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Yes, I sold off or hedged quite a bit of my gold and silver exposure last week, though I still keep quite a few low-floaters for “venture capital” type opportunities.   Like as not I will trim down to the core this week.   My reasons for doing so are two-fold:

First, we saw gold hit a significant hurdle last week at $1820 or so without either silver or the miners really taking off.   We then saw gold drop more than $70 in scant days, taking it’s little sister silver along with it (far more precipitously, I might add).   Now both have stabilized, but I can’t help but think we’ve been riding this latest wave long enough and it’s time to step-off while there’s still some peanuts on the floor to take home to Mom.

Second, my gut is telling me the string is playing out, not only on our precious metal positions (albeit temporarily), but also on the market itself.

But not before a bit of a party.

As you may recall, I bot some ERX and some EDC last week and those have been doing fine.  I might add to some of those this week, depending on the reception we get tomorrow morning at around 11 am (my preferred “taste time.”)  I may even grab some TNA and QLD as well.

But be forewarned — I’m only grabbing ETF’s because they are easier to monitor with regard to swift moves  in the market, which I fully expect in these next few months.   Like as not, I will trim all extraneous non-ETF positions in the coming weeks, as the market continues to regain its health from the recent depredations.  That means even UPS and BWA will go — though they may go last.

Best to you all.

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[youtube:http://www.youtube.com/watch?v=34ag4nkSh7Q&NR=1 450 300]

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I had a Sargent Schulz moment this morning and, as a result, ended up selling “nossing.”

As you may recall, we opened kind of weak in the miners, and I decided to hold off til my usual 10-11 am period to dispose of some stocks.   But we began rallying shortly after the open and it looked like gold was trying to hang in there.  Generally, I would not recommend this line of indecision and I would enjoin you, rather,  to “follow your plan” at all times.

Sometime, however, my “gut” tells me that I should stay my hand.  Often times allowing for a little patience, and “not trading” instead of pro-actively trading, I’ve saved myself considerable heartache and regret.

That doesn’t mean I won’t be selling tomorrow, however, even as the dollar drop today tells me it will be difficult for gold and silver to break down any time soon.  What I may be doing instead is selling a portion of some of my fatter gold plays (and maybe some silver if we discontinue our current rebound) and investing in some “fast actin’ Tinactin” recovery stocks, like EEM, QLD, TNA and perhaps even some ERX (sorry Cain!).

I would be loathe to abandon the recovering baser metal plays as well in this snap-back, so I will be inspecting TC, TCK, TIE and even some AVL tomorrow.  Last, take a look at two good beat-downs for some fast flash action — CREE and PBR .  These are two of my old favourites which have fallen considerably OUT of favor.   They may be worth a spin of the wheel.

Best to you all.

 

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[youtube:http://www.youtube.com/watch?v=rVAD8Zl5ngg 450 300]

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Looking over my charts this evening (no shoulder devils or broken elevators), it seems that while the price of gold is doing the Heschel Walker down the field, the metal’s miners are lagging behind like a fat man with smoker’s hack.  This gives me some pause and has me with my finger on the trigger.   Despite minor wins today in AUQ, AUY and ANV, most miners that didn’t start with “A” were having trouble addressing the field.   Moreover, silver struggled at the $40 line and gave it up by the end of the day.  As a result, despite gold being up nicely, I was still down in my miner-saturated portfolio almost 2% overall today.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

I’ve seen this play before (gold up, silver and PM miners lagging) and I don’t intend to stick around to see what comes of it again.  I will likely sell some portions of my miners tomorrow morning and then hedge the rest with sold calls.  I  will also launch the remainder of my  NUGT and DGP (what remains of them) even as I’ll  likely hold on to my GLD and SLV positions for the duration,

I will then likely  spin some of the newly raised cash into a few rebound stock positions to take advantage of a bounce I feel certain shall finally come tomorrow as we test the depths of 1090 and perhaps lower.  I am again looking at QLD, TNA, EEM and possibly, quite possibly EDC again (very small ball!).

Be well and be wary, my friends.

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Every chart I look at is registering overbought like a mother. Doesn’t mean that we can’t eke out some more gains here. I just wouldn’t bank on a big run, that’s all.

I may get some TZA this week, or QID, or perhaps even some SPY puts for the first time in an age.  You know how bullish I’ve been these past months since early September, so you know this is a serious admonition…

Get hedged, pledge.
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