11-01-2011 09:05 AM
Just wondering how secure the system is with the lastest blow-up at MF Global. I suspect some of the smaller elevators and merchandizers with eventually go to a flat price only, not willing to put any hedge money at risk with some of these clowns.
Entire bean carryout is still in the field and might be for awhile!
11-01-2011 09:20 AM
Hi, Cat. Funny you mention the MF Global deal just now. I just got a note from a trader who says CME Group is "now claiming that MFG did not keep clients' funds segregated and that as much as $700 million is unaccounted for." He says all MF Global's cash is frozen and if you have an account at MFG, call your broker immediately to transfer. So, sounds like at this point, that's still an option...
11-01-2011 12:50 PM
One trader told me earlier that "besides having a fed official sign off on money transfers," he didn't know how much more oversight could be placed over the trade the way things are now, adding that regulations in place are "sufficient."
One interesting effect of this MF deal -- the crowd on the trading floor in Chicago is "visibly smaller" again today. Here's more on that part of the story.
I also just got an email from another brokerage company advertising themselves as a "solid alternative" to MF Global. Looks like everybody's jumping on and trying to get a piece of MF's pie, whether it's still in the kitchen or not!
11-03-2011 06:34 AM
In all fairness Gann did enjoy success during the peak of his career. His Gann angles can be quite useful and his Master Time Factor if you can figure out how to use it.
Another famous trader of that era Jesse Livermore didn't fair quite so well.