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John,
Norm posted something a month or two ago when beans were somewhere around
420 to effect that a major bottom should be complete within a few days and
that a major rally would begin. I remember, because I did not agree with his
analysis and said something to effect that it would take a move above 470
before I could agree with the bullish case ... price has whisked past 470.
Norm was on target before the move occurred. Norm's comment, to which you
took exception, was clearly tongue-in-cheek and was derived from his early,
and correct, call on beans. I think you need to get off his case.
Earl
----- Original Message -----
From: <I4Lothian@xxxxxxx>
To: <realtraders@xxxxxxxxxxxxxxx>
Sent: Tuesday, July 17, 2001 8:32 PM
Subject: Re: [RT] INVESTING PUBLC RUSH INTO SOYBEANS
> Norman:
>
> Do you know what a fraud is? A fraud is someone who sees a big move
> overnight in soybeans and posts a market call to buy them after the move
> without mentioning the overnight trading. Then the fraud claims credit
for
> the big move on the opening that mostly really happened the night before
when
> everyone was asleep. A fraud never mentions the fact that soybeans were
up
> 22 cents overnight one a/c/e electronic trading before the pit trading
ever
> began. A fraud is someone who does not know that soybeans has a 50 cent
> limit (<A
>
HREF="http://www.cbot.com/cbot/www/prod_detail/0,1499,14+58+138+16,00.html";>
> Soybean Contract Specs</A>). Twenty-four cents is what percentage of 50
> cents? Gapped 24 cents? Not if you look at the combined pit and a/c/e
> chart.
>
> My point was not about the market call. As far as I can see from your
posts
> you never even got into a trade. All I see is a guy who said buy beans
after
> they were already sharply higher in the overnight session. I am not sure
if
> that is not more pathetic or just misleading, jokingly or not. And I
don't
> see the humor in it either way.
>
> Regards,
>
> John J. Lothian
>
> Disclosure: Futures trading involves financial risk, lots of it! John J.
> Lothian is the President of the Electronic Trading Division of The Price
> Futures Group, Inc., an Introducing Broker.
>
>
>
> In a message dated 7/17/01 3:10:49 PM Central Daylight Time,
> nwinski@xxxxxxxxxxxxxxx writes:
>
> << RT,
>
> Well, it looks like John L was right. I shouldn't have suggested that
> Soybeans may be a good investment. Apparently so many saw my post and
tried
> to buy on the opening, that Nov. Soybeans gapped up about 24 cents (75%
of
> the daily limit) Unfortunately for all of those kids and widows who
bought
> the opening, the market spent the rest of the day gonig down to only close
+
> 14 1/2 cents. It looks like Junior will have to defer that cap and gown in
> favor of flipping hamburgers at McDonalds. Widow Jones will have to cut
her
> cable service so no more Lawrence Welk or Antique Road Show. I apologize
for
> any financial damage or devastation my post may have caused.
>
> Apologetically,
>
> Norman >>
>
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