The Phaserl


Global Markets Plunge – W.D. Gann, Jesse Livermore And The Reason Investors Need To Be Cautious

from KingWorldNews:

Those Were The Days, My Friend – We have two potentially interesting days this week. On Wednesday, we will have the Autumnal Equinox, which in some trading circles is known as “Gann Day”. The other is Yom Kippur, the most solemn day on the Jewish calendar.

Gann Day – One of the most celebrated traders in the first half of the 20th Century was W.D. Gann whose reputation rivalled that of Jesse Livermore. To say Gann was a technical analyst is like saying Einstein was a mathematician.

Gann developed an amazing system for projecting and predicting prices and other things in the future. Some adherents claim that months before, he predicted the resignation of the Kaiser and the end of World War I to the very day. Another group claims he predicted the Japanese assault on Pearl Harbor but not with such calendar specificity.

Early in his career, he allowed reporters to monitor his trading. In a little less than 300 trades, he increased the money invested by 1000% and less than 8% of the trades produced a loss. Said another way, in this run, Gann was right 92% of time.

Anyway, based on his studies, Gann claimed the most dangerous day for market swings and pivots was September 22nd. Since his death, disciples have adjusted the date to the Autumnal Equinox, which can fall on the 21st, 22nd or 23rd. This year it is Wednesday the 23rd. See if you can find a tinfoil hat.

Yom Kippur – The day of fasting, reflection and atonement begins tonight at sundown and ends Wednesday at sundown. That makes the first chance to buy after Yom Kippur will be on the opening. That’s when we will know whether piety was rewarded or punished this year. What was the result of sell Rosh Hashanah (close 9/11) and buy back after Yom Kippur (opening 9/24)? So far it’s close.

Overnight And Overseas – Markets were relatively calm in Asia and Tokyo remained closed. When markets opened in Europe, however, there were strong deflationary influences.

Crude plunged as did many other commodities. Miners got whacked as gold came under renewed pressure. The Euro weakened against the dollar. The European stock markets are down the Dow equivalent of between 300 and 450 points. Selling seems intense, suggesting it may be margin related – maybe a spillover of the selling in VW.

Art Cashin continues @

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