Last week after a rather slow start to 2014 in the financial markets, we saw some interesting price action in two of the most talked about markets. We had decisive 20 day price breaks in US equities and gold. In the 1980s Richard Dennis, a commodities speculator once known as “Prince of the Pit”, gave a new meaning to the word “turtles”.
The Turtles were a small group of novice traders that Dennis trained in a short period of time to follow a basic trend following system. When the experiment ended five years later, his Turtles had reportedly earned an aggregated profit of $175 million.