Wallstreet1928 Analysis & live calls on FTSE,DAX,S&P...aimed to help New traders

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Morning Gents.

I'm tempted to short the FTSE at this price - crazy? Anyone else of the same mind?

edit: reason being, it seems to be lacking momentum. and this recent 2/3 day move up, looks corrective, rather than a new rally
 
What to do?

wallstreet1928 said:
haha.....................no I have a normal day today!!

my tenant hasn't paid rent again and has been pretty quiet for the last few days. He claimed that 40% of electricity wasn't working, so my property manager offered an appointment for an electrician on 3 separate occasions and he refused everyone.

Very strange individual.............

I can evict him on grounds of misrepresentation as he told me he was a solicitor and he derived his income doing private consultancy work for LIFFE(London stock exchange). The law society said he was struck off in 1988 and he is not allowed to practise........!!!!!

"Re Simpson (decision 4222)
Wednesday 13 July 1988

Tribunal: Mr P J Gaynor (chairman), Messrs Bamford and Griffin
Hearing, 17 March 1988; decision, 26 May 1988
Clients' money -- use for own purposes -- conviction on criminal charges -- failure to produce accounts for inspection.
Paul Stephen Simpson, the respondent, was admitted in 1966. For some 17 years he ran a flourishing and busy practice specialising in legal aid work. His accounts were kept in good order. Many of the respondent's clients could not read or write, and he spent a great deal of time with them. By 1982 his workload had become too great for one person and in September he entered into partnership with a solicitor of ten years' experience who had the highest possible references. The partnership did not work out; the respondent's partner appeared to make a number of silly mistakes an d to introduce irregularities into the firm's accounts. The partner had attempted to take his own life, and the respondent decided not to burden him further and tried to put matters right himself. The partnership was dissolved in March 1983. Thereafter the respondent practised on his own account until the Law Society intervened in his practice. The firm's books of account were inspected by the Law Society's investigation accountant in February 1984. A cash shortage on client account of £2000 was discovered; this was promptly remedied. The books of account were otherwise found to be in order, but the investigation accountant did not inspect the respondent's office account where (the respondent later alleged) a substantial debit balance had been created by the respondent's former partner. The respondent did not keep properly written-up books of account after January 1984.
The respondent was advised that the investigation accountant would again call at his office to inspect his books of account on 20 February 1985. When the investigation accountant arrived he was handed a letter stating that the respondent's accountant would sort the matter out. The investigation accountant made a further appointment to see the respondent, but again the respondent did not attend. The respondent's accountant said that he had no documents in his possession later than the end of 1983. Some £42,000 had been paid to clients of the respondent from the compensation fund and further claims totalling £3500 were pending. An accountant was appointed by the police to examine the respondent's financial records; in October 1987 he was convicted on his own confession of four offences of theft and three offences of false accounting and was sentenced to two years' imprisonment.
Complaint was made on behalf of the Law Society tot he Solicitors Disciplinary Tribunal on 8 July 1987 (and a supplementary affidavit was filed on 24 November 1987) that, inter alia, (i) the respondent had failed to comply with the Solicitors Accounts Rules 1975, in that he had failed to keep properly written-up accounts, contrary to r. 11, he had improperly withdrawn money from client account, contrary to rr.7 and 8, and he had failed to make his books of account available for inspection by the investigation accountant, contrary to r.12; and (ii) the respondent had been guilty of unbefitting conduct, in that he had used clients' money for the benefit of a person not entitled thereto, and he had been convicted and sentenced for offences of theft and false accounting.
Andrew Lockhart-Mirams, a partner in Hempsons, London WC2, for the applicant. The respondent appeared in person.
The tribunal found the allegations set out above, which had not been contested, to have been substantiated. The use of clients' money by a solicitor for his own purposes constituted serious misconduct. The respondent had been convicted on his own confession of offences of theft and false accounting and at the time of the hearing was serving a custodial sentence. The tribunal was mindful of both the public interet and the preservation of the good reputation of the profession as a whole. The tribunal ordered Paul Stephen Simpson of HM Prison, Kirkham, Preston, to be struck off the Roll. The respondent was also ordered to pay costs (to be taxed)."

the problem: legal costs = £1000

is it worth it.............

option A- pay £1000 and have him evicted

option B: be patient and just get what ever i can out of him as he is claiming £400 per month of housing benefit and then evict him at his 12 month short hold tenancy agreement

what would you do?
Click to expand...


Sounds like he has gone (went) off the rails...may have "issues" you are not aware off. Only you will know what he is like....if he is a scrote - option A....if he is a "sad" case and end up drinking turps on a park bench option B.

PS be careful about naming names etc ...confidentiality and all that ;)

Laters,

Swiss
 
Geofract said:
Morning Gents.

I'm tempted to short the FTSE at this price - crazy? Anyone else of the same mind?

edit: reason being, it seems to be lacking momentum. and this recent 2/3 day move up, looks corrective, rather than a new rally
Click to expand...

I guess I should wait to see if this 4035/40 area holds or not?
 
Geofract said:
Morning Gents.

I'm tempted to short the FTSE at this price - crazy? Anyone else of the same mind?

edit: reason being, it seems to be lacking momentum. and this recent 2/3 day move up, looks corrective, rather than a new rally
Click to expand...

i'd consider a short if the current confirmed up T line fails at 4040 with sufficient oscillator divergence.

edit: i'll wait for the retracement to hit the flip-side of the up T line before opening a short position i reckon.
 
Last edited:
"the problem: legal costs = £1000

is it worth it.............

option A- pay £1000 and have him evicted

option B: be patient and just get what ever i can out of him as he is claiming £400 per month of housing benefit and then evict him at his 12 month short hold tenancy agreement

what would you do?"

Find his favourite pet , cut it's head of and leave it in his bed while he sleeps
 
dr.blix said:
i'd consider a short if the current confirmed up T line fails at 4040 with sufficient oscillator divergence.
Click to expand...

Thanks Dr.

Which oscillator are you using?

The market rejected 4050 quite seriously last night, another reason for wanting to go short. We shall see.
 
SuddenDeath said:
Find his favourite pet , cut it's head of and leave it in his bed while he sleeps
Click to expand...

He's a lawyer. He' probably already sleeps every night with the severed head of his favourite pet.

Stopped out on the DAX short. Coffee break and then a trip to the supermarket for me.

See you all later.
 
Geofract said:
Thanks Dr.

Which oscillator are you using?

The market rejected 4050 quite seriously last night, another reason for wanting to go short. We shall see.
Click to expand...

just a 14 RSI. seems to work well enough on a 10 and 2 min TF to check for divergence on something so 'liquid' as the FTSE.
 
RennieAMR said:
He's a lawyer. He' probably already sleeps every night with the severed head of his favourite pet.

Stopped out on the DAX short. Coffee break and then a trip to the supermarket for me.

See you all later.
Click to expand...

i used to work in several law firms. sweeping statement but the most boring nitpicking bumlords known to man. boooooooooring people.
 
Hi Guys

I am a lurker on this thread - just wanted to say keep up good work Wallstreet! This thread is fun and educational. WS, are you self-taught or did you do some courses on trading? You seem to have 'the knack' as they say!

berti
 
bertie123 said:
Hi Guys

I am a lurker on this thread - just wanted to say keep up good work Wallstreet! This thread is fun and educational. WS, are you self-taught or did you do some courses on trading? You seem to have 'the knack' as they say!

berti
Click to expand...

Good afternoon chaps ...........

just come back from a meeting in the office!!

Bertie, I am just a rookie my friend. I have never been on a course, just self taught!! (I do intend to do my first ever course on saturday hopefully.....InTheMoneyStocks - Education, Seminars, Webinars)

I emulate the methodology from inthemoneystocks, geometric trendline analysis......

trend line analysis is very subjective and no 2 traders trend lines will be the same, unless its clearly evident.


I am surprised to see the market is up........it failed to stay above 4000, fell below and has subsequently rallied right back up!! hmmmmmmmmm.....
 
wallstreet1928 said:
Good afternoon chaps ...........

just come back from a meeting in the office!!

Bertie, I am just a rookie my friend. I have never been on a course, just self taught!! (I do intend to do my first ever course on saturday hopefully.....InTheMoneyStocks - Education, Seminars, Webinars)

I emulate the methodology from inthemoneystocks, geometric trendline analysis......

trend line analysis is very subjective and no 2 traders trend lines will be the same, unless its clearly evident.


I am surprised to see the market is up........it failed to stay above 4000, fell below and has subsequently rallied right back up!! hmmmmmmmmm.....
Click to expand...

Yes I cant understand why its swung back so quickly, I was in the mind that we were in for a decent correction at least. Im standing to one side on the FTSE today, want to see where it eventually decides to go.
 
The daily chart on Rio Tinto looks great for a short when or if it bounces off the upper trend line at around 2690. A repeated pattern like this is very good teechnical indicator.
 

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