ANNIVERSARY OF OCTOBER MELT DOWN
A lot has been made over the anniversary of the big crash of October 1987 and I have no idea why. We have had many anniversaries since that have not resulted in crashes. If this were going to crash for economic reasons it probably would have already. There has been a tendency for Friday down days to have nasty Monday's that follow them so we will see what happens. I still see this as an up trend where we should be buying the dips.
You can see the synthetic measures of the commercial activity are buying into this dip which is normal and does not mean it can't roll over. That is always the case on the one dip the winds up being the trend change. It looks like any other dip typically but just keeps going. I see no reason to be excessively bearish on stocks at this point. However, I also do not think it is a buy yet. The ideal buying time is late October but my short term tools are going straight down at the moment so I am not stepping in front of this yet. With the fixing of the employment numbers that was done recently I also think all the stops will be pulled out to prevent a stock decline also. They are trying to paint this picture as pretty as they can for BO.
The one gut feeling I have that I cannot shake is that if BO wins the stock market could crash. This is not based in any reality at all or technical tools. The cyclical picture does show a potential nasty decline in early 2013 so perhaps that will be precipitated by a BO victory. I think the world is starting to see what a dangerous proposition another term for him is. I will just state what I have stated before about this and move on. If he wins the US will not recover economically in my life time. That is how badly he is going to change this country. I don't know if Romney can save it at this point or even if Reagan could. We have just gone so far down the wrong road I don't think anything other than a depression can clear out all the problems. I hope we don't see it but I don't see how all these bubbles that have not been de-leveraged can continue indefinitely. Perhaps they can they can keep this going for a while longer, but we are going to have to pay a price for all of this nonsense at some point in time.
I had mentioned the short side of Silver and energy last week and they both got clobbered. All of these move together now for the most part. I also mentioned the dollar might be setting up a buy. We have bounced but not enough to be looking at a long trade there yet.
Here is Soybeans a market whose trend has changed to down. I have mapped out a wish list on what would be nice to see for a short setup. If we could get a nice rally up into the red band it would mark the selling point I look for. Readers of the Newsletter know now what these bands are and can calculate them for themselves. They generally do give us good buying and selling spots.
The money was transferred to Vision Financial on Friday. As far as I can tell they will be issuing statements on Monday of the balances. I expect this to be somewhat of a fiasco to be honest so be patient. I think there are about 14,000 accounts so it might take some time to sort all of this out. I find myself somewhat down over this. I think the problem is that it is finally sinking in now how much money I had stolen from me that I will never see again. It should not have effected my trading but it has for obvious reasons. I cannot trade the way I am accustomed to due to not having the account size I have had for so many years. I am more pissed off at this guy now than ever and he better hope he never comes face to face with me. I don't see how he could anyway.
The total clamp down on information is just unacceptable and the trustee is just basically a little punk. He pouts every time someone raises an eyebrow over what he is doing while he makes millions in the process. It is shocking that he does not seem to understand the hurt that has been put on people by all of this. Although the money I am getting is a decent amount, it is still so far short of what I had I feel like taking by toys and leaving the sand box at times. There is virtually nothing being done to back stop commodities accounts and I don't expect anything to be done. The authorities don't want to help us that is fairly clear. If they could make an insider trade on something they are all in for that, but when it comes to helping the citizens there is certainly no interest in that if it does not benefit them in the process. The head of the CBOT says it will be too expensive yet he sits on $8 Billion in cash. I hope he loses it all somehow. It is supposed to be for a crisis and yet they have stated they will do nothing to help PFG victims. I say ......him and would gladly tell him to his face.
Lastly, if you had an IRA through Millennium there is a special version of the claim form you have to fill out and you need to contact them to get it. It was nice of them to keep that a secret. Some of my money was there in an IRA and I will immediately once I get it out move it to an IRA somewhere other than Millennium. The gal that answers the phone is one of the most unpleasant people I have ever spoken to on the phone and they will not have my business due to her going forward.
It is my understanding the Vision is going to be offering a similar setup to what Ameritrade and IB have with a securities account that money can be swept in and out of and get government insurance in the process. This makes having the money at Vision attractive to me. I will stay with them most likely because of that very reason.
My apologies if my posts have not been up to par the last week. I will get my A game going again.
Hope you are having a great weekend