Thursday, June 25, 2009

WINDOW DRESSING, chop and slop...

OK, finally a nice easy day. I was beginning to wonder if I'd feel like that ever again, hehe! It's been a couple tough weeks, even for top notch traders, and yeah, even for me - waxieeeeeeeeee!

Thursday we had a big fat gap down and sweet reversal! Market rocked and closed at its highs. Very nice trend day off the gap down, those are about the best trading days we can possibly have. Once a month and you can make a living off just those days!

Friday we should get some choppy digestion action off Thursdays big move and into the weekend. I think you have to buy the open on a gap down on no news. A must buy here, and I would look at GOOG and BIDU in particular to buy. I was thisclose to calling PALM for earnings but unfortunately talked myself out of it! Hate that! :)

Tough day for Icon's, I tell ya. When have you ever heard about 3 major iconic figures all passing away within 24 hours basically? Ed McMahon, Farrah Fawcett and Michael Jackson. Ed M. the only one who lived a longish life. Farrah, what baby boomer didn't have that poster with her in that red top and her smile and, well, everything else! She was my first love, and for that I will mourn her if nothing else. I never met her, I never met any of them, but they all represent(ed) different eras, and different demographs, and all will be missed. Michael Jackson always seemed such a tragic figure. I'd have paid to get inside that dudes head for a day just to figure it all out. Maybe I woulda rewired him a bit, but who am I to judge anyone? Hey, if you want to make yourself look like Diana Ross, I'm not gonna stop ya or judge ya. I'd like to make myself look like some people, but I just don't have the cash to make it work, so I'll have to stick with what I have. Such is the tragedy of my life!!!!

I don't know, I watched Bernanke testify and then I heard all the talking heads. I mean, I'm not an expert in human mannerisms, but I would bet my bottom dollar the guy was lying like a freakin' RUG! I love that one dude who said something like "I've overseen many committees over the years and one thing I know is that at times people say they don't remember in order not to perjur themselves, are you doing that Mr Bernanke?" Of course the answer was that he REALLY couldn't remember, but it was pretty funny that he remembered exact conversations one after another, but the one that might get him in a lot of hot water he can't remember. Hmmm.

And, I love this idea that he is somehow above the law because we can't afford to rock the boat! Let me tell you something, and this is my opinion, so take it for what it's worth. During Bush's tenure this same logic was used to stretch international laws and our own integrity as a nation in redefining what the US officially was allowed to do in interegation - namely torture. Why? Well, the rationale was that it was special times after 9/11 and it was in the nation's interests to use these "techniques" to elicit information. Now, some may agree with that logic, and I respect that, I don't agree, but that's part of what makes us such a great nation, we can have discourse and agree to disagree.

Fast forward to what's going on now and here we are bending the rules and the rationale is that these are extraordinary times and that its in the nations best interest to use these "techniques" to twist CEO's arms to get them to complete deals they might not otherwise have done.

I am nowhere near perfect as a human being, or a trader. I make a lot of mistakes and have and will continue in my life. I'll be first to admit that. So, I don't like to sit in judgement often, but I think that using these excuses and invoking "national interest" in order to do something goes against the very integrity and beliefs this country was born of. Breaking the constitution because its conveinent or because its easy to say "its national interest" in my opinion is a very bad precedent to set. And, invoking it now but then condemning what someone else did is hypocritical in my view. Is torture worse then arm twisting? Yes, most assuredly if I was to compare the two for myself, but boundaries are something that once you break them, it's hard to go back and unbreak them, and it gets easier and easier to break them again. It's my biggest problem with the whole too big to fail notion. It has become easy to bail out anything and everything now and long term, I fear, we are creating a nation that doesn't hold itself accountable. That, my friends, would be tragic and a very bad idea.

One thing I love about trading is that you get to make mistakes and then redeem yourself and then make more mistakes and redeem yourself again. You get to remake yourself over and over again, each trade is a new start. But, if I lose, I lose, no one says "oh, you lost, here ya go, Waxie, we'll take that loss and you keep the profits!"

I make money, I keep it and pay taxes. I lose money, there are consequences, trust me. I have less money when I lose, its very simple.

So, I have to focus and treat it as a business. If in the back of my head I thought "ya know, if i lose its ok, the government will bail me out anyway!" it makes it much easier to lose focus and make stupid mistakes (I make my share as it is, hehe!).

Capitalism must be preserved. Hey, I don't know if Bennie has made good choices or not for sure. I don't agree with most of what they are doing or have done, and I know they just keep saying that the world would have blown up if they didn't take the actions they did (which I find disingenuous, fyi). Maybe this is all true, but the longer this culture exists, it will continues to stretch the system to the point of no return. AT some point we need to hold ourselves, all of us, accountable for our own actions. In my opinion, when that happens as a nation, we will move forward positively and be much much better off!

And, if you disagree, its totally cool. Again, that's what makes a great nation, and I certainly could be wrong, or right, or maybe fall in the middle in the end.

In the end YOU need to RULE, and rule with us!

Best to all and to all a good night!


1 comment:

Mr Richard KIng said...

Hi Waxie

My name is Richard and I am your fan , not your client but fan , why I am crazy about people like you what iI mean by people like you ? well Michael you came from the street of NY a homeless and turn around your life how crazy and phenomenal is that ?I know that there are secrets behind people like you there are a magic a power of change and here some of people like you TONY HOBBINS, JOE VITALE, some of the star that we have in futbool ,basket like Jordan and so on I just love or your books and there are a lot more to say not about the stock market but about what you are and you got there filmmaker, a successful trader and a great teacher !!! Now here my idea I would love to interview you and if you let me record that interview about 100 questions , and i will do that same with a Joe Vitale , and one soccer player Romario he was champion of the word at the end we will find what you guys did that I can do , everyone can do and change their life this is what i call POWER OF CHANGE I would put that together in book and audio and video and try to show people that there is hope out there what you think about that ? do like the idea I already contact Joe assist and I am going to Texas to meet him would you agreed to be interview ?

please let me know

God bless you !

This is the email that i send to peter he is one of Joe Vitale assistant
Hi Peter how are you ? hope very very well !
Peter ,
I am an entrepreneur and I have an idea that i believe is JOE VITALE idea , every time that i have an great idea i call JOE VITALE idea , and i am going to tell you what this idea is we all know how good Dr Vitale is in his business I am a fan and I got my hands in almost everything that he has books,videos,audio book and on and on and on and we all know it is a wow material and it is improving my life in so many ways but i believe people still hungry for more about DR VITALE and I came up with 100 questions for him hold on please dont give up here it is not a simple interview I made a search and I found that there are guys that turn around their life and they make a big money now and just imagine this interview with Dr VITALE and each question emotional , and each question would revel more and more about his legacy well well came the best part I select 2 more people to do that interview one his name is Michael Parness and guess what he was just like Dr Vitale a homeless lost in the street of New York Peter Michael turn around his life and got extreme successful trader and filmmaker working with Dustin Hoffman and other and the last one is a soccer player name Romario he is from Brazil and he is a champion of world and he was leaving in the street and also he will answers the same question , well i guess now maybe you are getting my idea Peter out this 100 questions I would select 50 best the one that take more from out of our heroes and then we will have i bet a great formula witch i would call THE POWER OF CHANGE you know Peter after interview then I would write about the experience and of course describe those moments and men or men crossing those info would be a phenomenal experience to share with so many people that are hungry for hope , love and knowledge ! I have to say that I already contact Romario he loves the idea and Mr Parness I will send email to him and if he likes the idea the time will be complete now i would like to say that I support a i would donate part of this project for then i help then a lot so please tell me did you like that ?? I wanna help people to understand this power to change life I hope hear from you Peter and hope that Dr Vitale jump in this idea cant get any better than that a soccer player , a filmmaker and master of trade and the men that has the touch of midas !!

take cake

PS i dont have your email if you can send to me I would send more detail