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

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We’re getting into the gambling season, boys and girls.  Not just the annual March Madness, which is pure nirvana for we college hoop fans, but we’re also starting to talk Derby Prep racing, and even some golf course skins.

What better time, then to start pushing “all in” while everyone else is scurrying under rocks and diving for cover?  Listen, I have friends in Japan, people I went to school with, so I don’t mean to disregard this great tragedy, or diminish it’s human impact.  But if you think the market is turning because of Japan, or becase of Wacky Quadaffi, or for any other exogenous reason, you need to start thinking about a good index fund, and maybe concentrating on your brackets.

Listen close, as this may be one of the last few times you’re blessed with the benefit of my counsel.   You have very little time left to get your portfolio right, and I’m a very busy, busy man.   You’ve been running around, like a man in a wifebeater tee shirt with an insane clown posse tatto on your right shoulder, and you’ve been buying “the hot thing,”  “the sexy thing,” and let’s face it, “the easy thing.”  This game is not meant to be easy.  It’s meant to be a bare nekkid, blind folded race through a maze full of knee-high bear traps snapping away at your bag.

It’s time to stop screwing around.  This market is very close to getting that last bit of string pushed out, and you are better off closing out all your positions and going to cash like Scottie than continuing to chase every fleeting fancy sparkler in these latter waning days.

Needless to say, I’m not going to cash, though I did raise some today.  How?  By selling out the remainder of my non-PM, non-core plays.   I made the exception by keeping a little bit of hedged MON and UPS, but everything else that does not glitter or end up in the tank of my car is now gone.   And even my earl plays are very minimal.  I’ve got a little bit of ERX and a little bit of PBR and a smidgeon remaining of OXY.   Everything else — gone.

I will likely take some of that cash and use it for some additional leverage, probably for in-the-money calls on GDX, GDXJ and SLW.   These are more liquid PM option plays, and I don’t plan to be in them very long, but I will know when to climb into them.  It will be when the hammer below breaks through the glass flooring that has become so brittle… so brittle:

Print this page out, tape it to the top of your moniter, and refer to it frequently whenever you get the urge to purchase something frivolously. 

My best to you all, really.

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 [youtube:http://www.youtube.com/watch?v=-ERnT1X9HPw 450 300]

A Song for the Times?
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Well, so much for Helicopter Ben’s New York Times- abetted “tightening” kabuki theater act.

Did you enjoy it?  I hear he’s been studying at the New School.

I dunno, maybe the guys down at Goldman called Bernanke up last night and asked him for some help in getting out of their Euro shorts, since DXY (sorry, no quote yet — see? [[DXY]] ) had run up to about $80.30 today by lunch time, only to tuck tail and (Black?) swan dive right back down to $80 flat just in time for Benjamin’s Jawboning routine at 2:15 pm. 

That particular bit of mummery and prestidigitation must’ve in turn convinced at least one or two bag-holding kaftan merchants from Milwaukee to buy dollars again, because the dollar index got all the way to $80.10 by late afternoon, giving us all that familiar “blah” feeling at the close.

All pretense seems to have dropped away after the stock mavens went home, however, and the dollar is now (as of 12:36 am Eastern) trading back down to yesterday’s low’s at about $79.74, looking at a “next stop” of about $79.50, and then $79 even.     Party on, Garth (and Darth… Vadon, that is).

These incipient moves should be enough to get our rally on in the gold and silver sector, not to mention our other hard currency equivalents including earl, natural gas, and the specialty metals.   I was extremely busy today and I apologize, but my punishment was not being able to add much to the portfolio, although I would’ve loved to finish my Allied Nevada Gold Corp. [[ANV]] accumulation today.   I am quite sure it will be more dear tomorrow.  

I was able to add 60 more June $40 [[GDX]] calls at $5.80.   They were a standing order, and I think I may have been able to get them even cheaper, but beggars, chooser, etc. etc.   I now have total 120 of those $40 June strike calls, and I think I’m done there.  

 The rest of my exposure will remain in liquid equities, and I hope to add to positions tomorrow in the usual suspects, and perhaps some NovaGold Resources Inc. (USA) [[NG]] , New Gold Inc. (USA) [[NGD]] and Northgate Minerals Corporation (USA) [[NXG]] .   I also like Exeter Resource Corp. [[XRA]] ‘s relative strength as of late.  

For silver I may dip my toe in the Chanci selection — [[SVM]] , as I’ve admired their price action recently.  I may also look to grab some additional [[PAAS]] .   If [[CDE]] stalls in the early trade, I may also add to that one.

Platinum is reviving tonight along with its brethren, so don’t forget about [[PTM]] and [[PAL]] . 

On the non-precious side, I may grab some [[ERX]] for a ride similar to that of [[AGQ]] .   I also continue to like Petroleo Brasileiro SA (ADR) [[PBR]] and Occidental Petroleum Corporation [[OXY]] .    I also happen to think SandRidge Energy Inc. [[SD]] is undervalued here, and it is a perennial favourite (sic) of The PPT .

Last, don’t forget Thompson Creek Metals Company, Inc. [[TC]] , Teck Cominco Limited (USA) [[TCK]] and Titanium Metals Corporation [[TIE]] in the specialty metal names, and Sociedad Quimica y Minera (ADR) [[SQM]] , as their lithium is a bargain here as well.    I expect tomorrow will be a good day for we merry shipmates of the U.S.S Jackson.

All aboard!

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