Chat with Joe Ross

U.S. Chat log from: Wednesday, February 24, 2010

Live Chat with Joe starts Wednesday at 8.00 PM U.S. Central Time!

	joeross joined.
cliffstice	hi all
joeross	Hi cliff; hi marsh
marsh	Hi Joe
marsh	Where is everybody?
joeross	sometimes they come late. like last week
cliffstice	is it time to add to short etf
joeross	cliff: which one?
cliffstice	i did not get my email
cliffstice	sds
joeross	cliff: SDS is a bit early, what with the S&P still rising.
joeross	cliff: what email didn't you get?
cliffstice	thank you
joeross	Good evening kaj
joeross	Hi nathan
austinkaj	Hi Joe
cliffstice	the reminder for tonight
joeross	cliff: Maybe susan didn't send it out. I didn't see it either.
cliffstice	thanks
Nathan7	Hi Joe
cliffstice	joe in your wildest where is silver going
joeross	cliff: In my wildest! UP
joeross	But when I don't know
cliffstice	how far
joeross	cliff: I don't know that either. it will keep pace somewhat with gold
joeross	Hi Joy
joeross	Hi Johnaj1
johnaj1	Hi Joe and everyone
Joy	Joe: Good evening! I am sorry for being slow... lots of technical problems tonight :) Finally can see the chat window, yeah!
cliffstice	Joe what about point and finger charts
joeross	cliff: Point and figure (not finger) charts are wonderful if you know how to use them. you can see the law of charts on them.
marsh	They are good for sideways markets, too. the lenght of the sideways movement is related to the length of the breakout when it happens.
joeross	cliff: mainly they take the element of time out of the equation.
johnaj1	Joe any thoughts as to why some people think that gold will go to 1300 after this retracement.
Joy	marsh: oh oh, that is too deep for me to understand :)
joeross	hi air
johnaj1	Hi airtime
airtime250	Hi All!
joeross	Joke: The Obama Administration will be honoring the 43rd President of the United States . It has asked the U. S. Board on Geographical Names to name the fault-line in the tectonic area beneath Haiti after him. The area will now officially be referred to as "Bush's Fault"
Joy	LOL!
joeross	aj1: Gold is still very much underpriced at 1300. To equal the high of the 1980s it would have to go over 2000.
johnaj1	Joe that was pretty good. Did you comeup with that joke?
airtime250	Has anyone seen the billboards that are popping up featuring George Bush sitting on a desk asking, "Miss Me Yet?"
cliffstice	does that mean silver will make 1500
joeross	aj1: No, I just read it in an email someone sent me.
johnaj1	airtime I have seen that on TV but I was looking for it in Dallas but didnt see it
joeross	air: I saw it but not on a billboard
joeross	cliff: Silver at 1500? Not for a long long time
airtime250	I saw it Minnepolis...
austinkaj	If anyone want a good history about where our economy is headed watch the movie "Generation Zero"
airtime250	Oops...Minneapolis
johnaj1	airtime it is thae same if you are not from that area
airtime250	Joe: What do you use as a comparison to determine if gold is under or over valued?
joeross	BOOK: You should all read. "AFTERSHOCK" A must read if you want to know what to expect. You wil find it at www.newsmax.com. it may still be on a free offer. You'll have to check
joeross	air: If you take the high that gold reached in the 1980s, and add to it inflation since then. you will come up with the right figure.
joeross	Here's the link for the free AFTERSHOCK http://w3.newsmax.com/a/aftershock2/?PROMO_CODE=97F8-1
airtime250	Thanks...I was wondering if one could compare it to 30 years bonds or some other instrument...just as an example.
joeross	Read that book and possibly save your rear end.
Joy	Joe: Thank you for the book link!
cliffstice	thanks Joe
joeross	air: You can compare it with the Dow. How many ounces of gold to buy the Dow.
airtime250	That's interesting...Thanks!
joeross	The Securities and Exchange Commission voted 3-2 Wednesday in favor of a final rule that will curb short selling for individual securities that decline at least 10% in a single day.
joeross	If a stock moves more than 10% down, the uptick rule goes into effect.
joeross	The vote to install it was 2 republicans against and 2 democrats in favor, plus Obama's toady commissioner who broke the tie and voted for it.
cliffstice	Joe if you had a mill $ what would you do with it ?
joeross	So it was completely along party lines. What the heck does politics have to do with making market decisions.
joeross	cliff: Stock up on toilet paper. You can use it to barter.
cliffstice	is the up tick good or bad
airtime250	Joe: LOL. Just like the guy in Europe that you were telling me about...selling TP in the bathrooms.
joeross	cliff: the upick makes no sense. It doesn't accomplish any benefit to anyone, but it makes going short somewhat more difficult
Joy	Joe: Also, didn't you teach us before shorting is part of the process for market to bottom out and recover?
joeross	I'm going to charge 40 cents per square, like he did.
Joy	LOL! Joe, you can charge a square of gold when it gets dire.
joeross	I can get $400/roll that way
austinkaj	With .01 increments in stocks today it doesn't make that much difference
joeross	Joy: What would I do with the gold. It's is brutal for wiping with.
marsh	Like they pointed out in the gold rush of the 70's, you can't eat gold.
Joy	Joe, you are right :-)
joeross	Joy: yes, short sellers end the fall in a market sooner than would otherwise happen. When they cover their shorts, they buy and that starts a rally.
joeross	Joy: Also not very absorbent
Joy	Joe: My gosh, you make me laugh so hard that I am falling off my chair again :)
ranvir	hi
joeross	Hi ranvir
airtime250	I missed Benanke's report today...can anyone share major highlights?
ranvir	Hi joeross
marsh	Sure. We're going to hell in a handbasket.
joeross	air: he lied through his teeth--as usual
airtime250	I think he's a puppet...
joeross	air: Every time he talks his nose grows longer--like Pinocchio
cliffstice	is h c going to pass?
airtime250	Joe: It sure seems that the marketplace should begin to see through it at some point...
joeross	air: I think many people see through it, but they keep on hoping that maybe his lies will turn out to be true. Get that book AFTERSHOCK.
joeross	Hi acman
acman	hello.
joeross	Hi rjoseph
rjoseph	Hello Joe
acman	joe any word on that mysterious bond buyer that comes in to support the interest rate futures? CNBC Santelli keeps mentioning it but they can;t find out who it is that buys up to 25% of the auction.
joeross	acman: It is the Plunge Protection Team. They have expanded their operations to include bonds
acman	that makes sense.
joeross	They are acting on behalf of the FED
rjoseph	Joe, How are the seminar numbers (attendents) coming?
joeross	rjoseph: I think there are now 21
rjoseph	Is that enough to confirm that it will happen?
joeross	rjoseph: The seminar is definitely going to happen.
rjoseph	I am counting on it!!!!
acman	I wish it was a week earlier. I leave the 11th for hawaii for a few weeks.
joeross	acman: Maybe you can trade coconut futures.
Joy	LOL!
joeross	If I ever get my house sold, I'm gonna split out of here for a month.
acman	I will check into that.
airtime250	Joe: Where you going?
joeross	air: Not sure yet
joeross	Best guess is south or central america
airtime250	Joe; Somewhere that it doesn't snow...
joeross	air: Yes. It snowed here all day yesterday. But today it is 99% gone
airtime250	Snowed again in Austin?
joeross	Not again, I think first time this year
airtime250	Oh, I thought you had a day in December...
joeross	but snow in Austin is relatively rare
joeross	air: December was last year. :D
acman	I actually took pics of it. Big flakes about an inch across.
airtime250	Got me...
joeross	Yeah huge flakes.
joeross	And it accumulated
acman	My solar water heater was heating as soon as the sun came out even though it was only 35 out.
joeross	Free webinar tomorrow: www.aftershockprofits.com password is defend.
acman	what time?
joeross	Noon Eastern
joeross	About 1/2 hour
joeross	It's about how to grow your wealth in turbulent times
joeross	Get there 10 minutes early
Joy	Joe: I understand consumers can participate in buying short-term Treasury Bills (through the Fed's Treasury Direct program linked up with a regular bank account.) Are Treasury Bills a tradable vehicle with 'relative' safety for 'living money' we put in the bank? I don't know anything about it.
joeross	BTW: The govt. is definitely going to trap your 401k and/or IRA into a fund where you have to buy their rotten bonds.
joeross	Joy: they are really great. You get to earn .01% on your money
acman	I got a notice that I can't trade my DZZ which is double short gold etf. I guess the short etf's are going to be penalized.
Joy	Joe: LOL! OK... thank you :)
airtime250	Does that include Roth's and Self-Directed IRA's?
acman	Joy also you have to subract the inflation rate, etc
joeross	acman: That is shocking. So far I haven't gotten any notices, but I'm not short any gold ETFs right now.
Joy	acman: Thank you! Now they are REALLY great :)
joeross	air: I don't know for sure what is included. But it going to happen, so if you don't want to see your money melt away through govt. confiscation you better get it out of the US fast
airtime250	acman: Does that mean that trading has been halted on DZZ?
acman	I only traded it for a couple of days but it did ok.
joeross	The Congress is also working on a VAT tax. You'll see it soon. It will cost you on average over 10K/ year.
acman	Don't know. I have an acct with BofA which is now Merril and they sent the notice last week. I will call them tomorrow to find out why?
airtime250	What's VAT?
joeross	air: Value Added Tax, like in Europe. Goes on top of sales tax.
joeross	Time for bed.
joeross	Good night all.
joeross	I have to watch a video
joeross	See you next week.
	joeross left

Next Chat with Joe Ross:
Wednesday, March 3, 2010
Time: 8:00 - 9:00 P.M., U.S. Central Time.

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