Where we going? Nobody knows, but everybody says they do. That's the market. It's the old cliche - "opinions are like A-holes, everybody has one!"
No offense to anyone who doesn't.
In the meantime, I need to vent so if you don't want to hear me vent no need to read on. I am going to BLAST OFF about JP Morgan CHASE. Let me know what you think, or perhaps you can write to them or boycott them or whatever ya like. I am so annoyed with them its beyond belief. Maybe one of my newspaper friends can take up the cause. This is why banks SUCK, or at least one of the many reasons;
1)In early July I took my kids and a sitter to Woodloch Lodge in PA for a long weekend to relax, go fishing, play games and have fun with my girls. It's a GREAT place to spend quality time with your kids if you are on the East coast I highly recommend it. OK, so the dates were early July, the July 4th weekend. We got back I think on the 6th.
When we checked out I had a standing balance of $144 that needed to be charged. They went to put it through and wha-la, my credit card was declined. Now, ok, maybe business is off like everyone else's, but it ain't that bad!
So, I call the credit card company on the way home and ask why. They tell me that there has been suspicious activity on my card. I ask them how charging $144 was suspicious and they said that I didn't tell them I was going out of state. To which I replied that I didn't know they were my mother and I had to tell them where I was going! The guy laughed and then said something like - "oh, you were in PA?" Yeah, I was. You weren't in NYC the last two days? No, I wasn't. Well, did you charge roughly $7000 at Louis Vouton (sp?) and another roughly $7000 at Bergdorf GOodman? Ah, no, I didn't, I was in PA. I then asked him how the hell they declined my $144 charge in PA but didn't do a dang thing about $14,000 in fraudulent charges in NYC at places I NEVER EVER shop at!
OK, so he said I needed to file a claim and the bank would take care of it. I said ok, fine.
So, that's exactly what I did immediately. I filed the claim and thought that was that, they would obviously credit my account the $14,088.
They denied the claim saying that the signatures matched and thus the case is closed.
Huh? How could the signatures match since I didn't sign it? Well, sir, they do and we're very sorry but the case is shut.
OK, so obviously I said a few more choice things (I was nice, though, I realize it isn't the persons fault who is taking the call). I was livid.
2)I went to the local police station and filed a criminal complaint. The police were awesome, I have to say. Within days they said they had a suspect and I spoke to Detective Llyod several times. Very attentive, very professional and very compassionate. I was impressed.
3)A few days later I get another call, the Assistant DA calls me and says they apprehended the suspect and he admitted that he did the charges. He asked me to sign a paper for the Grand Jury saying that I didn't have posession of the card the days in question, which I did. That was today.
4)I called CHASE again and was told the same thing, that there's no way for Chase to play detective (thank God, they are bad enough at as it is) and they are still denying my claim, the signatures match.
5)I call the ADA back and ask him if the signatures match. He basically laughs and says that not only don't the signatures remotely match, but on the bill is the suspects actual name! It isn't even my name! So, no, the signatures don't remotely match, nor do the names.
6)I called CHASE back again and this time asked to speak to the Supervisor again. He said the same thing, the case is closed, but he then lied to me I believe because he says that Chase filed a complaint with the Better Business Bureau. I pressed him on this and he retracted it saying that they hadn't filed but would. I told him what the ADA said and asked him to call the ADA. He said he couldn't and that was that, sorry. BUT, Chase values my business! Since I've been there for over 10 years and have many accounts with them, I'm sure they do. I asked him why they would basically be complicit in a crime (I was being dramatic, sort of) and then tell me they value my business. He said he was sorry (they say that more then my kids do for breaking something).
So, now what? Now I have to go after Chase to get my $14,088 dollars, spend hours upon hours dealing with this nonsense, and pay an attorney to do something that Chase should have been gracious enough to do. They are supposed to cover this, that's what I have always been told. I guess not.
So, there it is, my rant of the night. I am so pissed off. #1 it sucks someone stealing your identity. #2 it sucks someone stealing $14,000 from ya #3 it sucks that the bank that is supposed to cover you and protect your money says F-you basically. #4 Now I have to spend time and money to deal with it
OK, so it's not a trade, but hey, this is my blog and I needed to vent. I get all kinds of stories from you guys and gals, hehe, so there ya go. Man, I tell ya, I lose more and more respect for these banks every day. If someone told me this story I'd be sick for them. I want justice!
As far as the market goes, short CHASE! SHORT THE BANKS!
Well, ok, in all fairness my sorted story has nothing to do with trading, I do like the banks short here, though, and I do think we pull in and I do like the dollar to get a temporary but potentially vicious squeeze here to start the new quarter.
We'll see soon enough, I own some puts and will reverse if we break to the upside. As I've been saying, watch 1050 on the S & P, that's STRONG pivot and will tell us which way we are gonna go here, either below 1000 or to new yearly highs. We ain't sitting still, that I can assure ya!
Trade 'em, don't own 'em!
Michael "Waxie" Parness