These choppy markets are tiring.
Gold and silver are closing in on my long term price targets of $1,000/oz. and $20/oz., respectively. As posted here often, once those prices got within 10% of my targets, I started selling a bit every week. I'll continue to selling until the gold+silver allocation in my Krypto Fund gets back to 10%, provided the prices are at least 90% of my target prices. I have a lot left to sell.
I buy stocks with the money from the sales, but just also did buy some municipal bonds yielding 5% in Mrs. B's Sky Fund. I'm not excited about that purchase, but Mrs. B needs to learn about bonds, and the aftertax yields are quite acceptable. These were industrial development bonds guaranteed by an A rated corporation, so I don't yet bear the stigma of lending to the corrupt local governments. Ugh !
The bears attacked the financials yesterday again. Sigh ... not unexpected, but still tiring. Oils and miners did well. IF you are a trader, remember the second half of the saying, "buy dips, sell rips". Pick you selling points. This rip will end sometime. The beefers will rotate again and then you know you'll be hearing a spate* of punditry that the move is overdone, or they are overowned, or other silly, specious** babble.
If I seem a bit splenetic*** today, you are perceptive. I'm just tired of hearing the same, endless stream of garbage bagged as profundity and spewed out from Babblevision and other US press sources.
Today I get some silver out of the bank to sell - that stuff is heavy !
PS: I see the "US" says Kosovo should not be split to permit the Serb majority areas to stay part of Serbia. Why not ? The same principal that lets Kosovo split off applies, doesn't it ? And why is the US even involved ? Let the Europeans deal with that. Butt out !!!
PPS: Weak quarter at Dell. Uh .. could Mac inroads be hurting Dell at the margin ?
P^3S: Futures came down a lot on no news between 4AM and 7AM ET, but did hear about some yen related trades going on; yen is falling. Beefers really burn me up.
Words of the Day - no surprise, this is "S" day.
"Spate" - noun [$10]
"Spate" means 1. a sudden rush, flood, or outpouring
Sentence: see * above.
"Specious" - adjective [$10]
"Specious" means 1. having deceptive attraction or allure; 2. having a false look of truth or genuineness.
Sentence: see ** above.
"Splenetic" - adjective [$10] and noun
"Splenetic" (adj.) means 1. of or relating to the spleen; 2. affected or marked by ill humor or irritability; (noun) means a person regarded as irritable.
"Spoliation" - noun [$10]
"Spoliation" means 1. the act of plundering; 2. the act of injuring beyond reclaim.
Sentence: Will the beefers recurrent spoliation of the financial markets create a financial panic ?
About Me
- Bunkerman
- I have a pioneer mentality. My wife & I live in the woods - neighbors aren't visible except slightly in winter. Our "bunker" - hehe, really a fine home & barn - has plenty of security. We have four dogs: Krypto (age 9, Kelpie), Ava (age 13, Rat Terrier), Sky (Kelpie, age 5) and Lucky Star (age 1, kelpie). I don't take crap from anyone anymore, having enough resources & gear stocked up to survive in any circumstance. I have three degrees from Harvard including a Ph. D. in a physical science, and an MS in Management from MIT. I worked as an investment banker for about 25 years, mainly in secured finance, at three major Wall Street firms and for the last 17 years with my partners at our own firm. I'm semi-retired now, managing some private corporations and business interests and doing my own trading & investing. This is not to boast, but to give you an idea I know a little about some subjects from experience. The photo is my 1943 M16 half-track which I am restoring. These armored vehicles were ubiquitous in the US Army in World War II and Korea. It's driveable.
46 comments:
the jimmy/revy mush now looking at 250 handles, in 2 and 1/2 days.
1/2 way there until they suggest the world is ending.
i guess u buy there.
man im sooooooo glad i dont play this game anymore.
ditto mern. This chop even aggravates me in spite of my LT style.
get a sack...what is this the widows and orphans blog...I thought this to be a great environment to pick up cheap stock as beefers stomp from place to place, uh rich man panic...wipe your tears and buck up.
seems like just chop to me, frosty.
I am thinking of letting a bit of DVN go, 1/2 my RIO and the last of my FCX.
BUT might not - they really don't look extended and can go a lot higher when this funk dies out.
Seems to me the "trade" is just sell gold+silver holdings & buy stocks while Ms. Market is in such a bad mood.
I don't mean to short gold or silver, just sell part of real holdings.
atta boy Bunkerman...we can only play the cards that are dealt...this is the greatest game in the world and we define ourselves within it by the quality of our play regardless of style...nothing better than stepping in the ring nose to nose with the beefers to exchange blows.
when the beefers decide to pull the plug on gold and silver that is going to get ugly quickly...
I'm thinking the comments by Bill Gross in nibbling at CMBS and muni bonds was significant, as he did similar in late summer 2002 in that corporate bond collapse
agree mfl ... I've been selling for six weeks and am just over 1/2 done now. lol but the sales I need to make keep rising as stocks muddle and gold goes up.
hmmm that's seven weeks
If the gold & silver prices hadn't kept going up, I'd be done now.
But I obey the Krypto Fund rules & fear the trading gods ... will sell as long as the rules order me.
Interestingly, I heard a $1500 gold prediction yesterday.
Which comes first today?
Bud posts "is this a recession" OR
the media starts blabbing about "Black Monday".....
CRB nearly a 15% gain in feb...there should be no place to hide...agree with you both...when a couple of the big boys blink, run don't walk to the exit.
this is hedging action at it's finest today...note the index spreads are within a couple bps of one another. tail that wags the market dog indeed.
spiddy nasty and dow just printed negative 175 bps, odd no....hardly.
chum boy, come in chum boy...I have my money on you in the MLF59 pool...you should be in the zone today, this tape is uglier than your future husband.
jimmy/revy mush occurred up 50 on wed.
50+100+200= 350, 150 to go. then they will say we r doomed.
lol
off play some GOFF!
have a gud weekend. probably wont be seeing much of me anymore. ill check in from time to time.
PEACE!
Bunkerman...time and price...think you hit your AAPL double load point 3-13-08, between the 105-110 strikes...plays well with the fed calendar, quarter end reporting period and pre earnings expectations relative to recent guidance.
OEX pitching a prefect game today...100 of 100 red...I bet that is a first.
not only 'widows and orphans'......but also cry-babies blog
what a bunch of whiners
this is the greatest game in the world
sheeeeeesh........i'm in total agreement with the janitor
somethin must be wrong with me
so lemme understand you guys correctly
stocks/commodities only go down when 'beefers pull the plug'
huh??
beefers own a relatively small percentage .......the overwhelming large positions are with the so called 'real buyers'........and their selling causes big moves
what we are seeing in 2008 is that the 'real buyers' have turned into 'real sellers'. period. end of story.
If you don't think there are wrongway "beefers" invovled in the commodity markets you are plain nuts....I would even venture to say there are many who don't understand the risk/leverage of the futures markets in commodities....as you know I am a gold bug true and true...I'm just saying there is going to be a very violent pullback....and the wrongway beefers will exacerbate the move.....
Uh Bud...can you say leverage...the lever provides the force to gain a mechanical advantage...Archimedes work in the third century b.c. should help you understand the mathmatics...Long Term Capital Management, a prime exapmle of a single beefer with a huge lever created a macro event of epic proportion....head in the sand indeed sir.
Max Patkin...who's your daddy Bud.
getting around the time for the PPT to announce the ABK/MBI bailout....
back. silver sold.
this rich man's panic is spreading to muni bonds ... sheesh ... how stupid can they be ?
Guess I have to sell more gold & silver and buy those, too.
Some great coupons might be available when all those floating rate bs notes get refinanced.
It just amazes me to see the risks the dumb rich take to make a few extra % - really foolish and greedy people.
They talk big about how hedge funds "reduce volatilty" and get steady returns, but if one looked at the variance in beefer returns across al the funds, those are just huge. So the dumb rich get fooled by statistics. Sheesh.
Maybe it's an ego thing, so they can brag at the country club about how they are "in" the next SAC or whatever is hot.
of course even those not in hedge funds get duped by the Street into those silly "products" like auction rate bonds, etc. to get a few extra bps. Sheesh. Cluster fools ... and the Street are cluster knaves.
well, I guess half that industry will soon be eating dirt.
Bunkerman... I thought you had an objection muni's, for some reason.
I do - they fund corrupt governments. And they are free-loaders in fairly funding the share of taxes. And they should be taxed, at least under AMT.
But Mrs. B likes them ... and she is learning to manage money in case I get run over by a truck ... so we are buying some slowly.
If I have to buy some, I want good prices ;-)
i suppose I should re-print my proof on why municipal bonds are freeloaders as penance for buying some.
By the way, the ones I bought actually fund a power plant somewhere, they are industrial revenue bonds and don't fund a corrupt government. But the free loader tag applies.
'dumb rich'
huh??????
I will let you off with said penance...to wiped from this week to rant :)
you got that right frosty
what a rant!!!
like clockwork.....market sells off.....and the Oman goes off on his usual suspects
is this a recession?
all this mess comes from too much money in hedge funds - trading - speculating - sloshing around - funding crappy loans - leverage; I could go on and on but the core problem is too much money in hedge funds.
they need severe regulation.
don't forget the uptick rule
right Abud. Bring back the uptick rule !
And apply it to ETFs.
I need a martini.
frosty malted beverages all around the bunker...send the tab to the beefer bears...good week all.
is this stagflation?
;-)
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