[quote=Devil’sAdvocate]

Typical Gen X slacker--grasping for reasons to excuse profound ignorance.

Do you know who the Secretary of the Treasury is?

[/quote]

Typical geriatric old geezer...complaining for the sake of complaining, with no base to back his claims. 

Do you think the image of the Gen X slacker is made of whole cloth?  There are tens of millions of you, out there not even knowing what you don't know.

It would be fun to see if you can get a participant on this forum who is over age 40 who believes that one can be an effective financial advisor without being aware of what is going on around them?

There is more to life than your iPod and Xbox.

Devil, if you're not articulate enough to know the difference between "your" and "you're", you must be too stupid to have any valid opinions.

You may now slink away in shame.

[quote=BankFC][quote=mikebutler222][quote=BankFC] <?:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />

Let me ask you a few questions.

If I didn't look at a TV or a news website for an entire day, or even a week, do you think I could still perform my job adequately? [/quote]

No.

[quote=BankFC]

Is my job to regurgatate what the talking heads say each morning to my clients?  Is it to make a baseless prediction on which way one index or another is going to move? [/quote]

No.

[quote=BankFC]Or is it to guide my clients to prudent long term investments based on what THEY TELL ME is what they want to accomplish as well as how much risk they wish to take in getting those things accomplished? [/quote]

The "or" in your question makes it a non-sequitar.

[quote=BankFC]

Should I change my means and methods everytime foreign country poses a threat?  How about every time there is a spinach or lettuce recall, should I make a change to something?  [/quote]

No. OTOH, part of your "means and methods" should consider the possibility of taking advantage of opportunities.

[quote=BankFC]

I keep up with the news, but I has little to do with how I help people manage their own money. (Read this sentence carefully).

[/quote]

You seem to believe that world events and the market have zero effects on your client's plans and/or their confidence in the ability of your plan to achieve intended goals. You also seem to think there's no room to adjust positions and take tactical advantage of situations.

Could it be because your business model forces you to ignore those things, since working with most accounts "once a year" as you told us, makes it impossible to take advantage of shorter term shifts and tactical opportunities?

[/quote]

Your "no" responses are baseless as you back them up with nothing, but since they support my point I really don't care. [/quote]

You asked, I answered. You didn't ask for details.

[quote=BankFC]As far as "taking advantage of opportunities," that's just a nice way of saying speculation. [/quote]

No, it isn't. It's the professional’s way of making the point that, for example, when interest rates are in a rapid climb, you just don't buy long term bonds. When internet stocks are selling at tulip fever levels, you don’t buy a Janus fund that specializes in them. Don't confuse tactical moves for "speculation".

Another example; for the past 5 years I’ve underweighted large cap growth SMAs in my client’s accounts in favor of LC value. That’s not “speculation” that’s taking advantage of a trend anyone even marginally informed could spot.

[quote=BankFC]

I would greatly appreciate you to quote me where I have contended that I feel "world events or the market have no effect on your (my) client's plans..."   [/quote]

Perhaps you missed the part where I said "You seem to believe". Don't be foolish, I didn't "quote" you,and it’s childish to assert otherwise. You do understand the common rules of punctuation, right?  I gave you the implications of your "If I didn't look at a TV or a news website for an entire day, or even a week, do you think I could still perform my job adequately?" question, and I stand by it.

[quote=BankFC]I never said that,…[/quote]

And I never “quoted” you.

[quote=BankFC]My business model does not "force" me to ignore these things, rather it ELLIVIATES me from being FORCED to constantly watch these things.  [/quote]

You really think your business model puts you in a position where world and market events don’t mean anything as to how you handle client’s assets and how you deal with their concerns? Really?

[quote=BankFC]Also, please quote me as to where I told you I work with most accounts once a year. [/quote]

For this one you have a valid point. I was quoting bankrep1;

[quote=bankrep1]I service all accounts under 100K a year, one time per year when they are dropping off a check usually.[/quote]

You have my apologies on that one, now, could one of you change your friggin’ names? They’re far too close.

[quote=bankrep1]If you are going to debate me, fine.  But to make FALSE statements is cowardly and childish.  If you can back the aforementioned statements up with quotes, I will agree with you. 

Otherwise I am calling your bluff.

[/quote]

Call whatever you like, Bank. I’ve apologized for confusing you with bankrep on the one comment, the other was not a quote, no matter how you want to twist it. Don’t work yourself into such a hole that you find many people here have to grudgingly agree with Putzy against you.

I’m happy to say it again, if you like, anyone who asks this question; “If I didn't look at a TV or a news website for an entire day, or even a week, do you think I could still perform my job adequately?” is either joking or doesn’t understand his role.

[quote=Devil’sAdvocate]I think the best thing about this career is how it is constantly changing.  Why do you think traders pay moment to moment attention to what is going on?  The other day, when Corey Litle flew his plane into the building, the market sold off 70 points in a matter of minutes.  That is because the traders have one eye on what they’re trading and the other eye on the news.[/quote]

Actually, since the S&P futures are the tail that wags the dog, you are referring to S&P traders…most of whom are systems traders that rely solely on technical data.  They never watch the news. The news is meaningless. They let the movements of the market tell them what’s going on in the world.

[quote=mktsystms]

Actually, since the S&P futures are the tail that wags the dog, you are referring to S&P traders...most of whom are systems traders that rely solely on technical data.  They never watch the news. The news is meaningless. They let the movements of the market tell them what's going on in the world.
[/quote]

So you're saying that if at noon on a Wednesday an atom bomb went off in Dallas the S&P traders would not know about it, they would simply allow the market to tell them something must have happened and go from there?

It is my experience that pit traders wear ear pieces so that they can be in constant touch with what is happening--voices are telling them second by second what is going on in the world, in other pits, and so forth.

[quote=Devil’sAdvocate]So you’re saying that if at noon on a Wednesday an atom bomb went off in Dallas the S&P traders would not know about it, they would simply allow the market to tell them something must have happened and go from there?[/quote]

I’m telling you that from a trader’s prospective, what goes on in the world is meaningless to their trades.  The only thing that matters are the price movements of the market. The big guns all trade systems.  Systems are developed from many decades of market data (tick by tick.)  News and current events are not part of the data, and are not part of the systems.

[quote=Devil'sAdvocate]

It is my experience that pit traders wear ear pieces so that they can be in constant touch with what is happening--voices are telling them second by second what is going on in the world, in other pits, and so forth.[/quote]

I'm curious why you feel the futures are the tail that wags the dog.

I can't imagine that the futures traders, even with exceptionally favorable margin requirements, can execute enough volume in the 500 stocks to cause the index to move favorably.

I know that on expiration day--today for example--individual equities can behave very strangely and end up closing at strike prices in far too many occassions than the law of averages would justify.

But 500 issues, every day?  Nah, not for me.

If your idea of systems used by the big traders is so fool proof why would anybody attempt to trade without it?

[quote=Devil’sAdvocate]I’m curious why you feel the futures are the tail that wags the dog.

I can't imagine that the futures traders, even with exceptionally favorable margin requirements, can execute enough volume in the 500 stocks to cause the index to move favorably.[/quote]

[quote=Devil'sAdvocate]

But 500 issues, every day?  Nah, not for me.[/quote]

[quote=Devil'sAdvocate]

If your idea of systems used by the big traders is so fool proof why would anybody attempt to trade without it?[/quote]

[quote=mktsystms]

Huh?  You obviously have no clue about this topic.

Futures traders don't trade stocks. The S&P futures are traded in Chicago at the Merc.  The futures market doesn't have the restrictions of movement that the cash market has. (for example, like only being able to short on an up tick.)  The futures market is ALWAYS ahead of the cash market. (well, almost always...like 99.9% of the time.) What happens in the S&P futures is then transferred into cash market by way of arbitrage (have you never heard of buy and/or sell programs?,) and that is why the S&P futures are the tail that wags the dog.  When you sit and watch your TV, and you see the DOW and the SPX move, what you don't realize is that the futures market has already made that move, about 30 seconds beforehand.  Just go into a brokerage firm sometime, and put up a real time tick chart of the S&P futures next to a real time tick chart of the SPX (the cash market)  The charts will be identical, except the cash will be following what the futures have already done.

[/quote]

You said the tail wags the dog--what that means is that the S&P goes up BECAUSE THE FUTURES went up.

Is that what you're saying.  That stocks follow the futures--that the buy/sell programs are slaves to the S&P index traders?

If so, are you saying that the S&P traders can control the stock market--that if a couple of dozen major pit traders decide to run the the SPX to 1,400 all they  have to do is bid up the futures and the stocks will follow?

[quote=Devil’sAdvocate]You said the tail wags the dog–what that means is that the S&P goes up BECAUSE THE FUTURES went up.

Is that what you're saying.  That stocks follow the futures--that the buy/sell programs are slaves to the S&P index traders?[/quote]

[quote=Devil'sAdvocate]

If so, are you saying that the S&P traders can control the stock market--that if a couple of dozen major pit traders decide to run the the SPX to 1,400 all they  have to do is bid up the futures and the stocks will follow?[/quote]

[quote=Devil’sAdvocate]

I am retired on a pension that throws off about $20,000 per month and have more other assets than I could spend in two lifetimes.

[quote=joedabrkr] [quote=Devil’sAdvocate]

I am retired on a pension that throws off about $20,000 per month and have more other assets than I could spend in two lifetimes.

[/quote]

And people wonder why the payout at wirehouses is soooo low......
[/quote]

You don't believe people who work for years at the same place should be given pensions?

[quote=Devil’sAdvocate][quote=joedabrkr] [quote=Devil’sAdvocate]

I am retired on a pension that throws off about $20,000 per month and have more other assets than I could spend in two lifetimes.

[/quote]

And people wonder why the payout at wirehouses is soooo low......
[/quote]

You don't believe people who work for years at the same place should be given pensions?

[/quote]

You didn't have sense enough to provide for your retirement while you were employed, so now you feel it's the responsibility of your former employer to finance your 'golden years'?

You make me sick, Putsy.  You were a drag on your firm's budget for 24 years, effectively degrading the bottom line, and now you're a drag on the firm's earnings with your perceived 'entitlement'.

I believe in making my own pension.

[quote=Indyone]I believe in making my own pension.[/quote]

Me too, which is why I ended up with a seven figure 401(k) and a seven figure margin account.

Oh and a high six figure IRA--actually two of them.

Then there's my wife and her eight figure trust fund.

You have to choose your wife well and then work like a Trojan just in case.

Is there something wrong with accepting a pension to supplement your own efforts?

I repeat…why do you think you’re ‘entitled’ to be a drain on your former firm’s resources?  You’ve clearly admitted (no, bragged) that haven’t produced a dime in nearly 30 years.

The funny thing is about 3-5 months ago he bragged and said he had a $30,000/ month pension... Now its $20K per month... And the massive trust fund the wife has is a new development...

If this hack was truly this wealthy- do you think he would spend 9 hours a day on THIS website?????

He is a loser who trades options in his E trade account hoping to make enough money to develop pictures of his ugly dog

[quote=mikebutler222]

[quote=BankFC][quote=mikebutler222][quote=BankFC] <o:p></o:p>

Let me ask you a few questions.

If I didn't look at a TV or a news website for an entire day, or even a week, do you think I could still perform my job adequately? [/quote]

No.

[quote=BankFC]

Is my job to regurgatate what the talking heads say each morning to my clients?  Is it to make a baseless prediction on which way one index or another is going to move? [/quote]

No.

[quote=BankFC]Or is it to guide my clients to prudent long term investments based on what THEY TELL ME is what they want to accomplish as well as how much risk they wish to take in getting those things accomplished? [/quote]

The "or" in your question makes it a non-sequitar.

[quote=BankFC]

Should I change my means and methods everytime foreign country poses a threat?  How about every time there is a spinach or lettuce recall, should I make a change to something?  [/quote]

No. OTOH, part of your "means and methods" should consider the possibility of taking advantage of opportunities.

[quote=BankFC]

I keep up with the news, but I has little to do with how I help people manage their own money. (Read this sentence carefully).

[/quote]

You seem to believe that world events and the market have zero effects on your client's plans and/or their confidence in the ability of your plan to achieve intended goals. You also seem to think there's no room to adjust positions and take tactical advantage of situations.

Could it be because your business model forces you to ignore those things, since working with most accounts "once a year" as you told us, makes it impossible to take advantage of shorter term shifts and tactical opportunities?

[/quote]

Your "no" responses are baseless as you back them up with nothing, but since they support my point I really don't care. [/quote]

You asked, I answered. You didn't ask for details.

[quote=BankFC]As far as "taking advantage of opportunities," that's just a nice way of saying speculation. [/quote]

No, it isn't. It's the professional�s way of making the point that, for example, when interest rates are in a rapid climb, you just don't buy long term bonds. When internet stocks are selling at tulip fever levels, you don�t buy a Janus fund that specializes in them. Don't confuse tactical moves for "speculation".

Another example; for the past 5 years I�ve underweighted large cap growth SMAs in my client�s accounts in favor of LC value. That�s not �speculation� that�s taking advantage of a trend anyone even marginally informed could spot.

[quote=BankFC]

I would greatly appreciate you to quote me where I have contended that I feel "world events or the market have no effect on your (my) client's plans..."   [/quote]

Perhaps you missed the part where I said "You seem to believe". Don't be foolish, I didn't "quote" you,and it�s childish to assert otherwise. You do understand the common rules of punctuation, right?  I gave you the implications of your "If I didn't look at a TV or a news website for an entire day, or even a week, do you think I could still perform my job adequately?" question, and I stand by it.

[quote=BankFC]I never said that,�[/quote]

And I never �quoted� you.

[quote=BankFC]My business model does not "force" me to ignore these things, rather it ELLIVIATES me from being FORCED to constantly watch these things.  [/quote]

You really think your business model puts you in a position where world and market events don�t mean anything as to how you handle client�s assets and how you deal with their concerns? Really?

[quote=BankFC]Also, please quote me as to where I told you I work with most accounts once a year. [/quote]

For this one you have a valid point. I was quoting bankrep1;

[quote=bankrep1]I service all accounts under 100K a year, one time per year when they are dropping off a check usually.[/quote]

You have my apologies on that one, now, could one of you change your friggin� names? They�re far too close.

[quote=bankrep1]If you are going to debate me, fine.  But to make FALSE statements is cowardly and childish.  If you can back the aforementioned statements up with quotes, I will agree with you. 

Otherwise I am calling your bluff.

[/quote]

Call whatever you like, Bank. I�ve apologized for confusing you with bankrep on the one comment, the other was not a quote, no matter how you want to twist it. Don�t work yourself into such a hole that you find many people here have to grudgingly agree with Putzy against you.

I�m happy to say it again, if you like, anyone who asks this question; �If I didn't look at a TV or a news website for an entire day, or even a week, do you think I could still perform my job adequately?� is either joking or doesn�t understand his role.