Yes, I’ve been down here all day stacking cans of chicken stock and chewing tobacky with the Devil Dawg, whilst we discuss Obamacare Armageddon scenarios and the influence of Frederick Heidegger on the work of the BeeGees, post-Staying Alive.

Okay, so it’s not that bad yet, but I’ve “taken some steps” ovah heah, as I mentioned I would last night.   One of them was to cut back a bit on certain plays where I had some substantial gains (in the case of Silver Wheaton Corp. (USA) [[SLW]] and Thompson Creek Metals Company, Inc. [[TC]] ) or wanted to reduce some exposure due to flaccidity Eldorado Gold Corporation (USA) [[EGO]] — all in order to raise cash.  

I sold 25% each of the SLW and EGO and another one third of the TC, as it broke $9.25.    I now have just a third of my original 1,407 shares of TC purchased at $7.11 left.  This second batch was sold at quite a bit less than the first ($11.21), but still at a 30% premium.

The SLW was sold at $8.21 right before the close, and the EGO at $8.12, at 6.35% and 1.5% returns, respectively.  Ugly and the folk in the PPT will tell you how reluctant I was to part with even that much, but a necessary cash raiser for our protective [[TZA]] , of which we purchased $10,000 worth at $24.82(as mentioned this morning in the last post’s comments), similar to our other “initial purchases” in the JCHP.    I reserve the right to add more in $10k increments, and may do so tomorrow, depending on where this market is headed.

I am also looking at [[SMN]] as a possible add tomorrow, and Natural Resource Partners LP [[NRP]] as a possible cut, again depending on what the commodity movers do.  Stay tuned.

Name	22-Jun	% Change	23-Jun	% Change		Comments
ANDE	$ 28.45		$ 28.23	-0.77%		50-day @ $27.53, could “touch & go.”
EGO	7.65		8.07	5.49%		Strong launch off the 200 day today (7.64)
GDX	35.74		37.33	4.45%		Also bounced off the 200 day EMA (35.71)
GLD	90.54		90.92	0.42%		$90 seems like support/
IAG	9.04		9.58	5.97%		Nice rebound from yesterday’s plunge.
MON	78.12		79.30	1.51%		Continue to watch that $77.25 level.
NRP	20.60		20.65	0.24%		Rebounded weakly, may sell tomorrow.
PAAS	18.02		18.31	1.61%		Need some follow through tomorrow
RGLD	41.12		42.43	3.19%		Closed just about 50 day ($42.27)
SLV	13.54		13.62	0.59%		Tepid response, but POS up 15 cents tonight.
SLW	7.97		8.21	3.01%		Needs to reclaim 200 day @ 8.40, or die trying.
SSRI	17.56		17.99	2.45%		same as above, 200 day is @18.91
TBT	53.28		51.85	-2.68%		Could easily get back to 49.25 before bounce.
TC	9.40		9.42	0.21%		Sold another 1/3 at $9.24.
TCK	14.57		15.51	6.45%		Nice bounce off 200 day EMA @ 14.62
TZA	24.82		25.57	3.02%		New hedge entrant, up nominally today.
AVG (daily)				2.20%
AVG (monthly)				-9.93%
AVG (inception)				11.03%
Cash ( 000’s)				$   4.14

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Oh I had a great picture for today.   You shoulda seen it.   Larry Kudlow, nekkid, save for a  leprechaun’s chapeau and a human sized version of the parti-coloured (sic) NBC Peacock’s fan jutting from his ass-quarters,  carrying a wee pot o’ gold for the Jacksons.

Alas, Vincenzo is still in back of the cold room there, with the sand blaster and the servers.  You know that marinara gravy, it is recalcitrant.   So you’ll just have to use your imaginations.

On to today.  First, with regard to the new Jacksonian pick:  I still haven’t made it, but today I ruled out any natural gas plays.  If you are interested in the reason, please visit The Caveman Forecaster’s blog for a great post on the natural gas market, and be sure to read the comments that follow it as well.   Short version:  natty is just too volatile and not a great long term performer due to its seasonality, and therefore not a good candidate for long term value like a Jackson should be.

So we’re just going to have to nominate another candidate.  The door is still open for your suggestions.

Today, I have to admit I was leaning in the direction of the gold camp again (surprise!).   I told you in the post previous about my increasing interest in Gold Fields Ltd.,  which had an almost mystical meeting with it’s long term (ten year!)  61.8% fibonacci retrace today at the low of $11.42, from which it bounced nicely to close today at $11.58 (+2.75%).   I bot a starter position a little higher than that, at $11.67 today.

I also reiterated that the junior miners — as expected — seem to be leading the recovery from our pullback here.   For example the non-Jacksonian “Three Golden Horsemen of N”  juniors — [[NG]], [[NGD]], and [[NXG]] were all up 6.72%, 7.97 % and 4.29%, respectivley.   As mentioned I added to my stores of NG today at $4.94.    Oh yeah, another junior gold I own that did well today was [[ANV]] up 5.69%.

I also added to SLW today at the propitous price of $8.88, even though I own gobs of this one already.   I just couldn’t hold off with it below $9, and may add again.   Stylene of The PPT also added some SSRI at $19.41, and I was jealous even though I was “full up” in that Jacksonian stalwart already.   Some of my last purchases in SSRI were higher than that level!  

I think the silvers may have begun to feel out a bottom today as well, as you will see in the Jacksonian performance.   In fact, the precious metal component of the Jacksons  is now “market divergent,” although I’ve a feeling the market will catch up with us tomorrow.

Name	15-Jun	16-Jun	% Change		Comments
ANDE	$ 28.83	$ 29.04	0.73%		Another doji, but crawling back up the triangle.
EGO	8.28	8.51	2.78%		Nice junior-joining movement at EOD.
GDX	37.97	38.37	1.05%		Nice inside day, showing a change of direction.
GLD	91.10	91.93	0.91%		POG back to $935, nice step.
IAG	9.25	9.54	3.14%		Oversold yesterday, joined the juniors today.
MON	84.97	81.62	-3.94%		Sued by rival, still on trend.
NRP	22.99	22.44	-2.39%		38.2% fib @ 22.05 decent entry
PAAS	20.95	20.74	-1.00%		20.70 support held, still flabby.
RGLD	41.81	42.90	2.61%		Didn’t like EOD selloff… 41.50 in future?
SLV	13.83	13.99	1.16%		PO Silver still on 50 day EMA! – ($14.16)
SLW	9.25	8.92	-3.57%		Big support in the $8.50 range if we’re “lucky”
SSRI	19.92	19.62	-1.51%		If this got to $19, I’d buy it one last time.
TBT	55.49	53.59	-3.42%		Getting ready to buy back the sold calls at $53
TC	11.05	10.68	-3.35%		Support bounce at $10.40.  Still w “the market?”
TSO	14.98	14.98	0.00%		Not natties to replace, so don’t even say it.
AVG (daily)			-0.45%
AVG (monthly)			-7.28%
AVG (inception)			16.47%

Unattended Addenda: No vids postable this week either,  but this is pretty funny fun that is funny (hat tip to the Big Swan).

Wednesday Morning Update:  Bot 1k more SSRI @ $19.02.   Bouncing on lower channel and support.

Wednesday Morning Update:   Of all the junior golds I mentioned yesterday, [[ANV]] is showing the strongest relative strength, which bodes well for it’s continuing performance as this market turns back up for us.    I may add a little here as well.

Wednesday Morning Update:   RGLD filled that gap from back on 6/12.   Currently (@ 12:23 EST) seems to be in “full recovery mode” at $44.23 (+3.10%).    This is perhaps my most treasured Jackson, as you know.    Hat tip to “Glud” for the shout out on CA’s blog.

Wednesday Afternoon Update:   I may have found the new Jacksonian.   I really like the pullback on [[TCK]]; especially when considering it’s pullback — almost to the  penny — to it’s 23.6% long term fib line (officially 14.52).   I bot a small starter here (1.5 k shs) @ $15.04.

Wednesday Afternoon Update:   Might do a whole post on this but I am starting to look at other “ten year fib charts” since I got such curious results from GFI and TCK today.  Just pulled up SSRI’s and it’s 61.8% fib was right at $19.01!

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I interrupt this heavily precious metal-oriented blog in order to pay homage to The #1 Jacksonian Holding since inception (May 1st, our official/unofficial start date).   Mr. Anderson — [[ANDE]] broke the 70% mark today, in a little over a month’s trading.  

That’s kind a special, so I figure I’d give old “Keanu” a shout out.   Do you begrudge?  Better question — do you own it?

Mind you, I think the PM’s will eventually leave Mr. Anderson in the dust, counting spoons that aren’t really even there.   And believe me, the PM”s are not doing too shabbily as it is, with [[SLW]] up 41.84%,  [[TC]] up 41.49% and  [[PAAS]]  up 39.88%.   All of the golds are in the 30’s as well, with my three laggards being (in order) [[NRP]] +0.66%.,  [[TSO]] + 0.31% and negative nelly-monster  [[MON]] at (-2.76%).   The overall port, thanks to today’s recovery, is just under 26% for the entire period.  

What’s that you say?  Molybdenum’s not a precious metal?  Well it’s PRECIOUS TO ME!

For today I added a little [[EGO]] at $9.57 — my one holding that did not close in the black today (by two cents).   Ironic, no?   Still I wanted to fill that position and I think it’s coiling for a move here.   Everyone else recovered to some extent, but I would not bet my bottom dollar that we are out of the turbulence yet.   No, I shant sound the “all clear” until we’re  above the $400 mark on the $HUI, as mentioned in last night’s post.   We got halfway back, closing a bit above $387  this afternoon.  

As I said, use this time to accumulate positions in the Jacksonians, and in some [[GG]], [[AUY]], [[ANV]], and [[EXK]] — among the other PM’s of your choice.  Soon these prices will be but a dream to you, I fear. 

If you want some non-Jacksonians, I’ve been playing some biotech lotto with [[SVA]], [[HEB]], [[SFE]] and [[CTIC]].   I’m not even going to disclaim those, as if you dare playing with them you are too “certifiable” to hire a creditable lawyer in the first place.  Just. Don’t.

Two quick charts showing Mr. Anderson’s  progress.  The first shown when I laid out the first blog post on the idea, the second captured today:

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And today’s portfolio performance.  Be well all.

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Name	4-Jun	% Change		Comments
ANDE	$ 28.22	6.45%		Up over 70% since 5/1
EGO	9.52	-0.21%		Got  more today @ $9.57 – can ya tell?
GDX	43.51	3.20%		$HUI back above $385 again ($387)
GLD	96.23	1.93%		POG up 2.2% today.  ($983.50)
IAG	10.55	1.54%		Gaps filled, but anemic.
MON	82.90	1.72%		Back to Tuesday’s close
NRP	24.24	3.86%		Healthy recovery for this sluggard
PAAS	23.29	4.30%		Up 5.6% since yesterday’s purchase ($22.05)
RGLD	46.19	1.34%		Low volume retrace
SLV	15.63	3.24%		POS back close to $16 again.
SLW	10.95	3.69%		Closed right on the 50% fib retrace
SSRI	23.97	4.04%		Over the cup again-exactly
TBT	56.00	3.72%		Back over 61.8% fib – $60 next target
TC	10.06	7.71%		Blew right back up again.
TSO	16.06	5.87%		Back in the long term green by 31 basis pts.
AVG		3.49%

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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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(Thanks to ‘Shed for the family photo)

As expected,  the miners have begun to consolidate a bit of last week’s (and last month’s) run up.    Nothing major mind you,  but the $HUI tells the tale here.  Remember this weekly chart from the 22nd of May?

A little more than a week later, the $HUI is behaving as indicated.   Remember that red line — the “likely target for a short rest?”    Here’s today’s same chart: 

This wholly expected retrace may bring us as far back as the top of our “consolidation box” ($375-ish).  But if the dollar and the 10-year continue to exhibit problems, I shouldn’t expect this rest to last much longer than that.    I will be using this time to aggregate some names like [[GG]] and [[AUY]] that I’ve been looking to add.   Those of you who have been waiting for a Jacksonian entry may want to consider this week’s opportunity as well.    

One other thing, I’ve been thinking about water as an appreciating commodity recently, and many of the water-related stocks have begun setting up nicely.  I may take a shot at grabbing some of the desalinator [[CWCO]] tomorrow if the stars are properly aligned.   

Note the new “comments” section on the JCHP performance chart.    Innovative, no?  

Best to you all.

Name		1-Jun	% Change		Comments
ANDE		$       26.00	3.59%		Moving with the Ags
EGO		9.69	-2.32%		Accumulation opp. Here
GDX		43.41	-1.70%		$HUI pullback
GLD		95.73	-0.49%		Resting for the leap to one grand?
IAG		11.02	-2.22%		Friday’s gap @ $10.92
MON		81.48	-0.82%		Yet to fill gap @ $85.06, Barron’s mention ↑
NRP		24.24	2.45%		Low volume up day, KOL up big
PAAS		23.39	-0.13%		Still very much in uptrend channel
RGLD		46.14	-0.92%		Half volume day, pullback
SLV		15.35	-0.78%		Friday’s gap @ $15.06
SLW		10.49	-0.29%		Friday’s gap @ $9.99, will it get there?
SSRI		24.30	1.72%		“Indefatiguable”, Friday gap @ $23.26
TBT		55.52	5.47%		Gapped up, strong volume day
TC		9.99	4.06%		Gapped up today, didn’t fill.
TSO		17.51	3.36%		Hugging the top of the triangle, must break $17.80
		AVG	0.73%

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General Jackson Takes on Timmah Geithner and the Members of the First Federal Reserve Expeditionary Forces

I will be purchasing some Mongo’s (July 75 MON calls) after I finish this up, but first I wanted to trill the trumpet a bit on the key metals component of the Jacksonian Core.   That SSRI additional purchase two days back well below $21 is proving fortuitous as that Jacksonian worthy is pushing 11%  up today and over $23 per share upon most recent check.

In addition, the other JCHP silvers [[SLW]], [[PAAS]] are all above 5%, and tiny [[EXK]] has — as predicted — jumped back to it’s downtrend line again at $2.10 (to my chagrin, I wasn’t quick enough to get more this morning).   Again, I think it will be safer to purchase EXK when it’s well past the downtrend line, and perhaps after a retouch of that $2.10 barrier.   These minors can move quite quickly.  

Keep in mind also that [[AGQ]] is the double silver ETF that I recommended back at the $43 mark.   I continue to add to it on pullbacks.

On other fronts, it looks like our ever-so-brief retrace is about done, and we are ready to commence with this summer’s precious metal bull.    Enjoy the sun, friends.

Caveat:  If you purchase the JCHP holdings, it’s quite likely the Ghost Of General Jackson will visit the foot of your bed every fortnight, and lecture you windily about states rights and other such ephemera.    You may also lose risk capital in such an adventure.

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Update:  I bot 20 MONGO’s at $7.60.   Will likely add to this position.

Update:  I bot another 20 MONGO’s at $7.80.   Mongo LIKE Sherriff!

CDE breaking out @ $14.45 (I already have a small position).

Update:  I bot another 5,000 EXK at $2.11.   (See Caveat above)  

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Update:  Jacksonian Spokesman LL Cool J with a special message from SSRI:

[youtube:http://www.youtube.com/watch?v=-7l250E5uM4 450 300]

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