I really have to say, these ultra-bearish ETFs look enticing. I refuse to bite, but still…….
Slope of Hope Blog Posts
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In Accordance with My Convictions
I can practically feel the market trying to shake me out of my shorts (and, let's face it, that's the only entity that would ever consider doing such a thing), but it's not happening. I feel about my current positions the way our beloved Kooks feel about precious metals. That is…….I'm staying put, rock solid.
This is not to say that I've removed all my stops and am shutting off my computers. But, in spite of the severity of the sell-off during recent weeks, the charts I'm in are simply too marvelous to close simply because I am afraid of the Chairman this Friday. There isn't a living organism on the planet that doesn't know about Ben's speech Friday morning. Do you think the markets will rally on the "surprise" of this news? I don't. Leading up to it, yeah, maybe – which is what we're getting now.
I intend, by the way, to speak respectfully of the Chairman of the Federal Reserve. I am counting on him at some point to really goose the markets into uber-shortable territory. I am 55% committed now, but I want to be 200% committed, and I can't do it without Dr. Bernanke's help. So, until that time, I shall treat him with the kind of decorum – even reverence – to which any sycophantic object is entitled.
The chart below is an example of the kind of thing I'm short. Yes, a huge market rally might fracture or even break the technical legitimacy of charts like this, but until such time as a rally, should it ever take place, transpires, it is illogical for me to run over going into 100% cash based on a phantom menace. I will handle my positions, one by one, on their own merits.
Chairman Bernanke, best of luck to you this Friday. I'm with ya. Shalom.
Venoco is Support-Free
Well, I was trying to think of what to talk about, so I simply checked my portfolio to see my best cash winner today. It's symbol VQ, which is a lovely chart that has pretty much no support beneath its current price level.
Adios, Fiat
Well, on Friday I took a photo of the cash I had extracted from the bank to finally – – 370% later – – re-acquire some silver bullion.
So, adios Presidents Grant and Jackson, and you, too, Mr. Franklin. At least I've got some bullion now, even though I never got to enjoy it at deeply discounted wave-3 prices (cough, cough). SLV seems to want to play catch-up this morning with its much wealthier older brother.
Jackson Hole Week (by Springheel Jack)
A shorter post than usual today as I had a hospital appointment this morning and have started late. The appointment went very well and I'm cleared both to drive and to walk without a removable cast or crutches now, which is great.
Ben Bernanke will be making a statement at Jackson Hole on Friday and rumors of QE3 have lifted equities strongly overnight. We might well see a strong rally on expectations that the Fed will print more money to boost asset prices, though that wouldn't be easy given inflation levels in the US and implacable opposition in Congress. We'll see.
