IF THIS SURPRISES YOU WAKE UP
I got off this subject because I was tired of talking about it and felt I had driven the point home. It is amazing to me when I talk to people the lack of concern over another PFG. I don't consider MF to be the same since most segregated holders are going to wind up with all of their money back. There is no chance of that happening with PFG, zero.
Readers know my thoughts on this firm. They screwed me so many times on fills then I got Peggy in the Ukraine from the Mastercard commercials every time I called customer service, so I vowed never to do business with them again. When I saw this article about them it was no surprise to me. It was not that I expected it to be them, I did not. What I am 100% sure of is that FCM's mishandle segregated money every single day still. The government actions have done nothing at all to prevent any more disasters. What they have done is make it so the thefts will be discovered sooner. The outcomes won't change at all. The money will still be gone and what is left will be paid to attorney's and or tied up in court for years. What will happen is that you will know you have been hosed much faster whatever comfort that provides.
The moral of the story is split up your money. FCM's are still screwing around and more PFG's are coming. You don't want to be in the position I was where the majority of your trading capital was in one place. If it poofs you poof. There are poofs coming during the next turn down we have. I say this with 100% certainty. Do your homework and split up your money. I don't know it this firm has any issues or not but obviously with at one point $400M not being accounted for, there are some problems going on. I know in my world if the word segregated comes up in any way with an FCM in any negative way I am gone the next day period. At the very least I would take out half my money immediately and ask questions later.
I am not seeing any setups I am in love with here. Gold I think is looking like it might be worth a shot on the short side here and ironically so is the DX. This is odd because all the experts tells us they move opposite which of course is not always true just like most of what they tell us. Fact checkers are not among their peer groups. The DX is also moving separately from it's recent relationship with the stock market. I think the reason for that is that the FED is now just focused almost exclusively on the ES.
I noticed in the court docket today that a ton of people are selling their claims in the PFG case to bad debt buyers. This is probably not a bad idea due to the continued delays and the prospect for another distribution this year being very bleak. Whether it is worth it to wait for a whole additional year for only another 10% is a good question. It probably isn't. I have already written off the loss on my taxes so I am going on the assumption that nothing more is coming. It does however seem likely that we will get to 50% at some point in the next couple of years.
My parting thought is I wish someone would step on that little shrimp over in Korea who is running his mouth. Fonzie said it best in Happy Days, at some point you have to hit somebody. Until you do you got no reputation.
I have to get cracking on my web site so cutting it short tonight. Hopefully some things are going to set up the way I like them soon. The bond system has also only made 1 trade this month so far, a win, so things have been quiet this last week. Sorry no charts tonight I think I have chartitis!