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.
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!