I took the day off on Friday. It felt really good to do it. Needed to re-charge my batteries and smell the flowers, so to speak ! You think the markets could tread some water while I get some R & R. Not a chance as all hell seemed to break loose. Regular readers as fully aware of my thoughts on what is transpiring in the markets. My only comments further to that is prepare yourself for what is unfolding, as it will EXTREMELY unpleasant and ruthless to those that don't and prefer to delude themselves. It is not about who's right and who's wrong but something much larger, like financial prosperity and in many cases basic financial survival.
For those that are new to this blog I encourage you to read prior posts on this site as they contain some valuable information. I doubly encourage you to stop by the Must Visit sites I have listed as on the right side of this blog, it is called that for a reason! You will get unbiased, insightful, well thought out observations others are afraid of, ignorant of or simple don't want you to know.
I want to bring your attention back to an existing position I am holding the Currencyshares Swiss Franc, ticker FXF (chart above). We have been in a corrective pattern for the better part of 3 months. As my notes indicate, It is my intention to get longer here on a move above the 97.25 and 98.25 levels as it seems the US dollar rally looks to be losing steam as it has corrected it's severely oversold level.
Housekeeping notes;
I neglected to note that I was filled on a 2nd unit long of Hecla right before the close on Wednesday past. I had noted previously that I would get long that 2nd unit on the move above 8.60 which the stock did just before the close.
Friday, while out, I was stopped out of my 2 unit long position in Clean Energy CLNE at $12.30 for an $0.85 loss on 2 units. Loss management my dear friends is what the game is all about and anyone who tells you otherwise is heading for insolvency, and you should do the opposite of what they tell you ! Just ask Nick Leeson, John Meriweather, and Jerome Kerviel if you disagree.
