Yesterday, I was seeing all kinds of signs a rollover was imminent, even deeply considered shorting this morning, especially with what Japan did last night.
But I just couldn't pull the trigger this morning with any old short ETF. Glad I didn't. As we saw, this morning, the bulls ripped the teeth right out of the bear's gaping jowl.
Perhaps I should have added that when stocks in a broad array of sectors show topping tails, this portends a possible market top, or correction.
Looking at (SPY), which is a Spider ETF that tracks the S & P 500 (closed today at $165.93), we could see as much as a 6% correction beyond today's drop, before support sets in at around $154.
In the great state of Washington, pigs that were fed pot leavings were 20 to 30 pounds heavier at slaughter as compared to other pigs from the same litter. A butcher stated, ""Some say the meat seems to taste more savory."
D-inv: I have no idea if you caught the falling barbaric cutlery. Okay...that's a little overwritten. TB and I yacked on the phone a week ago or so, and we both thought gold was heading further south.
But then, three weeks ago or so, TB and I were PM-ing, and we agreed that SAND under $7.00 was a steal. It was...back then.
But as the world turns, and even though there's an ever widening gap between spot and the retail price, to see ETFs recently unloading 600,000 pounds of gold, a trend "with no end in sight," to see equities rise, and the VIX stay steady, to see monies pouring out of PMs and into equities, to see this also as a trend with no end in sight, I can see gold plunging to 1150, as was written about a two weeks ago.
The PM game is morphing. Barrick is cutting back; many miners are getting close to all-in costs, which means lower production, or more production from higher yielding sites, and the ceasing of operations of lower yielding, more expensive to produce gold sites. Looks like the massive NovaGold find is never going to get to pouring stage.
For these reasons, eventually, I expect gold to rocket upward again. Just not right away. Perhaps it will be two or three years before gold gets back to $1900/oz.
Previously, I had thought DOW 16,000 by then end of this year was feasible. Now I think it's a shoe-in to occur, with DOW 17,000 now becoming plausible to consider by year end.
SAND has support at $6.34, but I'm more and more targeting support at $6.00, maybe even down to $5.00.
OG: I've heard of Chaniere Energy Partners before, but have never owned it. CQP is not being covered by Wells (curious?). Technically, it's trading at a two year high, and so CQP "could" be experiencing a break out higher, or, it could pull back to around $26, which is support. YTD gains of around 60%, and being up more than 100% since last Thanksgiving, states this is one hot and frothy MLP, still retaining a 6% yield.
Love the future % increase expected in EBITDA, and the widening gap of LNG pricing between the US and Japan, which forecasts continued increasing exports to DGs favorite country.
Thanks for the tip. Hoping you've own CQP and have enjoyed an amazing six month ride. Great find! Putting CQP on my watch list.
Due to a scotch tasting (yum!) event I attended last night over in south NJ, I had to DVR the Cramer episode, which I just completed watching (far better than the dreadful IRS-gate hearings).
D-inv: You did pretty good! MWE Cramer mentioned as one of his MVPs of all "speculative" MLPs.
Of course, Kinder Morgan Cramer was all gushy about, and the result of my overnight experimental KMP trade? Including commissions, I netted about $42.00. Which is just fine, considering how MLPs got pummeled yesterday afternoon.
Would have netted a little more, but what do you do when you arrive home safely with my renowned cheffy pal after a scotch tasting? Ya drink a few more drams of Oban on the patio and bitch about Monsanto! And so I chose to sleep in this morning. Though maybe..."chose" isn't quite the right word.
Other MLP MVP favs of Cramer were: EDP, and his other speculative plays were PAN, PAA, and WPZ.
OyGee: Nope, never trade an MLP in an IRA, but thanks for the warning anyway. Though Kayne Anderson Total Return Fund (KYE) is a way to play MLPs...No K-1, but a simple 1099 filing. Has done pretty well for me. Bought it back in January at $25.94; now at $31 and change.
####
A scotch-infused theory from last night: If you are forced to file late because some MLP didn't get you their tax sh$t until after April 15th, which has happened to me in each of the past two years, you're less likely to get audited, because the folks who work for the IRS simply do not want to deal with the complicated tax ramifications involving MLPs.
Fun time, experimental order of (KMP) was nabbed at $88.20. The stock went down 82 cents post the Cramer comment.
Will see where it opens and where KMP goes tomorrow. Wouldn't surprise me a bit if these tyrannical bastards try to push it down further post market today, and pre market tomorrow, to shake out the stops.
LINE was also pushed down from $35.77, to $35.20, post the Cramer comment. Guaranteed Cramer will be talking up Linn Energy.
Hey, Bob! Good to see you! First, from what I have noticed ever since Cramer gave his TV show's subject of MLPs, the entire sector has been jumped on by the hedgies. No...they are not buying, they are selling, to push the price down so that after hours, or before the markets open tomorrow, they can buy back in at a lower price, and us retail investors get screwed. Damn, these people!
Right before close, I'm going to do a small buy of an MLP, just for kicks.
Let's see, Alliance Resource Partners is getting WF coverage:
Hindenburg Omen - November 13, 2012 [View instapost]
Yesterday, I was seeing all kinds of signs a rollover was imminent, even deeply considered shorting this morning, especially with what Japan did last night.
But I just couldn't pull the trigger this morning with any old short ETF. Glad I didn't. As we saw, this morning, the bulls ripped the teeth right out of the bear's gaping jowl.
QC #257, May 10, 2013 [View instapost]
My mission tonight after watching the Pens/Senators game is to pick an ETF with which to short the market.
QC #257, May 10, 2013 [View instapost]
QC #257, May 10, 2013 [View instapost]
Looking at (SPY), which is a Spider ETF that tracks the S & P 500 (closed today at $165.93), we could see as much as a 6% correction beyond today's drop, before support sets in at around $154.
Anybody else seeing what I'm seeing?
QC #257, May 10, 2013 [View instapost]
http://yhoo.it/10ncpMn
QC #257, May 10, 2013 [View instapost]
Watch all the topping tails cycle through this web site:
http://bit.ly/10lwPsA
QC #257, May 10, 2013 [View instapost]
But then, three weeks ago or so, TB and I were PM-ing, and we agreed that SAND under $7.00 was a steal. It was...back then.
But as the world turns, and even though there's an ever widening gap between spot and the retail price, to see ETFs recently unloading 600,000 pounds of gold, a trend "with no end in sight," to see equities rise, and the VIX stay steady, to see monies pouring out of PMs and into equities, to see this also as a trend with no end in sight, I can see gold plunging to 1150, as was written about a two weeks ago.
The PM game is morphing. Barrick is cutting back; many miners are getting close to all-in costs, which means lower production, or more production from higher yielding sites, and the ceasing of operations of lower yielding, more expensive to produce gold sites. Looks like the massive NovaGold find is never going to get to pouring stage.
For these reasons, eventually, I expect gold to rocket upward again. Just not right away. Perhaps it will be two or three years before gold gets back to $1900/oz.
Previously, I had thought DOW 16,000 by then end of this year was feasible. Now I think it's a shoe-in to occur, with DOW 17,000 now becoming plausible to consider by year end.
SAND has support at $6.34, but I'm more and more targeting support at $6.00, maybe even down to $5.00.
One man's opinion....
QC #257, May 10, 2013 [View instapost]
"Gold ETFs Are Liquidating By the Ton."
300 tons so far, with no end in sight:
http://yhoo.it/YX2Ztn
QC #257, May 10, 2013 [View instapost]
Love the future % increase expected in EBITDA, and the widening gap of LNG pricing between the US and Japan, which forecasts continued increasing exports to DGs favorite country.
Thanks for the tip. Hoping you've own CQP and have enjoyed an amazing six month ride. Great find! Putting CQP on my watch list.
Here is a good article on CQP:
http://seekingalpha.co...
growth for CQPs
QC #257, May 10, 2013 [View instapost]
http://bit.ly/12HIald
QC #257, May 10, 2013 [View instapost]
D-inv: You did pretty good! MWE Cramer mentioned as one of his MVPs of all "speculative" MLPs.
Of course, Kinder Morgan Cramer was all gushy about, and the result of my overnight experimental KMP trade? Including commissions, I netted about $42.00. Which is just fine, considering how MLPs got pummeled yesterday afternoon.
Would have netted a little more, but what do you do when you arrive home safely with my renowned cheffy pal after a scotch tasting? Ya drink a few more drams of Oban on the patio and bitch about Monsanto! And so I chose to sleep in this morning. Though maybe..."chose" isn't quite the right word.
Other MLP MVP favs of Cramer were: EDP, and his other speculative plays were PAN, PAA, and WPZ.
OyGee: Nope, never trade an MLP in an IRA, but thanks for the warning anyway. Though Kayne Anderson Total Return Fund (KYE) is a way to play MLPs...No K-1, but a simple 1099 filing. Has done pretty well for me. Bought it back in January at $25.94; now at $31 and change.
####
A scotch-infused theory from last night: If you are forced to file late because some MLP didn't get you their tax sh$t until after April 15th, which has happened to me in each of the past two years, you're less likely to get audited, because the folks who work for the IRS simply do not want to deal with the complicated tax ramifications involving MLPs.
Time for a nap!
QC #257, May 10, 2013 [View instapost]
QC #257, May 10, 2013 [View instapost]
Will see where it opens and where KMP goes tomorrow. Wouldn't surprise me a bit if these tyrannical bastards try to push it down further post market today, and pre market tomorrow, to shake out the stops.
LINE was also pushed down from $35.77, to $35.20, post the Cramer comment. Guaranteed Cramer will be talking up Linn Energy.
QC #257, May 10, 2013 [View instapost]
Right before close, I'm going to do a small buy of an MLP, just for kicks.
Let's see, Alliance Resource Partners is getting WF coverage:
May 6th Intraday price, $72.48, yield 6.2%, YTD performance 28%, low valuation $70, high valuation $78, potential return 9%, rated Market Perform
QC #257, May 10, 2013 [View instapost]
Prediction: He's going to be pulling up a two year chart of KMP, which is up about 50%. If he mentions Sunoco Logistics, I'll freak out!
Guessing the MLP sector is going to jump a tad tomorrow.
Check out the spike in volume right after he mentioned the show's theme, in AMLP, an MLP ETF! WOW! Quick on the draw.
http://yhoo.it/YMLr32;range=1d;compare=;ind...
(hit the one day chart and then look at 2:21PM)