Teck Cominco Limited (USA) [[TCK]] is the strongest of the litter, here, and most of the precious still have work to do.  The silvers in particular are giving me agita, but only in that they are making me wait.

I bot some more Silver Wheaton Corp. (USA) [[SLW]] today as it tested its 38.2% fib, and [[PAAS]] and Silver Standard Resources Inc. (USA) [[SSRI]] had similar (though not as severe) pullbacks today.   Seasonally, we’ve entered into a slow period in the PM’s, but I am just not willing to sell anything right now, given the precariousness of the bond and dollar situation.   Sure, we could have more strength in both, but I just keep looking at the amount they have to sell this week (hat tip to Scum Bucket), and… well, let’s just say hard money is looking a lot more appetizing, and I’m getting ready to reload on more [[TBT]] . 

Of my non-Jackson’s Allied Nevada Gold Corp. [[ANV]] was actually a gold miner that was up today, and I’ve already mentioned that I increased my position in Rubicon Minerals Corp. (USA) [[RBY]] .   Pretty soon I’m going to look like a gypsy Queen with gold and silver (and a touch of platinum, though I’ve yet to add to my starter position in [[PTM]] yet) dangling off my fingers, toes, ears and dreadlocks.

But that’s what our major theme is going to be here, folks, for the duration, so get used to it.  Soon, you’ll thank me for my persistent nagging.  In fact, it’s quite likely that someday, you’ll be adorning your children in “just 4 Kids” NY Giant paraphenelia in my honour (sic), and sending them off to college with tuition bills paid for in gold doubloons and pieces of eight.

I have every confidence.   All I need is the patience of a Bengal tiger in the deep brush on the annual Marlon Perkins’ Eat a Safari Tourist Day.  

Non PM picks I like, if you’re interested, include [[BIOS]] and Health Grades, Inc. [[HGRD]] here.   Best to you all.

Name/			%
Ticker	2-Jul	6-Jul	Change		Comments
ANDE	$                 30.89	$               29.67	-3.95%		Bounced off 20 day, sell on break $28.90
EGO	9.25	8.75	-5.41%		Closed a cent over the 50-day ($8.74)
GDX	38.31	36.94	-3.58%		Gapped down, doji’d, 200 day $35.94
GLD	91.25	90.76	-0.54%		POG $925 headed for $900?
IAG	10.34	9.93	-3.97%		Bounced off 50 day, patience, a keeper
MON	71.96	73.26	1.81%		Bounced as I suspected, but vol. sucks
NRP	20.77	20.70	-0.34%		Still oversold, but hanging in.
PAAS	18.22	17.83	-2.14%		Looking weak, still.
RGLD	41.52	39.04	-5.97%		Below 200 day EMA, looking weak
SLV	13.16	13.10	-0.46%		Oversold, but 200 week beckons (12.40)
SLW	8.40	7.75	-7.74%		Closed penny over the 38.2% retrace, I bot.
SSRI	18.79	18.20	-3.14%		Doji’d but could seek $17 one more time
TBT	50.73	50.94	0.41%		Looks ready to make a move
TC	10.36	10.07	-2.80%		Could target 50 day ($9.00)
TCK	16.09	16.88	4.91%		Chinese investment give a pop.
TZA	23.63	24.34	3.00%		Portfolio saver again, still 1/2 position
Cash (000)	$               13.44	$              13.44	0.01%		Same
AVG (daily)			-1.76%
AVG (monthly)			-1.14%
AVG (inception)			11.26%

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UUP is our proxy for the dollar as you recall.   It’s right at make or break here hanging about it’s 61.8% retrace.  Now, on my other graphing software, the 61.8% — Golden Ratio — retrace line is at $24.07.   No matter, we want this sucker below $24 to feel good about the dollar not threatening this rally again.  

Good thing we are in PM’s and heavy metals as they are negotiating this squall just fine today.   On the gold side, [[ANV]] continues to show real nice relative strength, to the point where its making me wonder if there’s not something going on.   [[PAAS]] and [[PTM]] are doing well as well, and you may want to have a sally at [[NG]] as it’s getting bootstomped for no particular reason while [[NXG]] is up.  Perhaps it’s the “X” chromasone?

I like [[TIE]]  and [[TC]] is just insane.  I may sell the calls after this posting, in fact.   In the meantime, the golds and silvers are hanging tough, and [[TBT]] is right at my intermediate sell level (high of about 59.50 today).   I may sell the calls on that one as well, depending on what the dollar does to the close.

On other crazy stuff, [[ENTR]] is finally breaking out, while the [[HEB]] takes it in the shorts.   Watch that one, along with [[IMGN]] as I think they’ll both “be baaahhk” like Arnold.   Another Fly buy is [[OVTI]] which I’ve had for a while now, and is finally perking.

Queries welcome.

Here’s a great theme for today.   Whether we’re talking the dollar or the market, you gotta love this humble boy from Northern Florida.  Fantastic rendition, too, the way he gets the blase LA crowd to sing the whole first verse (Hat tip to Boomer):

Update:  Funkier version from Hamburg, sorry about the “non-embed” you can see that one on Youtube.

[youtube:http://www.youtube.com/watch?v=RiztRc910Ps 450 300]

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 Update:  Sorry, no calls to sell on TC!  Therefore I am selling one third of my position here at $11.21.   I am risking that I won’t get the better price to reload.

Update: Bot 1k more [[GDX]] @ $40.88 for shizzles and gizzles.  Hanging on the 61.8% fib.

Update:  Re: [[UUP]]– she ended up at $24.00 on the dot.  Isn’t that just like a woman?

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I got good news and bad news on the market  front, ovah heah.   The good news is, I’m going to show you my Russell 2000 chart ($RUT), which I’ve been using to parse the market since before the first bank meltdowns of late 2007.   You see the Russell, even more than the [[SPY]] in my opinion, gives you a better view of the “overall market” than any other index.    You can also check it’s volume using [[IWM]] it’s ETF.

I find that the Fibonacci retracement lines work very well in analyzing the Russell as well.   Take a look at where where we found ourselves this morning:

As you can see we are bumping up against one of the stronger Fibonacci “Golden Ratio”  (inverse) lines at 38.2% (the other being the actual Golden Ratio of 61.8%).   I expect that means at least some sort of rest stop here.   That said the “good news” is that 13-34 week cross which implies further bullishness should it continue.   As I have attested, and I think even Woodshedder has agreud (sic) — the 13-34 week “golden cross” is one of the most significant bullish or bearish indicators out there.   

Let me know what you think, but don’t be surprised if I disregaurd (sic) your thoughts in a cavalier, dismissive way, whilst inserting snuff up my nose, all atop my “knee-controlled” white charger.

One other point — some of these biotech unpinned hand grenade small craps are pulling back a little today, and since I sold off 2/3rds of my [[HEB]] -brews yesterday, I may dip back into the Red Sea to rescue some more pedestrians today.    I also like [[IMGN]] here (thanks Henry!), but will not add more as I am “full up” to the brim with it.    [[SVA]] also bounced nicely off it’s trendline today, but I’d wait to see if it drops back to $2.90 before taking a chance on any of it.    The last insanity is [[CTIC]] which has been a darling of The PPT, along with [[BEE]].   I think the latter looks a lot more promising, but have not gotten any yet. 

As always, I recommend you stay as far away from the above paragraph as you would a Mossad Hit Squad with your name at the top of their list.   There’s no question your purchase of any of the above will warrant a quick waterboarding, coupled with a full-torso Obama campaign sticker “body bind”, finally finished off in a late night rowboat assisted drop into The Great Salt Lake, where you will bob for hours, your pitiless cries ignored by disinterested Mormon seagulls.

On the precious metal front, as I suspected, more pullback, but the metal rustlers cannot disguise all — [[PTM]] looks strong here, comparatively.   Slow and steady wins the race, old boy.   Best to you all.

______________________________

Update: I bot 2k more HEB to take with me across the unpaved Red Sea @$3.10.

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Many ah-paulgies, but when I’m undah stress, my Lawn Guyland ax-sent stahts comin’ out.  Fugheddaboudit, right?  Anyways, youse can awl see dat we’re still pullin’ back ovah heah, in an egregious mannah if I may say it is so.   Sweah ta Gawd, I dint think it was gonna happen this fast and furious, like a pissed off gindaloon lookin foah his “oily developed” little sistah, but hey — dat’s dah bawl game, no? 

Anyways, I trew dat same $HUI weekly chart from last night togeddah and whaddaya’s know?  We went and hit dat top of the consolidatin’ box dere just like I said.   Here’s dah trouble.  I ain’t so shooah we’s done heah.   In fac’ — as a mattah uh fack — I tink dere’s a damn good chance we’s go to dat second line (#2) right dere at aboud $347-48 -ish.  

So tink of it as a vacation for a day or two heah, and maybe add some names you still don’t have.   But I wouldn’t sell any cawls at dis point.   Just hang on.  Weah still 21.5% up since May dah foist, so whattaya want ovah heah?   A fuggin’ Yankee Miracle, or somethin’?   Have some damn patience.

Onna mattah of [[TSO]], that motherless whooah:  She is on my last noive, ovah heah.   I don’t feel good tellin’ youse ta accumulate her, heah, and so’s I tink maybe dat means “she’s out.”   But she’s only down 5.25% since May 1st, and I figgah we oughtta give her til 8%.    If she can’t pull outta dat tailspin, den we send her packin’.  Agreed?    Let me know what youse tink aboud mebbe replacin’ her with [[PTM]].   [[GG]] and [[AUY]] ah also on dat ray-dah screen, but NOT CRAAPL, ya heah, wiseasses?

Note dah notes, and have yahself a nice beeah and a good night.

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		3-Jun	% Change		Comments
ANDE		$    26.51	-1.23%		Lightest pullback in the portfolio
EGO		9.54	-5.82%		Got some more today @ $9.35
GDX		42.16	-5.36%		$HUI retreated to $370 today, target #1
GLD		94.41	-2.02%		Gold now $35 away from $1k
IAG		10.39	-7.23%		Watch for Friday’s gap ($10.04) tomorrow!
MON		81.50	-1.45%		Not killed today, still lagging.
NRP		23.34	-3.95%		$22 very possible (38.2% fib line)
PAAS		22.33	-6.41%		Filled Friday’s gap, I bot more @$22.05
RGLD		45.58	-4.56%		Known for volatility, trend line @$44.90
SLV		15.14	-3.87%		POS dropped 60 cents today
SLW		10.56	-2.85%		Impressive rebound today. Has not filled gap yet
SSRI		23.04	-6.61%		Pulled back to top of cup, TL@ $22.10
TBT		53.99	-1.84%		Continuing struggle with the 10-year
TC		9.34	-10.11%		Should’ve sold the calls, dammit! Support @ $9-
TSO		15.17	-13.31%		Down 5.25% since 5/1 – close to tossed
AVG	AVG		-5.11%

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There’s that bloody pullback we were talking about last weekend!  Um — No need to overdo it, there, brother!   We don’t want to scare any new Jacksonians away now, do we?   

Well I can’t say this wasn’t expected, although the bludgeoning of [[TSO]] is a mite much in my opinion, and may warrant some additional consideration, should it continue much past the $14.80 level, where I would consider it more than a bit damaged.  Obviously VLO and WNR are the culprits here, both pointing to an overcapacity in the business and possible need to raise capital (on WNR‘s part) allegedly.  As you know I was short the June 17.50’s, but even that money doesn’t make up for today’s bludgeoning.  I may just reshort the 15’s, here and exit if that is my fate.   TSO is something of an oddball (like MON and ANDE) in that it’s not directly commodity related, but rather peripherally.  

In short, I’ll let you know what I decide, but for now, TSO is on the “back alley execution” list.   Even though I bot most of my TSO below $10, I recognize that it’s only “Jacksonian” from the official start date of May 1st, so I will account for the loss (bot @ $16.01) from that date if I take it.

The good news is I think we may have a new Jacksonian entrant.   I began a “starter” position in [[PTM]] today,  at $15.14.   As I type, it’s about a dime below that, so I may add before the day is out.  If do add PMT to the JCHP, then I will likely kick out TSO, at a loss.

In other Jacksonian news,  [[TC]] is getting its socks rocked, in one of it’s now familiar one day pull backs.   Perhaps I’ll remember to sell the calls when I should next time.    As it is, it’s filled that $9.59 gap from last Friday, and I shall probably add a small amount more today.

[[EGO]] has tested the rim of that long term cup that was in formation from July of last year.  I expect it should hold up here, and I will likely add a small amount from recent biotech winnings to my pile here as well.

[[SLW]] I would wait on, now, to see if it can’t fill that gap down around $10-.   Gap fills have been excellent buy opportunities as of late.   [[SSRI]] ($23.38) and [[PAAS]]  ($22+ ) are both at good accumulating points, here.   Also if you feel adventerous, non-JCHP double Silver ETF [[AGQ]] has pulled back nicely here, too, but you may want to wait to see if it fills that gap at $52.30.

All the JCHP golds are accumulatable at these levels, right now, and I’d grab RGLD first, as always, and GDX is always a good “backbone” hold.

Caveat:  As always, I offer my opinions only, and not the usual advice for which you consult your local gypsy palm reader.   If you decide to follow me into the Jacksonian fold, it is because you are a person of independent means who spits in the face of market carnage.   Just remember that here, even in this sainted borough of the iBC Website, you can most assuredly get shot.   Trade accordingly.

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Update: I bot 2k more EGO at $9.38.

Update: I bot 1k more PAAS at $22.05

Update: I bot 4k more NG at $4.85

Update: I sold 4k TSO (25%) at $15.02

Non Jacksonian Update: I bot 10k CTIC  (25%) at $15.02

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Young Daniel-san has been nagging me lately about the other lustrous beauty, Platinum —

I interrupt this blog post to tell a funny story about an even younger Daniel — my son.  Tonight we were alone together, as the Good Woman took the other kids to see “Star Trek” (she for the second time) and I stayed home with “the baby.”  Problem is, he’s not so much a baby any more and quite prone to mischief.   Case in point, he had been locking himself in his room lately, so — clever us — we turned his doorknob around about six months back.  Skip to tonight, whilst I’m preparing him beddy-bye, he’s mucking about with the door again.   Too late — I heard the “click” — did I realize he’d turned the lock and pulled the door shut, effectively locking us in his room until Star Trek was out.  Bugger.

Anyway, ever since Danny bugged me about Platinum, I’ve been watching [[PTM]] — the most liquid ETF of the metal I could find.  Tonight I’ve taken the decision to grab some given a break from it’s current position.  Given a trial period, I may even consider it for the JCHP.   I believe the following limpid, elucidating, facile and explanatory CHART will show my reasoning (rather than have you guess as to what the hell goes through my head on taking decisions like these, along the lines of certain obstreperous , cranky “Uncle Fuckers” with whom we may be familiar):

Overbought?  Most assuredly.  That’s why I’ll wait to see if it clears this critical $15.40 mark before I dip my beak.   I think PTM should likely match the other precious metals, and continue to hold value, like it’s other “precious industrial” twin, Silver.   We shall see.

Meanwhile, ho hum, the Jacksonians were mostly green-hued again today, all save the two I’ve hedged with sold calls (TBT & TSO).  Odd, no?   It looks like TSO may take something of a hit here tomorrow, thanks to the foolishness of VLO and WNR,  it’s villainous brothers.   I’m not overly concerned, as I sold the June $17.50’s at close to $2.00 some  weeks back.   That said, I’d like to see TSO hold the $16.70, area, as that is the bottom range of it’s current ascending triangle.  

The $HUI continues to consolidate under $400, even as the Jacksonians move forward.  There should be some room for additional accumulation this week, I hope.

Name		2-Jun	% Change		Comments
ANDE		$     26.84	3.23%		Another 3%+ day, Ags still strong
EGO		10.13	4.54%		So much for accumulation.  Hope you got some.
GDX		44.55	2.63%		$HUI under $400, yet GDX still up.
GLD		96.36	0.66%		Gold (the commodity) only $14 away from $1k
IAG		11.20	1.63%		Friday’s gap gets further away.
MON		82.70	1.50%		Moving back in the right direction for MONGO
NRP		24.30	0.25%		Back at the top of the consolidation range
PAAS		23.86	2.01%		Chug chug chug chug
RGLD		47.76	3.51%		Just the best thing you can own
SLV		15.75	2.61%		POS over $16 tonight, should follow
SLW		10.87	3.62%		Overbought, but silver rocketing
SSRI		24.67	1.52%		Ditto
TBT		55.00	-0.94%		Pullback from yesterday’s gapup
TC		10.39	4.00%		Considering selling the calls on this huge move
TSO		17.50	-0.06%		Will have to fight the VLO news tomorrow
		AVG	2.05%

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