Wednesday, May 23, 2012

WHIPSAWED!

Since most of the action today was missed by me I didn't have to put up with any excuses from the media  why the PM equities moved up dramatically intraday while the market was taking a savage beating. Even though the market managed to stage a "brave" recovery to finish flat, the story of the PM equities finishing very strongly in the black with gold and silver solidly red tells an even bigger story. Money as stated here previously is forming a bottom in the miners and showing just how much trouble the shorts are about to get into. The battle looming on the bullion vs paper trade will only intensify as sovereigns and hedge funds ready for battle with the fiat masters of the universe. The outcome is assured but the pathway will not be known to the proles. Only the boyz know how this game will play out.

If my earlier suspicions are correct the game will not begin in earnest for a few more weeks, so chop shop trading in the miners may be in the offing. Don't shake out. I am reluctant to even engage in peripheral account trading when major bottoms may be in the making, but I am sure I will succumb to some temptations on big moves and daily overbots.

The boyz in the city don't really have much more of a feel for what the metals trade is about to do than you or I but there is definitely some doom and gloomers in the pro ranks but they keep it to themselves. I didn't see much on the faces down at the NYSE today other than zombie looks. I think they know they are facked.

Can't post pics and can't do charts but we aren't overbot on the daylies so I'm still sitting tight. gl

35 comments:

  1. Yesterday was extremely bullish for PM stocks and PMs too even though the metals themselves finished down for the day. The USD was up big and the metals reversed with PM stocks finishing up for the day. There seems to be follow through this morning and with the COTs showing the commercials lining up for a PM rally and extremely long the EUR, we must be getting very close to a FED move.

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    1. yes silver that was an incredible reversal in terms of what it said

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  2. in the comments i will elaborate regarding the general tone of the hedges i dealt with the last two days. they ARE talking about gold an pm equities but they for the most part do NOT know the trade in detail and are fearful of the volatility.....yes fearful....they cannot fathom why we are in this trade....hehhehehehe

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  3. Hope your enjoying this great foggy muggy weather we are having in NYC, Kli. Looks like there is heavy buying in HL this morning! 8% pop today...
    Good Luck to all and what the whipsaw.....

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    1. its not bad rudy....im stayin in soho in stings old apartment......its not WHAT you know its WHO ya know....hehehehehe

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    2. Nice! NO doubt its all about WHO ya know.....Enjoy the city!

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    3. As is always the case! Had some fun times down there, just can't remember most of U'm! Hehehehehe

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  4. careful on trading HL here....may wanna just hold on if ya know what i mean.....

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    1. Not trading anything.....I am in this trade for the long haul...

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  5. ROSG, you can't just make this stuff up...wow..took profit..

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    1. Nice Trade HCG, you see you did not need anytime off.....

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    2. beeeutiful chuck .....good to see ya back

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  6. I am not trading either. I have a nice core, I like the charts thus far. Just monitoring and getting chores done.

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  7. hl 50 retrace here....lets see the rest of the day....volume is huge

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  8. Just worried about the next PM take down..Prolly on the way. Right now they are concentrating on crude. JPM is kinda wounded could make them very dangerous. Still, PM's are being bought up..by central bankers....hahaha. Heathens they are. Civilized folks do not buy gold.

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  9. you are supposed to worry sheeps.....thats the objective......right now consolidating last few days gains and yesterdays moves

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  10. Forgot who asked about coal...B***O promised to destroy the industry in an '09 speech I believe, I've heard the clip many times & traded aci. Of course, he'll lose the state of W.Va. and those cos. may rally if the Repubs win. Kli, not sure what a doc is doing swimming w/the sharks. And wtg honest, what a trade! Those don't come along too often.

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    1. long story sista but i did not initiate any of it

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  11. cup and handle on silver..barring a failure here silver going to pop.

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  12. yup..........barring a failure.....heheheheh

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  13. They must want to learn from the master, Kli.

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    1. closed network sis all tied into the mother ship and you know who that its

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  14. Sort of an overall boring day so far.
    I wonder if we are going to get a "stick save" at the end of the day.

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  15. Wow HL making me very sorry I ever jumped ship. Something is up there...

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    1. i am wondering too hubz.....also could just be some hedgee buying

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  16. chuck.....OSIR retested its breakout from 4 days ago yesterday and look at today!

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  17. gold tanked with June op exp today.....hehehehe.....like clockwork

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  18. quick question - What's the best way to buy physical silver? I made a small purchase a few days ago (whopping $500). I bought a few 1oz bars a 5 oz bar and some 1 oz pure silver buffalo coins. So, should I stick to buying coins? Which ones would you guys recommend? Or should I stick with the bars, 1 oz or 5oz? Thanks guys. Good luck to everyone.

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    1. I personally recommend generic silver rounds if you're buying for insurance purposes. If you want to trade I would just buy GLD and SLV. The rounds have the least premium by far. If you want an actual currency coin I like the silver maples as the face value is $5 versus the $1 of the silver eagle, and the premium is also lower. I think there are also tax considerations too when it comes to selling these but I'm not educated in that department.

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    2. small quantities of silver less than 10K should be bought in generic rounds like the buffalo or eagle....large aquirers can buy the bullion bars...

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    3. most of us will and should buy silver in rounds only.....please let me know if you are buying large gold bullion bars....i have free storage for you.....hehehhehee

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  19. bullish flags forming on several miners on the hourly

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  20. Keep your heads up:

    "If I am correct, and the U.S. economy itself is now in the early stages of what will probably turn into a serious economic slowdown, then it will not be easily stopped with incremental Central Bank policies. The fact that they have waited this long and the fact that the global economy is in the midst of a serious slowdown tells me one thing. They are way behind the curve and by the time they realize this it will be too late to stem the momentum. That said, I do expect them to respond and the fact that things will have gotten much worse than they expected will mean a major response. I’m not talking operation twist part deux. I mean a serious print. Potentially the BIG ONE.

    In this sort of scenario, the inflation hedges will sniff it out first. So I would expect the precious metals to bottom well before everything else does. In fact, we could be looking at a situation where the metals and their shares rebound sharply while the U.S. equity markets continue to decline. This could last many months. I want to point out that the GDX bottomed in October 2008 and was up 100% before the S&P 500 bottomed in March 2009. So over a five month period the GDX doubled while the SPX declined 25%. Don’t think that can happen again?" JD



    http://www.zerohedge.com/news/guest-post-big-print-coming

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