Tuesday, December 6, 2011
12/6/11 Send my credentials to the House of Detention
Jury duty today. I'm not that sure I'll be dismissed, as my sixth sense kicked in 3x today-
(a) I was pretty sure it would be an interesting criminal case.
(b) Sitting in the juror summons waiting room (a full house I would estimate at 150), I had the fleeting thought the clerk might call my name first.
(c) I can't get away from the idea I will be sitting on the jury.
As of right now-
(a) Multiple counts of homicide.
(b) My name was called first.
(c) Won't know until next week whether I'm dismissed.
2011 has been like that for me. Don't bother asking about the case, as I'm obviously prohibited from saying anything at this point.
Subscribe to:
Post Comments (Atom)
Fate. Karma. Faces/voices from the past. Coming full circle. The existence of a sixth sense. 2011 will go down as the year I either experienced (or saw compelling evidence for) all of the above.
ReplyDelete2nd - I knew all that excessive trading of CAF, FXI, FXP, TZA, FAS, FAZ, ... would eventually catch up with you.
ReplyDeleteUr now the Number 1 Juror...Saddle Up Bubba ... Ride that Horse....
Jury duty: Thank you for showing up. It's about the only way citizens can make an impact in governance today. (I did it twice). Voting is another way but not too effective in the two party, controlled system.
ReplyDelete2nd- Do it if you can. I'm surprised the jury pool was so small, and be prepared for a 5-6 month gig unless the cat's cop.
ReplyDeleteFunny, I was the last one picked.
ReplyDeleteDidn't you guys have to fill out a huge questionnaire?
ReplyDeleteI thought Cats that spent time in solitary were prohibited from jury duty.
ReplyDeleteJeremy Grantham just issued a very interesting (as usual) quarterly letter. Here is an excerpt from it:
ReplyDelete"Since the spring, the equity markets have been absolutely bombarded by bad news. ... Yet the S&P 500, unlike other global equities, has hung in and staged rallies whenever the bad news has eased. Why? Well, 15 years ago, Ben Inker and I designed a model to explain (not predict) the ebbs and flows of the P/E ratio. It had a surprisingly high explanatory power. We found that everything that made investors feel comfortable worked. That is to say, it was a behavioral model. Fundamentals like growth rates did not work. The two (out of three) most important drivers were profit margins and inflation. Well, today we have (remarkably,
even weirdly) record profit margins. And by historical standards, stable and low inflation. Because of this, the P/E level that one would normally expect to have in these conditions has been way in the top 5% since 1925, but today’s market (not to mention the lows of September) is well below the explained level. It’s depressed by
a very obvious reason: the cloud of negatives, which generally and surprisingly have historically had very little effect individually on the market, but apparently do depress “comfort” when gathered into an army of negatives. So, whenever the negative news cools down for a week or so, the market tries to get back to its “normal” level, which is about 20% higher. (P.S. the “normal” level is based on a behavioral explanation. It is absolutely not
justified by long-term value, which hinges on boring discount rates and long-term sustainable growth or, even more fundamentally, on “replacement cost” or Tobin’s Q.)"
So while Hussman may be correct about the 10-year return being very poor from the current market valuation, we may still have a nice market rally from these levels (if the European mess is resolved), which can even last for a year or two, until the profit margins start coming down... Here is a long-term prediction from Grantham:
"Profit margins dominate the P/E equation above, so that the market is unlikely to come down even to fair value, about 975-1000 on the S&P in our view, and stay there until profit margins decline. And the longer you look at these record and still-rising margins and compare them to the miserable unemployment and substantial spare capacity, the stranger these high margins look. They will come down to more normal levels eventually, of course, and when they do they will bring the market down with them. Probably by then, some of the negatives mentioned above will have resolved themselves. If not, then the market could decline a lot and test my “no market for young men” thesis that follows."
Take a look at the GLD chart since December 2008 and notice how the parabolic run-up in July-August 2011 has been completely corrected and GLD returned back to its linear uptrend with a 30% per year slope. If you guys like TA -- what's not to like about the GLD chart since 2008?
ReplyDeleteDavid - I agree in part with Grantham's thesis...the part being that the market could very easily run 20% higher. The amount of negatives thrown at this market has really been unbelievable. If we get through the Europe woes intact then we are going to go to 1,400+. That's why I'm continuing to stay long. The backdrop for high profits (reluctance to hire back workers + high productivity levels) continues...margins will eventually start to level off/drop, but I don't think that will happen for a couple of years and at that point "fair value" according to Grantham could be at 1,100-1,150 or so. So the downside risks of being long I think are reasonable enough to warrant staying long. I think staying long stocks like WNC/MTW/BAC/IBKC/etc (i.e., companies reliant upon an improving US economy) should be a good strategy.
ReplyDeleteAlso note that SLV is lower right now than it was in May/June, while GLD is much higher. We know that SLV leads GLD in bull markets for PMs, so SLV will likely zoom up in a very near future.
ReplyDeleteLooking at its 3-month chart, I would say that tomorrow is a pretty reasonable day for it to jump a few pct and get back to the levels at which it stayed for the first half of November.
David - If SLV can clear $34.5 I might join you in the AUMN sweepstakes. Could be the motherload of a trade
ReplyDeleteDavid,
ReplyDeletehere is what I see as the risk chart on gold:
http://image.minyanville.com/assets/buzzbanter/charts/original/112111/toddbubblechart_1321902041.gif
Trying to pick a top is hard and the scales are adjusted for each investment so this could be wrong, but the downside risk could be high.
Also, it's interesting in my readings that the Macro-type guys (some of whom are very value oriented) are saying you have to own gold, but the pure value guys are saying there's little upside in gold.
Mark- Yes, a 24 page questionnaire. Haven't gone through formal selection yet- that happens next Monday. The 150 was one of (at least) 5 groups that were sent to chambers and broken down into two categories: (a) able to serve, and (b) hardship. I would say half of each group stayed behind for hardship reasons.
ReplyDeleteS&P - I see now that S&P didn't make it through the 200SMA, but SPY did...
ReplyDeleteHmm, didn't expect to see that.
2nd. Sounds familiar. Bring a good book!
ReplyDeleteRBY - One look at this chart gives me the impression $3.30 is the bottom of the range.
ReplyDelete2nd day BAC as run counter.
ReplyDeletePAL - Doesn't this thing look like it's consolidating?
ReplyDeleteGMO - Public comment version of DEIS was announced a few days ago.
ReplyDeleteFRO - Hmm, I missed that little 50% rally...
GNK - Doesn't this look like an up channel? (not that I'd be interested other than for curiosity).
ReplyDeleteGTY - Big, bad things happening to Getty.
ReplyDeleteI hate this "F"en market. I am going to trade on what some douche in europe said.
ReplyDelete"David - If SLV can clear $34.5 I might join you in the AUMN sweepstakes. Could be the motherload of a trade."
ReplyDeleteTOF, do you mean "when" SLV clears $34.5 (in the next few weeks, I suppose, as it seems like it should make at most a few weeks for GLD to capture its previous high at $1800), then you'll join me in AUMN (somewhere above $8)? :)
David - Yes I think I would consider joining you in the AUMN trade if SLV can clear $34.5.
ReplyDeleteTOF, then why don't you capture the extra 25% return and join me into AUMN at $6.45, instead of waiting for it to (inevitably) rise above $8 in the next few weeks? :)
ReplyDeleteHere is a serious question for you: how much do you think AUMN will be worth 1 year from now when it starts selling annually "800,000 ounces of silver, 16,000 ounces of gold and one million pounds of combined lead and zinc" starting 4Q2012? I would be very interested in your answer, since I am trying to figure this out myself too...
Brandt - EUR/USD going to 1.10 ....
ReplyDeleteI love this guy's refreshing honesty, call it like you see it in the chart and don't be bashful!
The heck with assessing the remainder of the dynamics, there's way too much embedded BS...
Lead and zinc - There are "leaks" and reports that global LME warehouses are full to the rafters.
ReplyDeleteCan PM's become priceless while base metals become free for the taking? Is that even possible? And assuming inventory reports are truthful, what purpose(s) is/are behind stuffing warehouses to the gills with base metals?
MITK - Did you guys see that one coming?
ReplyDeleteMITK is a beast -- when will AUMN do something like that?
ReplyDeleteTOF, here is an easier criterion for you to enter AUMN (at least to open a starter position): when GDXJ clears $30.50. If you look at the 1-month intraday chart of GDXJ on google, you'll see that GDXJ has been bumping against $30.50 since Nov. 30. It is about time for it to break through that level to the upside, and AUMN will surely follow along.
ReplyDeleteAUMN is outperforming GDXJ for a second day in a row -- let's see if it can keep it up until the end of the day. :)
ReplyDeleteSome of the energy stuff I follow is hurting.
ReplyDeleteDid you guys see Blago got 14?
ReplyDeleteSODA was at COST yesterday.
ReplyDeleteOWS Australia - They wear their tents as clothes, LOL!
ReplyDeleteThat does it, I'm going to locate an OWS bumper sticker for my pickup, one with a tent on it...
ReplyDeleteSODA - There's a gap down in the $60's that needs filling, is it a material change gap or an unfounded fear gap?
ReplyDeleteEven though AUMN closed down today, it did manage to outperform GDXJ once again. Let's hope that it keeps it up tomorrow AND tomorrow is an up day for GDXJ. :)
ReplyDeleteBut seriously, folks, I would suggest loading up on your favorite junior miners/explorers as soon as GDXJ clears $30.50 -- watch out for that level...
CP- That was earnings day.
ReplyDelete"Trying to pick a top is hard and the scales are adjusted for each investment so this could be wrong, but the downside risk could be high."
ReplyDeleteBB Canada -- I agree that the rally in gold since 2001 seems pretty amazing. But there are good reasons for that rally. The world is running out of resources, and the price of oil reflects that. With the rising price of oil, the cost of digging out new gold rose to at least $600/oz, which explains the rise in gold until 2008. After 2008, the rate of growth of US economy dropped below the rate of growth of US debt, and as long as this situation remains, gold and silver WILL keep going up. So rather than using charts to predict the end of the rally in gold, let's focus on the long-term growth rate of US economy and wait for it to rise above the rate of growth of its debt. At that point, I will be TOTALLY out of all PM-related investments and will go long economically-sensitive stocks (for simplicity, a buy-and-hold of S&P will do just fine).
We can take this one year at a time. CBO predicts US deficit to be at least $1T in 2012 (probably closer to $1.5T). That would be around 10% of US GDP. Do you think the US economy will grow 10% in 2012? If not, then go long gold for a year. Repeat this process at the start of every year.
ReplyDeleteDavid,
ReplyDeleteI would see AUMN doubling next year assuming:
1. Silver holds above $30
2. They execute their mining plan and deliver their metal to the market
My personal concern and the reason I am staying away is that I think we could have a major correction in metals and, if we do, small cap miners like this could get crushed (at least that is what happened in 2008)
Gold has been up average 20% a year the last 5 years without a major correction like Copper, Oil, Cotton - you name it. The correction in 2008 was significant, but was less than most.
ReplyDeleteI think we are due and the charts (even though I am not a technician) look similar to me to other major peaks in the Nasdaq, etc.
CP,
ReplyDelete"Lead and zinc - There are "leaks" and reports that global LME warehouses are full to the rafters."
I keep hearing these types of reports, yet the prices are still hanging in there pretty well - Copper at $3.50, Nickel over $8.00, etc.
Also, if you go to Kitco, they show the LME stocks going down the last month other than nickel.
I wonder if these are just stories thrown out there to try and drive the prices down?
David - I'm willing to risk a 25% rise in AUMN before even considering going long. I want to be sure that thing has bottomed. In all honesty the best move is to wait for a break above the 200 DMA. Speaking of which, I wouldn't be surprised if we're at 1,300 by the end of the week.
ReplyDeleteMITK > Yeah I saw this one coming for sure. I honestly don't know why I didn't act on it. The stock has plenty of liquidity to warrant taking a big position in it and not being too worried. Even though the earnings aren't there to justify the price, it does have a monopoly on its market and most surely will be going higher.
COSWF.PK - A good target to snap up if we experience an unanticipated sell off?
ReplyDeleteThis thing looks cheap to me...
any of you guys have free time to look at stocks? here is a initial list of stocks that fit my bill for companies potentially at inflection points...just need to research if they are indeed at inflection points:
ReplyDeleteADLR
AKRX
ALGN
ALKS
AMBO
ANDE
ARGN
ARIA
ASGN
ASPS
AVAV
BDC
BIOF
BSFT
BWLD
CAST
CELL
CERS
CFX
CHSP
CKSW
COOL
CSOD
CVV
CYAN
DTLK
ECHO
ECOL
EPIQ
EPM
EXK
EXLS
FEIC
FF
FTK
FURX
GCO
GEL
GEOI
GNRC
GPRE
GPX
GTLS
HALO
HAYN
HEK
HELE
HITK
HTWR
ICLK
IGTE
IMI
INHX
INWK
JAG
JAZZ
KNXA
KOG
LMNX
LNCE
MG
MGIC
MGN
MIND
MITK
NBIX
NLST
NOG
NR
OCZ
OPTR
PESI
PETD
PGNX
PKT
PMT
PRIM
PRO
RATE
RGR
RTK
RVM
SAVE
SHOO
SIMO
SNCR
SPPI
SPRD
SUSS
SXL
TGE
TLEO
TLLP
TNGO
TRAK
TRGP
TSRX
TWIN
UAN
UBNT
UIL
VICL
WIRE
ZAGG
ZIGO
Blago - Unbelievably decrepit and corrupt guy. Do you know the prosecutor that put him away, Fitzgerald, is the same one that canned Scooter Libby? Illinois lives! Chicago survives too.
ReplyDelete"I wonder if these are just stories thrown out there to try and drive the prices down?"
ReplyDeleteIt kinda seems that way to me, or maybe it's true and someone's willing(desperate enough?) to buy up the base metals for storage in order to maintain the supply of by-products.
CEO's of mining companies are reporting increasing demand for the by-products...
These are the ones out of that list that look decent at first blush:
ReplyDeleteADLR
AKRX
ALGN
BSFT
BWLD
CERS
CFX
CKSW
CVV
CYAN
DTLK
EPM
EXK
EXLS
FEIC
FTK
GEOI
GPX
INWK
PKT
RVM
TWIN
ZIGO
TOF- I know a few of them. What are you looking for?
ReplyDeleteevening, woohoo I have EPM and its been on a rally lately. I bought because one of my buddies really likes it so thats geed enough for me. He said, assuming crude stays up, it should go to $10. I'll sell some $10 strike calls on a third of my shares if it breaks $9.00.
ReplyDeletedid nothing today. Watched CF rally up some more. Oh well, there will be other days to invest in CF. I do still have 3 JAN 160 calls that are probably in the money now but I'm waiting for upper 150's to sell.
Yesterday I boought and sold 10 SSO calls for a loss fo $150. I bought it because the market started to rally and I didn't want to get left behind but I did put a stop on it. I'm ok with that.
My Feb 124/127 SPY strangle that i bot on 12/5/11 is up $280. i would expect the value to just hold here if we drift up because I think a slow drift would bring down the volatility which is bad for my options value. Once again I'm hoping for a drop to say SPY 120 or so. I'd sell the puts and hang on to the calls, If we continue to go up, I'll probably sell both the calls and puts at the same time.
Nothing else going on. Another vacation day tomorrow and once again I hope I don't sit around watching the market.
you know, i make a lot of typos when i'm on the laptop because everything is so small and I'm not in the habit of putting on my reading glasses yet.
ReplyDeleteGEED should be GOOD
TOF - I know GEOI. On fundies it has no debt and has good oil acreage in both Eagle Ford in TX and Bakken, ND shales. A double. It's on an up-spring but is volatile correlated to the price of oil. I owned it at a tiny profit until AUG 15 when I started to chicken out on the volatility plus a desire to hold more cash. Lately, until today, it appeared to break out. Still volatile but potential for another year, IMHO.
ReplyDeleteI don't get it. Why is China at a 52 week low and we are pushing higher?
ReplyDeleteGold vs stock market indicies:
ReplyDeletehttp://goldswitzerland.com/index.php/deus-ex-machina/
Hmmm, Gartman does make a point on both gold and IBM in this Fast Money segment. Some other pro I read was talking about IBM but I don't remember who.
ReplyDeletehttp://www.cnbc.com/id/45588477
Gold lease rates are now in negative territory, this same phenomenon occurred just prior to the waterfall event back in September.
ReplyDeleteI would think that with my tolerance for risk, I shouldn't have too much trouble buying $4-5k worth of BAC or some other financial and just selling calls against it.
ReplyDeletewhat does that mean "gold lease rates"?
ReplyDeletePresently gold is stabilizing near historical norms with respect to oil and silver but is still trading at a considerable premium with respect to copper.
ReplyDeletehttp://stockcharts.com/c-sc/sc?s=$GOLD:$COPPER&p=D&yr=0&mn=7&dy=0&i=p99295968853&a=217994610&r=7 736
"gold lease rates" - Central banks actually lease gold. Since possession is 9/10 of the law, some (lowbrows?) think much of the gold inventory is all leased out (missing?) since no neutral party inventory audits are available.
ReplyDeletethanks
ReplyDeleteGO COPPER, I do own FCX shares and I'd love to sell some short term 50 strike calls.
"I don't get it. Why is China at a 52 week low and we are pushing higher?"
ReplyDeleteMark, Chinese small caps (HAO) has considerably outperformed SPY since October 4... The fact that HAO is making higher lows since then has been one of my indicators that the risk is ON in the financial world.
Gold Leasing:
ReplyDeleteBy Jack Farchy
Financial Times, London
Wednesday, December 7, 2011
http://www.ft.com/intl/cms/s/0/93885646-20fd-11e1-8a43-00144feabdc0.html
A dash for cash by European banks in a little-watched corner of the gold market has accelerated this week, highlighting the continued scarcity of dollar funding even after a co-ordinated intervention in the market by the world's largest central banks.
Gold dealers said that banks -- primarily based in France and Italy -- had been actively lending gold in the market in exchange for dollars in the past week.
The rush has pushed gold leasing rates -- the implied interest rate for lending gold in the market in exchange for dollars -- to record lows, according to Thomson Reuters data. The one-month gold leasing rate fell to a low of -0.57 per cent on Tuesday, suggesting that a bank lending gold for one month w"People are lending gold out to raise dollars," said one senior metals banker."
My "lowbrow, between the lines" interpretation of this FT Jack Farchy article is there may be some stipulation made with the FED dollar swap requiring these banks must lease their gold, or perhaps even sell it, in order to utilize the FED's offer?
ReplyDeleteAn SVM short player:
ReplyDeleteBronte Capital Client Letter October performance:
http://www.brontecapital.com/peformance/2011/Client%20Letter%20201110.pdf
You guys are really getting out there IN WORDS! I have a little PHYS and oil but what is your exposure?
ReplyDeleteI'm still long SVM, the short attack snuffed out my groove cycle.
ReplyDeleteMark - I'm looking for a company that is basically undergoing an inflection point..either through a business model change, industry change, etc. The ultimate is a company experiencing ramping revs with a relatively fixed overhead cost structure. That yields massive gains in EPS. I think that is where NOIZ is at - if you look at their change in business model and then look at the revenue growth ramping, backlog ramping, and EPS ramping, it's really a shock to see it trading at 8 times the EPS run rate from last quarter. Most times you see it trading at 25 to 40 times. That's why I have a pretty big position in the company.
ReplyDeleteThe issue with these companies is: you need take the risk that the inflection point continues. Sometimes it doesn't happen and they report a single great quarter or a few but then it fizzles out. But the ones that follow through can yield massive gains.
We should have stayed on top of FTK because it's up 150% from the October lows. That was a no brainer in hindsight because I think we identified it as a big breakout candidate right before the market tanked in August.
CP > I cant believe that Bronte Capital firm has 9% of its capital in a long put position on one company. That's an insane amount of risk.
Jim Rogers calling for a correction in gold as well:
ReplyDeleteYou have been calling for a gold correction. Are you still looking for more of a correction in gold?
Rogers: Gold is up 11 years in a row now. Very few things in any asset are up 11 years in a row without something happening. So I would suspect that gold, that something is going to happen. Gold has been correcting for over three months now so it’s in the process of happening. I would just suggest that’s what could happen and what should happen. And if gold goes down, I will be buying more and if it goes down a lot, I’ll buy a lot more. I am not selling my gold.
What would your criteria be for buying gold somewhere near a bottom?
Rogers: Well if gold were $1,200, I would rush out and put a lot of money into gold. And that’s not such a strange statement, by the way. Many assets go down 40 per cent or 50 per cent over a year or two period. That’s not unusual at all. In the 70’s gold went up 600 per cent, went down 50 per cent – scared everybody out. After everybody got scared and sold, it went up 850 per cent. That’s not unusual in markets. So if gold went down a lot, I’d buy a lot more. If it went down, I don’t know, $1,500, I’d certainly start buying. If it went to $1,400, I’d buy more and if I was still solvent at $1,200 or $1,100, I would buy a lot more.
BB - I heard him make similar remarks a day or so ago when Maria B. interviewed him on the floor of NYSE.
ReplyDeleteHis blog has 2012 outlooks for Gold, Oil, Silver on Right-Hand Panel...
http://jimrogers1.blogspot.com/
So the ECB cuts rates. Makes sense to me that it should be dollar bullish based on what happened to the dollar everytime the Fed cut rates.
ReplyDeleteI was reading the free part of real money pro last night and based on Helene Meisler's quick poll of her peers about the EU
Question "Do you think the E.U. will bring out the bazooka and lift the markets, or do you think they will disappoint?
Poll Results
By
Helene Meisler
| Dec 7, 2011 | 3:49 PM EST
As always, I thank everyone for offering up their views and taking the time to write me.
It is pretty lopsided, as 59% say the EU disappoints vs. 35% say they bring the bazooka.
In November, when I did a similar poll the majority was leaning positive. Now they seem to be much more negative in their leanings.
that's in line with some of the other stuff I'm reading.
ReplyDeleteSomething about Landry just cracks me up...
ReplyDeletehttp://www.tradingcommentary.com/mim/mim120811/mim120811.html
9:32 AM Stunned silence comes over the ECB press room as Mario Draghi says, "I wish our leaders the best and the ECB is here." After a few moments, Draghi adds, "Which doesn't mean that the ECB will respond by the way," bringing some laughs from the audience.
ReplyDeleteYea Baby Now That's What I'm Talkin' About...
thx kyle, I like that, short and sweet and no trend.
ReplyDeleteSo the best I could hope for at this point would be a big ol drop, sell my puts, then get a big ol rally. I should have some other orders out there, like selling puts on stuff I want to own long term.
port - I'm with you on the selling puts strategy. It works with some of the leveraged long etfs as well (ERX, TNA, FAS, r some of my favorites)
ReplyDeleteDollar - Wow, that thing shot out of the hole starting 08:30.
ReplyDeleteBC - Says it time to short T's..
ReplyDelete"In 2012-2013, Bond prices will fall and yields will rise in order to attract the private sector to assume their traditional role as risk taker."
ReplyDeleteCP- He's been saying that for 4 years...But he will be right at some point.
ReplyDelete$USD - I guess the flush comes when/if $USD moves up through 80
ReplyDeleteMark, yes, he's quite adept at leading readers off a cliff, every trade I've followed aside from the gold $700 call a few years ago, has experienced considerable downside.
ReplyDeleteI still wonder if he's not doing this on purpose.
Gold - the 144SMA is now ~1670, this SMA has been the support level from 2009.
ReplyDeletebot 500 sso 45.57, using 5 min chart, putting stop in pretty tight
ReplyDeleteusing 45.37 on the stop, just a quick scalp trade for a target of $46.00 +
ReplyDeletethat was quick, i was trying to put in a conditional stop order but i was having trouble with it, so just had to manually watch and closed at 45.33,
ReplyDeleteEPM is doing well today.
ReplyDeleteso back to trading that's more my style
ReplyDeleteI'm currently short 2 JNJ DEC 60 puts. I don't expect these to get exercised so I'm going to save the commission and let them expire, hopefully.
I do like JNJ and that 3.56% dividend yield at a price of $64.02 so I'm putting out a good til cancel order to sell 2 Jan 57.5 puts at $.70. JNJ would have to trade down to 61.80ish for these to execute. If the market puts in a short term bottom in the next few days and I don't get filled on these Jan puts, I'll prob try to sell the JNJ JAN 60 puts again like I did for this month.
WNR other refiners head back down...
ReplyDelete12:27 PM Valero Energy (VLO -4.6%) trades down after RBC cut the shares to Outperform earlier today and removed it from its top pick category. The firm notes heavy/sour crude differentials have narrowed significantly, which is a negative for complex refiners because they lose their advantage of being able to process lower cost oils. Tesoro (TSO -4.3%%) trades lower on the report as well.
new post
ReplyDeleteWhat a mean market today -- first a spike above recent highs, then a drop below recent lows, in S&P, in gold, in silver, etc...
ReplyDeleteI don't know what to think about it. I am afraid we might get a follow-through tomorrow, bringing S&P down to 1220 or even 1200. For a lack of better ideas, I placed a buy limit order for 10 July $5 calls on AUMN at $2 (the bid was $1.95 before I stepped in). Let's see if my bid gets hit today...
TOF, your NOIZ is doing well today!
ReplyDeleteDo you guys have any other ideas what to pick up during this pullback?
OK, I got an idea what to pick up today. I need some risk diversification away from AUMN or GDXJ for that matter. So I decided to buy some calls on SLV -- some risk diversification, I know. :) I placed a buy limit order at $6.10 for 3 SLV April $26 calls.
ReplyDeleteMoved my bid up to $6.15 and bought those 3 SLV calls...
ReplyDeleteAUMN is outperforming GDXJ once again! :)
ReplyDeleteTZA - Turns out $27 would've worked after all, this always happens when S&P RSI(7) hits that 70 level.
ReplyDeleteNew Page!
ReplyDelete