***Very Important Update: The reason I always go solo to Vegas to play poker is that few things annoy me more than having to listen to some dude talk ad nauseam about his bad beats. Well, re-reading this post, I've become that guy. So, unless you enjoy that kind of thing, please feel free to skip right to the chart, the take home of which is, I'm watching the black line and the three levels of horizontal support for cues to re-entry into this market. I'm keeping the post up though because what good is having a blog if you can't use it to vent hyperbolically on occasion? ***
I've been kind of pissed the last couple of weeks, feeling like a chump for being shaken out of my paper silver position last month. But hey, unlike the sneering holier-than-thou anti-silver crowd who will go to their graves denying manipulation, I am a natural skeptic who considers all viewpoints, letting data determine my theories and not vice versa.
Once silver saw a 42.5% fall from its September high (35% in two days), I decided to sell into rallies against my instincts, just in case silver really was the bubble the John Nadlers of the world have said it was ... Don't get me wrong- they strike me as the most contemptible of scumbags, men fit to hang, not to trust - but then the chart was what it was ... it looked like the canonical bubble chart we've all seen, and this recent cratering looked like the final bull-trap falling apart. I had to concede that maybe silver was indeed the industrially overrated, widely available, stupid investment the anti-silver bank mafiosos (and their loathsome groupie shills) have maintained.
Well, as I've been bitching about of late, it's looking like a masterful chart painting job to me now. I said on Sunday $33 should be pretty strong support ... it was, and I entered into a small position at that point. But watch the black line on the chart below. If that's broken to the upside, I'm all in silver. And this time the fuckers won't shake me out if they run this thing down to $5.
Btw the circled points are the February 24 criminal raid, the Fukishima sell-off, the May massacre bottom, and the summer, pre-rally low, all buttressing the two nearest horizontal levels of support to watch.
10 comments:
Great Rant GM.
Hey GM,
Got a target in mind or going to let the charts do the talking?
Thanks, Warren. Look at a guy like Corzine. A Senator. On the short list for Treasury Secretary. A soulless sociopath. Do you really think he's the exception? Where was the CFTC? If they're so negligent here, why not in the silver market? How hard is it to monitor if client funds on the order of billions aren't being stolen? I have concluded - and not with pleasure - that we must take everything these bloodsuckers and their enablers say with a shit ton of salt. I have also concluded - again, not with pleasure - that anyone who puts any kind of faith in the system, e.g. by taking financial statements or macro stats at face value, suffers from Stockholm syndrome . The only solution is the one Markopolos, the Madoff (and more recently, Bank of NY theft) whistleblower recommended: going after these guys the same way the Seal 6 team took care of the (far less destructive) bin Laden threat. Of course Crzine won't even get a slap on the wrist. These guys have no shame to begin with, such that only fear will prevent them from the most egregious theft, the kind of theft that will bring down nations and cause millions untold suffering so they can buy they're seventh yacht.
Louis - I'm looking for one more test of 32.5 before a breakout. Of course, on any given day the whole shithouse may go up in flames and all bets are off. Have you converted one of your cars into a technical yet?
GM,
Got Herf?
I do :)
Wow, Louis, I have to look into that once i finish installing machine guns onto my Ford Ranger. Seriously, though, everyone should read about these weapons, and pay note to what they can apparently make people do.
In other news:
MF ACCOUNT WITH $658.8M IN CLIENT FUNDS SAID TO BE AT JPMORGAN
MF GLOBAL'S MISSING CLIENT FUNDS SAID TO BE LOCATED AT JPMORGAN
Jesse's Cafe (which has become a daily read for me) saw this coming three days ago:
"MF Global, the latest brokerage firm to start slipping under the waves, was using customer funds to back their proprietary trades according to a story from Associated Press ... I fully expect a strong effort will be made to hush this one up and sweep it under the rug. The $700 million was merely misplaced, left it in the other coat pocket, never missing, simple accounting error, completely safe. They will just juggle the books and shift the equity around, increasing the leverage on positions."
Its a fun thing to play with. It really is installed in my car and it takes a lot of self control not to push that button.
looks like Citizen is pulling in a few favors.
I hope he doesn't go to jail if only to paint the corruption in black and white.
The CME margin hikes .... Bizarre. Is that where they are going to raise the money for Corzine?
GM, solid close today at almost $35 today. Does this mean you're all in?
Yes. But keep in mind I'm talking here about my "core" silver position- that's what I got shaken out of. Of course the point of a core position is to ignore short term market fluctuations as long as the bull market is in tact.
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