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This post might ruffle a few feathers in the world where trading, tweeting, and blogging intersect, but that’s fine by me. I might be a gentleman, but maintaing a top shelf blog means that I have to occasionally let it rip.
I have to laugh at how self-righteous many gurus outside of the sacred iBankCoin corridors are becoming right now, given the very weak price action in the market of late. They pound their chests as though no one will remember that they have been the epitome of a broken clock calling top after top after top after top after…since March of 2009, and probably well before that in the 1982-2000 bull market for those old man bears.
Bearish arguments are attractive to many market participants and observers who fancy themselves to be deep-thinkers for a variety of reasons. First and foremost, the bearish thesis usually seems carefully crafted, void of emotion, and just the sensible thing to do for people who consider themselves to be superior to a society filled with miscreants run amuck in a bull market. Beyond that, contrarians, such as those wannabe Fight Club losers, actually derive sexual pleasure from the bear case, as it fills a massive void from all of those days being thrown up against their high school gym lockers and robbed of their lunch monies (numerated in proper gold coins, of course).
Now, look, I understand that if you are a new reader you might be thinking that I am writing this to act out any nervous energy I might have from being “balls to the wall” long. You would be wrong for thinking that, as I have been either in heavy or full cash over the past few weeks (100% at the moment). Let me be clear in stating that the bears might win this one, and I will be right alongside them shorting when I feel the time is right. By no means have I nailed every single market fluctuation, but a look through my archives will yield the April 2010 top, the July 2010 lows, staying bullish through last fall’s uptrend (see multiple posts in archives), turning cautious in February of this year as we sprinted past 1300, among other individual calls that proved true.
Basically, outside of the iBC universe of businesses, there is no other technical/swing trading blogger who puts as much content out there, in terms of specific market analysis, as consistently as I do. Plenty of “talented” guys come and go as they see fit, leaving you hanging out to dry just when you became accustomed to reading their thoughts on the market. Why? Because there are a lot of phonies, two-bit hustlers, and immature kids in this business. But beyond that, I have more heart than all of them combined. Do not misconstrue who are dealing with here: I paid off all of my undergraduate and graduate students loans via playing poker full-time, with no old man to foot the bill, as he had long passed away. Although I am still relatively young (31 years old), when it comes to hustlers and cons, I have seen it all.
So, consider this fair warning to all you sleazebags chomping at the bit to steal my business, and those of you who think you’re about to knock off iBankCoin with this market downturn: You will fail and fade away, just like everyone else that has tried. Want proof? Look at the quantity and quality of my archives, and the quality and quantity of content that iBC puts out on a daily basis for active traders and market observers alike.
Checkmate.
“You’re Fucking Out, I’m Fucking In.”
Kenny Powers?
For those uniformed Kenneth P. virgins….
http://www.youtube.com/watch?v=XI_9Yxr0blo
K Powers pure gold!!
Mullets rule
Absolute BOSS HOGG post, Chess. Every word/sentence/stanza/paragraph etc etc(haha) uttered perfectly.
Wow. I thought you were at least 50 spins around the sun by the maturity of your voice and writing…It appears this is a youth movement of sorts with the Fly and yourself being less than 35. I am quite impressed and hope to someday be able to afford your trading service. -8K so far has been hurting that fact. Will look to next free service to try my hand…
Good trading to you,
H.B. Pope
HBP,
What are you waiting for? You can go on the monthly sub. It will pay for itself, if only at first in saved bad trades.
What Yogi said.
Wow, that was an unusual rant from Chess. Someone must have gotten under your skin regarding the latest downturn in the market.
I look forward to more market commentary from you. Hopefully, whoever pissed you off is now gone from your universe.
@chess – great post. The age thing is way over rated. Once you’ve been through one or two market cycles, it’s just “Same Stuff Different Day”. I mean how many bull or bear markets does someone need to go through to know that they “get it”? If they don’t get it after the first cycle, this business ain’t [sic] for them.
Thanks for all of the work you put into 12631. While trading part time, I was in fact left high and dry, by services that promised a certain level of service for a certain price, then after a while, started to move regular features to higher priced plans.
YEAH!!!!!!!!!!!! 12 years and the ONLY place I have ever paid for content is iBC. Right with ya Chess, this chit is ready to turn lets embarss the fools.
Righteous!
OK, that was very different…now I’m worried.
Chess, your consistent content in good times and bad is what keeps me as a subscriber, notwithstanding that it’s sound, quality stuff on top of it. I need to be able to gauge my thoughts off others and your content provedes me with just that. I have to say what bothers me the most by far in the blogosphere is trade embellishment, i.e., those who love to proclaim their winning performance, but try to hide their bad trades. I think if you’re not going to proclaim your losses, you should STFU about your wins. It amazingly happens so much out there, everywhere, even sad to say inside 12631. The worst I’ve seen is with a well-regarded blogger tied to Stocktwits who according to his blogs and tweets, is always hitting it out of the park and never makes a bad trade. What irritates me the most is how he is always ridiculing other people. When I subscribed to his service, the tradesdidn’t seem that great to me and i was frustrated so I started documenting the performance. I’m not kidding, over a six week period, the recommendations totaled a cumulative 94% loss (oct-nov 2009). I dropped the service. I gave him another chance a few months later but it wasn’t much better. trade embellishment SUCKS.
There simply is no better post market recap available. Thank you for all your time, wisdom, and grace you deliver everyday at 4:30pm est. Indeud.
Nice Post Chess….I like to follow people that are grounded and do it everyday. You get a sense of who the real ones are, who has the passion. Fly, Jake, RC, Chess,Gap,Moobs and whole community — I’m no great trader, but I’ve learned more about my World and Money in the last 4 years than all previous combined. PPT and 12631 have really helped me see the action. Read charts and see how the market moves. Anyway you guys got the Right Stuff keep up the good work.
I paid him to say that. 🙂
Chess, you rock. Learn a lot every day.
Chess it takes a great game player to out smart hedge funds and their HFT High FrequencyTrading machines. Play like a poker player wil no fear and call their bluff at the right time and play like a chess player looking 20 moves a head. You are doing it well. Thanks for sharing your skills and knowledge here on IBC and in the 12631 room.
It’s true dude…you put out more good content than just about anyone else out there. I may not agree with everything you write, but I always read your posts…have since you were in the PG.
Keep it up…I’m enjoying the ride.
nice swagger… for a second there, I had thought FLY took over your blog
excellent post, your service is greatly appreciated.
Additionally, even aside from the Danny McBride doppelganger, that picture just has so much shit going on. Is it an airport? What the fuck are all of those 5 gallon buckets? Paint? Is that why the lady is holding the swatches?
“…such as those wannabe Fight Club losers, ”
Hahahahaha.
Great post Chess.
Right on the money here, Chess–Your prolific daily recaps and insight both in and out of 12631 are a great resource.
If the number one characteristic of a successful trader is to stay calml and follow the plan, then you’ve got it in spades
Chess, great post. None better than you, IBC, and 12631!
You’re one of the only bloggers I pay any attention to. You’re work is excellent!
screw em all. this is the hottest site out there,bar none. dont let the hater’s and professional jealousy distract you. your way above them.
Chess.. Well said. You manage to disassociate yourself from emotion, and discuss real technical situations with unbiased opinions. It a big strength of IBC that all the bloggers speak their own, and often differing points of view daily. You also offer some great humor , which like the fly adds an extra dimension to the commentary.
To those waiting to join, (as I did for a while in 2008), it is cheaper for your account to join than to try and take a “little” for free.
Lastly when most bloggers pump a stock they cannot help but get excited. You always stay focused on the risks , trends and all potential outcomes. But risk management is always at the forefront. This is most rewarding for learning traders.
I think there is a vast silent population of IBC readers who greatly appreciate and look forward to your posts. Thats probably an understatement.
Chess, Thanks for all the great posts. In terms of your market analysis and content, you are number 1 trader
that I follow. Do not pay attention to ungrateful, that try to disrespect your work. Silent majority is behind you.
Cheers…. Shawn
very nice, well done Chess!