Stupid NYSE
For some foolish reason, the stock market is open all day today. The bond market will close an hour early at 2pm.
What? No Bailout?
The world’s third largest chemical company is going bankrupt according to this Wall Street Journal story. Lots more of that coming in ’09 I expect…
Futures still falling – at 892 now. I think they will be closing at 4:15 today. The big funds paint the SPX, but they don’t care where the futures close.
YIKES…went to buy some puts at the close and my limit order didn’t execute immediately since the market was dropping so fast…went in to modify my order and I ended up with double what I wanted…nothing like making things a little interesting for the new year. Here’s hoping for a nice gap down on January 2nd!
thanks Jungle. I was getting kind of lonely out here in “hey the market is going to rally foreverland”
Futures closed at 892.
Stocks got dumped hard at the close. I guess a lot of traders had the same idea that I did.
The IWM wasn’t able to hold its new rally high, and closed substantially lower.
HAPPY NEW YEAR, Matt & Company!
Happy New Year, George & Everybody!
you mean… it’s New years for real this time?
and may 2009 bring us $70 apples!!!
K;
I’ll send you some apples.
ok you want my address? they better have a touch screen or I wont eat them
They’re not rotten either.
Happy New Years to All.. !! Hope you guys all have a great 2009!!
One final question for Matt.. Was your descending triangle as noted in your previous posted busted or not? I drew the lines myself and depending on how it draw it, it looks awfully close to either being right on the line or slightly above it.
Happy NY Matt, hope all is well to everyone on this board, thanks for the good times, and lets bank hard in 09!
hey all…..happy new year and good fortune in 2009!
enjoyed the discourse on here this year……
Thanks all for the most informative, educational and spirited investment forum in the galaxy.
Hope we get a few extra crispy bulls to start the New Year, but whatever the trend, this forum is likely to catch it first.
Thanks Matt and the many posters here, behind those imaginary names, you are all true friends seeking the welfare of all who visit.
May the New Year bring you true joy and happiness.
Russia Says It Will Halt Delivery of Natural Gas to Ukraine
Charlie, you are seeing E wave extension above the top triangle line. This is a frequent occurrence. When it plummets back down, many will scream “headfake,” but you’ll know this is a classic pattern to play.
If it gaps up and runs… different story, but that doesn’t seem likely at the moment, given the overbought indicators, divergences, Rydex ratio, put-call ratio, etc. It’s possible, however, that Matt will get his gap to fade on FryDay. Just have to see. Such suspense.
SRS lovers:
http://globaleconomicanalysis.blogspot.com/2008/12/200000-retail-store-closings-coming-in.html
~ 160,000 retail closures in 2008, and 200,000 more expected for 2009 (and it could get worse).
Financials crashed further despite bailoutmania. Why would CRE be any different? What commercial developer is simply too big or too important to fail?
JG – “FryDay” LOL
wohooooooooooooooooooooo 09!! fry baby fry.
Happy New Year to y’all!!!
AM STILL AWAKE!! o hooolyyy lol. you too dressguard
Happy new year to you all, hopefully ’09 will be healthy, happy, and of course profitable.
SRS looks a bit tempting, but people say that the slippage is unbearable…
any thoughts ?
after;
By slippage you mean bid/ask price?
Price has bottomed out on SRS 15min chart while the 60min and daily are nearing a double bottom. This could be a good short-trem setup if it follows through. But it would most likely be a counter-move.
I checked its twin, URE, and it is in an opposite configuration. It has made a good move up the past couple of days. The daily has broken over the 36MA which could hold because both the stochastic and MACD are positive. Additionally, price is really a long way off the 36MA (the Mother Ship) and it will go home soon.
My take is that URE is the longer-term favorite while SRS will be making some nice intraday counters.
Say, WHAT?
after, thanks for getting me to look at some of the ETFs.
The most beneficial thing about technical analysis, to me, is to spot big moves then wait on a setup for the counter trend.
That being said, when I trade pairs, I have both of them on one screen just in case one is out of sync.
What I discovered is that there are some ETFs *really* out of sync. For instance, DIG/DUG – both down for the year; SRS/URE – both down for the year. Now, intraday, depending upon the time frame, they are sorta in sync, but geeze, check out a YTD chart on these and see what I mean.
There’s no way you could use one of these as a hedge. Another fine reason to trade intraday.
Now, intraday, depending upon the time frame, they are sorta in sync, but geeze, check out a YTD chart on these and see what I mean.
This is exactly what we call slippage. Now you know, George.