BO IS A DAY TRADER APPARENTLY
FUTURES TRADING PRESIDENTIAL STYLE!
Since this is a trading website I thought it was appropriate to show a chart to make my point. It was claimed by someone in the debate that he had created 5 million jobs. The statistics show far less people are working than there were when he took office. As traders we understand what he meant. It is the equivalent of the above chart example. Someone really initiates a long where I indicate real buy. They then ride the thing down puke out of it pretty close to the low taking a major loss. They then send out a postcard showing they bought the exact low so come subscribe to their services etc.. Next they show the last spot marked current that shows the bogus buy they never really did and how well it has worked it.
This is essentially what was going in tonight in the debate when BO said he had created x number of jobs. He took the absolute low in terms of people employed which was in the middle of his first term, then conveniently used that as his starting point. He essentially is telling us he bought the exact low like the false representation we see in the chart above. This is like what was also on a post card some of you in addition to me got a month or so ago from a well known newsletter writer. POPPYCOCK!
The debate tonight was a donnybrook and funny to watch and it really was shocking when the one blatant lie by the President came out regarding Libya. I will give him credit he has taken the office to places it has never been but they are not good places. Romney got him to make an incredible error but this is what happens to people who lie. They lose track of what they tell everyone and they get caught no matter how smart they are. Honesty is the best policy. I really have no idea how that debate may or may not effect the election but it does seem to me that the sooner the debates are over the better off BO is going to be. He should stick to the View and that group of Ed McMahon's he has there waiting for him. For those of you who don't get that, he was a famous yes man for Johnny Carson who laughed at every joke no matter how lame it was.
Here is a chart with nothing on it which is something we all should look at from time to time.
What do we see when we look at something like this? What I see is just a series of lower highs and lower lows. All the way up to this point we had a series of higher highs and higher lows. There was never any doubt until recently where the trend was. I do not consider what we have now a pattern that says crash but what I do see is a series of lower pivots. Until a new high is made the basic trend is down. I read something today on the web that I have not verified but what it said was there was a pattern for up days of significance on debate days and down days on the back side. I have no idea if it is anywhere near accurate or if even there is a large enough sample size for it to be reliable. It was put forth in a conspiracy argument and that does not make sense to me. I see no logic in that but I thought it was worth pointing out in case anyone wanted to check into it.
For now I still say the short term trend is down albeit really a choppy environment to trade in. I do see a possible selling opportunity coming in energies in a few days. RB has come down some so we need a bounce now to short there. Crude is the weakest sister here but has a lousy looking chart pattern to me so I am waiting patiently.
We are still waiting for a couple of you to confirm your subscriptions through Aweber. We are converting to that next week solely for the orders. If you have not confirmed by then you will not get them. There are just a handful of you so please do that for us. We took our first loss in Bonds in a long time today and this proves what I have said all along. The system does takes losses sometimes. I know no matter how much I harp on this some people will be mad and leave when a loss occurs. I cannot do a thing about that. We are still way up for this month in spite of that loss so it is part of trading. I don't like losing either believe me.
I am hesitant to chase this short term rally that is taking place here so I am not doing so.