I just received news we should get our initial "letter of comment" from the SEC sometime next week. Literally just heard this 10 minutes ago. We filed with SEC mid December, so it will be some 80+ calender days by the time they bothered to respond back. They claim to be "very behind"...
I'll start reporting more often from here on progress - next step is in the letter the SEC offers their questions/comments which we need to respond to. Then once the responses are filed, the final review is done and then you are approved. I will try to get a ballpark of how long that final review process is after we give them answers (which should take about 5 days since legal is involved) but last time I was offered a SEC time frame it took 150% longer than anticipated. So not sure how accurate it is with this crew.
As an aside, as mentioned this morning I'd be bullish for the day unless the price action dictated otherwise. So far so good. We have had a nice bounce on the day, some 12 or so S&P points from the low with an hour to go. Assuming we get the now traditional mark up in S&P futures between 6 AM and 9 AM Monday morning we will have gone a good way towards relieving some of the oversold conditions I mentioned this AM.
In a normal market this type of cursory bounce in a downtrend would be a good setup for a new leg down in the mid to latter half of next week - but in the abnormal market of the past few years, once we start a bounce we usually just go straight up on little volume for months on end. Hence one has to be prepared for both outcomes ("the old way the market worked" and "the new normal market") nowadays. The NASDAQ has an upside gap it might want to fill so if we keep bouncing early next week let's see what happens after NASDAQ 2739ish is filled.
Best Of FMMF
- 1: Warren Buffet Piles on Europe
- 2: [Video] Jim Chanos Returns from Europe, Even More Bearish on China
- 3: A Chart to Open Our Eyes - Staggering Changes by Multinationals in Employment Behavior 00s vs 90s
- 4: Futures Blasted on Dexia Woes... and Poor Preliminary China Data
- 5: Market Working to Worst Thanksgiving Since 1932
- 6: Et Tu, German Bonds? Poor Auction Raises Eyebrows