COMMENT: Mr. Armstrong, I retired from Wall Street and from your favorite competitor. You earned the nickname “the legend” because you were the greatest of all traders. We always watched your plays. You would roll the dice, and you did inspire fear in everyone’s eyes. Many could not believe you had a computer that was that good. The word was always that you had more contacts than anyone else and were infallible. I just wanted to say you paid the price for your discovery, and as a subscriber to Socrates, your computer is light-years ahead of anyone else’s.
I was there as a young trader when you took on all the firms and systematically took down all the silver traders including Warren Buffett. That trade would have made a movie like the Big Short look appear as child’s play. You should hold a conference on how to trade. I would attend even being retired.
K
ANSWER: Yes, that trade I will always remember. The guys on the floor warned what was going on and that I would be taking on everyone. It was a lot of fun. I used Emerald Trading on the floor. That trade was legendary. They signed those bills when it was all done.
I will tell you a secret. I know what you mean when I rolled the dice I could see the fear in their eyes. That was the fun of trade in the old days. I shorted that market, took them all out, covered all my shorts, and actually went long. It was clear they assumed I was still covering shorts. I told the boys on the floor then to get aggressive in bidding to show them I was now long. I heard them scream on the floor, “He’s F–king long!” They then scrambled buying everything they could taking the market up. It was such a fun time. Forget the money. It was taking on all the bankers and watching them panic. As you said, the fear in their eyes.Audio Player
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Those were the good old days. I did my charts by hand. I framed this chart up to remind me of the good old days. But everything has changed. The ticks are just flashes on a screen now. I’m not sure if I could have learned how to trade in today’s world. I could see every tick, the quantity, and the sound.
I was probably the last to have a paper tape. I remember TransLux coming in saying they had to take it. With a paper tape, you never missed anything. The sound would sound like a machine gun.Audio Player
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I would plot tick by tick. That taught me patterns. Floor trading (also known as open outcry) for precious metals futures on the COMEX division of the CME Group technically still exists. However, it is no longer the primary method of trading. In practice, the vast majority of COMEX gold and silver futures trading has migrated to the CME Globex electronic trading platform.
Jesse Livermore’s legendary trading career began as a “board boy” in a Boston brokerage, where his job of posting prices on a large chalkboard led him to discover recurring patterns in stock movements. His early years perfectly demonstrate how systematic observation can lead to pattern recognition. At the age of 14, Livermore worked for Paine Webber, where he would listen for price quotes shouted out by the ticker boy and quickly write them on a large chalkboard covering the firm’s wall.
Jesse saw the patterns like I did from working with the data directly. On November 12th, 1923, Jesse turned bullish. Just like me, they attacked him because they did not like his forecast. The Wall Street Journal falsely accused Jesse Livermore of turning bullish on the market because he was friends with the president. The Journal accused him of trying to influence the presidential election. When the market broke out and rallied, all the other publications took swipes at the WSJ saying everyone reported Jesse’s comments “except” the WSJ.
John Law’s contribution saw supply and demand before his eyes as a trader and they said a gambler. Academic sources confirm that Law held a “demand-and-supply theory of value” and was one of the first economic writers to systematically use the concepts of demand and supply in his analysis. He applied this framework to money, introducing the term “the demand for money” and analyzing inflation within a supply-and-demand framework. His major work, Money and Trade Considered (1705), presented these revolutionary ideas well before they became common.
David Ricardo was a highly successful stock trader on the London Stock Exchange, and his practical experiences in the financial markets directly shaped his economic theories. Contemporary observers noted his “extraordinary quickness in perceiving the turns of the market” and his ability to spot “accidental difference which might arise between the relative price of different stocks.” These skills directly parallel the quantitative trading strategies used by modern hedge funds.
There is a common thread that runs through us all – TRADING. There are some things that cannot be taught. You have a “feel” for something or you do not. There is a HUGE difference between being s TRADER and an INVESTOR who buys and holds. A TRADER looks at a chart and sees instantly a bull or bear market. You are engrossed and taught by the patterns.
Me 1985 With an IBM XT
Colorado Governor Jared Polis has commuted the sentence of Tina Peters who will now be released on parole June 01, 2026.
Peters was convicted in August of 2024 of three counts of attempting to influence a public official, conspiracy to commit criminal impersonation, official misconduct, violation of duty, and failure to comply with an order of the Secretary of State.
Colorado Governor Polis has commuted her sentence.
COLORADO – […] Mesa County District Judge Matthew Barrett was preparing to resentence Peters as directed by the Colorado Court of Appeals, which found in April that the nine-year sentence he issued “was based in part on improper consideration of her exercise of her right to free speech.”
“Her offense was not her belief, however misguided the trial court deemed it to be, in the existence of such election fraud,” the appellate judges wrote. “It was her deceitful actions in her attempt to gather evidence of such fraud.” A date for her resentencing hasn’t been set.
Polis told The Sun he opted to wait until after the Colorado Court of Appeals ruled on Peters’ challenge to her sentence before taking action.
“I had many of the same concerns that the appeals court,” he said, “which was basically that because of her unpopular and incorrect conspiracy beliefs, she was punished more harshly than usual for a crime that she committed. I’m a strong supporter of free speech. I share and vehemently disagree with the way Tina Peters chooses to use her free speech. But it’s a free country, she’s free to do it.” (more)
White House official photographer Daniel Torok just announced that all of the Beijing trip photographs have been uploaded to the White House Flickr Account. I was hoping Torok captured this moment, and indeed he did.
President Trump gives quick comments to the assembled Press Pool at the White House upon return from China. WATCH:
The most interesting aspect to the Beijing trip was not and is not the trade success stories that surfaced during the trip {USTR Greer}. While President Trump brought titans of industry, tech and finance with him to Beijing, the emphasis is on relationships.
Stay elevated. Note the emphasis by Secretary Rubio was on geopolitical relations against the background of current events. Note how much narrative energy is spent on the ‘relationship’ aspect to President Trump and Chairman Xi, from both leaders and also on direct questions to all pertinent current events.
When questioned about issues, Trump, Rubio and Xi spoke of relations – not details of policy or current events. The venues within China were specific to something more akin to understanding motives behind policy, personal motives, historic motives from a personal perspective. It wasn’t a trip of transactions; the vibe, the frequency of it all, was seemingly dominated by something more important to the moment than dollars and yuan.
It seemed critical for both leaders to convey their mutual alignment, ensuring and emphasizing the importance of no conflict between their nations, even if policy differences are present. Both Rubio and Trump emphasized this overall tone.
To me, this makes sense given what I view as the current big picture.
President Trump is framing out an entirely new geopolitical alignment and both Russia and China are cornerstones in this construct.
The biggest losers right now, actual economic losers being hammered by the energy sector, are Europe the U.K, and all the commonwealth countries therein (including Canada). China is essentially in statis and lacking the needed power within this dynamic.
China’s power was through their industrial production which has one fatal flaw, dependency on customers.
We saw this play out in 2018 when the G7 in Canada erupted on Trump because their economies were shrinking. Their economies were shrinking because President Trump was confronting China (vis-a-vis tariffs and ASEAN replacement partnerships) and Beijing was responding by lowering prices and, unfortunately for the EU, stopping their purchases of industrial goods.
In 2018 and 2019 China stopped major purchases of industrial goods from the EU, that hurt the economy badly. That was the background for that infamous picture in Canada at the G7 meeting.
Shinzo Abe and the Association of Southeast Asian Nations (ASEAN) were fine. Japan, Vietnam, South Korea, Indonesia, Philippines and Thailand all picked up business as President Trump told manufacturers to move production out of China and into ASEAN nations. That process was underway.
However, China started pulling back spending and devalued their currency as a strategy to lower prices and retain those manufacturers despite the tariffs. It is important to understand how this impacted Europe, especially Germany.
Fast forward to 2026 and the current energy issue. Once again President Trump has put the EU into a place of severe compromise, and without Russia being able to fill the void for the oil and gas missing from Venezuela and Iran, China would be in trouble.
Russia is filling that gap and China now in a position of dependency. Thus, with Big Panda experiencing dependency for the first time it becomes critical for Trump to emphasize that all is ok, don’t worry, we’re all friends. However, when Europe contracts it hits hard on China, and when China contracts it hits hard on Europe.
China’s long-term plan always included being able to infiltrate Europe, and they have been very successful. However, Trump is changing things and former ‘western’ power centers in Europe and the UK are losing power rapidly.
The takeaway from this summit is President Trump and Chairman Xi, the two biggest apex predators in the world of economics, talking to each other about the importance of staying deconflicted as this geopolitical realignment takes place. The nature of the relationship then becomes important, and that’s exactly the vibe that comes out of this trip.
Next up, Putin!
I have created this site to help people have fun in the kitchen. I write about enjoying life both in and out of my kitchen. Life is short! Make the most of it and enjoy!
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