Oldtent Archives 2010

Little doubt we are going much higher over the coming months, thus, I am positioned heavily long as I am.    No worries, here…………………..

Stuart Thompson over at 321 gold is also with you.  He says sell all gold breakouts.

I will be playing in a scramble tomorrow.  They are usually fun.

Am like a deer in the headlights right now.  Just paralyzed.

Absolutely re- negotiated…whether FGC likes it or not. Now 2 full weeks and a  14 point extension.   Dig the hole a bit deeper.

D’oh, Kernen said, what is going on,
stocks in the DOW are slime on the pond,
yet silver is running like a mad bull,
and goddarn GOLD is trying to rule?

Erin told me GOLD wasn’t worth a cent,
Kudlow said GOLD was from the devil sent,
Liesman said sell all that worthless shine,
Maria said the DOW would do just fine.

All my co-workers were more than dead wrong
I think they should get the LOSERS gong.
I bought some GOLD when I was at lunch,
I don’t want to work with that clownish bunch.

When I quit this job at CNBC,
I hope those dimwits don’t come looking for me.
I’ll be on an island that GOLD has bought,
I’ll read the economists that GOLD has taught.

If you see Maria, please tell her I’ve quit.
For I’ve read in the stars what has been writ.
From ancient times it is GOLD that has won,
when paper is worthless as slime on a pond.

I bet Fully a hundred bucks.  He gave me 4:1 odds.  Then, he so kindly offered to pay me in silver dollars if I’d like.  So, I am thinking, like, 100 silver dollars to my 100 US Dollars………………..uh, I like the risk/ reward in that bet………..he, he, he.  Samb was supposed to renegotiate for me an extra week and 7 more points, too, but I think he fell asleep, also.  You don’t have the phone number for JPM, do you?

Hoye = Ross Clark……………one of the best “functional technical analysts” I have seen. 

Still, I have explained my reason for caution, along with how I am staying totally commited to the PM sector while hedging just a bit.  After every single large rise in the PM stocks since 2000 (like late 08 to the current), there has been one final sell-off before the next momentum run up.  This is especially true when during the correction after the large rise, gold went to new highs.  The formation is the one I named after Grin back around 2003 (BnG formation) that is apparently a “flat” in EW terms.  Sometimes the formations have a “high right shoulder” as we are seeing, now.  In the chart of GG, they usually have a high right shoulder.  Too many times in the past I have mistaken a high right shoulder for a break-out of the BnG formations.  That was not a good close for the PM stock indices, today.  We could still have one last spike higher in the sequence, but unless gold cleanly breaks out to new highs in the immediate future…………….I expect us to haved some downside left in the large cap PM stocks.  As I have said, we have a huge momentum move up into the first quarter of 2011 coming, yet the set-up presents with the real possibility of one last “hook” to the downside.

Take care……………

It’s a tough job but some of us have to do it! 

Heating up a little her in Tennessee again but was able to pick up enough beer cans from the ditches to scrape together the green fee for today - one of my better days in a while - 74 - and the guys I played with insisted on giving me money so that I can play again tomorrow.  I know that WANKA will be proud of us out pushing - he will probably split that gold eagle he is going to win from WMG-PMF-GR. 

David Morgan is also top calling.

I believe ECU will participate in any rise in the silver bull market. In 2005 it was a slow starter too, but then became a 15 bagger from 25 cents in a matter of months. When it ignites this time I expect it to equal or surpass this performance. Jmho. NIA Dyodd. and don’t listen to me. My numbers have been wrong so many times they’ve taken me out of the telephone book.

Also, as Samb mentioned, a reverse split is possible in any of these penny stocks.

You are not alone.  Bob Hoye is with you.

Bob: One trade you can is the gold-Silver ratio. If it breaks through 68, it might run to 75. In the crash in ’08 it got out to 84. Also while you can sell some of your gold stocks, we’re always interested in the junior exploration stocks. You can’t move around too quickly so you can hedge yourself with the new junior-gold-stock ETF symbol GDSJ in the states. One of the other ways would be to most certainly sell your silver stocks and also play the short side on silver stocks. It will make you some money and protect your core positions and gold.”

PMI Gold

Good riddance! 

Whom ever put the link to my blog, thank you. Very nice of you to do that, and it adds to the validation of the blog.
I will keep you up to date on new posts, my opinions of the country, and pictures of the “villa’s” these folks call home - what a hoot.
Cheers
John

Rising volume on the miners in August is bullish.

stockcharts.com/h-sc/ui?s=GDX&p=D&b=5&g=0&id=p25019886800

Also, HUI bested the Dow by 15% in August. So far the PMs are definitely not following the general stock market. In August the Dow was down five percent and HUI up 10%.

Ipso, maybe JP doesn’t understand the above and is quitting.

  UPDATE 1-JPMorgan Chase shutting down prop trading -Bloomberg

NEW YORK | Tue Aug 31, 2010 3:50pm EDT

NEW YORK Aug 31 (Reuters) - JPMorgan Chase & Co is shutting down its proprietary trading desks as new U.S. laws limit banks’ ability to trade their own money, Bloomberg reported on Tuesday.

JPMorgan told commodities traders that bet for the bank’s account that their desk was going to be shut down, the news wire reported, citing a person briefed on the matter.

Proprietary trading in fixed-income and equities will be shut down later, Bloomberg reported, citing the person.

The commodities proprietary trading desk has fewer than 20 traders, with one based in the United States and the rest in the United Kingdom, the report said.

A spokeswoman for JPMorgan in New York was not immediately available to comment.

(Reporting by Dan Wilchins; Editing by Bernard Orr)

HUI) At 3:40PM EDT: 486.81 +4.46 (0.92%)
Dec gold=$1247.70 +$8.50

Oct. crude -$3.07–Nicht gut für Gold!

Let’s take a look…Since the July 27th low SLW has had 19 up day’s vs 5 down day’s.Ultra short term, SLW has just worked out of an overbought, based on the 4 day moving average.

Only little, tiny concern, is that we have moved up 4 consec weeks, perhaps this week will be number 5…have to wait and see.  One week…minor PM fallback is soon coming due.. Yet, SLW is no longer over bought, imo.  Fear is our enemy.

For sure. SLW just broke out above 22 on the third attempt, while making a 52 wk high. It should back off a couple bucks to retest.

that SLW is weak today because in the opinion of some it has been too strong for several successive recent days. Many analysts use the short code of “profit-taking” to describe a weak day after a string of stong days. I am not the least bit worried about the future trend of Silver Wheaton, even though some have lumped their money together today to bring about a “weak” day for SLW. I like SLW.
Cheers. Equiz.

ECU
Last Trade: .63
Trade Time: 2:14PM EDT
Change: -.0133 (2.06%

Jees thanks Samb, I appreciate that, if I can only get back into trading as I have started recently it will all work out. It wasn’t the trading of juniors that did me in in the past, it was the buying and holding for da moon shot.. Trading them makes sense,the compounding of a 15% trade of 10k for instance should be easy in this market. Add em up………1 a yr or 6 months if you think….

At 1240 gold you would think they would have reciprocated by now.

Looking rather ugly now, who the heck knows what will happen. We just have not been here before! Not on this continent anyways…….

September 1 was significantly down. Is there any structural reason to propel the beginning of 4th qtr either up or down?

Its less than 5 up for the day. This may not bode well for tomorrow or today.