Well I'm glad the talking heads can predict the future with such amazing clarity!!!
I shall put this information in the same category as the little white roll of stuff you find in the bathroom attached to the wall beside the toilet!!
I haven't been doing this (trading) very long, but there is one thing I can say for sure. (I define "sure" as having a 99.999% probability) And that is, ANYONE that can tell me that they can predict what the FOMC is going to do is just simply stupid, ignorant, or lying or perhaps all three! They simply don't know what they are talking about. Lately I have been comparing what the talking heads say to what Big Al actually says, frequently they aren't even close. For instance, the reporters on CNBC said that Greenspan had stated that he was not going to reduce rates before the next FOMC meeting March 20. When I passed that under Berney's nose he barfed! What Greenspan really said was that he preferred not to change the rates between meetings of the FOMC. If you think back he has consistently stated this same position.
The CNBC talking heads have no, zero, nada, none, zip-zero credibility as far as I am concerned and anyone that repeats what they say is simply propagating "stuff" that probably is not based in fact.
Even this guy Angel (or who ever) stating with a 60% probability the Fed would reduce interest rates last week. Someone couching their terms in scientific language (60% probability) when it is no more than a GUESS or Speculation is stupid and ignorant. We have to stop giving any credibility to such statements! These guys have an ulterior motive! I don't know what it is but it is obvious to me that the ONLY reason someone would make that kind of statement and couch it in those kind of terms (which are not and cannot be accurate) are lying! period, end of story.
I deal with technocrats and scientists on a daily basis, I see this kind of subterfuge day-in and day-out. I will be the first to admit that I am very naive, but fortunately I have Berney, who is very astute with FACTS, to idiot check these things against. Frankly he must be getting tired of me coming to him with these kind of erroneous statements and asking him to debunk them.
The market may drop like a rock Monday, and these guys may be able to influence the market enough to cause some of these events to occur to a greater or lesser degree, but I will certainly NEVER sweat bullets over what some of these "news reporters" say, in my opinion they wouldn't make a wart on a good reporters ass! And by the way I rank reporters just below lawyers, and I put lawyers just below whale shit! All of these folks have a vested interest in slanting facts to fit their needs and they do a very good job of it. The person who listens to what they have to say must recognize their utterances for what they are worth. If they are slanting it in your direction and you can use this technique then go for it. For myself I just can't bring myself to do it.
Thats my soap box for a Saturday, sorry to beat your ear off, and I'm not beating you up personally,, I think all of us on the thread respect what Gersh has to say. Its just that I know of no credible vehicle that anyone can use, with any degree of precision, that will predict if the FOMC will cut rates, let alone by how much! DMP usually doesn't propagate such trash, he must be short!
BTW I do hope you get a great entry point and make lots of money! ggg
CU
Paul Kellam |
