MY WIFE DRAGGED ME INTO IT
After our standard ritual getting the dogs in from the barn and stopping them from the night coyote chases, which they live for, I got roped into about 10 minutes of torture watching a political speech. I will say this, Romney is definitely not Joe Cool like Barry is, but he is infinitely more capable of being president than Barry is. He is kind of a nerd and does not appear to be really comfortable trying to audition. However, I think he is a genuine guy who should be the president. I do not know if anyone including Reagan the great, could turn this ship around on a dime. However, the prospect of 4 more years of Barry is very scary. I just dislike how dishonest he is more than anything else. We will see what happens, I think it will be a nail biter by the time the Dems get all these illegal votes to count, they may pull off the save. It is hard to imagine complaining about not being able to vote without some type of ID, what is this Afghanistan?
I don't think the winner either way is going to effect the markets. I think we are going to have our standard drift down here now, setting up the typical rally at the end of the year. The one thing that is a little tough to handicap is that normally we get year end rallies due to rallies in bonds ( lower rates ). At the present time they are so low, the traditional impetus for a rally is not really there. As I have said before, whether it is quattro mas and a socialist future, or Romney and a move back in the direction of democracy, I think the markets are going to act about the same either way.
I think the guy who sang and the guy who gave the benediction had a reggae band consultant who taught them how to just say the same thing over and over until about 20 minutes ran off the clock. I quickly grabbed the remote and went to ESPN while that stall tactic was going on, just to get barked at from the other room that we would miss the review of the speech. Arghh.
We are at a time when many markets typically dip, so in the indexes that is the direction in general I am looking. I do have short term signals in various markets in both directions, so I am not quite sure what to expect tomorrow other than a quiet day overall. Gold and Silver in particular appear to be in nice pullback to buy positions.
You can see where my buy orders are resting here for tomorrow in Gold. Ideally here the COT Synthetic would be at a higher level than it is, in the area where it was the last 3 rallies we had. I do have a short term pattern with decent probability, so I am trying to play that here. Maybe we won't get up there anyway, and we will drift into a situation where the synthetic rises more into the buy zone in a few days? I just never know, and when I think I do, I don't!
The good news today was the judge in the PFG Bankruptcy is also questioning the 20K Corleone request by the trustee. This whole thing is just very odd. Maybe there is some chunk of money she has helped locate that has not been disclosed? It appears he is going to have to submit a detailed reply to get this payoff approved, so I guess we will find out specifically what she has done. The snide remark side of me has a few thoughts here, but I don't know if this attorney happens to be hot or not, so I will behave here! All in all the whole situation is peculiar to say the least.
There was a motion sent to the CFTC for approval by the trustee today for an initial distribution of some sort, so for those of you who are fellow victims, we are going to see some money here in 60 days or so. I have no idea how much, even though there are some rumors that it might be a little better than what people are expecting. In the end, the only people who know are not disclosing anything at all, so we really don't know.
Have a great holiday