You're Only Right Once
Yes, I'm sorry to say that The Great Turd Ferguson launched his anonymous and inglorious retail stock brokerage career at a bucketshop called PaineWebber some 20+ years ago. I learned a lot of useless things there but one thing I carry with me to this day is a healthy respect for Art Cashin, who was then director of floor operations for the once-proud firm. Art has always been a quick wit and sage source of wisdom. One of my favorite "Cashinisms" is: "You never want to go around predicting the end of the world because it's only going to happen once". I've often referred back to this line whenever I've needed to temper my cynical/bearish/apocalyptic worldview. Tonight, I should probably heed Art's advice once more. The problem is...well, you get the idea.
If you haven't yet, you need to take the time to read the two links below. Both have been prominently mentioned in the comments section of the previous thread but they need the wider broadcast that a promotion to this main thread can give them. First up, this doozy from Crazy Annie Barnhardt. I don't know Ann. I'd never even heard of her before this whole MFing Global disaster. However, she seems nice enough...perhaps a little "eccentric"... but certainly very experienced and knowledgeable regarding futures and options trading. What she has written is alarmingly prescient. Read it now. If you read it earlier, read it again. Now.
Next is a brand new missive from Mike Krieger. (By the way, if anyone knows how to contact this dude, please let me know. I've got to get him on a podcast.) I'm not a big Bilderberger/TrilateralCommission guy. Some of you are and that's fine. Regardless, Mike makes some excellent points about what is happening behind the scenes and he wraps everything into a nice, little "you must own gold" knot at the end.
Look, events are now unfolding at a frighteningly fast pace. If you or I had the time and the brainpower to see the whole picture and connect the dots, perhaps we'd be able to accurately predict what is coming. I'm afraid that, in the end, it will only all be clear in hindsight. What can be clearly seen, though, is that the current global political and economic structure, which has dominated for over sixty years, is rapidly dissolving. What emerges from the other side is still anyone's guess. You must stay alert. Now is not the time to rely upon hope.
Yes, predicting the end of the world is a fool's errand. Conversely, understanding that momentous changes are upon us and preparing accordingly is the work of the wise. TF
10:10 am EST UPDATE:
Yuck. Looks like the laughs are going to continue into today.
I see that some are claiming that margin hikes in Shanghai are to blame for yesterday's drop in silver. This cracks me up. What nonsense. Anyone making this claim should be sent to the "Cartel Disinformation Agent" file until further notice. Additionally, I want nothing to do with paper silver right now. Owning paper silver is like taking a flight on "Con Air". No thanks.
I've also seen that Crazy Ann's letter is getting picked up by some national sources. Here's one of them:
The selling came back today about an hour before the Comex opened and has continued unabated since. As you can see below, the $1711 level must be watched very closely today.
More as conditions warrant. TF