Hey Surfer and all Serf followers dbphoenix poster a excellent article called "Rules for Traders" if you have not seen it (it is to large to post here) but I will be glad to r-mail it to anyone who wants it. Just send me an email with Rules for Traders in the subject line and I will send it to you. bobdec
i have mentally recovered somewhat from the biggest one day index trade drawdown in several years. thanks for everyone's support. i am going to step away from the index trades for a bit and concentrate on finding other opps in the world markets, on that note, see the attached chart on our very succesful YEN / IBM spread trade---the convergence occured as historically forecast and we are now FLAT. will advise when this almost perfect trade sets up again. stay tuned..... surfer
greetings, the channel we will be trading the dow is 10307--- 10203 104 points of staying flat in the channel. thanks, pete for the chart ! surfer
the system profited today on the long side, was stopped out with profits via trailing stops, we then re entered long when the upper channel line was broken again. long here. surfer
Global Crossing Faces Delisting By TSC Staff 5/3/2004 4:50 PM EDT URL: http://www.thestreet.com/tech/telecom/10158050.html Global Crossing (GLBCE:Nasdaq) hired auditors to re-examine its books, and added that the Nasdaq may delist its faltering shares. The news comes the week after the telecom network operator said it would be forced to restate past earnings. The restatement news shocked Wall Street, coming just five months after Global Crossing emerged from Chapter 11 protection. The company's stock lost more than half its value in the span of a week. On Monday, Global Crossing rose 15 cents to close at $7.30. The Florham Park, N.J., company said it hired Deloitte & Touche to review its books and some procedures, and engaged Grant & Thornton to review whether it could reissue audits that the firm said last week it would withdraw. Last Thursday, Grant Thornton withdrew its audit reports for the past three quarters, saying the firm "cannot continue to be associated with" Global Crossing's financial statements. Grant Thornton was replaced by Ernst & Young on April 1 after it reported some concerns about the company's methods. Grant Thornton had raised questions about what it called "significant deficiencies" that, in the aggregate, constituted "material weaknesses" in Global Crossing's accounting. Last Tuesday, Global Crossing said it would have to restate its 2003 financial results because it underestimated access costs. Those include expenses like the fees Global Crossing owes other phone companies that handle its traffic. The company says its own preliminary review uncovered between $50 million and $80 million in understated access liabilities in 2003. Access costs are the largest expenses for the company, totaling $2 billion last year. Due to the discovery, Global Crossing says its previous financial outlook for 2004 is no longer valid and that it is also reviewing the books for 2002.