Wowzaa!

11:23 am (Hawaii) This is not a euphoric wowzaa. Not even a adrenaline rusher. Though gold keeps pumping higher like a an old man injected with a lifetime supply of liquid viagra, I'm not over-the-top excited about spot price hitting $1,901 a few minutes ago. I'm fully aware that the CME mafia could kneecap it with a few margin requirement hikes in the coming days leading into Jackson Hole. I also know price is toppy and due for a slight pullback.

BUT ... if ever there was a price that had everything going for it, it would be in gold. The only comparable rocketship would be silver. I stayed put today, didn't sell or add anything, though it was tempting to chase both gold and silver. The time to buy gold was in the morning (while I slept in at 4 am Hawaii time). Same with AGQ, which was at 244 for a brief moment or two, but is now nearing 253 after hours.

DGP is churning higher, too, now at 72.61. It is tempting to go all in, use margin, yaadayada. But I will remain partly in DGP and partly in cash in anticipation of wacky, bold moves by Helicopter Ben this Friday. Better to be prepared and have dry powder than to be stuck in a chase trade that reverses suddenly and has me backtracking, too late to sell, and stuck.

Better to have a moderate win on paper and ride out the long term wave than to chase, overtrade and be at break even while the pullback occurs. The time to buy AGQ, for example, was last week at 218-220. Same with FAZ, which was at 63-64 on Friday. Go back earlier last week and it could be had at 55-56, this crazy bear ETF that I KNOW is going to 100. FAZ is now at 71+.

If anything, the market could dip after today's algo/HFT/alien machines kept the market in the green despite crapoli moves down by bankster stocks. It would stun me if the markets did NOT move lower every day leading into Jackson Hole.

Update 11:39 am Gartman says he's less long of gold here due to a survey that shows traders/investors 93% bullish. Whatever. Gold can pull back here for a breather. I'll be adding on a dip, not yo-yoing in and out right now.