EURO CHART DOA?
Do not write off this chart quite yet. If you look you can see the last two declines that appeared to be dead on were off by about 4 weeks each. At this point we are off by two weeks so we are still in the zone where this could be correct.
I read today at a popular blog that today was a squeeze, does it look like one to you? People who don't trade always eventually make a comment that reveals it. A short squeeze occurs in a down trend, does this above weekly chart of the S&P 500 look like a down trend? Of course not, ignore that type of stuff. However, this just does not feel right to me. The way this is moving intra-day is a little bit strange. For some reason it does not have the standard year end rally feel to me and I can't put my finger on it. I am not saying it is going to stall, I just am not sure. Normally at this time of the year I am very bullish and just blindly play the long side, but this is just a strange market.
We saw Gold plummet today when the ES was bought, a very odd combination that has rarely occurred during our era of the world is one trade. We also saw some other strange things happen. I do not have any positions on the long side that I am planning on keeping for a long time right now. I am still not convinced this Euro chart has jumped the shark.
Here is a market that appears to be trying to make a stand, SUGAR.
You can see where I have a horizontal line drawn at a price level that appears to be significant to somebody. The commercials appear to be buying this level trying to hold prices here. We have a small seasonal up bias also kicking in so I think it is reasonable to look at the long side of this market soon.
This is the story nobody seems to care about any more and I came across something today that really irked me. There is some pinhead named Wickowski or something like that who is a writer and or financial commentator. He did an interview with someone about PFG. He claimed basically that it was like Madoff and investors should be more careful. We were not investors in PFG you moron, we were traders and PFG was the custodian. Not one single person invested in Penny in Wasendorf. I never frickin heard of him until the day he tried to kill himself.
Dumbkowski or whatever your name is get a clue, we were not investors swindled by a con man into thinking he could deliver us a certain return. His firm was a custodian of money. He did not sell investment products. It is amazing a guy this uninformed qualifies as a financial commentator. He also went on to say we will get very little of the money back. Even though the situation is terrible we have already gotten more than very little back. Arghh!!! I can't stand guys like this, wanna bet he has hair on his back?
It appears there are a few large claims filed that have no merit at all especially the one for Forex involving the case from the past as well as Wasendorfs ex-wife asking for $2.4M. If these get tossed which is a possibility, it will leave the ratio of what they have vs the claims of about 2/3. Of course the attorney's will try to steal as much of the money as they can so keep that in mind. If they can run the clock long enough before giving us any more who knows how much they can Corleone off the top. Net net, it is beginning to look like a 60% or more number is possible but I will believe it when I see it. If the attorneys could manage to stall it for 3 years they might be able to get all of our money that is left. I sure hope that is not their goal but the system is setup to screw the victims as we all know.