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Did I ever tell you about my barber? The barbershop I go to is in a part of Victoria known as Oak Bay. The local’s joke that Oak Bay is behind the “Tweed Curtain” because it’s like getting transported to a little bit of England on Vancouver Island. There are tea houses, double decker buses, pubs, fish ‘n chip joints, and just about anything else you associate with the UK. And of course there are barber shops.
But this is no ordinary barber shop. In fact it’s more of a boy’s club than a barber shop. Remember when you were a kid and you built a fort and wouldn’t allow your sister or her friends in? Well this is the adult version of that fort. It’s sort of a cross between a neighbourhood pub and a barber shop.
Yes, you go there to get a haircut, but there’s also a pool table in the back where you can shoot a rack while you wait your turn. There are men’s magazines on the waiting area and a big ole church pew that everyone sits on. The ceiling is littered with posters and sports memorabilia and the big screen TV always has some sort of sporting event on it.
There are three barber chairs (the real ones) but only one is used for cutting. The second one is for the owner’s dog, Rocki, and the third is to wait in and/or for a second barber when things get really busy. Besides the “Oak Bay Barber” sign on the door there are two others: “No Kids Allowed”; and “If we can’t make you look good it’s because you’re ugly”. The rate sheet is as follows: haircut $18, something fancy $24, bear trim $7, children 6 and under $400.
The owner is a real character too. He turned 50 a couple of months back and I think he’s having a delayed mid-life crisis. As part of his 50th celebration he changed his name from “Glenn” to “Happy”. Yes, I thought he was putting me on at first too, but then he showed me the legal document verifying the name change. He said he spent the first 50 years of his life with the name his parents chose and he wants to spend the next 50 with the name he wants.
So if you find yourself in Victoria, and in need of a haircut, wander down to Oak Bay Village and see “Hap” the barber. I promise you won’t be disappointed. And tell him Erich sent you. He’ll get a kick out of that.
Enjoy this week’s issue, the full version of which is posted in the Members area along with the videos and charts.
Test Drivers, read on:
Currencies Market Overview
Lot’s of sideways action in the Currency markets as they’re either taking a breather or getting ready for a full blown reversal. Right now I think it’s more of the former where we will eventually see everything continue with its original trend, but it could take several weeks for everything to shake out before we get there.
Canadian Dollar
If the September Canadian Dollar opens at or above 8550
SELL September Canadian Dollar at 8547 (stop)(day)
If filled: Exit Stop: 8733 (stop)(GTC)
Approximate Risk: $1860 per contract
Profit Target: 8287 (limit)(GTC)
Approximate Profit: $2600 per contract
Degree of Risk: Moderate to HIGH
Financials/Indices Market Overview
I laugh when I listen to the financial news these days. All the “experts” remind me of the story about Chicken Little and how he ran around shouting “the sky is falling!” These financial people they’re getting on the news nowadays are very similar and their comments only reaffirm what I’ve known for a long time: the news is made to fit what the market does.
For several weeks now you know that I’ve been suspicious of the rally in the Stock market telling you that a pullback phase is necessary to prove that existing support is the real thing. Well guess what? It looks like we might finally be hitting that pullback period and just because the markets are off a few ticks (mostly because of profit taking I think) you’d swear that the financial analysts were forecasting the end of the world.
But I don’t think we’re anywhere near that bad. Yes, the Stock market will probably continue to slide this week but that’s to be expected. Where will it stop? I can’t say for sure, but the lower it gets (without breaking the existing low) the better. Why? Because it will prove that that is as low as investors are allowing the market to go before seeing value in the stocks and buying it higher.
It’ll get a little worse before it gets better, but I believe we’re near a more permanent turn around.
FLAT Financials and Stock Indices
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