Bottoms Up!
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On the imminent demise of the buck today, I loaded up with stupid amounts of AGQ, NGD, PAAS, MVG and SVM today, not to mention another 25% of RGLD.
The dollar is dying, I am quite confident of it. Take advantage of all opportunities to at least mid-$76 on the DX-Y.
That is all, really. Short, sweet, simple
And sweet again.
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And by the early sixties, so was the Lone Ranger
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Enjoy your frapjous day, and bank your daytrade capital returns, bottom callers, for you called the bounce correuctly (sic). Silver was oversold today, and as a result, the metal enjoyed the slightest of rebounds along with gold (more muted) and even some of the larger cap market.
Behold the egregious oversoldedness (sic) and note what my crystalline bawls tell me of the future:
The odd thing is, the crapulous dollar continued to struggle on, not quite selling off, but definitely not rising like the phoenix either. It appears besides making soothing statements, Chairman Benjamin is loosing pillowcases of feathers upon this market, excoriating it to “Fly! Fly!”
Alas, a passel of loose feathers doth not make a winged bird, or even a flightless apteryx. No, it looks like the dollar, too, is oversold, and perhaps seeking a final dip before strapping on it’s BAR for a slog back up the hill:
And EXK was purchased today by some (though not by me)– a nice pickup at $5.40 if you got it there. I think it could even go to $6.00-$6.20 on the second day of a bounce. I will sell more of my stash there, if it gets to that point. Silver stocks, too, will take on a familar sheen if the dollar rebounds here, as scheduled. And while I felt comfortable today grabbing some of the much more oversold (and higher quality) SLW at $29.03-.05, I still contend that EXK must complete its journey:
Keep this intuition in mind: one does not buy the metals happily after an egregious pullback. Rather, one buys them grimacing, and with chitinous trepidation.
When you feel that grippe, then let it rippe.
Be well.
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The $HUI, he is glo-rious.
The Fly, he is un-der the bus.
The Man, he is Chuck Nor-ius.
You’ll lose teeth if you
Neglect to floss.
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Be at peace if you have no gold
This might not be the time to hold
Y’see…
The oscillators all grow old
And all my calls have since been sold.
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Check the graph if you have the mind
To see the $HUI crescent’s very rind
That’s flashed to me the warning sign
To take my nuggets off the line,
Chunk my Barca-lounger…
lever, and… recline.
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Now, as a caveat, I’ll have you know
If the buck stays under the weekly low
Price at $80’s recent undertow–
Then I’ll be next to risk a throw
On Sainted Saxon Knight…
Lord Ivanhoe!
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Good day to you, sir!
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I’ve been in a frustration rage all night, dealing with a specific teacher from my kid’s new school. I knew this clown was going to be trouble when we were ushered into his classroom on “Parent-Teacher Intro Night.”
First sign of a problem– his advanced (freshman) Biology classroom is festooned with Star Wars and Lord of the Rings paraphenalia. It’s so chock-a-block with Lucasfilm and Tolkien goo-gaws that you get to mixing up your Yodas and your Gollums as your eye flits from poster to plasticine sculpture to quarter-scale Death Star diorama.
Now don’t get me wrong, I’m as big a nostalgia geek as the next guy, but when a dude who is supposed to be in a position of authority starts taking on the trappings of his 14-year old charges in an “I’m gonna be your buddy, see?” fashion, my inner alarm-bells start ringing.
And of course this decorating style, along with his “wildly enthusiastic wide-eyed and energized” schtick is all just a big passive- aggressive foil. You see, he’s really been put on the planet to show all these AP-level kids how freaking lazy they’ve been all their lives and what a real boot-camp ass-kicking class is like, courtesy of his over-caffeinated, Napoleanic personality. You see, they may all be going places, but this day, they’re his!
But that’s not the worst of it. The worst is his bizarre insistence on using all these notoriously buggy “cloud computing” academic “aides” in order to process simple things like homework essays.
So if have been stupid enough to encourage your kid to read books and play sports instead of staying in his roomand learning to dissasemble his PC (blindfolded), guess who become the guinea pig in the great “figure out how this new-fangled 64-bit double-key encrypted 16 password entry bullshit works” process?
Hint — it’s not dear old Mom.
So here I am writing my post at post-midnight because I spent much of the evening visiting 53 separate websites and checking nine different on-line syllabus entries to find the proper “log-in information” so my son could submit his quotidian two page homework essay “the modern way.”
In case you were wondering (I know you are lock-jawed asleep right now), that way was “late” — as we didn’t get it into the bullshit cloud computing thingamijig (it allegedly checks for plagiarization, spooky, no?) until after the 10 pm deadline.
So I just e-mailed the damn paper to the geeky homunculus, 1998-style. I am hoping he bitches me out about it. Look for the results in the local paper, “Violent Crimes, unsolved” — section.
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The Dollar is down below $81, as forewarned, thanks to Ben doing as much cocaine as my son’s Bio teacher, and now the buck looks headed for the “neckline” of a pretty dismal head and shoulders pattern. More important to me than that (imho) bogus pattern is the return to the 38.2% fibonacci level after bouncing off it once already and not quite making it all the way to the 61.8% only to feel the tug of gravity all over again.
This second return may force the break we’ve been talking about, or it may simply be grounds for another bounce. Because of the relative overbot nature of my silver and gold plays, I’m hedging right now for the latter, but I will not rule out the former. Check the dollar weekly (weakly?) one more time and see if you can see a near term return to the $77-78 level in its future:
Yours in the fight against overzealous teacher-tyranny,
Jake.
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Comments »[youtube:http://www.youtube.com/watch?v=_7R1_4h3kg0 450 300]
Mystery Solved Re: Fly’s Love for Wu Tang?
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Stung by yellow-jackets on Sat-ta-day, ruined by late night inept Giants football at hostile Lukoil Stadium on Sunday, yet still I rally with room to spare for the big city meeting with the mystery ex-pro ball player and current mutliple centimillionaire. Could be one of my biggest deals since I moved South. (drum roll)
I’m so hood, I just can’t help it, dammit.
And what’s more, the market continued to rally, including my goldbug darling ANV, much to my re-hedged chagrin. Thanks to my selling the calls on Friday, today’s almost $1.40 (5.3%) move felt a lot more like an $0.40 move. Ah well, we can’t all be supreme market timers can we?
I also hedged about 60% of my SLW position on Friday, but she was largely flat today. I do expect both names to climb back down the ladder very soon. I won’t even bother showing you ANV’s chart, but suffice it to say it looks like an arborist standing on a stepladder that’s perched on the radio tower attached to the roof dome of the Chrysler Building. Now if that stock gets bought out tomorrow, you will probably hear me howling in Canarsie tonight, and the Maldives.
All hedges aside, I was still up about 0.5% today, and the market is looking vaguely dispeptic. Tomorrow the Fed will send us into choleric spasms of one form or another, I’ve no doubt, and you know I’ll be watching the dollar for another breakdown from the $81 mark, like we briefly saw the other day.
That could set us off again to bulltard land, as I’ve been trying to relay to the agnostic bearish among us. What’s more, f we do look like it’s run-time, it won’t just be the metals. Yes, ENTR looks like it’s coiling for another sky-blast too. And if you still have CMI, well, keep it as well, ey?
Best to you all, my wooties.
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