Wednesday, February 20, 2013

Charts 02-20: Back in the wedge

Well, alright!  I was worried I might have to look at a 1550 top here, and explain why going up that high could blow up the Big Bearish Wedge entirely.

The setup is there for us now for the retrace down to 1500, followed by a final rally back up to test the wedge.  If we fail again, it could mark the technical top for the whole enchilada.

SPX 02-20

This came over the transom today:
I got a question for you guys, I've had a few hundred allocated silver bars I've been paying storage on since 2005. I decided I was paying too much as a safety deposit would be much cheaper. Today I took delivery at the bank of the bars after months of the run around trying to get the damn things. The bars I received were stamped with a 2012 mfg date. Have others had similar experiences, I'm thinking of suing for my storage fees back.

I'm going to call on Monday to hear their explanation. None of the bars I have match the original serial numbers of the bars the auditing firm assured me were there. My worry is that they gave me someone else's bars.

Because I payed several thousand a year from them to hold a specific set of allocated bars. It looks like they sold me bars they didn't have in the first place. There is more to this story though, including a VP from JP Morgan calling me to ask what it would take for me to keep my bars in storage. When I finally said I want them now, they buried me in months of legal red tape and contract paperwork. For instance, they told me about 3 weeks into it that the bars were being moved, and I had to fill out new legal paperwork for the new storage facility. That took at least a month to process.
Moral of the story.  If he didn't get his silver back, at least he got some silver back.

In the future, the only silverback will be in the gorilla den at the Woodland Park (Seattle) zoo.

The Smart Set here knows to go on rainy days, when the zoo amateurs stay home.


Albertarocks said...

Man, I can't imagine what a frustrating runaround that must have been. Moral of the story though is pretty clear I think... the availability of the actual physical is a really big concern, worldwide.

Never let anybody get their hands on your silver again would be my advice. The safest place for your silver is under your bed. Or under mine :-)

Thanks for sharing that story Christian.

Sandor said...

Thursday and Friday's action (down to 1497 followed by a bounce to 1516 closing on the day's high) is perfectly commensurate with the reversal pattern. Ideally, we get another slightly higher high next week in response to Italian election relief and Bernanke drug therapy in Congress.

One word to explain the Oil/PM downdraft we saw this week: China. Worst week in China in almost 2 years. We are at or near peak complacency/addiction, numbed by trillions of QE. What could possibly go wrong in la-la-land?

Christian Gustafson said...

Yup. I'll explain the significance of bouncing at 1500 instead of 1480 tonight.

I'm glad to see you here, Sandor. I'm always glad to see any chums from the TF or E-U.