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Today is October 29 10/29/20


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If you are a trader or investor, you know the significance of this day.  

A day that will live in infamy.  

Oh, wait. That was a different day. 

My grandfather was a wealthy man on October 28, 1929. No, he didn't own stock on margin. He owned nearly 100 apartments that he bought with mortgages.  

Soon after this, he owned only the building that housed his grocery store and the family apartments upstairs.  

This history of the aftermath of this day is one of relentless financial loss and suffering. 

A very sad day, indeed. 

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So far, this relentless downtrend hasn't been broken. In fact, it is hinting at acceleration. It's pretty astounding. 

Here at 7:15 AM in New Yawk, we're headed for a test of the low around 3260. 

We have an unmet 5 day cycle projection of 3220. That's a piece of cake if this test fails. 

Click to engorge. 

tvc_1ef358413d3e6105254324807fa19b42.png

 

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35 minutes ago, DrStool said:

This history of the aftermath of this day is one of relentless financial loss and suffering.

Yep, my paternal grandfather ran a small newspaper and was mayor of his city.  He lost everything in the Great Depression and ended up a clerk on a cattle station up north.  He died in his 50s.  The family were split up and farmed out to relatives.  Both my parents left school at the age of 13 because there was no money to pay for education but they continued to self educate. 

 

First thing I think when I wake up is how lucky I am ...

 

 

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My grandfather kept his grocery store. Each day at 3 PM he would set up plywood barriers outside so that the hungry would line up in an orderly fashion. He made and handed out bologna sandwiches until all were fed, each day for many months. 

 

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4 hours ago, DrStool said:

If you are a trader or investor, you know the significance of this day.  

A day that will live in infamy.  

Oh, wait. That was a different day. 

My grandfather was a wealthy man on October 28, 1929. No, he didn't own stock on margin. He owned nearly 100 apartments that he bought with mortgages.  

Soon after this, he owned only the building that housed his grocery store and the family apartments upstairs.  

This history of the aftermath of this day is one of relentless financial loss and suffering. 

A very sad day, indeed. 

I believe my grandfather was also a wealthy man around the same time - also as the result of residential real estate.  Eventually thereafter, however, according to my father born in 1923, the two would stand together in breadlines. Then, when things got worse, my father and his younger brother were shipped off to a pair of aunts who lived in the country, where he cleaned the chicken coup, but was properly fed.  There's also an apocryphal story of his father piling the family into a car in the night and relocating from Detroit or Cleveland to Pittsburgh, as my grandfather sought to stay one step ahead of his creditors. My father talked of a childhood without sweets, and of watching men in suits dig up and replace cobblestones as part of the era's make-work projects.

As the eldest son of an immigrant father, he was expected to take over the family business - but he went a different route and they had a falling out. As an academic, his salary along with my mom's was modest, but they saved and they were forever wise & conscientious about their money, a reaction to the deprivation of their youths.  My mom's family was supported through the Depression by farmland in West Virginia to which they would make weekend recourse from Pittsburgh, land that had been in the family since at least the Civil War, when it was a stop on the Underground Railroad, then on paths that Confederate soldiers used to abandon their conscription and make their way across the Ohio River.

This time last year at 96, he was still jumping on a local bus, coming to my house, and spending the day working in our garden, which he loved, topped off with an occasional gin martini before a family dinner together.  But dementia does its swift work, and now he sits in memory care, with visits from my mom within the same senior facility, but alas, none from me since March because of COVID protocols to protect the elderly.  The experience of his youth echoes financially through me, as preoccupations with long-tail risk and with saving $0.30 of every dollar earned. I am doing what I can to extend that echo to my sons... all with their origin from events on this date.

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https://www.nytimes.com/interactive/2020/us/coronavirus-us-cases.html?action=click&module=Top Stories&pgtype=Homepage

I'm increasingly convinced it's only the chart in the link above that matters. I'm irrationally superstitious and biased too. Yet, as has been said many times, at the end of the day the virus doesn't care. It doesn't care about TA, where you are, who you are, or if there's anything at all on Hunter Biden's laptop. It's running its own algorithm on our species and it will run to completion along its own rule set. 

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