I pushed the wrong button and accidentally deleted the Wednesday’s Trading post.
Judging by the level of the futures, I would say that they fell to an equivalent of SPY $114.50 after the Senate vote. SPY’s 60-minute slow stochastic was giving a pretty strong overbought signal, so I’m not surprised at the sell-the-news reaction. The Senate vote was a non-event, though the reaction of the futures seems to be causing low morale amongst traders.
The real deal is the House vote, which initially was supposed to be on Thursday, but seems to be pushed back to Friday now. If they don’t have the votes in advance, they will postpone it until next week. Imagine if there is no vote on Friday and the market is left with nothing but a big, ugly jobs report. The week could end badly, but like George said in the comments before I trashed them, it might wind the spring all the tighter for a strong reaction to the eventual House vote.
Remember a few weeks ago when Larry Kudlow was shouting how lower oil prices would save consumers money, which they could then use to pay off their mortgages and deliver a fairy-tale ending to this crisis? If that wasn’t pure lunacy, I don’t know what would be. I just paid $71 to fill up, and George can’t even buy gas at all. Hmmm, I guess that does leave George with more money for his mortgage after all…
I went short in the futures after seeing the initial reaction to the vote and am now sitting on some nice gains. I’m not going to take profits yet. There should be more bad economic news in the morning, and the market might want to sell-off a bit ahead of the jobs report – especially now that traders will be thinking twice about getting long in front of the House vote. And how many times can Warren Buffet save the world? How much cash does he have left?
Watch the comments for updates throughout the day.
I wish i could short haha.
BTW newbie. i printed this out in a full page
maybe not a frame but got it in front of my face.
http://i34.tinypic.com/2jeqlac.gif
hard choice.. http://i.b5z.net/i/u/1631368/i/happy1.gif eheheeh
K, those are great, if only I could say I never found myself in those positions… I shorted GOOG at $600, went to $700. Bought at $550, went to $500.
Everybody talks about Buffet and his long term approaches, but charting and timing is important to long-term traders as well.
i got 1 share of google at $480 went to $420 then to $700 and i said if it isn;t $1000 i’m not selling. just then i became familiar with charting indicators and recently sold at $580 and since then it never saw $580+ again.
i printed these so when i get tempted i can take a look at remind myself
what about drug companies that sell antidepressant stocks?
this quote was taken from a 2002 article but i am thinking this economy will affect everyone.
Some will pick up smoking, some drinking, others will commit suicide and plenty will buy anti depressant drugs.
“Today, there are seven major antidepressants on the market from the likes of Pfizer, Bristol-Myers Squibb, Glaxo, Lilly, Wyeth and Forest Labs. Glaxo leads the market with Paxil, which brought in $2.7 billion in revenues last year, and Wellbutrin added another $932 milllion. Combined, they made up 12.3% of the company’s $29.5 billion in revenue last year. Pfizer’s Zoloft comes in at No. 2, with $2.37 billion in annual sales, or 7.3% of the company’s total sales of $32.3 billion.” keep in mind this was 2002
Am just throwing out a random Idea i had.
K – need to check on patent status and generic competition. Big problem for the big pharmas is their old blockbuseter workhorses were coming off protection, no good substitutes in pipeline, those they had weren’t much better and generic substitutes were becoming available. 2002 is about when the crap started hitting the fan but it didn’t really turn over so people noticed until 05/06.
you are right. i forgot
just get some brain sparks lol
I am going to mention the unmentionable. Could we be within 10% of a bottom? VIX is out of control, doom and gloom everywhere, volume is dead. Larry, Paul, Matt, anyone?
Volume is dead because the fun stocks aren’t fun when you don’t have a parachute. I agree with the doom, gloom, everywhere. Perhaps is the time a bottom is in the works. But would you rather take a chance right now or would you take a chance when the pattern is broken? I do agree tho that short term we should bounce hence i left some long bets out there taking the chance
http://i36.tinypic.com/30c0tpv.png indu wedgie
http://i38.tinypic.com/28hzq55.png SPX something