Chat with Joe Ross
Chat log from: Tuesday, October 2, 2007
Live Chat with Joe starts Tuesday at 8.00 PM U.S. Central Time! |
| JoeRoss joined. | |
| marsh joined. | |
| JoeRoss | For once I am the first one here. Hi marsh. |
| marsh | Hi Joe. |
| marsh | Where is everybody? |
| JoeRoss | The C$ handed me some money today and so did the bonds. |
| berto joined. | |
| JoeRoss | You never know who or how many will show up. |
| shamutooth joined. | |
| shamutooth | Hey all. |
| JoeRoss | Hi berto and shamu. |
| shamutooth | What's up Joe? |
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| berto | Hello Joe Ross and all the ross hookers. |
| JoeRoss | I sold my house today, so that was nice. Plus two nice winning trades. All in all a good day. |
| shamutooth | Good deal :) What 2 trades? |
| berto | Was the house price above or below market? |
| JoeRoss | I had sold C$ Calls and C$ tanked, so I took my profits. I was in less than 2 days. Then the Easy Bonds ran for 11 ticks and I got that as well. |
| berto | What is an easy bond? |
| JoeRoss | berto: It was priced right at the market. The house is 6 years old and it is in competition with brand new homes less than a mile away. So I got the same price as the new homes are selling for.. |
| JoeRoss | berto: Easy Bond Method. It trades the 30 year T-bond. It wins over 88% of the time. |
| JoeRoss | shamu: It's not the house you came to when you were here. |
| shamutooth | Right. I remember you had another one. |
| JoeRoss | I feel fortunate in selling it. Houses in that neighborhood are not selling so well, and there are a lot of HUD homes. Some of them are being sold to Katrina victims. |
| JoeRoss | A belated hi to you tipring. |
| tipiring | Hello |
| berto | Joe, did you sell the normal way thru a lender or are you the lender? |
| JoeRoss | marsh: There is a guy on our forum who says that Trade Station doesn't have the electronic bonds. Can that really be? He also can't find the electronic yen. It doesn't seem possible. |
| JoeRoss | berto: I sold it through a friend of mine who is a real estate agent. He had it only 3 weeks. The buyer had already arranged a loan. |
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| JoeRoss | Hi sherri |
| sherri | Hi Joe! Hi Marsh! |
| marsh | Electronic bonds in TradeStation is USZ07. Pit Bonds is USZ07.P |
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| JoeRoss | marsh: I will let him know. How about the yen? |
| JoeRoss | Hi netwonc. |
| marsh | Electronic: JYZ07. Pit: JYZ07.P |
| JoeRoss | The people at TS were unable to tell him that. |
| marsh | They should pay more than minimum wage. |
| sherri | How do I get one of those cute faces by my name? Mine looks like a boy. |
| JoeRoss | They told him he can't trade the electronic markets and that he would have to trade the open outcry. |
| netwonc | Hi Joe. |
| JoeRoss | sherri: click on Action and then Avatar. |
| sherri | Thanks. That's better. |
| JoeRoss | Wow! Terrific choice, sherri |
| sherri | Better than counting loons. |
| JoeRoss | My Avatar looks like Saddam Hussein |
| shamutooth |
When I was with Tradestation for about 2 minutes, I could only trade the minis, and had to trade the balance of futures through their affiliate RJ O'brien; RJO's MCD platform was archaic, didn't even have a trading ladder. |
| JoeRoss | Can you actually trade the full size electronic bonds and yen through TS? |
| JoeRoss | I mean using them as your broker? |
| marsh | I don't know. I don't have a trading account with them. We could ask acman, but he's on a Caribbean cruise right now. |
| berto | shamu, what is a trading ladder? Is that a trend? |
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| JoeRoss | Hi Oz |
| JoeRoss | What time is it in Oz? |
| OzTrader | Good Day Joe, Sorry I'm late. |
| OzTrader | 11:17AM |
| shamutooth | Berto, a trading ladder shows depth of market and is an easy way to place orders. |
| JoeRoss | Last time I went on a Caribbean cruise we ran into a hurricane. Actually we ran away from it. |
| sherri | Oztrader, where are you? |
| OzTrader | Sydney Australia |
| berto | shamu, thanx. when you say depth of market do you mean volatility range? |
| OzTrader | Sherri, whereabouts are you? |
| JoeRoss | Still not a lot here tonight. Sometimes we have 20-30. |
| sherri | The land of 10,000 lakes. Minneapolis. |
| shamutooth | Depth of market shows how many orders there are at different price points. |
| JoeRoss | I think he's looking for a date sherri. What with that pretty picture ;) |
| sherri | I knew it was a good idea. |
| OzTrader | Yeah, seems quiet, Joe? All on holidays? School Holiday season here? |
| JoeRoss | No holidays here Oz. |
| berto | Thanx shamu. |
| sherri | I don't have any pressing questions, just here to see what interesting things you folks will be discussing. |
| OzTrader | Yes pretty picture Sherri. |
| JoeRoss | By the way, there won't be a chat next week. I will be on an airplane headed for Germany at the chat time. |
| shamutooth | Berto,you're welcome. You can go to GenesisFT.com and Gary Larsen has a video intro to Trade Navigator that shows a ladder in action. |
| OzTrader | Thanks Joe, I actually thought that may have been this week, but I thought I'd log in and check anyway. |
| marsh | Joe, what told you the Canadian $ was going down? |
| JoeRoss | Also, no chat on the 16th. |
| berto | Germany? For a trade conference or vacation? |
| OzTrader | We will miss the no chats with you. |
| sherri | Well, speaking of currencies, is 1.50 the highest target for Euro? And when do you think it may reach it? |
| OzTrader | Wish we were on the vacational part with you, Joe. |
| OzTrader | Well trade part too, now that you mention it. |
| JoeRoss | marsh: I just felt that the Canadian govt. didn't want C$ to stay up that high, and also felt it was time for a dollar rally. Most of the currencies were so-called "overbought." Or maybe the dollar was "oversold." |
| JoeRoss | berto: For a wedding. |
| OzTrader | Joe did you get a chance to have a look at the SFE SPI contract. |
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| JoeRoss | There will be a chat the 23rd and 30th of October. But none in November. I will be in Europe the entire month for seminars. |
| JoeRoss | Oz. I didn't look at it. |
| JoeRoss | sherri: I think euro will reach 1.50 next year. |
| OzTrader | No problem. |
| sherri | Thank you. |
| sherri | Do you think it may go beyond that? |
| berto | Thanx shamu I will check GenesisFT.com. |
| JoeRoss |
sherri: The sky's the limit, I suppose. I hate to get into the conspiracy theory thing, but I believe there are forces out there who want to destroy the dollar. |
| shamutooth | I've heard that France will revolt if the Euro gets much stronger. |
| JoeRoss | shamu: I don't see why. France is booming right now. They are the strong hand in Europe right now, with the best GDP. |
| shamutooth | They're upset with German influence in the ECB, and didn't want to add liquidity the last several weeks. |
| marsh | All I know is that I'm paying $17 for a bottle of German wine that used to cost $11. |
| shamutooth | But instead wanted to lower rates. |
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| JoeRoss | That's interesting. Isn't it a Frenchman who is at the head of the ECB--Trichet? |
| JoeRoss | Hi to gws and karbi. |
| gws3701 | Can "THEY" really control the currency market? |
| JoeRoss | gws: So far they are controlling it quite nicely. |
| shamutooth | France's president Sarkozy isn't very happy right now. He said last week the ECB is hurting France. |
| sherri | Is it kind of a given that as the dollar goes down, the Euro will go up and stay up? Aren't some other currencies more "reliable?" |
| JoeRoss | In 1970 certain of the group we will call "THEY" had already planned to have a euro currency and that it would become the reserve currency of the world. |
| netwonc | Joe, do you think the Euro might retrace and then continue uptrend near term. |
| JoeRoss | shamu: I think France may be in too deep to get out without a lot of pain. |
| JoeRoss | netwonc: That's exactly what I think. A profit taking correction and then onward and upward. |
| netwonc | Thanks |
| JoeRoss | sherri: I don't know about more reliable, but the C$ looks very strong. Most of you may not remember this but back in 1981 the C$ was worth $1.20. |
| JoeRoss | It could go there again. Also the next currency to reach parity with the U.S. dollar may well be the A$. |
| shamutooth | Marsh,what do you think gold will do going forward? Big correction today. |
| JoeRoss | Goldman Sachs is saying that if the A$ breaks .875 it will probably reach parity. |
| sherri | Thanks. So political strength has little to do with the strength of the currency overall? |
| JoeRoss | sherri: Politics, not political strength, has everything to do with a currency. |
| marsh | Maybe gold will go sideways. That big bar today might be the measuring bar, and the subsequent bars may be within it. |
| JoeRoss | Buying opportunity in gold. It will see $1,000/oz and more. |
| OzTrader | Joe, I believe it's all in the charts, the politics always confuse me, so I try not too listen anymore. |
| OzTrader | To hard too confusing. Read the charts is my motto. |
| JoeRoss | Oz: Everything they do reflects on the charts. The politics are seen only in the very long term. |
| OzTrader | Yes I agree. |
| JoeRoss | There is a huge difference between trading and investing. Traders don't have to worry about the long term. |
| JoeRoss | I really would hate to be an investor. Right now I don't own a single stock. |
| shamutooth | Thanks Marsh, Joe. I do believe gold will go higher, just not sure how deep this correction will go. |
| JoeRoss | shamu: Scale in if your going to get long gold and hold it. |
| JoeRoss | Dollar average you way in if you are looking for $1,000 then $2,000 and then $3,000. $3,000 is the true price of gold today. |
| marsh | If the dollar gets weaker, gold will get stronger. They recite that mantra all day on CNBC. |
| JoeRoss | marsh: It will get stronger at least in terms of the dollar; but perhaps not in equal amounts with stronger currencies, like the Swiss franc. |
| shamutooth | Joe, many times gold will backtest the 50 EMA, and the bottom of the BB when breaking for new highs. I'm not comfortable buying just yet but will buy on a breakout or a deeper correction. |
| JoeRoss | shamu: $735 sounds about right, but don't call that a prediction. Just a guess. |
| shamutooth | Dec. gold hit 731 today. |
| JoeRoss | shamu: You mean the spot gold? |
| JoeRoss | I'm showing 736.10 for the futures. |
| netwonc | Joe, what is the name of that bank that one can purchase Euro products, again, seems it was in the northeastern US. |
| shamutooth | No. Dec. contract. down about 24 bucks at one point. |
| JoeRoss | netwonc: Maybe you mean Everbank? If so, it is in Florida. |
| netwonc | Yes, that is it...thanks. |
| JoeRoss | shamu: We have very different data. |
| shamutooth | Genesis daily data is very wrong in gold. 15 or 30 minutes is accurate. |
| shamutooth | It's been wrong this whole run-up. |
| JoeRoss | Boy it sure is wrong. Aspen shows 730.7. |
| marsh | TradeStation shows 730.7 for GCZ07. |
| JoeRoss | Well then, 725 sounds about right--my next guess. ;) |
| JoeRoss | Interesting: Aspen and Genesis both use S&P Comstock data. |
| JoeRoss | I'm glad I didn't try any gold options with the Genesis data. I would have been killed. |
| shamutooth | I will look at 15 min setups as this correction unfolds. 15 min has given nice trades:) |
| JoeRoss | OOOOeee that is scary. Sometimes I don't check both. |
| JoeRoss | Genesis has the high wrong, too. |
| JoeRoss | They are off by .50 |
| berto | Do you think that is intentional Joe? |
| JoeRoss | berto: No, not intentional. Just bad data handling on their part. |
| JoeRoss | I usually also check prices with Ninja. |
| shamutooth | It's just CBOT data with Genesis, as Comex with them looks OK., At least it did a couple days ago when I compared. |
| JoeRoss | I think I better let them know at Genesis. |
| netwonc | Which is most accurate, CBOT or Comex? |
| shamutooth | Set 'em straight |
| netwonc | Speaking of gold data... |
| JoeRoss | netwonc: The CBOT data is fine. The problem is Genesis' handling of that data. |
| JoeRoss | That hour sure went fast. |
| JoeRoss | Thanks for joining in tonight. |
| berto | Thanks for everyone's input. |
| netwonc | Sure did, thanks for sharing with me folks, enjoy these nice cool days...until next time share a smile... |
| OzTrader | Joe, Have a GR8 time away, looking forward to chatting with you on your return. Thank you all. |
| JoeRoss | Not a lot of people, but very interesting chat, nevertheless. |
| marsh | Thanks Joe. Goodnight. |
| sherri | Thanks for being here and teaching. Sleep with the angels. G'nite. |
| JoeRoss | Good night all. |
| shamutooth | GN all. TY Joe. Hope everything goes well on your trip. |
Next Chat with
Joe Ross:
Tuesday, October 23 , 2007
Time: 8:00 - 9:00 P.M., U.S. Central Time.
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