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  • CRUSHING the Market!

    Posted on May 11th, 2010 No comments

    Crushing the market is exactly what I’m doing. If you’ve been following my blog, you’ll remember me saying this…

    The only reason why I’m shorting at this point is because I’m looking for a 50-75 point correction, nothing more. There is a small chance that we can go up to 1220 on the S&P and face a 100 point correction, but I find that highly unlikely. My bet is at 1175-85.

    As you read from my March 29th post I started shortin the QQQQ’s and SPY’s at 1175 up until 1225. I had my stop placed at 1230 and my last short sitting at 1220 as stated here. If you listened to my exact words, you would of been running to the bank on Thursday! I’ll be honest though, calling the bottom was near impossible. I’ve never witnessed a single day where we blew past the 50 and 200 day moving averages on the S&P. I exited my QQQQ/SPY shorts around 1144 on the S&P.

    Here is a little snapshot of the huge success as recorded by Covester:

    Chris P's Track Record on Covestor

    Chris P's Track Record on Covestor

  • Correction in Progress

    Posted on May 4th, 2010 No comments

    As I told everyone here: Market Correction is Coming. The VIX is off the chart once again and the S&P has plunged more then 40 points from its high, almost in 1 day. I must say, they definitely made us sweat near the top but if you stuck to your stop limits you should be in the money. I’m looking for support levels near 1168 and 1144. I would take positions off the table at both those points and start looking to become a bull around 1100 – 1125.

    I hope this helps everyone, happy trading!

  • CREDIT CARDS: Starwood (SPG) Moves with American Express

    Posted on April 12th, 2010 1 comment
    Canadian Starwood Preferred Guest Credit Card by American Express

    Canadian Starwood Preferred Guest Credit Card by American Express

    After being a die hard Starwood Preferred Guest and using my no fee SPG credit card via MBNA, I’m sad to announce that it has come to an end. SPG has decided to move with AMEX, where the customer service will be great, but the rewards will be less. American Express has decided that it needs to charge customers a $120 annual fee for the same rewards we would of received at MBNA. Clearly this was a business decision on SPG’s end and not a move to help their customers.

    Canadian credit cards are going to become more difficult to choose now, simply because it seems like every company is forcing annual fee’s and rediculous interest rates. The new interest rate will be 19.99% with AMEX. How they justify such extreme interest rates and annual fee’s is beyond me. But only we are to blame for this mess.

    Here are some notes on the new American Express (AMEX) Starwood Preferred Guest (SPG) credit card:

     The Pro

    • $1 = 1 point, the same rate as MBNA’s SPG card
    • Free weekend night after $40,000 in annual purchases
    • Automatic upgrade to Gold Preferred Guest after $30,000 in annual purchases
    • 10,000 welcome bonus points
    • TRAVEL: Car rental & damange insurance, travel accident insurance, travel emergency insurance, baggage insurance, plus more.

    The Con

    • Removal of the 5000 point bonus for every $10,000 spent annualy, up to 15,000 bonus points
    • $120 annual fee
    • Mastercard is more widely used then American Express (MBNA was Mastercard)
    • No more travel insurance, just regular insurance.

      Canadian MBNA Starwood credit card

      Canadian MBNA Starwood credit card

    All in all, you’d expect that that SPG would off their customers more for moving with American Express.  AMEX has higher merchant fee’s, annual fee’s, and they decided to offer much less then MBNA. There is no need to switch over with AMEX unless you like to be ripped off, they simply aren’t offering the same program as MBNA. It looks like us Canadian customers will have to look at a new credit card because AMEX SPG outright stinks.

    You can visit any of their websites here:

    Starwood Preferred Guest / American Express / MBNA Canada