That's what we did to all the supports, we sliced through them like BUTTER!
Now we look like a sure shot to S & P below 1000 potentially short term.
Having said that, GDP #s tommorrow 8:30 am and a main contributor to the drawdown today was Goldman saying GDP #s will be below consensus. So, the big question is, do we buy the news? I think so, I think as long as GDP is 2.5% or above, even if it misses the 3.2% estimate, we should get a VERY nice squeeze on the news. That's what I'm playing for, wrong or right.
If GDP is worse then 2.5% then I'm not sure and will play it by ear. I preface this by saying that I still think the game has changed and we are now in a BEARISH phase and on any squeeze we should be looking to reshort and reset the shorts.
Futures up here as I write this, but that is unlikely to last, Asia crushed and Europe likely to open down as well. And, fear about the GDP should outweight bargain hunters. They tried to prop us up Wednesday but were unable to, I do think it will be a nice setup if we gap down off those #s as stated above. I'm looking at the high Beta names to trade for the bounce. Key is money management, so setting stops if wrong is paramount. Also, don't overstay your welcome if we're right, hit and run baby, hit and run!
New range being carved out is much lower, S & P 1000 to 1050 now, from the 1050 to 1100 level were just at last week and until a couple days ago.
Just think that the way we are selling is fund related, not shorts and not traders. That's a bad sign for the market, people are taking profits here, it had to happen at some point. Have we seen highs of the year? I'd guess no, but for now I want to position myself with the crowd and that seems to be signaling another leg DOWN for this market on this move, even if we get the squeeze I think we will tomorrow. That's what makes trading, folks!
Either way, RULE and remember to sign up for - Michael "Waxie" Parness on Facebook and Trendfund on Twitter...
Michael "Waxie" Parness RULE
Wednesday, October 28, 2009
Tuesday, October 27, 2009
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Waxie
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Please sign up, I'll be posting updates on some days intraday and also will have some special FREE offers to fans.
Thanks!
Waxie
Why does this pullback smell a wee bit different?
ANSWER - cause it is.
Wednesday is a KEY day. If we can't mount a real bounce, not one of these phoney intraday BS ones, then we may be under 1050 on S & P, which is where the next real support comes into play here. Trip down to 1000 from there if that doesn't hold.
Dollar looks like it can run a bit, though they are using any rally to pile in short more. If there are any positive comments out of the Fed in support of the US Dollar it'll create a MASSIVE squeeze.
I don't think I've commented on the whole bank pay issue. I'm tired so I won't belabor it for now, but I am starting to wonder if this administration has actually started it's term. Maybe they still think Bush is in office? Maybe they all went hunting with Cheney. Whatever it is, I just don't get how these people make so many gaffes. Hey, I ain't remotely perfect, but doesn't it seem odd that in the same breath that they speak about "too big to fail" they continue to set things up so that only the few elite institutions (companies) can thrive? It has to be an across the board regulation, or none at all. I vote for across the board.
C, AIG, BAC and 4 others were singled out, with the logic being that the WFC, JPM, GS, MS of the world have repaid TARP and thus shouldn't be regulated.
Really? OK, so now what you are doing is two very bad things;
1)You are making it so that all the top people at C, AIG, BAC, et al end up at one of the elite firms because they can get paid outrageously.
2)You reward these companies that wouldn't even exist were it not for taxpayer/bailout monies, and in the case of GS and MS (GS in particular) they helped CREATE the very instruments of mass destruction that brought the countries economy to our knees.
The very same institutions that created derivatives that netted their firm and shareholders BILLIONS. Their execs BILLIONS in bogus bonuses, and now they get paid off AGAIN under the flawed logic that they should be allowed to do as they please because they "repaid" the taxpayers/us.
That is ridiculous to say the least and possibly the most flawed logic I've heard in a long time. How do you reward these firms? How are they not the ones on trial? I'm sorry, if you or I did any of these things we'd be facing the electric chair, or at the very least tasered, man.
Here is what has now been created;
1)These firms create derivatives, and help bring down the entire financial system as we know it, causing MILLIONS to suffer and causing the worst economic malestorm since the Great Depression.
2)They all but the very very elite go under, thus creating a monopoly basically, they let LEH and BSC fail, but they save GS and MS and WFC and GE and JPM.
3)On the day when GS and MS were surely going UNDER the government decides they now are going to rush in and save the markets, and GS gets a huge bounce, as does MS.
4)We give these firms taxpayer monies because their debt and derivatives levels are off the charts, again thus keeping them in business.
5)We reward them by letting them repay taxpayers at meager rates, and thus open the door for them to raise bonuses and pay to execs, and taking $16 BIL from AIG.
6)At the very least these companies should have given taxpayers a fair return on our money. They used our money to trade their way to BILLIONS in profits. Did anyone read their 10K's? Much of the profit was TRADING profits, not underwriting and such. Simple logic would dictate that US taxpayers should have gotten at the very least a legit hedge fund payout, which would be 75 to 80% of the profits. Instead, what did we get? Our money back plus a drizzle of interest?
7)They continue to borrow money at nearly 0% interest and then gauge depositors and taxpayers with absurd interest rates so that they can scramble to repay TARP. Why? Not because they want to repay tax payers, no no way, but rather so they can then pay outrageous bonuses and get out from under taxpayer thumbs.
I don't know, everyone I know, including me, makes a helluva lot less then we did a few years, or even last year. Where is it written that bankers and brokers should make these crazy salaries while people across the country get booted from their homes and while people lose their jobs at these very same institutions?
Look, I believe that if you generate money you should make as much money as possible, but the issue is that the profits generated were and still are phoney. And, many are just appointed to posts and haven't made anything for the firm.
yet, what do we do? We make C get rid of a top notch trader who actually added value and profits to C bottom line, helping to repay taxpayers because he justifiably made money and should get paid for his talents.
Did someone say "ass backwards knuckleheadedness?"
Yeah, it was me - waxie.
In the meantime as I write futures have now turned red. I suspect we try to rally at some point Wednesday, we may even hold it and squeeze, it is the 4th day and that often times is the day we bounce. But, I doubt it'll last.
The pullback smells a wee bit different, we'll see if it ends up tasting different as well, or if its just an excuse for buyers to rush in for the so-called "bargains".
Watch V earnings reaction, stock gapped down large off earnings, but then popped to nicely green fast, some like LVS may do same. Also watch $15 level on BAC as that is key for that stock.
RULE!
Michael "Waxie" Parness
Wednesday is a KEY day. If we can't mount a real bounce, not one of these phoney intraday BS ones, then we may be under 1050 on S & P, which is where the next real support comes into play here. Trip down to 1000 from there if that doesn't hold.
Dollar looks like it can run a bit, though they are using any rally to pile in short more. If there are any positive comments out of the Fed in support of the US Dollar it'll create a MASSIVE squeeze.
I don't think I've commented on the whole bank pay issue. I'm tired so I won't belabor it for now, but I am starting to wonder if this administration has actually started it's term. Maybe they still think Bush is in office? Maybe they all went hunting with Cheney. Whatever it is, I just don't get how these people make so many gaffes. Hey, I ain't remotely perfect, but doesn't it seem odd that in the same breath that they speak about "too big to fail" they continue to set things up so that only the few elite institutions (companies) can thrive? It has to be an across the board regulation, or none at all. I vote for across the board.
C, AIG, BAC and 4 others were singled out, with the logic being that the WFC, JPM, GS, MS of the world have repaid TARP and thus shouldn't be regulated.
Really? OK, so now what you are doing is two very bad things;
1)You are making it so that all the top people at C, AIG, BAC, et al end up at one of the elite firms because they can get paid outrageously.
2)You reward these companies that wouldn't even exist were it not for taxpayer/bailout monies, and in the case of GS and MS (GS in particular) they helped CREATE the very instruments of mass destruction that brought the countries economy to our knees.
The very same institutions that created derivatives that netted their firm and shareholders BILLIONS. Their execs BILLIONS in bogus bonuses, and now they get paid off AGAIN under the flawed logic that they should be allowed to do as they please because they "repaid" the taxpayers/us.
That is ridiculous to say the least and possibly the most flawed logic I've heard in a long time. How do you reward these firms? How are they not the ones on trial? I'm sorry, if you or I did any of these things we'd be facing the electric chair, or at the very least tasered, man.
Here is what has now been created;
1)These firms create derivatives, and help bring down the entire financial system as we know it, causing MILLIONS to suffer and causing the worst economic malestorm since the Great Depression.
2)They all but the very very elite go under, thus creating a monopoly basically, they let LEH and BSC fail, but they save GS and MS and WFC and GE and JPM.
3)On the day when GS and MS were surely going UNDER the government decides they now are going to rush in and save the markets, and GS gets a huge bounce, as does MS.
4)We give these firms taxpayer monies because their debt and derivatives levels are off the charts, again thus keeping them in business.
5)We reward them by letting them repay taxpayers at meager rates, and thus open the door for them to raise bonuses and pay to execs, and taking $16 BIL from AIG.
6)At the very least these companies should have given taxpayers a fair return on our money. They used our money to trade their way to BILLIONS in profits. Did anyone read their 10K's? Much of the profit was TRADING profits, not underwriting and such. Simple logic would dictate that US taxpayers should have gotten at the very least a legit hedge fund payout, which would be 75 to 80% of the profits. Instead, what did we get? Our money back plus a drizzle of interest?
7)They continue to borrow money at nearly 0% interest and then gauge depositors and taxpayers with absurd interest rates so that they can scramble to repay TARP. Why? Not because they want to repay tax payers, no no way, but rather so they can then pay outrageous bonuses and get out from under taxpayer thumbs.
I don't know, everyone I know, including me, makes a helluva lot less then we did a few years, or even last year. Where is it written that bankers and brokers should make these crazy salaries while people across the country get booted from their homes and while people lose their jobs at these very same institutions?
Look, I believe that if you generate money you should make as much money as possible, but the issue is that the profits generated were and still are phoney. And, many are just appointed to posts and haven't made anything for the firm.
yet, what do we do? We make C get rid of a top notch trader who actually added value and profits to C bottom line, helping to repay taxpayers because he justifiably made money and should get paid for his talents.
Did someone say "ass backwards knuckleheadedness?"
Yeah, it was me - waxie.
In the meantime as I write futures have now turned red. I suspect we try to rally at some point Wednesday, we may even hold it and squeeze, it is the 4th day and that often times is the day we bounce. But, I doubt it'll last.
The pullback smells a wee bit different, we'll see if it ends up tasting different as well, or if its just an excuse for buyers to rush in for the so-called "bargains".
Watch V earnings reaction, stock gapped down large off earnings, but then popped to nicely green fast, some like LVS may do same. Also watch $15 level on BAC as that is key for that stock.
RULE!
Michael "Waxie" Parness
Wednesday, October 21, 2009
Wowsa...
Did ya catch that late day crash? I have to admit, I didn't see it coming. I thought we'd rally right into the close and top 1100 and stay there for a day. NOT quite as Dick Bove, the famed analyst who kept saying that LEH was a BUY right up to the day it went under came out and said WFC is a SELL. That was after in the am he said that WFC and MS would lead the financials higher for the day.
Sweet! The beauty of being an analyst, I guess.
In the meantime, today's selloff SHOULD be meaningful. Normally I'd be way way way short off the close today, but it's tough to do that in this market, so I'd rather just wait til tomorrow.
I had a very nice morning so I finished well green on the day, but needless to say I was up a helluva lot more early then I was late and end of day.
EBAY's #s sucked, but the stock didn't really sell off huge. This market just gives out more and more mixed messages. THough, once again, the GAP FADE worked wonderfully as we gapped down and then cranked. I made most of my money for the day on that move. I guess I shouldn't quit right after that, but that's not my style and we did look higher, until we didn't of course.
Thursday I would be shorting any early strength. Baring some news we should get some follow through to the downside. I don't want to overstay my welcome any more then I did today, that's for sure and would rather play it close to the belt until we get smoother sailing either way.
I'll be out most of tommorrow but will be around late day to do a market cast class around end of trading day. Stay tuned!
RULE!
Waxie
Sweet! The beauty of being an analyst, I guess.
In the meantime, today's selloff SHOULD be meaningful. Normally I'd be way way way short off the close today, but it's tough to do that in this market, so I'd rather just wait til tomorrow.
I had a very nice morning so I finished well green on the day, but needless to say I was up a helluva lot more early then I was late and end of day.
EBAY's #s sucked, but the stock didn't really sell off huge. This market just gives out more and more mixed messages. THough, once again, the GAP FADE worked wonderfully as we gapped down and then cranked. I made most of my money for the day on that move. I guess I shouldn't quit right after that, but that's not my style and we did look higher, until we didn't of course.
Thursday I would be shorting any early strength. Baring some news we should get some follow through to the downside. I don't want to overstay my welcome any more then I did today, that's for sure and would rather play it close to the belt until we get smoother sailing either way.
I'll be out most of tommorrow but will be around late day to do a market cast class around end of trading day. Stay tuned!
RULE!
Waxie
Tuesday, October 20, 2009
Market mayhem...
So, when does Gold hit $2500? When does the stock market hit 25,000?
And, when does the US Dollar hit 10% of its current value?
There is a direct correlation between all.
It's interesting, I am asked literally every day about GOLD now. I used to never get asked that. When I called GOLD to $400 when it was low $200s, then $500 when it hit $400 and then $1000 from there, no one really cared to even think about it. At the time I had bought 100 ounces of Gold in the $200s. Obviously I wish I had bought 1000 ounces, but isn't that always the case?
I am recommending Real Estate now. I don't own much, mind you, but I think its worthwhile to own some if you are an investor now. I didn't feel that way until recently as most of you know, but with the dollar cratering eventually hard assets have to go up and Real estate is definately a hard asset.
Having said that, I expect the Fed to make a stand for the dollar like they used to do with the Yen when Japan had all its issues a few years ago. Other countries that have US debt (read CHINA) aren't going to let the dollar just up and die and become worthless so fast. Eventually? They may not have a choice, but for now? No shot.
The setup that the government is fatally flawed. If you devalue the dollar you increase the stock market which further seperates the "haves" for the "have nots", the distinction becomes even more apparent. You are rewarding the very people and institutions that have brought this country to the verge of civil unrest, and insolvency. It's so insane it would make Machavelli smile and give everyone at the big brokerages and banks high fives.
Most people in this country are not invested in the stock market in any kind of real way. The people who are are the rich. Did you notice how nervous both houses were when the stock market cratered last year? I mean, do ya think it had anything to do with their net worth, or they really gave crap about the common folk? Hmmm.
Yeah,I know I'm jaded, sucks. But, its unfortunately the way it is. It's reality. I wish it weren't so. Same as I wish the Mets didn't suck so bad and they were actually the Yankees. That would be really cool, and really a fantasy that can't ever happen.
The falling dollar hurts everyone except those that have enough to weather it. They can then swoop in and further destroy the class(es) economically below them by buying up all the land and then charging them more to rent it out from them. It's very disturbing. So much so that even someone with a couple mil needs to worry. The term millionaire used to have some meaning, now it just means middle class.
The market has to go up as long as the dollar weakens. It is now officially pegged to the dollar. It'll be interesting to see what WFC and MS do post earnings tomorrow.
I would watch DRYS here as well. That sector is a notable laggard and it will have to get going if we are going to get another leg higher. I'm unsure here, this market is very schizoid. I like trading it intraday, but swinging stuff other then a couple earnings plays is difficult to do. AAPL on a break and hold over $200 mid-day should lead it over $204 and there it becomes blue skies breakout city and $225 may be next stop. I am not long it, no shot, just observing. I wasn't there for most of the wedding, I don't want to be there if it dies and has a funeral. I've sat Shiva enough the last year, trust me.
In the meantime, let's see what shakes out, earnings are still working. Watch EBAY with YAHOO's move it should get some momo into its own earnings if YHOO holds up, which is a big if, but it very well may.
I'm also eyeing the casino's for a reentry on LVS. I'd love $15 as a entry, we'll see soon enough as the market tips its hand!
RULE!
Waxie
And, when does the US Dollar hit 10% of its current value?
There is a direct correlation between all.
It's interesting, I am asked literally every day about GOLD now. I used to never get asked that. When I called GOLD to $400 when it was low $200s, then $500 when it hit $400 and then $1000 from there, no one really cared to even think about it. At the time I had bought 100 ounces of Gold in the $200s. Obviously I wish I had bought 1000 ounces, but isn't that always the case?
I am recommending Real Estate now. I don't own much, mind you, but I think its worthwhile to own some if you are an investor now. I didn't feel that way until recently as most of you know, but with the dollar cratering eventually hard assets have to go up and Real estate is definately a hard asset.
Having said that, I expect the Fed to make a stand for the dollar like they used to do with the Yen when Japan had all its issues a few years ago. Other countries that have US debt (read CHINA) aren't going to let the dollar just up and die and become worthless so fast. Eventually? They may not have a choice, but for now? No shot.
The setup that the government is fatally flawed. If you devalue the dollar you increase the stock market which further seperates the "haves" for the "have nots", the distinction becomes even more apparent. You are rewarding the very people and institutions that have brought this country to the verge of civil unrest, and insolvency. It's so insane it would make Machavelli smile and give everyone at the big brokerages and banks high fives.
Most people in this country are not invested in the stock market in any kind of real way. The people who are are the rich. Did you notice how nervous both houses were when the stock market cratered last year? I mean, do ya think it had anything to do with their net worth, or they really gave crap about the common folk? Hmmm.
Yeah,I know I'm jaded, sucks. But, its unfortunately the way it is. It's reality. I wish it weren't so. Same as I wish the Mets didn't suck so bad and they were actually the Yankees. That would be really cool, and really a fantasy that can't ever happen.
The falling dollar hurts everyone except those that have enough to weather it. They can then swoop in and further destroy the class(es) economically below them by buying up all the land and then charging them more to rent it out from them. It's very disturbing. So much so that even someone with a couple mil needs to worry. The term millionaire used to have some meaning, now it just means middle class.
The market has to go up as long as the dollar weakens. It is now officially pegged to the dollar. It'll be interesting to see what WFC and MS do post earnings tomorrow.
I would watch DRYS here as well. That sector is a notable laggard and it will have to get going if we are going to get another leg higher. I'm unsure here, this market is very schizoid. I like trading it intraday, but swinging stuff other then a couple earnings plays is difficult to do. AAPL on a break and hold over $200 mid-day should lead it over $204 and there it becomes blue skies breakout city and $225 may be next stop. I am not long it, no shot, just observing. I wasn't there for most of the wedding, I don't want to be there if it dies and has a funeral. I've sat Shiva enough the last year, trust me.
In the meantime, let's see what shakes out, earnings are still working. Watch EBAY with YAHOO's move it should get some momo into its own earnings if YHOO holds up, which is a big if, but it very well may.
I'm also eyeing the casino's for a reentry on LVS. I'd love $15 as a entry, we'll see soon enough as the market tips its hand!
RULE!
Waxie
Monday, October 19, 2009
I'm on www.chataboutit.com at 9:20 pm est TONIGHT
On the "Political Chick" show on CBS online radio with Lisa Chase to dish on Real Estate and the markets.
Tune in and find out what up...
RULE
Waxie
www.chataboutit.com
Tune in and find out what up...
RULE
Waxie
www.chataboutit.com
Wednesday, October 14, 2009
Did the DOW hit 10,000 this week?
Hmm, just checking.
Wheeeee. Nice catch, very very nice indeed! We are ROCKIN' and I must say that I am lovin' spoonful it, to say the least...
In the am GS is next in line to blow out. I guess anything is possible, maybe the FED told GS to miss on purpose so they don't get the public backlash they are about due. Maybe, but probably not. Oh, well, one can hope that people catch on to the nightmare before Christmas that Wall Street has become. Total joke, but what can ya do, other then try to rake in the BIG Ka-chingos! Nada, baby, nada.
It's so cool listening to the talking heads just go on and on about the amazing turnaround that only exists in fiction. Maybe "Where the Wild Things Are" really refers to the analysts on Wall Street. Good thing the movie opens this weekend so perhaps they will stay on screen and away from the boozin' and the losin'.
This rally just keeps chuggin' away in a total confluence of oddity, shock and awe, windows dressing mark-ups, earnings runners and lowered expectations leading to phoney blowouts. Very very cool, very very manipulated and very very profitable if ya listen to the TRENDS.
So now we're over 10,000 and we're off to 11,000, right? Perhaps, perhaps not. It'll totally depend on what the rest of earnings season looks like. It should be interesting for you guys and gals to note that the stocks blowing out are the ones UNDER performing the market. That's the way this works and it should be duly noted. It's better to buy GOOG on INTC blowout then it is to buy INTC on INTC blowout. Why? Because regardless of whether INTC goes to $25 like the booyahheads of the world say, GOOG hasn't reported yet, so the fantasy is still intact that GOOG could really destroy earnings, which they probably will. INTC already destroyed them, so there isn't any excitement. Same with JPM, GS was up a helluva lot more, and even MS was up more and neither of them is a sure thing to blow out (wink, wink!).
So, the key, I've found over the years, is to "front run" earnings. Get stuff before everyone piles in. Not after.
Watch IBM and GOOG. IBM almost always crushes, but the stock is up sick, so is GOOG which days ago was under $500 and is now rushing toward $550.
It's interesting, or warped, that many stocks are either close to or over (JPM,IBM,INTC) where they were before the crisis hit. It's as though it never happened, as though their businesses are actually in better shape then they were pre-meltdown. It's ridiculous, but this is why we have an edge.
Just remember, as always, it's all BS and the best thing you can do is remember that - it's all BS!
If you do that, you can make money in the market. If you don't then you're just another victim, a statistic since most investors lose money in the end. Don't be one of the dummies, please.
RULE!
See ya on the other side of dumminess -
Michael "Waxie" Parness
*If you have any Yankee tics please email me, I'm interested - waxie@trendtrade.com
Wheeeee. Nice catch, very very nice indeed! We are ROCKIN' and I must say that I am lovin' spoonful it, to say the least...
In the am GS is next in line to blow out. I guess anything is possible, maybe the FED told GS to miss on purpose so they don't get the public backlash they are about due. Maybe, but probably not. Oh, well, one can hope that people catch on to the nightmare before Christmas that Wall Street has become. Total joke, but what can ya do, other then try to rake in the BIG Ka-chingos! Nada, baby, nada.
It's so cool listening to the talking heads just go on and on about the amazing turnaround that only exists in fiction. Maybe "Where the Wild Things Are" really refers to the analysts on Wall Street. Good thing the movie opens this weekend so perhaps they will stay on screen and away from the boozin' and the losin'.
This rally just keeps chuggin' away in a total confluence of oddity, shock and awe, windows dressing mark-ups, earnings runners and lowered expectations leading to phoney blowouts. Very very cool, very very manipulated and very very profitable if ya listen to the TRENDS.
So now we're over 10,000 and we're off to 11,000, right? Perhaps, perhaps not. It'll totally depend on what the rest of earnings season looks like. It should be interesting for you guys and gals to note that the stocks blowing out are the ones UNDER performing the market. That's the way this works and it should be duly noted. It's better to buy GOOG on INTC blowout then it is to buy INTC on INTC blowout. Why? Because regardless of whether INTC goes to $25 like the booyahheads of the world say, GOOG hasn't reported yet, so the fantasy is still intact that GOOG could really destroy earnings, which they probably will. INTC already destroyed them, so there isn't any excitement. Same with JPM, GS was up a helluva lot more, and even MS was up more and neither of them is a sure thing to blow out (wink, wink!).
So, the key, I've found over the years, is to "front run" earnings. Get stuff before everyone piles in. Not after.
Watch IBM and GOOG. IBM almost always crushes, but the stock is up sick, so is GOOG which days ago was under $500 and is now rushing toward $550.
It's interesting, or warped, that many stocks are either close to or over (JPM,IBM,INTC) where they were before the crisis hit. It's as though it never happened, as though their businesses are actually in better shape then they were pre-meltdown. It's ridiculous, but this is why we have an edge.
Just remember, as always, it's all BS and the best thing you can do is remember that - it's all BS!
If you do that, you can make money in the market. If you don't then you're just another victim, a statistic since most investors lose money in the end. Don't be one of the dummies, please.
RULE!
See ya on the other side of dumminess -
Michael "Waxie" Parness
*If you have any Yankee tics please email me, I'm interested - waxie@trendtrade.com
Monday, October 12, 2009
Marketcast...HOW TO SIGN UP!
Several asked for info on how to sign up...
Below you will find a description of the MarketCast (aka After Market Wrap) with Michael “Waxie” Parness and a link to a 2 week Free Trial.
After Market Wrap With Michael Parness – Twice a week – 4:45PM – 5:45PM EST
I’m very excited to introduce a brand new service to help you learn more about trading.
I’ll be hosting LIVE Trading Workshops twice a week from 4:45P EST - 5:45P EST.
These workshops will teach you trading strategies and techniques I’ve learned by making hundred’s of thousands of trades and through thousands of hours of trend research.
The market is always changing and you need to learn about the changes. Trading is a
learning process. I learn something from almost every one of my trades. I think my vast
experience can save you from making the same mistakes I did.
These educational classes will give you insights into how I find trades. They will also explain why stocks behave the way they do when specific news like earnings, hit’s the wire. If you’re interested in becoming a successful trader, I think these classes will prove invaluable. Getting a trade from someone is one thing. Being able to find profitable trading opportunities for the rest of your trading life is better.
To see how my After Market Wrap can help your trading log on and get your
FREE 2 Week trial at: http://www.trendtrade.com/aftermarket
Below you will find a description of the MarketCast (aka After Market Wrap) with Michael “Waxie” Parness and a link to a 2 week Free Trial.
After Market Wrap With Michael Parness – Twice a week – 4:45PM – 5:45PM EST
I’m very excited to introduce a brand new service to help you learn more about trading.
I’ll be hosting LIVE Trading Workshops twice a week from 4:45P EST - 5:45P EST.
These workshops will teach you trading strategies and techniques I’ve learned by making hundred’s of thousands of trades and through thousands of hours of trend research.
The market is always changing and you need to learn about the changes. Trading is a
learning process. I learn something from almost every one of my trades. I think my vast
experience can save you from making the same mistakes I did.
These educational classes will give you insights into how I find trades. They will also explain why stocks behave the way they do when specific news like earnings, hit’s the wire. If you’re interested in becoming a successful trader, I think these classes will prove invaluable. Getting a trade from someone is one thing. Being able to find profitable trading opportunities for the rest of your trading life is better.
To see how my After Market Wrap can help your trading log on and get your
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Sunday, October 11, 2009
DOW 10,000 coming to a theater near you...THIS WEEK!
I will be shocked if the DOW doesn't hit 10,000 this week. SHOCKED.
There ya have it, no fuss, no muss, we will hit 10,000 this week on the DOW. What's it mean? Nothing, but it'll make a nice BS headline and give the talking heads something to talk about, that's always pleasant.
Now, it is possible that we don't, of coursee, I just will be shocked for several reasons.
#1 - this close almost always means we hit a solid round # mark like that.
#2 - We have INTC, GS, GOOG, and other earnings this week and they all should be well above consensus. What competition does GS have now? ZERO, they killed everyone else off in the greatest scheme of all time. It makes the Raid on Entebe (sp?) look like child's play. INTC and GOOG are trading like they are gonna blow out. I think it pretty safe to assume we get a further bump baring some really bad news, or if the Fed comes out and says that they are going to support the US Dollar with all their might and stop printing money as though it were cream cheese.
Seems unlikely, doesn't it?
I think its fairly safe to start playing stuff into earnings, or if you are a client, just keep doing what we've been doing. JPM, BAC both report this week as well. So does C which could get a very nice bump as well.
Remember also, Options Expiration week trends to have an upward bias, and either way has a TRENDING bias, meaning it usually goes one way or the other for 3 or 4 days and has a reveral often the other day(s) that can trend as well. So, should be a very nice trading week for us.
If you haven't checked out the Marketcast that I do twice a week, I urge you to do so! I think you'll find it well worthwhile and you get to hear me twice a week live, and on camera (scary as that may be to some).
Also, get ready, I'm doing a new Radio show on; www.chataboutit.com The show is going to focus on SUCCESS and not just stocks (though stocks will be a big part of it). The idea is to discuss and chat about how one becomes sucessful in any and all aspects of their lives, including money, job (if you're happy in your job money is less important, sometimes, I think, hehe), relationships, sex, etc.
I'm also going to be doing a "pitch" portion of the show where you can call in and pitch an idea to me and experts in different fields. So, if you have an idea please email me at - waxie@trendtrade.com and if I like it we'll get you on the line on the show to pitch the idea. Now, before you tell me that you're worried I'll steal your idea, I wouldn't. And, before you are worried about someone else stealing your idea, well, the show Shark Tank is an example of why that isn't a valid concern, really. If you have an idea you need to get it out there and if you get it out there to the right people then we can hopefully help you get it done. If it stays in your head, well, then what's the point anyway?
Email me at - waxie@trendtrade.com with any and all ideas and if you want to be a guest on the show and have a book, show, idea, or story you think will interest others as far as the theme of SUCCESS goes, please by all means email me ASAP and I will see if it fits.
The show will air live from 7 to 8 pm EST every Monday starting in two weeks on, again - www.chataboutit.com. It's CBS's new online radio station and it airs across AOL and YAHOO and is building momentum. I'm very excited about doing it.
Also, keep it on your calander because stock wise we will have things to discuss every show, and I'll point out setups I see, etc. And, I'll try to have cool guests stock wise as well. If you are a stock analyst or trader with a story, email me that as well. I'm open to just about anything that is interesting, so give me a shout! I'll get back to you right away regardless either way.
Very exciting indeed, please do put it on the calenar and send me your thoughts!
waxie@trendtrade.com
RULE and watch EARNINGS, they will provide direction, if we start to sell off all these stocks post earnings it will foretell a market top more then likely. If they keep going, then DOW 10,000 may be just a start! One viewer here noted that AA is now below where it closed pre-earnings. That's very true and we'll see if that trend (well, not a trend, but...we'll see if it becomes one!) continues.
RULE!
Email me about the show, or anything else!
Michael "Waxie" Parness
There ya have it, no fuss, no muss, we will hit 10,000 this week on the DOW. What's it mean? Nothing, but it'll make a nice BS headline and give the talking heads something to talk about, that's always pleasant.
Now, it is possible that we don't, of coursee, I just will be shocked for several reasons.
#1 - this close almost always means we hit a solid round # mark like that.
#2 - We have INTC, GS, GOOG, and other earnings this week and they all should be well above consensus. What competition does GS have now? ZERO, they killed everyone else off in the greatest scheme of all time. It makes the Raid on Entebe (sp?) look like child's play. INTC and GOOG are trading like they are gonna blow out. I think it pretty safe to assume we get a further bump baring some really bad news, or if the Fed comes out and says that they are going to support the US Dollar with all their might and stop printing money as though it were cream cheese.
Seems unlikely, doesn't it?
I think its fairly safe to start playing stuff into earnings, or if you are a client, just keep doing what we've been doing. JPM, BAC both report this week as well. So does C which could get a very nice bump as well.
Remember also, Options Expiration week trends to have an upward bias, and either way has a TRENDING bias, meaning it usually goes one way or the other for 3 or 4 days and has a reveral often the other day(s) that can trend as well. So, should be a very nice trading week for us.
If you haven't checked out the Marketcast that I do twice a week, I urge you to do so! I think you'll find it well worthwhile and you get to hear me twice a week live, and on camera (scary as that may be to some).
Also, get ready, I'm doing a new Radio show on; www.chataboutit.com The show is going to focus on SUCCESS and not just stocks (though stocks will be a big part of it). The idea is to discuss and chat about how one becomes sucessful in any and all aspects of their lives, including money, job (if you're happy in your job money is less important, sometimes, I think, hehe), relationships, sex, etc.
I'm also going to be doing a "pitch" portion of the show where you can call in and pitch an idea to me and experts in different fields. So, if you have an idea please email me at - waxie@trendtrade.com and if I like it we'll get you on the line on the show to pitch the idea. Now, before you tell me that you're worried I'll steal your idea, I wouldn't. And, before you are worried about someone else stealing your idea, well, the show Shark Tank is an example of why that isn't a valid concern, really. If you have an idea you need to get it out there and if you get it out there to the right people then we can hopefully help you get it done. If it stays in your head, well, then what's the point anyway?
Email me at - waxie@trendtrade.com with any and all ideas and if you want to be a guest on the show and have a book, show, idea, or story you think will interest others as far as the theme of SUCCESS goes, please by all means email me ASAP and I will see if it fits.
The show will air live from 7 to 8 pm EST every Monday starting in two weeks on, again - www.chataboutit.com. It's CBS's new online radio station and it airs across AOL and YAHOO and is building momentum. I'm very excited about doing it.
Also, keep it on your calander because stock wise we will have things to discuss every show, and I'll point out setups I see, etc. And, I'll try to have cool guests stock wise as well. If you are a stock analyst or trader with a story, email me that as well. I'm open to just about anything that is interesting, so give me a shout! I'll get back to you right away regardless either way.
Very exciting indeed, please do put it on the calenar and send me your thoughts!
waxie@trendtrade.com
RULE and watch EARNINGS, they will provide direction, if we start to sell off all these stocks post earnings it will foretell a market top more then likely. If they keep going, then DOW 10,000 may be just a start! One viewer here noted that AA is now below where it closed pre-earnings. That's very true and we'll see if that trend (well, not a trend, but...we'll see if it becomes one!) continues.
RULE!
Email me about the show, or anything else!
Michael "Waxie" Parness
Wednesday, October 07, 2009
EARNINGS RUNNING...
The BULL, or more appropriately, the EARNINGS BULL is back in full force a few days after the first major pullback in the market in a very long time (since March). 6% isn't a huge pullback, but the way this market has skyrocketed it sure is.
With AA blowing out as the first major earnings report and the futures smoking HOT as I write this, we should at least retest the recent highs, and there's a better then decent shot we're about to touch 10,000 here. I have to say, a pretty impressive move regardless. Man, the futures are romping, up 11 on the S & P already. We're very very close to the yearly highs here. That's a very important level to watch, it should act as an initial resistence, but if we pop over that watch for a squeeze that could bring us to 1100s in a jiff (by pop I mean a sustained move above the highs of the year, not just touching it or briefly popping above it).
It's interesting, I have been trading the market for a while now, since 1998, and I teach and believe in the way my "system" works wholeheartedly, but I still am in awe when I see the same trends work time and again. Granted, I thought we'd get a little more of a post Window Dressing pullin, but 6% was a very nice short profit move which we caught, and now I'm long and obviously happy about it. Though I did sell the GOOG calls I had at the end of the day today, which I will regret for sure if the futures move holds up.
I think this could be the move that gets BAC to $20s and JPM to $50, but we'll see, I don't want to get ahead of myself, perhaps this will be another fake out on the way to 10,000 and we go back down. I just don't see it unless earnings start stinking and the bulls have this set up pretty scary good for a lot of big beats.
Watch the metals off AA earnings; X should see at least $50, NUE, CENX, etc all should get nice moves. FCX could be $100 stock into earnings if we really motor.
Keep in mind, I would not buy a big gap up, it goes against all my rules, but if we start rocking post 10 am, I think you might want to have a plan and a list of stocks you want to get aboard. If we drop dead then it'll never triggger and either way make sure you set stops!
For disclosure sake, of the stocks I mentioned herein, I own the following;
BAC calls
X stock
NUE stock
AA stock
Don't chase! I got emails today asking about GOLD. I own some gold myself, wish I owned more, but if this is your entry, while it may pay off, I have no idea if you should buy it here now, tough call. It could easily go to 1100+,or it could pull back to 950 and not cause much technical damage.
If you're up tonight at 2 am EST, check out MY FINANCIAL POWER MAKEOVER, the new infomercial. It's airing on CNBC.
Also, end of the month I'm doing my 1st solo radio show, a 1 hour show on SUCCESS on CBS's online radio network. I'm very excited and if anyone wants to send me a pitch for business ideas, one of the segments is going to be where people pitch me their ideas for new businesses. I'm also looking for interesting people to interview, so send along your suggestions, and any contacts. The show will also have a segment on Technical Analysis and about 1/2 the show will be dedicated to stocks alone, the rest will be other things related to Success.
And, with that, I'll wish you all your own success!
RULE!
Michael "Waxie" Parness
With AA blowing out as the first major earnings report and the futures smoking HOT as I write this, we should at least retest the recent highs, and there's a better then decent shot we're about to touch 10,000 here. I have to say, a pretty impressive move regardless. Man, the futures are romping, up 11 on the S & P already. We're very very close to the yearly highs here. That's a very important level to watch, it should act as an initial resistence, but if we pop over that watch for a squeeze that could bring us to 1100s in a jiff (by pop I mean a sustained move above the highs of the year, not just touching it or briefly popping above it).
It's interesting, I have been trading the market for a while now, since 1998, and I teach and believe in the way my "system" works wholeheartedly, but I still am in awe when I see the same trends work time and again. Granted, I thought we'd get a little more of a post Window Dressing pullin, but 6% was a very nice short profit move which we caught, and now I'm long and obviously happy about it. Though I did sell the GOOG calls I had at the end of the day today, which I will regret for sure if the futures move holds up.
I think this could be the move that gets BAC to $20s and JPM to $50, but we'll see, I don't want to get ahead of myself, perhaps this will be another fake out on the way to 10,000 and we go back down. I just don't see it unless earnings start stinking and the bulls have this set up pretty scary good for a lot of big beats.
Watch the metals off AA earnings; X should see at least $50, NUE, CENX, etc all should get nice moves. FCX could be $100 stock into earnings if we really motor.
Keep in mind, I would not buy a big gap up, it goes against all my rules, but if we start rocking post 10 am, I think you might want to have a plan and a list of stocks you want to get aboard. If we drop dead then it'll never triggger and either way make sure you set stops!
For disclosure sake, of the stocks I mentioned herein, I own the following;
BAC calls
X stock
NUE stock
AA stock
Don't chase! I got emails today asking about GOLD. I own some gold myself, wish I owned more, but if this is your entry, while it may pay off, I have no idea if you should buy it here now, tough call. It could easily go to 1100+,or it could pull back to 950 and not cause much technical damage.
If you're up tonight at 2 am EST, check out MY FINANCIAL POWER MAKEOVER, the new infomercial. It's airing on CNBC.
Also, end of the month I'm doing my 1st solo radio show, a 1 hour show on SUCCESS on CBS's online radio network. I'm very excited and if anyone wants to send me a pitch for business ideas, one of the segments is going to be where people pitch me their ideas for new businesses. I'm also looking for interesting people to interview, so send along your suggestions, and any contacts. The show will also have a segment on Technical Analysis and about 1/2 the show will be dedicated to stocks alone, the rest will be other things related to Success.
And, with that, I'll wish you all your own success!
RULE!
Michael "Waxie" Parness
Monday, October 05, 2009
JOBLESS THIS MOFO...
I am so so freakin' sick of hearing about the "jobless recovery" that supposedly exists, let alone is possible.
I've written extensively about this topic, and so I'm going to exhaust it here tonight and probably only bring it up a few hundred more times. Having said that, I'm going to puke all over myself projectile green Exorcist vomit style if I hear it again on TV or anywhere else.
Is it clear that I think its possibly the dumbest catch phrase ever? I hope so. We simply can not have any real lasting recovery unless there is JOB stimulus, unless unemployment starts to reverse, and not just slow down. Unemployment is well over 12% at this point, its probably closer to 15%. Recoveries come because comsumption picks up. People consume more because they are earning more. If you have so many people unemployed then you can't have those things, can you? I know a ton of people who are out of work. They sit on Facebook and Twit all day and some (many) have given up looking for jobs. Unless you can eat Facebook, or live in a Twitter account they aren't consuming much of anything except for AIR!
So, now that that's clear the market is headed into earnings season here and got a shot in the arm from the evil ones when GS upgraded the large banking sector to "attractive". Either that signals a market top near term, or they were really buying and we can get another pop here back to the highs. Tough call, but I would think we have a shot to try the highs unless earnings start collapsing. That doesn't seem likely on such short notice (off last 1/4s #s) but ya never know.
I'm beat, going to hit the hey, catch ya all manana.
RULE
Waxie
I've written extensively about this topic, and so I'm going to exhaust it here tonight and probably only bring it up a few hundred more times. Having said that, I'm going to puke all over myself projectile green Exorcist vomit style if I hear it again on TV or anywhere else.
Is it clear that I think its possibly the dumbest catch phrase ever? I hope so. We simply can not have any real lasting recovery unless there is JOB stimulus, unless unemployment starts to reverse, and not just slow down. Unemployment is well over 12% at this point, its probably closer to 15%. Recoveries come because comsumption picks up. People consume more because they are earning more. If you have so many people unemployed then you can't have those things, can you? I know a ton of people who are out of work. They sit on Facebook and Twit all day and some (many) have given up looking for jobs. Unless you can eat Facebook, or live in a Twitter account they aren't consuming much of anything except for AIR!
So, now that that's clear the market is headed into earnings season here and got a shot in the arm from the evil ones when GS upgraded the large banking sector to "attractive". Either that signals a market top near term, or they were really buying and we can get another pop here back to the highs. Tough call, but I would think we have a shot to try the highs unless earnings start collapsing. That doesn't seem likely on such short notice (off last 1/4s #s) but ya never know.
I'm beat, going to hit the hey, catch ya all manana.
RULE
Waxie
Saturday, October 03, 2009
Thanks...and market mayhem = trader profits!
Thanks for all the emails and advice regardling my Chase situation. I actually got a couple of great ideas, I think. And, I even took one suggestion and who knows it might even pay off. Someone suggested I call Jamie Diamon the CEO of JP Morgan/Chase directly since when he was on Capital Hill a few months ago he stated that he would personally talk to any depositor who had issues. So, that's what I did, I called Mr. Dimon and while I didn't get to speak to him directly *yet* I did speak to his executive assistant, or at least one of them and she was very helpful and eager to help after I explained the situation and gave her the ADA's # to call.
So, we'll see what happens. If I don't get any relief I will call Jamie again and ask him to keep his word.
I also got 1 email which I'd publish here, but frankly it was way too disturbing to do and I don't want to give the guy the airtime. I was compared to Nazi's and it was very hateful, to say the least. I tell ya, I don't know what makes some people tick, I have better things to do then read hate emails from anti-semites, or just anti-Waxie's. Keep in mind, I really appreciate constructive criticism, I do, but I'm a sensitive dude, so keep it sane and constructive or keep it to yourself.
In the meantime, the market continues to perform according to the TRENDS, with the post-Window Dressing two days proving the Trends out! We nailed both days and I think we are pretty much as rocking as you can rock. Friday was a great trading day, with not 1, but TWO fabulous fades - one off the job #s and one off the Manufacturing data. These fades have been working for some time and if you play them, knock on wood, it's been like taking candy from a chipmonk. I mean, seriously, it's been very very SWEET!
Next week should go a long tway toward establishing what we're gonna do til year end. We very well should bounce soon, again, but I do suspect a larger pullback may be at hand. The key will be toward the end of the week. The beginning of the week should be choppy and murky and I suspect tough to trade, but we'll see if they really want to push us higher shortly. We are now making lower lows after spending a few months straight making higher highs and technically it's either just the post Window Dressing blues with some funds and such taking some money off the table, or its the beginning of reality setting in. The stimulus packages can't possibly work and any announcement of a new one, while surely welcomed by the market, will ultimately leave us even more vulnerable as a country long term.
I went long the US Dollar and short stocks end of the day Wednesday. A very nice paired trade indeed! Buying puts on stocks was and is easy, going long the dollar was very hard to do, its nerve wrecking to be long something that you know the government wants to crush. It is very clear that the policy officially is to crush the dollar, make our debt cheaper and make it easier to export goods since the costs to others is cheaper. The problems of this policy are so insane it's beyond belief. While most of the wealth is with a very small % of the population (roughly 2% of the people have more money then the other 98% combined!) so the thinking is that it only affects the rich to devalue the currency and redistributes wealth ultimately, this thinking is vastly flawed and moronic. It's very ill concieved and it can't work as an end game. Destroying currency doesn't do anything but give another short term insignificant boost to manufacturers. Unless the psychology of the nation is changed there won't be any hiring and with the dollar worth less then any benefit of a higher minimum wage (most manufacturing jobs are low paying ones) is offset, and inflation has to continue to go higher and higher, thus there are more unemployed making a lot less in real dollar terms. That's a very very dangerous combo and one that potentially could act as a catalyst to extremism and anarchy. Creating poverty is never a good thing. It will never happen, but creating a fairer tax system that slides would be a far better and sounder economic policy. It should happen, but because the word "raise" in relation to the word "taxes" is political suicide only. Another reason why the powers that be don't really serve the country, they serve themselves and their job security far too often unfortunately. Someone should have the gonads to just do the right thing, regardless of whether they get reelected or not, that would be refreshing.
Thing is, I don't mind paying more taxes if its a fair system, and I think the top money earners should pay more taxes, but the definition of top earners in this country is distorted. For example, the talk is that people who make roughly $250,000 or more start to get taxed more. Now, granted, $250,000 a year is a decent wage, if you live on the East Coast, or some other parts of the US surviving on much less if you have a family to support is very hard. What about a sliding tax that moves higher and higher the more you make. Someone making $250,000 shouldn't be taxed anywhere near the same rate as someone making $25 MIL a year and someone making $25 MIL a year shouldn't be taxed at the same rate as someone making $250 MIL a year. Our system is and has helped to give most of the wealth in this country to a very select and very powerful select few. I'm not rich, not at all, despite the perception. I've been blessed to live in a country where someone like me can move a wee bit up the economic food chain, but ultimately that's the exception, not the rule and the land of the American dream is being turned into the land of opportuntity for very few. It's near impossible to move up the economic food chain here, which is rather disturbing but true.
But, hey, this is all just one knuckleheads opinion, and I could certainly be off. I do know that we're not inspiring people or business to hire more, quite the contrary and that ultimately there is no such thing as a so-called "jobless recovery". It is fiction. You can't have a recovery with unemployment at staggering rates, sorry. That's not recovery, that's systematic meltdown and very sad. My heart goes out to all who are suffering, hand in there and frankly speaking, I do feel strongly that trading is a way for a lot of people to make a living, not have to rely on someone else and if you can master it then you have the opportuntiy to move yourself up the economic food chain. It's one of the few jobs where there is no ceiling, and I for one love that about it.
We'll see what shakes out here market wise. I think I'm going to have my own radio show shortly on chataboutit.com which is a CBS affiliate I believe. Hopefully you'll all tune in, and call in. More details to follow, and if some of you want to be guests on the show, send me an email and why you want to be and why you should be. And, if you know someone everyone else should or would like to hear from, send me their contact info and I'll see if I can make it happen if it makes sense.
Oh, one more thing, I saw INGLORIOUS BASTERDS last night, I have to say, that dude is one talented filmmaker. Wow, what an amazing film, for me it lived up to the hype and is definately the best film I've seen in a long long time. Simply brilliant,if you haven't seen it, you should.
'Nuff said, on to my daughters soccer game! Peace and love to all.
RULE!
Michael "Waxie" Parness
*Have you purchased my new book "RULE YOUR FREAKIN' RETIREMENT" yet? Please log onto Amazon.com and go order it now! It's a must read and has gotten some amazing reviews! Let me know how ya like it!
So, we'll see what happens. If I don't get any relief I will call Jamie again and ask him to keep his word.
I also got 1 email which I'd publish here, but frankly it was way too disturbing to do and I don't want to give the guy the airtime. I was compared to Nazi's and it was very hateful, to say the least. I tell ya, I don't know what makes some people tick, I have better things to do then read hate emails from anti-semites, or just anti-Waxie's. Keep in mind, I really appreciate constructive criticism, I do, but I'm a sensitive dude, so keep it sane and constructive or keep it to yourself.
In the meantime, the market continues to perform according to the TRENDS, with the post-Window Dressing two days proving the Trends out! We nailed both days and I think we are pretty much as rocking as you can rock. Friday was a great trading day, with not 1, but TWO fabulous fades - one off the job #s and one off the Manufacturing data. These fades have been working for some time and if you play them, knock on wood, it's been like taking candy from a chipmonk. I mean, seriously, it's been very very SWEET!
Next week should go a long tway toward establishing what we're gonna do til year end. We very well should bounce soon, again, but I do suspect a larger pullback may be at hand. The key will be toward the end of the week. The beginning of the week should be choppy and murky and I suspect tough to trade, but we'll see if they really want to push us higher shortly. We are now making lower lows after spending a few months straight making higher highs and technically it's either just the post Window Dressing blues with some funds and such taking some money off the table, or its the beginning of reality setting in. The stimulus packages can't possibly work and any announcement of a new one, while surely welcomed by the market, will ultimately leave us even more vulnerable as a country long term.
I went long the US Dollar and short stocks end of the day Wednesday. A very nice paired trade indeed! Buying puts on stocks was and is easy, going long the dollar was very hard to do, its nerve wrecking to be long something that you know the government wants to crush. It is very clear that the policy officially is to crush the dollar, make our debt cheaper and make it easier to export goods since the costs to others is cheaper. The problems of this policy are so insane it's beyond belief. While most of the wealth is with a very small % of the population (roughly 2% of the people have more money then the other 98% combined!) so the thinking is that it only affects the rich to devalue the currency and redistributes wealth ultimately, this thinking is vastly flawed and moronic. It's very ill concieved and it can't work as an end game. Destroying currency doesn't do anything but give another short term insignificant boost to manufacturers. Unless the psychology of the nation is changed there won't be any hiring and with the dollar worth less then any benefit of a higher minimum wage (most manufacturing jobs are low paying ones) is offset, and inflation has to continue to go higher and higher, thus there are more unemployed making a lot less in real dollar terms. That's a very very dangerous combo and one that potentially could act as a catalyst to extremism and anarchy. Creating poverty is never a good thing. It will never happen, but creating a fairer tax system that slides would be a far better and sounder economic policy. It should happen, but because the word "raise" in relation to the word "taxes" is political suicide only. Another reason why the powers that be don't really serve the country, they serve themselves and their job security far too often unfortunately. Someone should have the gonads to just do the right thing, regardless of whether they get reelected or not, that would be refreshing.
Thing is, I don't mind paying more taxes if its a fair system, and I think the top money earners should pay more taxes, but the definition of top earners in this country is distorted. For example, the talk is that people who make roughly $250,000 or more start to get taxed more. Now, granted, $250,000 a year is a decent wage, if you live on the East Coast, or some other parts of the US surviving on much less if you have a family to support is very hard. What about a sliding tax that moves higher and higher the more you make. Someone making $250,000 shouldn't be taxed anywhere near the same rate as someone making $25 MIL a year and someone making $25 MIL a year shouldn't be taxed at the same rate as someone making $250 MIL a year. Our system is and has helped to give most of the wealth in this country to a very select and very powerful select few. I'm not rich, not at all, despite the perception. I've been blessed to live in a country where someone like me can move a wee bit up the economic food chain, but ultimately that's the exception, not the rule and the land of the American dream is being turned into the land of opportuntity for very few. It's near impossible to move up the economic food chain here, which is rather disturbing but true.
But, hey, this is all just one knuckleheads opinion, and I could certainly be off. I do know that we're not inspiring people or business to hire more, quite the contrary and that ultimately there is no such thing as a so-called "jobless recovery". It is fiction. You can't have a recovery with unemployment at staggering rates, sorry. That's not recovery, that's systematic meltdown and very sad. My heart goes out to all who are suffering, hand in there and frankly speaking, I do feel strongly that trading is a way for a lot of people to make a living, not have to rely on someone else and if you can master it then you have the opportuntiy to move yourself up the economic food chain. It's one of the few jobs where there is no ceiling, and I for one love that about it.
We'll see what shakes out here market wise. I think I'm going to have my own radio show shortly on chataboutit.com which is a CBS affiliate I believe. Hopefully you'll all tune in, and call in. More details to follow, and if some of you want to be guests on the show, send me an email and why you want to be and why you should be. And, if you know someone everyone else should or would like to hear from, send me their contact info and I'll see if I can make it happen if it makes sense.
Oh, one more thing, I saw INGLORIOUS BASTERDS last night, I have to say, that dude is one talented filmmaker. Wow, what an amazing film, for me it lived up to the hype and is definately the best film I've seen in a long long time. Simply brilliant,if you haven't seen it, you should.
'Nuff said, on to my daughters soccer game! Peace and love to all.
RULE!
Michael "Waxie" Parness
*Have you purchased my new book "RULE YOUR FREAKIN' RETIREMENT" yet? Please log onto Amazon.com and go order it now! It's a must read and has gotten some amazing reviews! Let me know how ya like it!
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