Considering last night ended with lamb kebab with extra chilli sauce I am feeling surprisingly chipper.Equity markets are still buoyant and a second daily close above 1050 in the S&P will be a sign that this bull run is set to continue. Our favourite indicator, the SOXX, continues to lead the way higher and until this breaks back down through 470 we will ride the trend. In Forex there is an interesting resistance level a bit higher in Dollar Yen with a bunch of stop losses above it which could prove an irresistible target to the Bank of Japan. (This level will be revealed to full members shortly)
The headlines this morning attacking the CEO of Barclays after admitting that he teaches his children not to use credit cards could be the reason for my relatively benign condition. This reminds me of a visit I made to a Barclays branch in the square mile a few weeks ago. On entering I was immediately accosted by a member of staff who said: "Would you like some easy money?" I of course told her that there is no such thing but she was having none of it. I was then told that if I got a Barclays credit card I would be the lucky recipient of a 10% discount on anything I bought from BT and Dixon's.
As full members know we here at Hindsight Towers are simple people and our methodology for choosing potential long and short candidates within the equity market starts off with the simple premise: Are we a loyal customer, do we like the service and would we recommend it to our friends. After that we then go into a host of other things such as accounts, technicals and market positioning etc but it starts from this basic premise. Over the last year the three companies that we have been most critical of have been spookily enough Barclays, BT and Dixon's so it is hardly surprising that they are all in league together; they do say that misery loves company.
I know we have a couple of readers at BT who last time I was critical of them, quite reasonably, gave their point of view. My primary reasoning for thinking they are a bad company is based on my attempt to open an internet and broadband account. I ordered the Broadband, a torturous process that took 3 telephone calls because the website didn't give clear instructions on who to call and BT seem to be unable to transfer customers from one department to another, and instead prefer to give you a new number so you get to go through the whole menu and waiting shuffle all over again. Once I ordered the broadband I then realised that I hadn't asked whether with my new account I would be able to access my emails through a browser from abroad or would I have to dial a local access number.One might have thought that this information would be available on their website but that would be far too simple. I therefore decided to call up and get the information, a task that proved to be as futile as invading Moscow in winter. Despite talking to five different people, each one involving me calling a new number I was never able to find out. I cancelled the order went to the AOL site where they were offering a free modem and a very simple procedure for discussing the process, you give them your phone number and they call you within 15 minutes; now that is how a communications company should operate it. BT, Dixon's and Barclays treat their customers with disdain.I actively dislike having dealings with them and I know that many members feel the same and accordingly when the timing is right we will sell their shares and thoroughly enjoy doing so.
Hell hath no fury like a Harry scorned.
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