Emini Trading Update – Monday 31 Jan 2011 (14:36)
Quite pleased with my trading today – got my 4 points out as the market ground higher.
I think the video is quite useful – sat through 2 points of heat on the trade – but there were all these clues along the way that we were going to break into an uptrend, after multiple tests of the lows. As usual I was out too early but happy nonetheless.
Quote of the day …
Karl Denninger at The Market Ticker knocked it outta the park again this weekend.
“America is a great nation that has become rife with fraud and corruption through all levels of government. We have made political promises that we cannot fund and allowed the robber barons of ‘high finance’ to threaten their way to bailouts and handouts while the population goes wanting for a fair shake.
Over a million Americans lost their homes last year and some number of those foreclosures were prosecuted with perjured documents. Major financial institutions collapsed and we have on-the-record testimony, under oath, that they knew for two years before the collapse that they were writing and selling defective loans, yet nobody is under indictment or in prison for having ripped off investors, homeowners or both.”
And a Mea Culpa …
Looks like I shouldn’t have given the FCIC a passing grade.
Here’s what Yves Smith at Naked Capitalism has to say and Steve Keen at Debtwatch – the best economist in the world (and an Australian).
And the UK’s Future of Banking Commission report is now out. So we can compare and contrast with the FCIC. Looks like they’re much more prescriptive on leverage and separating investment banking (a la glass steagall – which the US threw away, duh).
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