ON THE MOVE BUT JOURNEY IS NEAR AN END
I have now moved one of my accounts again to a place I feel is more secure than where it was. I now have half my trading stash over at TD Ameritrade due to their FDIC insured daily sweep function. In this wacky world we live in now, I think this is about as safe as it can be. RJO Canada is actually the safest place in the world to have your money, but you need a canadian address, which I do not have. If you live up there get your money there yesterday! Don't whine about the $15 commissions, you will have 1 Million dollars of insurance on your money, the only place in the world you can get that. Take it and run there if you can. I think in the US where I have gone to is the best choice. I am now going to have to deal with the platform so hopefully it is ok. It does have the custom functions I require, so that is a good start.
I sent a letter to the PFG trustee over the weekend and they said they would read it. The Corleone to the PFG counsel is beyond belief. I also spoke to the CCC guy's wife today who works with him, and she said they were going to file a motion objecting to the payoff. That attorney should be drawn and quartered not paid off. She could have been compelled via subpeona to cooperate anyway, and the fact that she is still on the payroll raises my eyebrows a bit. Maybe we should sue her for gross negligence at some point, depending on how all of this works out. Of course, it the trustee would just communicate something publicly that would indicate something positive happening, it would calm down the angst among all of us. Maybe there is a legitimate reason for all of this, but on the surface with a goose egg on the scoreboard, and no communication of any kind about some money being there, it is crazy to be putting in motions like this. This guy has good credentials, but he certainly seems to be handling this poorly so far.
We are coming up on the time when in recent years we have had some significant declines in the commodities markets. You can see with Crude Oil here, we have had steady Commercial selling on this rally. As we know this is typical and not by itself necessarily that big of a deal. However, when it comes at a time when we have had some big drops in recent years, it gets my attention. We have been ignoring the seasonal tendency right here, you can see it called for a top a couple of months ago. So what we have is a crossroads here. If you look at the other energies, this is the one that is lagging, so if you are inclined to short one of them, this is probably the one to play. I do not see an entry as of yet, but I am lurking here with this market.
There are things I don't show here that told me to ignore buys today, and I am glad I did, they would have been bad trades. Of course that is why they are in there, to save me from myself! This is one to watch for a sell in my opinion.
I am working on my web site this week, and hope to have it up by the end of the week. I am debating a potential name change for it, so it is possible it will be launched next week instead.
In the wake of all the negative news out there, I think it is time to end on a good note here. I am sure most of you don't play golf, and for that matter I had to give up my club because of the PFG wipeout. However, I found myself watching a movie about one of the greatest upsets in sports history, The Greatest Game Ever Played. It is a movie about how a 20 year old amateur won the US Open. It is a hoosier type of movie. For anyone who loves underdog stories, this is one of the great ones, and for the most part the movie is a correct depiction of history. There are some things that are different, but the basic premise is pretty close.
Why do I mention this? if Claude Quimet could win the US Open, any of you can make a million dollars trading. It is less of a long shot for you to do that than it was for him to win that golf tournament. Keep the faith, and keep working hard.
You can do it, we can do it!