Tradefair & Financials

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18 Nov 11 10:20
Date Joined: 03 Feb 05
| Topic/replies: 6,745 | Blogger: Menelaus's blog
Here's the truth about benny's deflation trade (yes benny, that's what it was, a deflation call but you don't even know it).

1. benny puts up a post that "today it was announced ore prices fell" and concludes that the right course of action is to SELL, SELL, SELL all metals.

2. of course this absolute bollocks as the markets (through copper) begun to price that in several weeks before benny woke up to the fact that China is slowing down.

3. predictably the trade for an entire 10 days goes in the opposite direction from what benny expected.

4. then he gets lucky and gets bailed out.

5. europe's insolvency gets completely revealed (insolvent sovereigns, insolvent banks, technically even an insolvent ECB) and MF Global's bankruptcy rattle the markets. Everything gets liquidated to cover margin calls and long positions. And of course the asset that got sold the most was the only good performing asset for the year that  investors could turn to...Gold.

6. benny NEVER ONCE mentions these events in ANY of his posts but basks in the glory of the trade now going right FOR ALL THE WRONG REASONS.

7. it all HAD NOTHING to do with the initial reasons for the call, it was simply a naive insistence in staying in a bad trade (that eventually turned around) and taking losses for 10 days, when most professional traders would have booked the losses and exited the positions by then.

8. being massively ignorant does not prevent one from being massively lucky

9. benny is all his excitement makes another serious ignorance blunder in admitting he hadn't a clue what the right price of OIL is. He thought OIL was going up when in fact OIL was going down.

10. at this point he decides to cut and run to avoid yet another embarrassment.

I need to be honest, I for one will not miss him. The black hole of stupidity eventually sucks everything into it and waking up to benny's multiple posts, rants and meltdowns every morning was frankly getting a little tiring.

So long benny and don't let the door hit you on the way out. Love
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Report d13phe November 18, 2011 10:23 AM GMT
Give it a rest

We get the point.  This used to be a decent forum full of opinions and advice

Look at it now Cry
Report Menelaus November 18, 2011 10:25 AM GMT
I have no idea what's stopping you to post something of value.

ETFs failing to pay though is not it.

Try again.
Report fronter November 26, 2011 7:46 PM GMT
thecanadian - oh dear
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