I was saddened about the death of Bhutto. I also had it 7:5 that she would get whacked within 6 months of her going back to Pakistan. There are some things I don’t like to be right about, and this was one of them. I did some selling of a few odds and ends, for tax reasons. I generally stay away from holiday markets, as they’re usually pretty thin.
The wheat market took a nice hit today, on pretty low volume. I’d like to see a bit more selling pressure put the prices down even more. The spreads are all out of whack, and I’m confused regarding the wheat, so I guess I’ll stay out until that little light bulb goes off in my head.
I scored this poster off e-Bay. It’s from the Surf Theatre in Huntington Beach, CA. It’s an original Rick Griffin poster and I’m happy to add it to my collection. Speaking of the Surf Theatre, back in the 80’s, I almost bought the place. I was burned out from the pits, and wanted some change. They had placed an ad in Surfer Magazine entertaining offers. I flew out there and did due diligence, and found that they had major lease problems so it was a no go. It’s a shame that that place had to go bye-bye. Last time I checked, there’s a bunch of condos on that site.
Yeah I checked the charts and there have been no buy signals (by the break-out entry I use) in wheat since we last talked about it. It’s in a correction at the moment.
Gold finally did break out of the pennant formation I talked about in my post on shorting it, but to the up-side. Using my simple entry signal, you would have gone long Feb Gold at $824 yesterday, with a stop-loss at $812.
Another signal that I’ve noticed works quite well with both stocks and commodities for short-term reversals is - on the day following a new intra-day high in a short term up-trend, if the next day you close below that day’s intra-day low, you sell at the open on the third day. On a decline, where you have a new intra-day low, the next day if you close above the intra-day high of the previous day, you buy at the open. You put your stop just beyond the intra-day high or low of the move you are reversing against. Wheat gave an obvious sell on that basis from its recent peak. It’s a pretty standard pattern that traders use,and I’m sure you could work out a net-positive system from it.
BTW I’ve published an email address in my blog - gparkanyi@hotmail.com - if you want to exchange contact information. Just send me a note there and I’ll write back off-blog. This will protect your privacy.
Cheers,
George
Comment by allocator — December 28, 2007 @ 5:08 am
I agree with you she was doomed the minute she stepped foot back inside of Pakistan. Ya know I kinda wonder if Bhutto didn’t have some martyrdom type of wish going on inside of her head.
Comment by thescoundrel — December 31, 2007 @ 8:45 pm