My What an Enjoyable Ride…

… No?

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What’s the matter? You don’t like gut-scissoring roller-coaster rides with your daily portfolio analysis?

C’mon, Mr. Pushups, suck it up.   Take one for the team, bear down.  Raise greasy lettuce for samitches.

Did you sell anything today?   I did, but not a whole lot.   My biggest move today was gettting rid of about half of my AGQ earlier today at prices north of $261.   It’s a deleveraging play, much like getting rid of my call options the other day.  I also sold 40% of my PAAS at prices well north of $41.60

 I didn’t sell any more EXK (I’d already dropped 10k shares last week), even though it did the “Egregious St. Vitas Dance” today.   It’s interesting to note my warning post of last week here.  Recall this?

Remember that green line I drew up there when I was cautioning you to let a little go last week?  Well, here’s that same chart today…

Uncanny, no?  

Will it hold?  I’m not sure, and we must remember these momentum burners tend to have the harshest pullbacks.   That said, I still like EXK on a further pullback, as well as SLW if you are lucky.   On the young gold side, AAU, NGD and yes, EGO are already starting to look tasty.   ANV is not far behind, and keep in mind also “dark horse” and relatively recently introduced XG.   If it continues to move  like this I will do a feature on it soon.  

Keep in mind these things can get oversold in two days… it’s just that volatile.   So be ready with your trenchers full of soapy cabbage for opportunities that will be knocking sooner than you might believe.

Best to you all.

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[youtube:http://www.youtube.com/watch?v=OSYtQy9EqTA 450 300] (Highly Recommend the movie, “Snatch,” by the way)
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Stuff has gotten a bit frothmatic here, and that means I will likely be taking some more off the table. I sold 70% of my SLW calls on Thursday and Friday of last week, and more than 50% of my GDXJ calls as well. I didn’t touch my IAG calls or my WNR calls, and I will let those two ride a few more days.  But all in all, I will be reducing leverage (options) here, rather than increasing.

Silver has gone ham in a way that makes all sane pigs quake with fear for their hocks.  Will this parabolic pole-vaulting continue?  Oh yes, it will, be assured.

But not without massive, gut-wrenching pullbacks that will have you alternatively cursing your mother and calling out for her like a stoat suckling, lost in the Deep Wood.  The key here will be staying porcine without losing your belly to the Bacon Merchants of Chicago.   Always remember, young chitlins — Oscar Meyer has no friends, despite his great wealth.

What’s still viable?  It’s questionable this week, as the profits will have to be snatched and then held close like a small hamster family you found in a rain storm.  I will be harvesting some AGQ here, for sure.   I will take from my other various silver nest eggs, and convert some of them (but not so much) into hideous useless “green paper,” for a short period.  

Some still harbor promise, however, and for the bold, I offer my EGO for your approval.  Note on on this weekly chart, we’ve achieved the triangle break we’ve been seeking… however so slightly:

Not impressed with that seemingly slight break?  Let’s look at it on the daily, then…

There, that’s better, no?  Truthfully, I don’t know what this sucker is going to do.  There are a lot of nice gold stocks that look like they are going to move this week, but I can’t help but feel like we are playing on borrowed time right now.   Play if you like, but be ready to take some off so we have plenty of cash for the next round of C-wave highlights.

We are not done here, ladies and gents, but the road will be bumpy before it gets like it was last week again.   Keep some crappy green lettuce ready for that event.

Slainte.

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As beautiful as silver and gold are, you cannot eat them.  No, not even the Wonka Bar wrappers or the Hershey’s Kiss coverings you’ve meticulously assembled into a quilt for the spare bedroom.

No, since they are only useful as “stand-in” for a much poorer form of currency, one can only use silver and gold as placeholders for the more awful green stuff that we can then exchange for our MACDonalds (sic) greasy burgers and large fries.

In other words, sometimes you have to sell– even the good stuff.   So why not, then,  cash a little in when things are getting a bit overstretched?   Especially in the instance of a number of our small silver miners.   EXK is one of my favorites, for instance, but even I can’t turn a blind eye to the recent break out of the triangle and (as I’d predicted) parabolic advance immediately thereafter.  Now may be the time to scoop a bit of cream off the top… just to make sure you have pizza money:

I think we blast through $12.00 tomorrow, and I do believe I will take off one sixth of my position when that happens, ensuring myself beer money for the weekend.

I also think AGQ and some of the other miners are in similar rarified air.  I may shave some off of those as well.

If I have some money left after many a frosty bottle downed, I may even grab some more of IAG, as I believe it’s months long “saucer” consolidation is at an end and it will soon be headed to $30, and more:

Note the above is a weekly chart, and that’s a long time coming chart if I’ve ever seen one.  I also see similar breakout potential in both EGO and NGD, the former being more immediate than the latter. 

I will try to post some more chart looks tomorrow.  There’s a lot to be excited about.  Play safe.

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[youtube:http://www.youtube.com/watch?v=iCQ0vDAbF7s 450 300]

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Rock your socks off like a blazing set of gold & silver monkeys!

ANV?

AAU?

AGQ?

AG?

Folks, that’s just the “A’s.”

Heck, that’s just some of the A’s!

LOL.  Hang on, and keep your hands inside the compartment at all times.  These are historic times, and I’m glad you’re along for the ride.

Watch as long suffering junior golds like RBY, EGO, IAG and yes, even NGD, roar forward here.

Back on the road again tomorrow, but I’ll try to check in tomorrow evening.

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What happened in the markets today?  Are you kidding me?  What do you think? Let’s not quibble about what is what.

We know what.

But today I have something different.   A piece from a brilliant work of historical fiction I’ve been reading whilst on vacation.  The book is called Glory in the Name by James Nelson.  It’s about the Confederate Navy in the Civil War and I recommend it highly.  Anyway, the one part I’d like to recreate here (with the indulgence of the author) is a description of the “model Southern Gentleman” circa 1861, just as the shells were lobbed at Fort Sumter.  

The words are from a patrician gentleman from Charleston, SC, who was educated at the U.S. Naval Academy, but who saw his duty with the Southern Cause in the final decision to attack Fort Sumter, in his city’s harbor.  In his own words, a Southern Gentleman speaks of his hometown:

It was where Samuel had learned to be a gentleman, and more to the point, a Southern gentleman.  Courteous to the last.  Studied, urbane.   Personally disciplined — a gentleman, he was taught, did not show womanly weakness of any sort.  Passionately loyal to his country and his state.  Unwilling to suffer even the hint of insult.  Tolerant of the lower classes, appreciative, even, of their labor, but always aware of their place, and his.  Kind to slaves.  These were the things that that made the Southern man, and the instruction was so thorough that those traits became a part of Samuel Bowater as much as his height and the color of his eyes.

Is that not the Monsieur?  How long as the South been awaiting his steady presence, I ask you?  Be thankful, small plebs, that he is kind to slaves.

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Mein gott, I cannot say enough about how well we’ve done today.  Let’s speak no more about it, as it may be seen as “bragging.”

Best to you all, Jacksonian stalwarts.

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The first day of corn-back dollar trading started out promising, but ultimately ended up in a failed “pop” over the 20-day EMA ceiling. Late news out of Central Illinois informs us that the Fed’s newest Moline Corn Repository, while heavily fortified against human intervention — a la “Fort Knox” in the days of gold-backed currency — was most unfortunately sited next to a large hog farming operation. What happened next was true Bernankian justice…

Apparently the sus domesticus hordes resident next to the Corn Repository were overhwhelmed by the late afternoon corn-fruit scent coming from said Federal vaults, and that lure, excacerbated by an early Spring hormonal rutting urge, had the neighboring porcine hordes rending the outlying electric fencing and within moments, consuming the precious American staple (and currency backing) with piggish glee.

By late afternoon trading, one third of the Federal Reserve Currency-backing outstanding was in the belly of some of the nation’s most desireable pigs. The following daily chart illustrates the day’s action — especially the failure of the corn-dollar to break back above resistance– with heat-seeking stoat-like acuity:

That’s two days now that the corn-dollar has closed below $76.00.  Not good news for you dollar bulls (cough! cough! Cain Thaler! cough!).

However, there is a glimmer of optimism available as well.  Late tonight an emissary for the Fed mentioned that since most of the most recent reserve backing is now in the gut of some prized Illinois sows, Chairman Bernanke would announce soon the official newer and stronger “pork belly bacon fat-backed dollar,” later this Fall.

As a sop to certain liberal constituencies, the Chairman has also acceded to locate the new Federal Repository on 125th Street in New York City, next to Sylvia’s.   No further devaluation is anticipated.

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Carry on… most likely with ANV, which has been a star in my portfolio this week, as all Jacksonians should be.