[youtube:http://www.youtube.com/watch?v=6Uxc9eFcZyM 450 300]
Save That Schit For the Morning After
A funny thing happened whilst I was away from the office today (for the second day)... I got murdered. Usually when I’m out and about the market is pretty accommodating, like an Edwardian butler in white gloves and tails. He may give me a light workout, just enough to suffuse my brow with a light patina of salty perspiration, nothing more. Even then, he’s there to hand me my plush towel and smoking jacket at the bell.
But today I was accosted by a gang of wiry Cockney longshoremen in baggy jodhpurs and nail-soled leather jackboots. Reviewing my 50% position in gold stocks like ANV and silver stocks like — you name it, but SLW was down almost 15% today — they proceeded to bash me about the shoulder and ribs with brickbats and lengthy cords of hard salami. They said something about leaving my face “intact” so there’d be no questions at work tomorrow.
Nevertheless, I speak to you from traction after suffering a near 7% bullshit beating today (don’t believe me? Check out XRA’s action today, and GFYS!), and am lying here in my linament-soaked bandages, waiting for a bounce to get out of some of these damaged names, as per the plan of yesterday.
A bounce, you say? Jake, you addled fucker, you were thrown down one too many escalators today! How say you “bounce,” pray tell? Well, here’s clue # 1 on the $SILVER commodity chart. It’s been almost 15 months since we last hit the 200-day EMA, and yet we hit it today. The RSI is oversold egregiously as well:
As for the $HUI today… well, you know the sad sad end of that story. Like Brad Pitt’s relocated Northern Irish Provisional Army man, Frankie McGuire, said to Harrison Ford’s NYPD sergeant, Tom O’Meara in the 1997 IRA potboiler, The Devil’s Own —
“Don’t expect no hoppy endin’, Tom. It’s not an American story, it’s an Oirish one.”
Yes, and it appear’s our Baby $HUI ended up just as perforated as young Frankie did at the end of that movie. What’s more, it looks like there’s still some room to travel even closer to Hell:
But don’t cry for me, Argentinians. I am getting up and hitting back twice as hard, Chicago Politician-style. In fact, I swung a haymaker at a bunch of AGQ this afternoon a little too early, at $175 and got stopped out. I may grab some more on the open tomorrow though. Also, respecting The PPT and it’s historically oversold levels, I dumped out of half of my TZA hedge and loaded up on a very large dollop of TNA at the close. I may even add to that if we have a last blow off tomorrow morning.
Don’t let the Man get you down, folks. Let’s hang together, as we sure don’t want to hang separately.