Did Dubai really crash world markets?
Here’s David Faber reporting the Dubai story on Wednesday morning:
The market yawned and rallied into the close. The futures didn’t roll over until four hours after the bell. Yes, Faber’s delivery style does indeed induce yawns, but bulls should be concerned that it wasn’t just Dubai that caused the panic.
Also, the market’s seemingly miracle recovery after the futures had plunged on Thanksgiving may only be a retracement. That’s what happened last year. On October 23, 2008 the futures market was shut down at 843 after the SPX futures dropped 60 points. (So, if you went to sleep long only one ES contract, you woke up $3,000 poorer.) But the stock market seemed to shrug it off the next morning and closed at 876.77. The bulls were greatly relieved over the weekend, but on Monday, the SPX went down and tested the lows that the futures had established.
The lows held, and the market rallied for a week or so before rolling over and plunging much lower in November 2008.
We’ve seen this movie before, and bulls should not take it for granted that the panic is over. The 1067 low set by the futures should be considered a price probe until proven otherwise.
Funny Because here’s what Abu Dhabi says.. “Heck No, We’re Not Bailing Out Dubai”
http://www.businessinsider.com/abu-dhabi-heck-no-were-not-bailing-out-dubai-2009-11
K,
My point is that it may not matter if Dubai gets bailed out or not.
Matt
a lovely chart.
http://www.ritholtz.com/blog/2009/11/dubai-the-first-credit-crisis-since-the-march-market-recovery/
http://reflections-of-reality.blogspot.com/2009/11/housing-credit-stocks.html
scroll down to check when the 48 rule was issued …
http://www.tradersnarrative.com/sentiment-overview-week-of-november-27th-2009-3280.html
or here is direct link
http://www.tradersnarrative.com/wp-content/uploads/2009/11/S&P500%20instances%20invocation%20NYSE%20Rule%2038.png
dubai this dubai that… well here’s one thats actually interesting!
http://www.businessinsider.com/the-geopolitics-of-the-dubai-debt-crisis-its-iran-vs-the-united-states-2009-11
K,
Happy Thanksgiving! You are posting
some great links. Keep it going.
Great links K, also a nice read from an Australian perspective:
http://www.dailyreckoning.com.au/trouble-with-sovereign-debt-crisis/2009/11/27/
George & K,
Mother, Paula, and I have the same cardiologist.
She’s the best. Every year our blood test results
get better and better. Unlike most doctors who
think you must die on a prescription, she works
overtime to keep us off of prescriptions. She
tells us to take 4 gm of omega 3 fish oil daily.
One of the really nice things you can do for
yourself is to find a good cardiologist…it will
add years to your life.
We needed 4 Brinks trucks Friday…hope you
did too.
Have a great weekend.
Julie,
Hope you had a happy thanksgiving too.
I finished my Dom Perignon.
I wish i could get a cardiologist as good as yours. I don’t even want to see my doctor much
I believe exercise is the best way to keep the doctor away. I set a goal to become a boxer and have been working on it ever since. I wont join boxing gym till next fall but for now it helps to have a goal!
As for the links, thanks. 5/500 is 1% of the news i read are worth it.
K,
In addition to your “themessthatgreenspanmade”, see if you can find one that is “thebubblethatbernakeblew”: There should be a link on it in the near future to “thebubblethatbernakeburst”.
K,
Your right. Exercise is great. Our doctor
tells us to walk at least 30 minutes every
day. If you interview enough doctors you
will find the right one for you.
Julie,
Good advice about the prescriptions. I hate taking drugs. Agree with K as to the importance of exercise.
Kudos for your improving blood tests. Glad you all filled up 4 trucks. Thursday and Friday last week were great for sure.
Ever since I took the blood test in july i always felt like i let myself down. I had not exercises in about 1 year. that was very shameful for a varsity soccer player in highschool that I was.
I came from a place that we rarely had doctors or good care so all home remedies and such. I don’t count tylenol as prescription but if it does then i do take it once a month. past few days have been feeling a bit sick so had it every night just to stop a possible fever.
George, will Pats win tomorrow?
K.
Pats will win.
The Saints wooped up on Tampa last week. I swear those are ugly uniforms the Saints have. I’d have to go with NE although they do have a disadvantage of playing in a cajun superdome with crawdad gumbo on the field.
San Fran 49ers have a purty uniform too, that’s why they’re hard to beat. And that’s why Tampa is always going to get beat because they tried to copy San Fran’s colors. They failed. SHAME!
This Monday night game will be better than last for sure! Brees is cajey! And can read a defense and pick it apart. Brady a little more formal but precise. Having Welker to throw dumps down to when Moss is covered is quite the option! Brees has great options to but is his own option when it falls apart.
Awesome Monday night in the works!
My beloved Tar Heels lost to NC State yesterday. Spoilers!
wow
The central bank of the UAE is providing an emergency lending facility to banks in the region that may be hit by a possible default by Dubai World on its debt obligations.
am sure that’s a HUGE relief.
Matt
I have a way off topic question. I am trying to get my 1965 8th grade class back to a reunion. My son-in-law built a website for me. When I do a google or yahoo search it never shows up. I have tried every keyword I know is on the website, but it is never found. Is there a trick to get website recognition from the search engines?
String
String,
Google’s Webmaster Guidelines is a good place to start:
http://www.google.com/support/webmasters/bin/answer.py?hl=en&answer=35769
I don’t waste my time with Yahoo! Google has crushed them.
Matt
Matt
Thanks loads, you are welcome to crash the reunion.
String
String,
if you have a facebook…. ever tried searching them on there?
I no longer have one so i can’t help.
you’re be surprised how many older people are on facebook now that its open to everyone. I’m guessing 65% of my relatives at least.
that way you can create a group on facebook and also put the website on there and invite those classmates.
if facebook is new to you then disregard this or use it as a starting point.
-K
I took a look at SDS daily and began drawing some trendlines. I came up with something interesting, some fan lines of sort that looks as if they are going increasingly higher.
See what you think:
http://i45.tinypic.com/654lye.jpg
Anybody who signs up with Facebook will need to be mentally prepared for the largest onslaught of email spam known to man.
why Matt?
you can turn them all off.
tell you what i think george?
i drew this on the 1st of november
http://i48.tinypic.com/vdwgm.png
and this on octber 7th.
http://i48.tinypic.com/246tf6c.png
just sayin.. that 42 level is something to watch for
K,
Yes, I have filtered out anything with the word “Facebook” in it, but the initial avalanche was orders of magnitude worse than I have ever seen.
Matt
No, I meant by going into settings and turning off all email notifications on the facebook page.
no need to filter things out. I will turn my dad’s off now that I think of it lol he’s been bombarded
Matt/K
Thanks for the heads up. I will probably shy away from facebook. I have already contacted a large % of the class. There was 43 and I am well over 20, with several leads on others.
String
Ok sounds good.
there are too many settings on facebook, one of which will puts your full name on google’s search engine. seeing how popular facebook is, a search for your name will give that link first. that is how people get caught doing crazy things they think they are safe lol.
I hope you are able to get a reunion String.
K,
Most of the Facebook spam is informing me of “the new logon system” and is asking me for my logon. If I didn’t know any better, I might think that Facebook’s first order of business is to hand your email address over to the Russian Mafia.
Matt
http://theimpatienttrader.blogspot.com/2009/11/charts-you-need-to-be-aware-of.html
Ohh,
never heard of that Matt. never had a facebook spam while i was signed up.
6 months free of it, such an antisocial move on my part LOL
K,
Nice chart of SDS!
K,
I never even set up a profile. Somebody I know said that they sent me pictures on Facebook, so I signed up. Seconds later, Pow! I’m under attack. I can’t imagine a worse “user experience”.
Matt
Matt,
Oh ok, yea a customer I tutor called me up once and asked what that was all about. Now I remember.
I signed up when it was only for college students required a university email. it was nice to keep in touch with college buddies. But like every other entrepreneur he opened it up and lost its initial purpose.