109 Responses to “Thursday’s Trading – 4/23/09”

1. junglegirl says:

   April 23, 2009 at 11:00 pm

   My monitor may be broken. My charts are a screaming short, yet the candlesticks are almost uniformly white except for a rare black candle. You’ve heard of the Blue Screen of Death? I believe I am experiencing Red Deficiency, a serious affliction. Maybe tomorrow we can exit the Twilight Zone. If not, I may throw some spaghetti sauce at my screen just to remember the good-ole-days.
2. junglegirl says:

   April 24, 2009 at 12:06 am

   Yes, I know the 60 min chart has bullish signals. Yuck.

   BTW, I saw someone posting a possible diamond pattern for the action these past two weeks. Pull up a 10 min, 15 min, or whatever your favorite is on the SPX. The “pattern” starts about April 9th. The first half of the diamond looks like a broadening pattern. The second half looks like a symmetrical triangle. In a diamond, like a symmetrical triangle, the volume needs to diminish over the second half of the pattern. That’s not happening here. “The Book” says not to try to call Diamonds too often… usually they are complex H&S patterns (p. 160-161). FWIW. Also, based on the 60 min. indicators, it’s possible (gag) that we could violate the H&S and go after a double top, or even exceed the high by a slight amount before a retracement.

   Let’s see what the White Paper brings….
3. Yerk says:

   April 24, 2009 at 1:39 am

   junglegirl, as simple-minded as I am I’d love a double-top. Clear message: Dump more than GS will buy

   MKB: Mr Cuomo is the problem, isn’t he? Apologies for being cryptic.
4. towelie says:

   April 24, 2009 at 1:48 am

   jg…I’m seeing that diamond pattern as well…not perfect, but I think a complex H&S fits a bit better. Unless we end damn near flat tomorrow we should break above/below the potential diamond. Knowing this market, it will keep building suspense and remain in a very small range.

   Should we be surprised to see stick figures in the bank stress test guidelines? The stress test sure sounded like a good idea at the time, but now it is just idiotic. If the government says everything is okay, they lose whatever credibility they still had. If they say we are screwed and some banks will go under they risk starting another panic. What a nice corner we have painted ourselves into. I’m going to bet they have come to the conclusion that lost credibility is better than risking a panic. From what I have heard, their worst case scenario is my “this is what happens if everything we have done actually works” scenario.

   I went short Wednesday afternoon. It’s going to take a significant move past 875 to get me to give up the position. Looking to hold it for several weeks, minimum.
5. junglegirl says:

   April 24, 2009 at 2:38 am

   Roubini from 3 days ago:

   http://www.businessinsider.com/henry-blodget-roubini-youre-all-fools-2009-4
6. Dressguard says:

   April 24, 2009 at 3:25 am

   Roubini is the biggest fool of all and a liar. Last year he didn’t admit that
   he lost a ton of money going short. He said he would be a long-term investor
   who doesn’t care about current stock prices. This year he says he stays in
   cash or cash equivalents. This guy is nothing but a vain peacock.
7. Dressguard says:

   April 24, 2009 at 3:50 am

   Common theme these days: Futures red, trading session green. I smell a rat.
8. Dressguard says:

   April 24, 2009 at 4:04 am

   German DAX going hyperbolic. Oh yes, the recession is not as bad as expected. Only a few more unemployed and it’s a lagging indicator anyway.
9. Mitch says:

   April 24, 2009 at 8:31 am

   Henry Blodgett (CEO & editor of the publication Roubini was quoted in) & Roubini are now competing for who fails to exit positions at the tail of the last two great bubble destructions. Blodgett lost investors a fanciful amount of money as an analyst who got so many Internet company calls wrong it was comical. The dude was just hopelessly wrong.