Posted by Ray on November 12, 2008 under Main | 
The market hit its post 10/10/08 lows and closed on them. The Asian markets are getting creamed in overnight trading and a Canadian hedge fund has to liquidate and close 2 funds. This is the perfect storm for short-term trading.
Based on what we see, by the end of the week, but more than likely tomorrow, we will see a close below 8,000. This takes out the temporary bottom we called on 10/10/08 and there is no bottom until 7,500. However, after the new closing lows that we will see by tomorrow or the next day there should be a spectacular rally.
The rally will fizzle and the markets will then form a longer term sideways trading range, probably between 8,000 and 9,500 or 10,000. The good news is the consistent down days could be over in the next few days. There are so many good buys out there right now it is clear that the market is oversold.
Good luck and see you tomorrow as we discuss the talking heads and variable annuities.
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Posted by Ray on November 3, 2008 under Main |
We have seen this before, websites popping up over night saying that they are unbiased and the best place to compare annuities. Well, each site that comes along is a broker driven site which directs you to invest in what they feel is the best product.
What is the problem with that? Many, they could steer you into either the highest paying product, for them, or into a product they think is the best product for you, which is still the best product for them to sell you. This has happened again over the weekend, there were a few before this one actually.
While there is one online site that we have some respect for the rest, we do not. The rundown of the last sites that came out were AnnuityHQ and annuity Professor. Each of these sites copied an existing website and one tried to copy our system, only the ratings none of the actual data.
Well the new site claims to grade the contracts based on the COMDEX rating, surrender charges, sub-account quality – very subjective to personal feelings, expenses and a rider “evaluation”. Here is the problem, we looked at their “Top” picks, which are identical to what AnnuityHQ’s top picks because it is the same people, and there is no reason whatsoever that they should be claiming these products as “the best” in the industry.
It is laughable that sales people rate variable annuity contracts and try and tell you what the best contract is. They are SELLING YOU the annuity, it is that simple. This site did not even touch on real world scenarios, maximum costs or current financial risks, which are very different for mere S&P, Fitch or Moody’s ratings.
You have to be careful with who you are dealing with when buying a product. Especially from a firm that is both selling you a product and rating a product. This site gets the triple stinky award for their effort. Plus, they are dangerously close to a real trademark and copyright suit by not only us, but by another website.
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