Good evening friends and may I welcome you firstly to the pages of this writing.
Wasting no time, let me say I have been a regular busy body over the last ninety six hours; calling across the financial kingdom to secure my coveted credit instruments of which I gave attention to in my posts.
Pleased as I am, my crusade has been a complete success, and I today was handed the expanse of wealth I sought after.
Seeing the markets melting away by the blaze of terror (and I admit, being somewhat suckered into the mood of the early hour), I quickly undertook an act of flexing my new found muscle. I made two purchases of Caterpillar Inc. (CAT) at $45.60 and $44.14 a share and then followed this up by edging into another position in the Rocky Mountain Chocolate Factory (RMCF) at $7.92 a share.
Finally, seeing silver prices maintain resilience in the face of the “Deflationary” Doomsayers, I made my purchase of physical; although well above my originally intended target of $13 an ounce. I have decided that for the meantime, I shall shape silver into the likeness of a chalice; whose drink held shall be nothing less than my future earned wealth; over, lorded with a cautious eye that I might keep insipid and elusive villains from attenuating my cup with dilutive liquids. As such, simple dollar cost averaging shall be preferable to price hunting, if only for the meanwhile.
All in all, today I employed over half of my new credit facility, mostly with my bid on CAT, which shall be a short term play I will sell off for gains in the high $36 range. If this run marks the beginning of the fall of the market (I doubt this considerably, as we have been well overdue for a pullback, oil is not so far gone, and there is much resilience in the precious metals, which are acting well behaved by depreciating just barely), then I will cover the CAT shares for a loss and hedge. I will say, though, I am somewhat concerned to see the 2 yr. treasury note below a percentage yield. I have not been watching the treasuries closely and this comes as a surprise.
However, now determined to take full advantage of the markets variance, as I have given attention to for the past weeks, this downward movement is too tempting to let pass by. The next days will be exhilarating, to say the least.
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Round II of deflation expectations could be the cause for the slide in treasury yields and the market … hedge with UUP at Prechter’s suggestion of $ strength.
Almost forgot …. Congrats on the PG win and temp assignment here. Looking forward to your observations and elegant tapestry of poetic musings.
Sure you don’t hang with Jason’s crowd? If so, I’ll have to start calling you Byron …
Just kidding …. Good Luck, ya got a great month to be keeping the throne warm ….
With respect to the yields, that was my concern, but there are just not enough other signs in the market place to justify maneuvering quite yet. If it comes to that, I’ll take on short positions and start using the cash to ease the selling in the margin positions.
Haha, no, no need to refer to me as Byron, or any other such lord. Thank you Teahouse, for the welcome.
Hail to the new king!