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I guess my jaw is just going to drop every day right into November 6th  of this year.  Yesterday, I stood agog as the U.S. National  Media did not merely let slip their masques of “Objectivity” but tore them off completely in defense of their Dear Leader, The Obama.  It was like we were back in the days of “Soviet Union,” when Pravda and Tass would not only mouth whatever “truths” the Soviet leadership would set them to, but also pro-actively attack dissidents of the regime in order to discredit them. 

When our embassies in Egypt and Libya were attacked “coincidentally” on 9/11, and our Executive Branch Administration decided to respond with an apology instead of condemnation, I guess I wasn’t completely shocked when the MSM house organs (NY Times, Boston Globe, LA Times) buried the story well into their papers to clear room for important Romney/Ryan high school reportage.  What was a shock, however, was watching the press go after Mitt Romney for — very appropriately, IMHO — condemning the wrong-headedness not only of the rioting Islamacists, but of the Obama Administration that was feeling their pain.  Incredulously, I watched as the biggest media firms  in the country went after Romney in a (now confirmed) coordinated attack like he was the guy who murdered our ambassador in Libya instead of being the only Presidential candidate to take time out of his day to remark upon it.

No, what was important to the press was that Romney was condemning the Obama Administration, and everyone knows that the Main Stream Media’s number one job is to advocate for the Democrat President, right?

Right?

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Meanwhile, on day four of “Jaw Dropper Week,” we hear from yet another  uncompensated (well, sorta) member of the Committee Re-elect the President Again (CREEPA) — Mr. Ben Bernanke.   Not two weeks after Mitt Romney all but said that Fed Chair Bernanke was likely selling pencils come this January, the Bearded Bandit decided to show just how far he’d go to keep his job.

In a scene that seemed cut from the classic Mike Judge movie, Idiocracy, Mr. Chairman has decided to cut loose with your sovereign currency in such a way that soon we will be purchasing extra-wide checks to accomodate the extra zeroes we’ll have to write.  And he’s not doing it in any kind of secretive “QE4” way, either.  No, he’s just going to purchase — with fake money! — US mortgage bonds, at $85 billion a month til the end of the year, and then $40 bn a month, apparently until morale improves!

It’s fucking mind-boggling, if you’ll excuse my French.  Just stutteringly mad.

We are spitting in the face of people who hold our dollars world wide.  We are saying, “See this? This hundred dollar bill?  I wipe my arse with it!  Have some!” 

“Oh, yeah… and vote Barry so I can keep my job, eh?  Thanks much.”

Anyone got a line on a wheel barrow factory I can invest in?

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As might be expected, gold (+2.11) and silver (+4.33) are screaming.  More analysis of the traditionals tonight, but the ETFs are your best bet at the moment (GDX, GDXJ, SIL, GLD, SLV, even AGQ and NUGT).  Go nuts, mind as well.

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[youtube:http://www.youtube.com/watch?v=RDnlU6rPfwY 450 300]

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She sends me,

If I spring a leak, she mends me.

I don’t have to speak, as she defends me.

A drunkard’s dream if I ever did seeeee ooooooone.

(Appropriate electro-banjo interestice)

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Silver (la Lune) and gold (El Sol)  are both galloping across the skies now, impervious to my caution.   Thundering over my head, their coursers full afroth,  they say “paaah!” to my 70% position, daring me to chase my favourite (sic) miner names like some aging bobby soxer on Frank Sinatra Night at the Sands. 

I will not, however, as some option positions in the longer term department have sated my appetite for “easy dough” at the moment.  Instead I will stick to the still bargain issue lesser metals that are just now awakening to aroma of the lightly salted lightly peppered Bernanke Steaks that are being served to the market, “screw inflation”-style.

I will admit that I should have realized the printing presses would be truly whirring this week, as “the Bernank” attempts to assist “Backbone Barry” in ways that even Plugs Biden, with his literally literal literalisms and abstruse accolades cannot.  As I type, the dollar is down more than 80 cents (!!), plunging below the 50% fibonacci line that I mentioned the other day ($80.72) and now heading for the next support at $80.00 or so. 

Given the ferociousness of today’s takedown I wouldn’t be surprosed if we broke below $79, even in the near term, as we head to new lows in 2013.  Ben seems to be pulling out all the stops, as unemployment still sucks, and the only thing that will get people to think things are ok is if the market is up, up, up.    So be it, but just keep in mind we are playing with interest rate fire here.  That’s why I like the commodities more than the stocks here.  It’s only a matter of time.

I see my perspicacious friend Le Monsieur has already taken my “Cripple Creek” stock TC as his latest addition, so I won’t spend much time lauding it (you’ve probably already bought it, haven’t you?).   Know that this stock truly was crippled, unfairly, IMHO, by a bad financing timing decision.  It can get back to $5 (200 day EMA) very easily from here, I believe.

On other non-PM’s, I like TCK here, also beaten down like an ugly mule.  The nice thing about this metal mining sector is how you can make tonnes of money on beaten down stocks in it for about four out of the 52 weeks of the year.  I think we may be in one of those periods. 

Feel free to ask, I’ll probably say yes, but ask anyway.

Best to you all. 

 

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

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 The empty suit video above aside, I’d like to direct you to an excellent Wall Street Journal article that reviews the scope of our Entitlement State circa 2012.  It’s not that we have reached an unaffordable precipice (we most certainly have), but that the extent and volume of government fund transfers both in dollar terms and in terms of the percentage of the citizenry receiving transfers has begun to transform our own national character.  The article is appropriately called “Are Entitlements Corrupting Us?”

A lot of U.S.-based  and foreign leftists tend to complain whenever anyone brings up the subject of American Exceptionalism, but I wonder how many of them are enjoying this current slide into mediocrity, and how many will be happy when we’re just another European-type welfare state?  I think quite a few of them have a niggling feeling in the back of their head that something is slowly being lost, much as the rest of us on the other side of the aisle have done.  I don’t think one can help it.  I also cannot believe that the majority– even on the Left– sense this will be a net positive for the world.

But who really knows? Spite and schadenfreude are powerful emotional succors.  One never knows where a person, once corrupted, will get their kicks.

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The dollar continues to tumble overnight, but draws near some major Fibonacci support at the high $80.80’s region.  Don’t be surprised if we get a bounce.  Perhaps a weak one, but maybe enough to deflate this current gold and silver run up for several days or even over a week.  I’m cautious here, only because I saw a lot of euphoria last week.  I’m about 60% invested on my PM positions, and will be patient here.

Best to you all.

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I just got home and it looks like the golds/silvers had a crappy day, but it also looks like the dollar is falling tonight while the commodity complex, and especially earl, are rallying.  Oversold and out of favor are my two favorite paradigms, but I’m not telling you what to do if you are nervous here.

Me? I’m gonna do like Slim and ride the bomb.  I’ve got meetings all over again first thing tomorrow so I won’t be able to look in via anything else but Crackberry til mid afternoon.  In the  meantime, if you’d like to discuss things, open-thread style — and that means anything — I declare this blog a Mario Savio Free Speech Zone.

Have at it!

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Classic Slim:

[youtube:http://www.youtube.com/watch?v=4w36z7XnwOM 450 300]

 

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As I mentioned the other afternoon, it looks like it won’t be long now, for the dollar and the precious metal markets to once again take different tracks.  And that should mean good things for the miners, as evidenced in what appears to be an approaching turn in the $HUI Gold Bug Index.

Turns out this whole Greek fiasco is becoming something of a mud-stomp for our swarthy souvlaki-eating, Ouzo-swilling band of molotav cocktail pitchers, and it appears that the European Community might even be angling to kick the Greeks out of the Euro no matter what.  Hey, as crazy as it’s become in Greece, at least they don’t have Federal officials inspecting their kids’ lunchboxes for “nutrition violations,’ yet, eh? 

I say so be it, and let it be done.  Either way it’s apparant that Big Brother Bernank is not going to let some rock-throwing, Fiat-torching proto-Spartans ruin his very stable run into the 2012 elections (and yes, he’s running too, believe it).  So be prepared to be awash in liquidity here.  Drachmas?  Schmachmas! Take some digital dollars and shut up, already. 

Around 8 am this morning, currency traders tried to make the dollar go “pop!” but gold and silver are currently calling bullshit on all that.  Yes, these three can sometimes rise together like the greatly undervalued kings of the comedy stage, Larry, Moe & Curly (not really) in a Depression-era movie house, but more often than not, this alliance is proven false within a matter of days, if not hours.  As I type this, mean-spirited Moe (the US dollar) is taking a pratfall from it’s earlier spike over $79.60, and Larry Gold and Curly Silver (the fat, dumb one), are careening higher.

As I mentioned earlier, I will also be looking for a turn in the miners here.  My weekly chart shows us approaching the bottom of that channel I pointed out the other day:

 

And the daily chart shows an even more clear bottoming in the stochastics.  Note also we almost touched the bottom of this (admittedly loose) consolidation triangle yesterday as well.   

 

 Quite a few of my stocks popped in the last hour of yesterday’s trading (along with the whole market, of course), including my March Madness pick, AUY. 

I had thought that contest was starting this Friday, for some odd reason that seemed truly logical only in my own beleaguered head.  I think that launch would have been perfect, but in the meantime, I’m in a bit of a hole, so be sure to purchase as much AUY as possible here, and to short that hideous purveyor of ethically questionable time-share vacations, AWAY.  Thanks in advance, and…

My best to you all.

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The glow has begun to abate and I am back in the loving embrace of my immediate nuclear family again.

And away from that drunken sot of a brother of . Away from his fistful of aluminum bottles and his near-magical affinity for attracting state troopers at the exact wrong time.

It was great to check the Superbowl box off the bucket list, however, especially given the “down to the wire” exigency of the finale, though I think my stomach could cope better with a blowout (on either team’s part).  It was also excellent to do it with family, too… with a guy I’d been going to Giant games with since we were little kids.  I’m only disappointed that babies kept two brothers away and Vegas the third, because I think Dad would have liked all of us to be together in these seats I found.  Seats that were so eerily close to where we all used to sit in the old stadium… where Dad used to sit.

I had a hellacious day at work today because I’ve really got no time to be taking even weekends off, never mind the odd Superbowl Monday I used for travel and “recovery” yesterday.  But things are hopping right now, thanks to this current odd mixture of liquidity and nervousness.   A lot of shareholders are taking the money and running these days, deciding discretion is the better part of valor.

But Ben keeps the presses moist and full of fresh green paper, because after all this is an Election Year.  And a year when the Giants are Superbowl Champs.

It’s only February, but this really is shaping up to be a magical year already, no?

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No position changes today.  I might even add tomorrow if the dollar continues to break down, however.  My March Madness pick is the previously mentioned AUX gold stock, btw.  I hope you will join The PPT to participate.

My best to you all, and thanks for your patience and indulgence.

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