gfp: Here is what Rinear posted yesterday at 2 PM:
Insiders Club Update
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2:00
So, it looks like they want to finally put in a green day that makes it to close. Imagine that.
IF and that's a big if, if nothing goofy happens over the weekend, I suspect we might make some gains next week. The PPI was very tame, giving the feds some leeway to sound more dovish, and the bank earnings were better than feared.
I'm pretty happy with KGC, so far so good.
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It's Saturday at @ noon. An announcement came out today that they are relaxing the tariffs on smart phones, computer chips, laptops and related components. That should have us open Monday morning quite green. I started scaling back into SVIX on Friday. I bought 4,000 in the low $10's. I missed the dip under $10 on Thursday. It's riskier than it was previously because the market will continue to be skittish, driven on news and not fundamentals. And the quick rise in Treasury yields from just under 4% on the 10 Year to almost 4.5% in the space of a week is troublesome. And that wasn't caused by the tariff situation. It was the details of our profligate Congress basically kicking spending cuts down the road yet again. Promising $1.5 Trillion of cuts in the future, which everyone and their pets knows ain't never gonna happen. So we'll be at $50 Trillion in debt at some point. The debt is already unsupportable. I don't understand the short term thinking in Washington. We have a spending crisis. Any reputable business man could reduce the size and scope of the Federal government by at least 1/3 without compromising a single important function the Federal government is responsible for by the Constitution. That is, if they had a free reign to do so, which the judges and Congress would never sanction. I guess we will have to default on our bonds before Congress realizes we have a spending problem.
McAlvany is telling clients that gold and silver may have gotten in over their skis after this past week. Long term prognosis is good. In the short term perhaps some backfilling might occur. Which would be healthy. I'll sit tight with my metal miners. I'm much more of a risk taker with the trading portion of my portfolio because my core holdings in miners are so well positioned going forward. So I will continue to add some SVIX. The amount will depend on circumstances. The VIX spiked over 50 for a short while last week. It's at 37.56 as of Friday. It usually hovers in the 15-18 range, and will occasionally drop to a 10 handle after prolonged gradual rallies in the S&P. I think SVIX can get back to the low 20s if we can go a few weeks without another round of major selling. It's was in the mid $10 range at the close on Friday, I think the close was $10.63. I'll be watching the bond market closely.
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