12/15/11 He sang as if he knew me in all my dark despair
And then he looked right through me as if I wasn't there.
A moment of silence for the 'istas- those able to rise back into fighting stance after a flurry of blows from the miners, only to have FSLR deliver the knockout right hook.
(a) 'We' were stopped out of FSLR (after adding to existing positions in early December) for a modest loss- great traders preserve capital by stopping out [at the ----ing lows, bro].
(b) Fortunately, disciplined risk control measures had us only 6% invested in miners. Now that traders have panicked and are throwing out the babies with the bathwater, as 'we' presciently mentioned [refer to comments reproduced here] several weeks ago, we will be doubling down on our positions. [WTF.]
Maybe we have a new buyer showing up? I thought they were already buying stuff. I bet they go after my beloved ferts, well not POT because Canada won't let someone buy it. I don't blame them either.
China's $300 Billion Fund a Wake-Up Call to US, Europe
Some chatter in the market about yesterday's sell-off in commodities (especially gold) being a large margin call. Also saying perhaps Paulson selling more of his large position.
Demand for dollars - Apparently there's a strong demand for dollars in Europe, while they're working on covering their losses and righting the ships. Why exactly I don't know and seek to discover, hopefully someone will take a moment to explain the concept but in the meantime, it's not unfathomable to think Merkosy and gang aren't beyond jawboning for dollars.
If they're selling gold, it could be considered a forced move in order to obtain the dollars they need, right?
Eventually they run out of gold, unless/until the military is used as an instrument for obtaining more?
Guess they couldn't find a German today to say anything to bring the markets down, so the IMF sent in Christin Lagarde to do the job.
All sorts of good economic news this morning from lower jobless claims to better manufacturing reports to better than expected data from Europe - seems to be getting ignored again.
Mark - Hope you feel better. I had one flu shot when I was younger and I got deathly ill from it. That was probably the only time I'll ever get one again.
By the way, nice entry on MITK. If it can bottom out here then its a series of higher lows that have been established.
Does anyone want to lease my gold? I don't get it. Is it to cover short positions temporarily? wouldn't leasing still indicate a shortage of the underlying metal?
With silver up, S&P up and gold flat, GDXJ is down 2% today. That's not right. It's 2-year chart shows that it has dropped below pre-QE2 region (March-July 2010), when silver and gold were MUCH lower than today. I think GDXJ will bounce soon. So I just bought 5 May $26 calls on GDXJ at $3 each. Just trying to diversify away from AUMN calls. :))
CP has been right all along.
ReplyDeleteAbout what?
ReplyDeleteI still remember the day I suggested Dr. S take a little off the table when silver hit 50.
ReplyDeleteAbout what? I can see it now-
ReplyDelete(a) 'We' were stopped out of FSLR (after adding to existing positions in early December) for a modest loss- great traders preserve capital by stopping out [at the ----ing lows, bro].
(b) Fortunately, disciplined risk control measures had us only 6% invested in miners. Now that traders have panicked and are throwing out the babies with the bathwater, as 'we' presciently mentioned [refer to comments reproduced here] several weeks ago, we will be doubling down on our positions. [WTF.]
(c) You get the point.
To be fair, I could include Bill Miller and Doug Kass in the same category.
ReplyDeleteRIMM and FSLR, talk about a beating.
ReplyDeleteJNJ is holding up to well. I've had a order out to sell 2 JAN 57.5 puts at $.70 and it looks like the puts have gotten cheaper over the last few days.
ReplyDeleteCLR/WLL...Yikes.
ReplyDeleteMaybe we have a new buyer showing up? I thought they were already buying stuff. I bet they go after my beloved ferts, well not POT because Canada won't let someone buy it. I don't blame them either.
ReplyDeleteChina's $300 Billion Fund a Wake-Up Call to US, Europe
http://www.cnbc.com/id/45675510
Some chatter in the market about yesterday's sell-off in commodities (especially gold) being a large margin call. Also saying perhaps Paulson selling more of his large position.
ReplyDeleteus economy continues to show strength with jobless claims and empire index better than expected. if europe settles down we will see 1400 in q1
ReplyDeleteUnless Merkel or another German Minister decides to say why things are bad again...
ReplyDeleteWonder who was dumping their gold on the market, with an all-time lease rate high incentive of -0.5%, it looks like bullion bankers were:
ReplyDeletehttp://sgtreport.com/2011/12/the-bankers%E2%80%99-new-gold/
Demand for dollars - Apparently there's a strong demand for dollars in Europe, while they're working on covering their losses and righting the ships. Why exactly I don't know and seek to discover, hopefully someone will take a moment to explain the concept but in the meantime, it's not unfathomable to think Merkosy and gang aren't beyond jawboning for dollars.
ReplyDeleteIf they're selling gold, it could be considered a forced move in order to obtain the dollars they need, right?
Eventually they run out of gold, unless/until the military is used as an instrument for obtaining more?
Great...Have the flue.
ReplyDeleteBidding MITK 7.31/7.30. 6K shares.
Flu
ReplyDeleteNo flu shot, Mark?
ReplyDeleteTradylady on CC passed this on....
ReplyDeletehttp://www.grandich.com/2011/12/a-million-reasons-why-i-love-gold/
Flu shot? Do they have one of those for dementia?
ReplyDeleteNo, I used too, but I swear it always made me sick right afterward.
ReplyDeleteITMN?
ReplyDeleteTyring a little SLW @ 28.71...
ReplyDeleteGuess they couldn't find a German today to say anything to bring the markets down, so the IMF sent in Christin Lagarde to do the job.
ReplyDeleteAll sorts of good economic news this morning from lower jobless claims to better manufacturing reports to better than expected data from Europe - seems to be getting ignored again.
This is one of those times when technicals and sentiment seem to overcome fundamentals.
ReplyDeleteI think that is the point made by Rosey and Grandich.
Mark - Hope you feel better. I had one flu shot when I was younger and I got deathly ill from it. That was probably the only time I'll ever get one again.
ReplyDeleteBy the way, nice entry on MITK. If it can bottom out here then its a series of higher lows that have been established.
Gold bullion banker lease rates:
ReplyDeletehttp://www.kitco.com/lease.chart.html
AA @ 8.81
ReplyDeleteDoes anyone want to lease my gold?
ReplyDeleteI don't get it. Is it to cover short positions temporarily?
wouldn't leasing still indicate a shortage of the underlying metal?
2nd - The Fugees did a rendition of this song about 15 years ago or so...it's a pretty good version.
ReplyDeletehttp://www.youtube.com/watch?v=7YAEWrnOtrY
With silver up, S&P up and gold flat, GDXJ is down 2% today. That's not right. It's 2-year chart shows that it has dropped below pre-QE2 region (March-July 2010), when silver and gold were MUCH lower than today. I think GDXJ will bounce soon. So I just bought 5 May $26 calls on GDXJ at $3 each. Just trying to diversify away from AUMN calls. :))
ReplyDelete