you’re an uber bear expecting US bank failures, depression and deja vu all over again for SKF?
Uber bear? I’m not even an Unter Bear!
But have you had a look at $BKX recently?
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Yes, as MOOBER said here and I on your prior post, the financials are down 30-50% since Feb and if they go much lower then we are headed back into the funnel.
http://finance.yahoo.com/echarts?s=^BKX+Interactive#chart2:symbol=^bkx;range=2y;compare=skf;indicator=split+volume;charttype=line;crosshair=on;ohlcvalues=0;logscale=on;source=undefined
Don’t know why that link didn’t work … You have to chg it to ^BKX vs SKF … looks like a standoff in the works but I’m sure you’ll be right when some foreign bank folds but I’d play it safe as a swing play … It’s not for everyone even though it may be right for you … just saying.
Learn how to hot link. I assure you, it’s very simple.
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I don’t get the SKF. Aren’t banks at the bottom of the range (assuming a range and not a new downtrend)? You think TEOTWAWKI?
Nope.
Pretty funny though. I got Mrs. Jake an autographed copy of Mark Steyn’s latest tome — After America — for a present and now she’s talking to me about laying down supplies, ammunition, etc.
I’m not that pessimistic. I think we could get us a nice financial disaster for the Halloween holidays though.
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Food, water and bullets. Same with SKF, give yourself ample room to digest your purchases. Every time you go to the store buy a few extra cans…a few extra bags…a few extra bottles. Same for bullets. Head to your range, shoot a block, then buy to replace plus one.
Of course that is how we peasants do. Those that can simply buy the store need not be so fiscally cautious.
I tell you what, if you read this article about the raid on the Gibson Guitar factory, it’s enough to make you want to go out and purchase a raft of machine guns.
‘Cause it looks like there’s gonna have to be another revolution.
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Feds are out of control. The environmental regulations are destroying this country.
Careful though. Agencies from the EPA to the Education Dept have jack-booted SWAT teams now. Seriously, why does the Education dept have agents?
From the Washington Examiner:
“The Federal Law Enforcement Training Center says that it trains agents for ‘over 80 federal agencies.’ These include the Secret Service, Bureau of Prisons, and similar agencies that one would expect.
But the list includes dozens of federal agencies with no business training and fielding armed officers. Who wants early-morning armed break-ins by the Department of Agriculture, Railroad Retirement Board, Bureau of Land Management, Tennessee Valley Authority, Office of Personnel Management, and U.S. Fish and Wildlife Service?”
Read more at the Washington Examiner
80 agencies. Astonishing.
wow. absolutely insane. some of it seem hard to believe actually.
to add insult to injury is that Gibson is one of the last of the USA guitar manufacturers still “making” in USA . Fender has much more foreign parts in its guitars and they are mostly only assembled in USA.
but to be on the safe side, i’ll stick with maple necks next time i cross the border.
I once had a US custom guard seized my ham sandwiches and ground beef while i was going camping over to maine.
LBO BITCHEZ
Let’s do it.
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Jake is not uber bear.
He is an opportunist and a damn good one.
word
8)
Your SKF is interesting and will probably be right on at some point. I think you may be early though unless we just keep heading down. But I’m thinking we bounce first. After that, should it occur,I’m a buyer.
SKF bounced today. AFTER Uncle Warren’s Big News.
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Hey Jake:
Why SKF? Why not FAZ or others? I have a hard time figuring out the difference between all of these leveraged ETFs.
The same difference between Grappa and wine.
Right… I don’t have the time to watch FAZ spaz all around the screen all day long.
SKF is leverage, just not trip leverage.
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Shit! This is one of my all time favorite songs!
They have a lot of good ones. I like The Boxer and America, m’self.
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I remember the last time around when Jake minted coin with the Skiffles like a Bizarro World Dick Fuld. He generously encouraged the pikers to join him every step of the way, too, even as it seemed the financials could fall no farther, but did.
I think Jake understands and/or controls SKF at a sub-atomic level. He should be followed closely now to maximize coin before his inevitable capture by the North Koreans.
How you like DEM APPERS Hans BRIIIIXXXX??
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I don’t know Jake; I think you should be shorting European banks (EUFN) before American banks, not because it’s unAmerican (traitor! ;)), but because that is ground zero.
I’m sure there will be a spillover trade, but … why not short BBVA STD DB etc … I’ll be focusing on the etf EUFN
you know what? EUFN is too freakin thin 🙁
You caught my problem w a lot of ETFs.
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Question.
You dont like the miners here still?
Playing it cautious for now.
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Comrade Soros on the current European situation.
http://www.spiegel.de/international/europe/0,1518,druck-780189,00.html
to get to two handle will require an epic sell off .. just sayin’
True… or a number of days in a row….
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The Telegraph, favored fish rap in the UK, is predicting some dark clouds descending into the Euro banks over the next couple of months.
“I think we are heading for a market shock in September or October that will match anything we have ever seen before,” said a senior credit banker at a major European bank.
Ominous warning indeed but bodes well for Jake’s thesis. Seems grotesque seeking to profit from doom. Sadly I had my first taste of SKF into the gap. It’s been a rather painful hold to now. Happy and sad for the fill.
I am at the point where reading blogs or watching financial shows is slowly driving me insane. You would think a sociopath was running CNBC.
One day they think the market is bullish, and the next the market is going to zero. Gold is a bubble today and a valued core holding the next.
Understand that I am small time. I am the average guy trying to improve his lot by using the market as a vehicle for improving his life and hopes for an honorable retirement.
I have a simple view. I don’t see the Matrix like The Fly or Jake. I buy and hold until the thesis no longer works. But a market that goes up 300 and down 400 each and every day is quite unnerving.
Every 400 day down feels like a crash. Every 300 points up feels like a recovery. Made worse by the chatter on websites, blogs and Twitter.
Amen, Brother.
Out of all the IBC bloggers, I follow Jake the most because his thesis makes the most sense to me and trading the PMs fits my buy and hold nature. But he has a sense of the PMs that I don’t have and probably never will.
At times, it is one hell of a bumpy ride.
Bernanke stops short of signaling further action to boost economic growth. News is mortgage market neutral to slightly friendly.
And to put a cherry on top of the regulatory overstepping at Gibson, today there’s more NLRB communism for businesses to eat.
And they want people to HIRE??
Lol.
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Jake,
A belated congratulations on the exquiste timing of your PM stock sales Monday.
I checked with the local gold shop when he opened Tue morning and he had bought so much from investors cashing in Mon., he would not buy a single oz for the time being.
Thanks for your excellent work and for sharing your thoughs with us.
My pleasure.
(Most of the time.) 😉
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I have another comment held in moderation.
Why you no like?
It’s not me, its the random filter. I have no control over it…
But it’s out now.
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the reply from the CEO of Gibson. Frankly, this disturbs me a great deal. Made in ‘Merica and they shut em’ down. Unreal.
http://www.youtube.com/watch?v=O_-taqM5Sk0
Absolutely unbelievable. Thanks for sharing. Not too long ago, I stayed at that Westin Hotel across the street from the Memphis facility.
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