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Within a short number of years and certainly within the decade, we here at iBC will have created our own language from whole cloth, and the only people who will understand a word we are saying will be the slavish few who have hung on here for every nuanced phrasing and reworked 70’s-era cartoon-network pop cultural reference.
In future, iBC particpants will not seek to purchase the equity receipts of a heavily shorted security in order to force immediate re-purchase by said short sellers, but instead one will “GO HAM” on said equity receipts and save time and exertion associated with over-verbose description for other tasks.
As well, one will never speak of aforesaid unfortunate short sellers as “portfolio damaged,” or “margin overburdened,” or even “equity depleted” participants in these volatile markets but rather as members of the investment community who, good character not withstanding, have been “GRAPED,” and left for corpse-pilfering on the side of the lonely road.
Brevity being the soul of wit, such gradual neologistic replacement will not only render these fora more humorous (sic), but also far wealthier in the end. Hang on for the ride.
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Today was the best day of the year for me thus far, and it’s been a pretty good year thus far. For one thing, all my precious metal positions went HAM on me today, with most breaking the 5% barrier and some flirting with 10% (like SSRI, ANV and IAG). Moreover, my two big rare-earth metal plays, QRM and AVL were also up big at over 7% and over 10%, respectively. Unfortunatley I wasn’t fully invested, having kept quite a bit of cash on the sideline for “opportunities,” and also having sold my AGQ and NUGT just yesterday to reduce leverage and risk.
I’m not as bent out of shape about that as you might think however. I still returned over 4.2% today, and now I do have dry powder with which to pick off new targets.
Some of those will be additional pickups of the “Samurai Seven,” of which only two are currently precious metal picks —AG (+13.4%) and RGLD (+6.7%). Nevertheless the full portfolio is up 11.1% since inception, and that’s despite two relative laggards in the short list portfolio.
As for the winners in the Seven, I am really enjoying this 28+% run in PBR since the start of 2012, and kicking myself for not making it my “Stock of the Year” pick. I am also well pleased with the double digit returns of DE (+13.5%) and MON (+16.5%) since our entry.
The two Samurai I shall be gobbling tomorrow, double-ham fisted, however, are my two laggards, UPS (+3.3%) and COP (-4.0%). Both have nice dividends and UPS is finally creeping through that ceiling we talked about earlier in the year. getting ready for a breakout. You cannot keep a good man down, or a good company, and these two fine specimens will do us well as the Bernakean Liquidity Parade Rustles on.
My best, and red eye ham gravy, to you all.
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Do you view the price in gold over recent days a foreshadowing of another QE like the last runs did, or just people getting back in after having reduced exposure?
I think the QE never stopped, and will not stop, until it is forced to stop.
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Jake,
it’ disturbing how many similar holdings we have 🙂
but i don’t see you mentioning GLTR and it is such
a nice ticker.
Nice post., stay long and prosper.
Mr.P
Well, you know what they say:
All that GLTRs is not gold!
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But seriously, I cannot buy something with that kind of low volume float.
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volume is not as important in etfs as with stocks
It is when you are trying to get out in size.
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PBR running into that $32 resistance I mentioned a couple weeks or so back.
Good time to trim if you own, or be attentive if you do not.
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What Ted Butler had to say (from Ed Steer’s daily column at Casey’s Research) –
Silver analyst Ted Butler has a few things to say about yesterday’s trading action in his mid-week report to his paying clients…and here are two paragraphs.
“If JPMorgan is not selling but is, in fact, buying, then a very different scenario could develop, similar to how I have speculated in the past. If JPMorgan is buying and not the technical funds, then a very different and bullish scenario emerges. If JPMorgan decides not to put its head back into the lion’s mouth and withdraws from manipulating silver, then a new silver chapter may have begun. Let me be clear – there is no way of determining for sure who is buying and selling today and this past Friday; only future COTs will reveal that. If it turns out that JPMorgan is buying back more of its short position on these rallies that would suggest much higher prices to come and maybe real soon. This goes to the heart of the silver manipulation. Take away the big silver short and you should take away the manipulation itself. I’m not saying that is the case, just that it might be. I would play it, as I always do, like it may be the end of the manipulat ion, simply because if it is, there will be little likelihood of second chances to get on board easily.”
“That’s not to say that the commercials will roll over and play dead. I sense a profound lack of true liquidity since the MF Global disaster, in which the HFT operators are now responsible for an even higher share of total volume than before. I think that the HFT share of silver volume has approached 100% at times recently, rendering the silver market to its most illiquid state in my experience. More than anything else, this low true liquidity environment is behind the price spikes of Friday and today. In such a low liquidity environment we must be prepared for more price volatility, not less. We must be prepared for whatever may come, but we must also hang on to silver positions like never before. Be prepared for volatility that will rattle your bones. But volatility is a two-way street and up is one of the ways. So is up big.”
I’m trying really hard to keep core positions and trade add-on postitions. Psychologically this seems easier then either buying on the dips and holding long-term, or trying to move in and out altogether.
Nor sure if it is more profitable for the long term or not, though. Certainly for the short term it would be, if you are good enough (and intuitive enough).
I may have to ride your coattails on COP… Been waiting for a spot to buy.
69.10 or so looks good if we can get it back.
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Jake!
64.10 or 69.10? Thinking you meant the later, though I will happily gobble at 64!
Thank you for all.
Yes, sorry, it was a typo.
Fixed.
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Totally off-topic on a slow day…
Jake, I noticed your comments about your Lawn-Guyland accent popping out when you are angry. Wanted to ask if you have any words you just can’t say without the accent no matter what.
Example: Like you, my accent (deep south GA) is 99.99% gone, but I cannot say ‘tire’ (tah-er) or ‘dandelion’ (danduh-lah-un) without getting a ration of shit. You’d never know my wife was from boston, until you hear her say ‘Vineyard’ (VIN-yid).
“Drawer.”
My wife gives me shit about it all the time, because I say “draw.”
I also say “Ah-renge” for “orange” which most normal non Noo Yawkas will say “Oringe” (with the first part identical to the sound of a metal’s ore.)
We also say the girl’s name “Erin” different, but I claim that we do so correctly. We pronounce the “eh” in front, as the Irish do. These midwestern trolls will say “ah” like “ah go screw!” in New Yorkese.
My wife, for instance, make’s no distinction between “Erin” and “Aaron” so when she mentions the name I will ask her who that Jewish male is that she is talking about.
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“Drawer” is a difficult one for us LIE’ers
And “i’m sorry” is pretty tough too.
Now that I’ve heard many times!
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