Good financial Service/ Advice
I have found Chris’s financial insights & alerts to be very impressive and helpful- I think this alone justifies the price of his subscription. The daily links from Davos are also fantastic. However, was wondering what other financial services you find to be beneficial in this economic environment? Who do you find best and worth paying for market insights into: real estate, gold & silver, oil, etc…
I was looking at Precters EWI site as it looked like a good possibility. Was wondering if anyone has found his service of value?
Yes I have found it valuable. Unfortunately I didn’t find it soon enough to avoid the crash. Anybody who found him before made a killing in 2008 as they were short the S&P and built a position in treasuries and cash.
It’s great to have insight into the macro waves so you can avoid the screaming debates in the media and just trust the wave principal. I have also found it very calming for others that I bump into who are looking for help from the stress of the unknown and the media screamfest. For example, the huge fight about inflation was seriously stressful last year. Prechter stood firm…no emotion, just reading the wave structure of the last few hundred years…and said we were going into a deflationary collapse. Yep. People who played that bet did quite well, while inflationists in oil, energy, commodities, materials got hurt.
Another example was the latest downtrend since Jan…people were going nuts emotionally trying to figure out if Nov 08 was the bottom. EWI said no, that before any significant corrective uptrend would start, another downleg had to occur below the Nov lows. They have finally now recommended covering the shorts and waiting…there may still be downside, but the big gains have been made so they recommend parking the cash, except your trading money, in the safest thing you can find and waiting for the next big wave signal.
Another example was predicting before the US election campaign even started back when Guiliani or Clinton was supposed to win that whoever won would suffer as one of the most unpopular presidents in history since we were going into the biggest bear move in history. That’s already starting to happen to Obama. I was able to prepare a few friends who had a lot of hope in Obama so they wouldn’t move into a depressive state. It was very healing for them to realize that presidents have no power to override the economic wave forces so they could let go of that portion of the hope they invested in him.
So it’s great for market insight and peace of mind. I don’t think I’d rely on it as the sole source for your trading activity though, if that was your plan.
Thanks for the insights. I am looking for the bigger picture such as described, not the day to day trading. Someone like Chris with their own perspective to help keep one informed and educated.
I subscribe to a couple of EWI’s newsletters, and have also found http://www.garynorth.com to be very valuable. Subscribing to both CM.com and garynorth.com are very nice complements and rooted in Austrian Economics.
Whomever you "find", I might also suggest that you start to develop your own skill at doing the same.
It is understandable to seek insight from the likes of Prechter, or Cramer, or CM, or an EW Theorist, or even some person reading tea leaves (my tongue is in my cheek). However, if any of them get hit by a bus, where would that leave you?
My suggestion – also work on developing this skill for yourself. It will take some time, likely years and years. Once you have developed it, you’ll have a sense of freedom and calm that is foreign to most people.
Plus, should you so desire, you will have developed a possible business for yourself!