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Here’s another golden rule of trading you will never hear in the financial mainstream media: The less information the market yields, the more participants will attempt to fill the resulting vacuum with noise. Which is exactly why market makers love the summer slump as it’s high season for selling over priced OTM calls and puts to hapless retail traders.
(more…)I’d like to tell you about an important failure.
In recent weeks, I have been endeavoring to create automatic pattern recognition. This has been attempted by many years by many organizations, most of them vastly better funded than mine, and they’ve all failed. I’ve spent a rather large amount of time on this.
In order to keep my risk low, I decided to start off by using the API of what is purportedly the very best pattern recognition system out there. We integrated it with SlopeCharts, and I started to thumb through the results. Here we have what their system considers to be a Triple Top:
Moments ago, I finished watching the premier of the PBS Frontline special about the Federal Reserve. It was pretty good, although there wasn’t a single morsel of information that was new to me (I mean, come on, this is just about all I read and write about, so a general interest program isn’t going to be novel for me). The attitude of the program was actually pretty softball, since my own disposition, were I to be the show’s producer, would be to have the American public mentally file away Ben Bernanke and Jerome Powell in their heads right next to Josef Mengele and Jeffrey Dahmer.
I must comment on one person, however: Neel Kashkari. To Mr. Kashkari’s credit, he was the only current Fed official who had the balls to get in front of a camera. Those of you familiar with Neel’s disposition will not be surprised to know he maintained his role as the Fed’s tireless apologist, and he held the Fed’s candle high and proud throughout the entire broadcast.
(more…)Very heartfelt, and he manages to not burst into tears.
