Tuesday, November 25, 2008

Should We Thank Mr. O. for the current Rally? -- IFCN Wk 51 –Tue- Equity: $1,686.78

Obama is being credited with the recent rally in the Stock market. It's been reported (admittedly by kooks) that he can cure cancer, make the lame walk; and now all he has to do is.., raise the dead.

He might want to start with Detroit and the current proposal for resurrecting the auto industry.

The Detroit automakers only think they have trouble right now. Nothing compared to what they'll have if more people find out how poorly they've handled their resources for decades.

The average Detroit “big 3” worker receives $72 an hour, compared to $44 an hour which non-unionized employees make at Japanese car plants in America.

These are the bloated jobs we're supposed to care about?

Wow! Yeah- we need to save those jobs by taxing the average citizen who makes $18.22/hour. (current info from the Bureau of Labor Statistics) and no health benefits.

But it gets stranger----

Thousands of laid-off auto workers get paid $31 an hour to literally sit around and do nothing all year under an existing program that will likely continue if American taxpayers bail out the American auto industry. Many “workers” have been idling for their pay for years, some even more than a decade.

The program, called "Jobs Banks," has been around for 24 years. A few “excess” auto employees choose to do community service at the “Jobs Bank”, but many just read, do crossword puzzles and watch TV all day -- or stare at the walls. Tough to take at only $31/hour....

Check out the whole "Jobs Banks" article....

The week's current FirstStrikePlus trades:
  • gbp/usd: Long @ 1.5126, stop 1.4759. Trade in progress. (Stop and reverse at 1.4759, stop 1.4975)
  • eur/usd: Long @ 1.2742, stop 1.2585. Trade in progress.
  • gbp/jpy: Long @145.49, stop 141.39. Trade in progress.
  • usd/chf: Short @ 1.2062, stop 1.2225. Trade in progress.
  • usd/jpy: Short @ 95.39, stopped at 96.59 for 120 pip loss.
  • usd/jpy: Long @ 96.59, stopped at 95.05 for 154 pip loss.
FirstStrikePlus trades will be exited on Mondays at 00:00 CST if profitable. (First-Profitable-Open Exit) See complete rule-set for effective trade management.

Trading account equity: $1,526.78

Silver position equity: $160.00
(Current XAG price: $10.20 – 200 unit position average: $9.40)
TOTAL Equity: $1,686.78 (NEW EQUITY HIGH)

Joel Rensink

PS: To receive the FREE! trading rules for the Infiniteyield Forex Challenge ($499 value) and the semi-monthly newsletter about this challenge, send an email to: newsletter@infiniteyield.com and tell me to which address you would like it sent. Please do not use AOL, Hotmail or Yahoo addresses. They've been known to filter out more good mail than actual spam. Try a Gmail address. It's free, simple and perfect for traders!

1 comment:

The Archiphage said...

The first time one of the Job Bank participants told me about it, I couldn't believe her. I told her she should enjoy it while it lasted, because it couldn't last for long. Actually she seemed to fully understand that, and was simply going to ride that horse until it died. She worked for Delphi, so I'm pretty sure that horse is long dead. I hope she used the time and money to fund an honest opportunity for herself, but I know how to place my bet on that outcome... against.