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The Grift

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Short term target of 42 on silver achieved and the 1520 in gold is very close. We could easily get an overshoot in silver, but why fight the greatest casino in history. After all, they did create the greatest ponzi economy the world has ever witnessed. Today they are smiling with satisfaction as their casino operates smoothly like the digitalized marvel that it is. Unfortunately underneath the calm surface lurks some very nasty icebergs just waiting to put some holes in the casino participants.

Any organized ponzi requires a mark. The ability to get the mark to follow the ponzi requires confidence in the ponzi to be established……hence the BIG CON. Now where most marks fall prey are to their own weaknesses. Certainly placing too much trust in the Confidence man is a weakness, but what helps the most is when the CONfidence man finds a weakness like vanity or greed or naivette to manipulate. I personally find the greed to be the human trait that is most effective for the con. Not only is this trait one that a good grift loves to utilize, but one in which I have NO sympathy for the victim that succumbs to their own greed. A good trader uses greed to their advantage frequently. Some traders can ride a momentum trade using greed to extreme heights. When the runs are over, they know just when to exit. I am NOT that trader nor do I claim to be.

We have many human traits which we have to fight. These traits are used to separate us from our money. I fight fear in the great con. Fear is a powerful motivator for a good con and is used quite effectively in the market to shake you out of a trade. It happens with virtually every stock you play. It’s particularly used in the precious metal trade. This game has been going on for many centuries and the grift works over and over. Our vanity, our greed, our fear, our naivette are all part of this game we try to participate in. Discipline and your ability to recognize and control these weaknesses in all of us is what will help you make decisions that ultimately will determine whether a fool and his money are soon to part.

This market is in awash with liquidity. QE2 should continue until June. Will the market crash before QE 2 expires? NO…not a crash but a nice pullback can occur and a nice trading opportunity may arise. There is no way I can predict that and I do not intend to try. Certainly there are probablities to consider. The dollar needs to find some footing soon. That should provide another buying opportunity for commods and equities. If you’ve made some nice profits just remember there is no shame in taking profits. There will be more buying opportunities. Some will be intraday trading situations and eventually some more clear swing trades. Biotechs still have some run but its a stock to stock pick. Remember…..PMs are the headlines that the the Central Bankers do not want to see running so they will knock this trade every chance they get. So you will have more entries that arise on those knockdowns. gl

Read more at Great Depression 2



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