Wednesday’s Trading
Hanging Men
Many daily charts now have bearish hanging-man candlestick patterns. Take a look at the XLF and IWM for especially good examples, and QQQQ and SPY fit the pattern pretty closely too.
Grantham Says the Bear Ain’t Done
In this interview, famed value investor Jeremy Grantham who manages $100 billion gives 2-1 odds that the market will go down a lot in 2009, and wouldn’t be surprised to see the S&P 500 at 600. He says that earnings will be mercilessly crushed for the next year or two. In the account that he manages for his sister, he has her in 80% cash. He also said that making Greenspan Fed chairman was a dumb idea because he was a follower of Ayn Rand.
Russia Preparing to Take Alaska Back?
After the USA collapses and splits into six new countries in the spring, Alaska will be left high and dry and ripe for the plucking. So says a Russian scholar.
November 26th, 2008 at 12:44 am
I’m Back! Well, sort of…
I thought I had the flu. Turns out to be a very bad infection on the sinus area and bronchitis. Very Bad. Real bad caugh which has made me sore all over. I’ve caughed so much I lost my voice. And I’m still caughing.
Then another death which I attended the funeral.
I have been trading off and on for the past several days both out of town, in doctors’ offices, and the waiting room of the hospital (that was a trick), with a lonely laptop. However, I’ve done well - very well.
If it wern’t for bad luck.
Matt;
Your comment about “making Greenspan Fed chairman was a dumb idea because he was a follower of Ayn Rand” is spot on. I was required to read the book “Atlas Shrugged” as part of my management training. There are those who believe this is a great book, but I was not impressed. I didn’t learn anything from it.
K;
I haven’t read any past posts, so please don’t tell me you sold UYG.
I’ve made a ton off that puppy.
And, did you get APPL under $80? I did, but not sure what will happen. It hit a 52 week low and that has to count for something.
Charlie;
I KNOW you’ve been chipping ICE. I bought on the 60 minute chart and it still hasn’t turned over.
Keep ‘em straight JG.
November 26th, 2008 at 1:02 am
Hey George,
great that you’re sort of back. The board has been quiet without you
I often find myself only talking to myself … lol..
Hope you fully recover soon
I’ve actually been trying to play the short side a bit the last 2 days. Got killed on monday and did much better today. I gotta learn from you such that I play on both sides of this market.
Matt,
I think you’re comments are right on. I think that we are at the cusp of a major sell-off here. I’ve looked at Tony’s videos, your charts and a number of other analysis.
I guess based on my own basic analysis, it was a bad sign today that we weren’t able to get past the 866 mark which served as resistance. I also see a few hanging man candles out there too. BIDU, AAPL, RIMM, FSLR, POT all look poised to go lower. The BKX looks also ready to tumble too if it can’t get past 45 and change. I must say that these are interesting times.
November 26th, 2008 at 1:15 am
Matt, why did you post in UFC? You were talking about Russia here. Are you expecting Andrei “The Pitbull” Arlovski to come back?
November 26th, 2008 at 1:39 am
Charlie;
Thanks. Good to be back. Hope to be in a full groove by next week. Interesting your observations about a sell-off. What steps do you think it will take, like, counter-rally then down or down soon and keep going?
November 26th, 2008 at 7:17 am
George, good to hear from you & take you time to get back on track. I see you standing at the doctor’s desk, scalping the money they want you to cough out.
Matt - impressive sample of analysis. I do appreciate that you keep the signal to noise ration high. Sometimes it is quite in here, but if there is noise it’s saturated with signal.
Forecast EURUSD mid-09: Morgan Stanley 1,10 ongoing deleveraging - Deutsche Bank 1,55 deleveraging done. Everyone in the same boat but at different speeds
Dax got rejected at 4600, now trading around 4500 which is still above the downward trendline.
November 26th, 2008 at 7:27 am
Found this - Merill Lynch’s HF report https://ssl.godmode-trader.de/premium/rmt/upload/2008-11-24_11-26_ML_Hedge_Fund_Monitor_43995222_081124.pdf
Data Nov 18th: “Large speculators added to their net long positions in S&P 500 futures to ~$13.4b notional from ~$11.6b notional previously. Readings are at their highest levels since Dec 06 and considered
crowded. There is now only a potential buying power of ~$7.3b notional. We are perplexed by this long position in the SPX – we assume part of this long is hedged, but historically markets don’t bottom when positions are net long.”
We dipped since but have we bottomed?
November 26th, 2008 at 7:33 am
George,
Welcome back!
I sold off 75% of UYG and got short at the end of the bihappy to take it as a g 2 day rally.
on parents account i bought apple at 82 sold at 86
bought ice at 51 sold at 62 unfortunately. but that was a nice 20% from friday till monday so i was happy to take it as a “scalp”
now i got uyg sds and skf lol
November 26th, 2008 at 8:04 am
Yerk, very interesting hedgefund report. It’s hard to assess the quality of the data, but if this is correct, major speculators have done like Buffett and gone long too early, before the deleveraging is over.
Still, odds are we won’t fall before the weekend. Volume will be light both today and especially Friday — turkey day shortened trading hours in bonds on both days and stocks on Friday. This makes it easier for the large funds to paint the tape at the end of the month, which still is the likely outcome.
To be on the safe side, I may ease into shorts today; as Matt points out, it’s possible conditions are so poor the big funds won’t be able to hold us up even in this light market.
November 26th, 2008 at 8:26 am
K;
WTG. I believe you’re on your way. Nicely done.
Don’t ever worry about selling too quickly. Profits are profits and all that. You can always get back in. Main thing is to have those successful trades and all else will take care of itsself.
November 26th, 2008 at 8:35 am
china cuts interest rates woot. go shorts!!!
November 26th, 2008 at 8:44 am
…………. he was a follower of Ayn Rand” is spot on. I was required to read the book “Atlas Shrugged” as part of my management training. There are those who believe this is a great book, but I was not impressed.
————————————————————————–
I think I read once that Victor Niederhoffer was big Ayn Rand fan and that his favourite book was Atlas Shrugged ………….. we know what happened to Mr Neiderhoffer - TWICE !!!
November 26th, 2008 at 8:50 am
Kailash, that’s my take as well. All fearful to miss the train as they need to catch up with their deplorable returns. Preliminary Oct figures in the report are worse than Sept…
Could well be that we have a more or less pinned market until Friday. If not, there is not much support below 830, 900 should be a ceiling.
Dax stopped at lower resistance. But the moves in the futures in last days have been irritating so let’s see.
The Fed is now drowing the banks in liquidity to bring long-term interest rates down. If you buy a home now you are betting that interest-rates stay that low for a long, long time. If not, you’re house will depreciate in value substantially. How stupid is the average buyer? Keynes showed that expecations dominate decisions, not current rates. I did some research but could not find anything showing quantative easing turned Japan around (and even then it took five years or so in a self-financing economy).
The key point almost everyone misses is if you have 0% interest all non-sensical investments can be perpetuated or protected by the govt. See the success of centrally planned economies in the 20th century. Protected non-sense crowds out riskier investments which could deliver higher yields in the long run if the non-sense would get out of the way, eg innovation is destroyed and prevented by the govt. Peak oil will be about 2012-14, so all cars produced now will run into issues at the pump. Why should we build more obsolete stuff? Germany now wants to have the industry to build 1 mln electric cars in 2020. LOL - the bear market will by then have assured that this equals 100% of cars produced and not 20%. But they will run on perfect roads foolish govts have built to protect the past from the future.
November 26th, 2008 at 8:59 am
What can we say about the UK’s Prime Minister, Gordon Brown, who some are currently hailing as the ’saviour of the world’s financial crisis’ - lol
‘Golden’ Brown is a disciple of Ayn Rand and has also in the past, employed Alan Greenspan as a Special Adviser.
The UK’s part-nationalisation and re-capitalisation of the British banks is not currently working, they are not lending to small business’s and mortgage applicants.
November 26th, 2008 at 9:11 am
George, glad you are feeling better.
Grantham’s point was that it doesn’t make sense to put a small-government advocate in charge of a very large government. I’m not sure that is a logical statement, and I was only reporting what he said. I’m actually a huge Ayn Rand fan.
Matt
November 26th, 2008 at 9:15 am
Futures are already way down, but we need to close below 834 (low of yesterday) to be a confirmed down trend, otherwise we may just screw around in a sideways pattern for a while.
Hey JG.. we missed getting into SRS last night. Pop of almost $8 already showing in pre-market.
Hey George,
what I think we will see is a down day for sure today (that was obvious).. probably hit some resistance at 820.. Some are predicting this to be a swift move down with time to spare for a early Dec (11-12) turnaround. Hard to tell until we see where we close for the day. I’m just seeing a lot of individual stocks that can be shorted at this moment. Many had huge volume down up until Friday 3pm and then had minor up volume. I think you could probably throw darts at most of the solar stocks and shorted and be on the right side of the trade. Speculative stocks usually drop FAST when this market tanks. Also.. oil may not stay above $50 so that is big trouble for XOM etc… and other big oil.
November 26th, 2008 at 9:23 am
Great summary Yerk.
Durable goods were terrible. Surprise, surprise.
Here’s a link to a blog describing the situation on Iceland. Have a quick check when you have time. Collapse.
http://newsfrettir.com/alive/
25 Short
75 Cash/Gold
November 26th, 2008 at 9:25 am
Charlie,I hear the 12th is a big turndate/bradley day,wonder if we go down ino that time frame and then this big rally starts into early next year.
November 26th, 2008 at 9:26 am
Yerk, agree on bubble politics. First we have the Internet bubble, then credit is eased to avoid a crash and we get the housing bubble; now credit is eased to avoid a crash and we’ll get continued dysfunctional investments. As you point out, it’s particularly important now to make good long-term investments, as oil supply will increasingly fail to meet demand (peak oil) and our infrastructures will have to be rebuilt.
I just spent two months in Paris and Copenhagen, and loved the cities — walkable, livable, great public transportation — and am now back in LA, the Mecca of cars. Weather is great of course, but I don’t think anyone here has even begun to think how we’re going to run this city on a lowered energy budget. Just the upkeep of roads will be a nightmare. The electric car is a red herring; the overall energy supply will be constrained once petroleum is.
My guess too is we’re pinned for the week, so short the bumps. The futures hover around 840, which is not enough to be interesting either way. Thanksgiving in the US is almost like Easter in Italy or Christmas in Germany; people take it very seriously, and traders will be leaving their desks early and staying away on Friday. I hold out a small hope we’ll get a mad rush at the end of the day on Friday, on light volume, paiting the tape and presenting a perfect setup for shorts.
Even the shorting scene may not be as crowded as usual, since the holidays also means more time for unexpected things to happen before Monday — market interventions that could screw you over with no apology.
The first week of December is a great candidate for a capitulation low, but of course one never knows.
November 26th, 2008 at 9:27 am
I finished Atlas Shrugged Matt. I like it.
People match AG’s actions with Ayn Rand so she is getting some bad press nowadays. George, she would be a big fan of yours. Re-allocating capital to the most efficient producer on a per minute basis. Fantastic.
November 26th, 2008 at 9:35 am
Anyone know why the Q’s are so strong today
November 26th, 2008 at 9:44 am
I know I’ve been bashing Victor N, Greenspan and Gordon Brown on here today, but I too read Atlas Shrugged over xmas’06 and thought it was a great book.
November 26th, 2008 at 10:01 am
new orders for defense and electronics were up. so apple and tech is rebounding?
November 26th, 2008 at 10:07 am
Volume still very light this morning. Indecision is the game right now, but I am thinking traders will be afraid to hold on to anything over the 4 day weekend. Lots could happen.
November 26th, 2008 at 10:09 am
Hey K.. is APPL us cause they are handing out ipods to our troops?
November 26th, 2008 at 10:09 am
That last comment was meant as a joke
November 26th, 2008 at 10:12 am
the whole nasdaq is up just by a bit. hha is funny how past 2 days its gone its separate ways. lol
but yah defense stocks and electronic stocks should be ok
November 26th, 2008 at 10:15 am
George—glad you’re feeling better. Welcome back.
Charlie—yep, I just go on-line and saw the SRS action. Oh well. Could have gone the other way on us, as well. Will see if it can be picked up today at a good point.
Larry—”most efficient producer on a per minute basis”–crack me up (along with George trading in the hospital, in the shower, at the dentist…)
I liked reading Ayn Rand, too. When comparing Atlas Shrugged v. Fountainhead, I find people like the one they read first better. Also like to see, of those who read AS, if they read the money speech, and if so, did they do so before finishing the book or go back to pick it up?
November 26th, 2008 at 10:22 am
Baltic Dry at 763 points. Capesize is now sailing at enormous losses.
November 26th, 2008 at 10:22 am
Hey JG.. looks like we are going for a gap fill on the SRS today. Might be a good time to enter.. but the market is decidedly undecided at this moment. Light volume expected given some folks probably took off early for the weekend.
November 26th, 2008 at 10:22 am
i want to buy 1 warren buffet brk/b share hahaah
November 26th, 2008 at 10:26 am
also…
# K Says:
November 25th, 2008 at 10:34 am
so far the vix is playing within the rules that i established http://i35.tinypic.com/2s9d8xe.png
we might break my pattern but i still like it
November 26th, 2008 at 10:47 am
The 10-year dropped below 3% earlier before bouncing back up.
The bond market will close early today at 2pm.
November 26th, 2008 at 10:54 am
I wonder id that is the time the market makes its move. @2pm .. Thanks for the info Matt
BTW.. are you seeing any change in your indicators/analysis Matt? Picture seems mixed, but mildly bullish from the indexes with the Nasdaq/RUT up, the SPX and Dow only down slightly.
BKX is down, but has been rising off the lows for most of the day.
November 26th, 2008 at 10:58 am
Obama is the new wall street star
November 26th, 2008 at 11:03 am
gap filled on the spx.
November 26th, 2008 at 11:16 am
treasuries are too *overbought*
the yyield is at the lower bollinger bands in long view even short view.
November 26th, 2008 at 11:20 am
Charlie—took a nibble on SRS at 128. You? Look to load more later if get the set-up for it.
November 26th, 2008 at 11:20 am
i was almost going to buy BRK.B at 3175 and stopped lol.
would have been a nice scalp.
November 26th, 2008 at 11:26 am
I’m waiting for the 5 min stoch to cross.. But will probably take a nibble now.
November 26th, 2008 at 11:33 am
K,
I think Fed is doing QE, either by monetizing the treasuries directly or buying MBS (maybe from FCBs) with cash which then winds up in treasuries. Other than that I don’t see any reason for the action of the 10 and 30 years.
Just because QE didn’t work for Japan doesn’t mean it will not work for us. In fact, I am extremely worried that it will work. We can wind up in an an era of stagnant, maybe declining wages, and rising costs. So in my mind best case is that it doesn’t work, worst case is that it does work.
US is heading down the Banana republic path. Having been born in one, I am very much afraid.
November 26th, 2008 at 11:36 am
Just got some SRS JG.. Let’s ride this wave together. Hopefully it is a big one
Got just a small amount.
November 26th, 2008 at 11:39 am
Charlie, I took a little more. Had a limit in at 127.03 from this morning. Got hit. Waiting on the tsunami.
November 26th, 2008 at 11:50 am
If the market takes out 868 on the SPX, we might be in for more upside.. just a word of caution. It has tried a few times already, but was unsuccessful in doing so.
November 26th, 2008 at 11:54 am
srs has support at the high 125 area. i got in at 128 but it just hit off the support liftoff!!!!
November 26th, 2008 at 11:55 am
Double bottom from yesterday being tested on SRS right now.
November 26th, 2008 at 11:59 am
George-
If you didn’t like “AS”, I find it hard to believe
that you really read it.
Matt-
I don’t recall if LBR had her trend change info
in the book you bought or not…trend changes
every 21/2 or 6 days. we could be in the 6 day
slot…the 3X3 says the SPX is in a uptrend.
Have a great trading day.
Sherry
November 26th, 2008 at 12:02 pm
sorry.. this is actually a longer term support. 3 touches on this since yesterday… if this breaks.. it could go down a quite a bit further.
November 26th, 2008 at 12:12 pm
dow jones has a negative divergence so far from 9:30AM.
November 26th, 2008 at 12:14 pm
break 8437 and i see 8100 next support lol 15min chart
November 26th, 2008 at 12:22 pm
We are right at the top of a downward trendline on the SPX.. if it breaks.. it can go up to 888 or so. The market is terribly overbought right now.. so we’ll have to see if we do pull back or not. If we do pull back from here.. Expect 840 to be resistance, then 834 (today’s premarket low and yesterdays low) and then 820 to be resistance. (the 38.2 Fib retracement for this most recent rally). This assumes that 868 was the high point.
From a bullish perspective, we may have started Wave 4 of 1 on last Friday. What that means is that we may be setting up for a rally that could last several weeks into the new year.
Regardless of the fact though.. I do believe the market is due for a pullback. We need to be just very cautious being short as we could get the lights squeezed out of us.
November 26th, 2008 at 12:24 pm
Note to K and JG,
Just as another note, it might be helpful for us to keep on eye on URE (inverse of the SRS). We didn’t hit the high of yesterday yet today.. so there may be further downside to SRS today. The price movements aren’t totally in synch it seems.
November 26th, 2008 at 12:26 pm
finally.. it will be important for us to make a lower high on the SPX here in order to support the “pull-back” case.
November 26th, 2008 at 12:30 pm
look at it this way check out what news are coming out next week.
dec 1
helicopter ben speaks at 1:30PM canadian GDP at 8:30, manufacturing PMI at 10am.
dec
vehicle sales (not so important but for ford and GM yea)
dec 3
ADP nonfarm payrolls
dec 4
GBP bank rate…
friday the 5th.. end of month hedgefund dressing has been finished and …
nonfarm payrolls, unemplyment rate.
LOL i don’t think they have really been priced in but now that i posted this lengthy reply please feedback
November 26th, 2008 at 12:30 pm
TNX down again today. VIX at 57.xx, just hit the 50 MA.
November 26th, 2008 at 12:45 pm
i wonder if everything will stay overbought till 2pm?
November 26th, 2008 at 1:00 pm
I also forgot to mention on low volume trading days like today.. it is a piece of cake for the MMs to manipulate the market.
November 26th, 2008 at 1:03 pm
http://themessthatgreenspanmade.blogspot.com/2008/11/summers-to-replace-bernanke.html
lol rumors
November 26th, 2008 at 1:09 pm
URE touched the high from yesterday. This will be a test of a double top.
November 26th, 2008 at 1:23 pm
SRS seeing a bounce now. URE topped out at yesterday’s high. Selling volume isn’t that high on the URE though.
November 26th, 2008 at 1:27 pm
i like how we work as a team and share opinions here.
i hope those people that lurk and read appreciate it too.
35 mins left till we see real action haha
November 26th, 2008 at 1:28 pm
SPY was turned back at $87.8. I thought of taking my $3 profit at $84 this morning, but I was afraid to miss the plunge. Staying patient - adding shorts at $97 if I am so lucky.
November 26th, 2008 at 1:30 pm
all I have to say is that when SRS moves.. it moves pretty damn fast.
November 26th, 2008 at 1:32 pm
absolutely huge volume sell bar on URE a 1 min chart.. that is the SRS inverse.
November 26th, 2008 at 1:32 pm
@ Charlie, wow cut in half in two trading days! Reminds me of SKF!
November 26th, 2008 at 1:43 pm
Picked up a little SDS to give that a try.
November 26th, 2008 at 1:46 pm
Hey Newbie,
SRS was trading close to 300 so you could say cut by 60%..
BTW.. have you guys looked at FXP? It is 1/4 of the high. That is the inverse China ETF. By looking at that.. I think that China has bottomed before the rest of the world and is on the rebound.. but still .. FXP in the 50’s when the Hang Seng is @ 13000 pts (less than 50%) off the peak is kind of crazy.
November 26th, 2008 at 2:11 pm
Can’t tell if we are painting a bull flag on the SPX or if we are rolling over. Volume is very very low.
November 26th, 2008 at 2:17 pm
this sucks but i am willing to bet that we will close this week on a good note.
November 26th, 2008 at 2:22 pm
charlie FXP might follow the may pattern… aka a few more days sideways and possibly recover. ah what the heck let’s grab a few shares.
November 26th, 2008 at 2:23 pm
Hey K.. honestly.. the PPT has every motivation to keep the market up. They want to paint a positive spin to the market so that people will spend lots of money this weekend. If the market is crashing.. no one will be in a mood to buy on Black Friday. Also.. people will eat less, drink less.. etc.. it can be a big impact on this economy!
November 26th, 2008 at 2:23 pm
dow 2 good buy candlesticks in 5 min chart. ahh darn it.
November 26th, 2008 at 2:32 pm
make that 3 ugh must resist the urge to sell shorts.
November 26th, 2008 at 2:32 pm
Charlie, great point about market move to influence Black Friday!
November 26th, 2008 at 2:35 pm
One thing that I see as a positive for those holding SRS is that though the market just zooming higher on the SPX.. 877 now.. URE isn’t making a new high.. at least not yet. That means.. the buying is not broadbased and the tape is probably selectively being manipulated.
JMO.
November 26th, 2008 at 2:38 pm
time for dow to break. (sorry i know we like s&p here lol)
November 26th, 2008 at 2:40 pm
Charlie, I saw the same thing. SPX at new high, SRS not down as much as was earlier. Almost no volume today on the run-up. Holiday makes it easier for them to paint the tape. Looking to pick up more shorts EOD and/or Friday.
November 26th, 2008 at 2:41 pm
If Charlie is correct about Black Friday and Matt about EOM markups then Monday could be ugly. Short SPY & long SDS.
November 26th, 2008 at 2:41 pm
The 20 EMA on the SPX is 878. It hit it and dropped. If it gets there again without divergence, it will probably shoot uo.
November 26th, 2008 at 2:43 pm
srs has been testing 36MA in 5 minute for a while if it breaks i look for 133 next. stochastic doesnt seem to have bottomed yet so we shall see. maybe takes it to $120 or below then huge rebound at the end.
November 26th, 2008 at 2:44 pm
On Monday, they could continue to drive the market up for a bit, making everyone who doesn’t trade the holiday think the bull flag is for real and inducing them to jump in. Then starts the sell-off. So, I won’t get too nervous if Monday starts out strong for the bulls. Other’s thoughts on this?
November 26th, 2008 at 2:50 pm
JG you’re right. i will look to add more shorts. but i think am done for today with buying.
November 26th, 2008 at 2:51 pm
many stocks i watch are topping out their bollinger bands. this included VZ etc.
November 26th, 2008 at 2:53 pm
My 2:44 post wasn’t clear: point is that on Monday, volume should return, so if they take it up with more volume, that could make traders think the bull flag is real. (Of course, it could be real, but I am playing for some downside.)
November 26th, 2008 at 2:56 pm
Just noticed that there is massive volume on the Nov 120 puts for SRS. Bad sign perhaps that someone is betting on a market rally?
November 26th, 2008 at 3:00 pm
I mean Dec 120 puts on SRS. BTW..quite a bit of put interest on SRS vs. Call interest.
November 26th, 2008 at 3:01 pm
darn. the trin 50ma seems to be up way too much and we might be in a rally mode for another week at least?
dow at 9000?
November 26th, 2008 at 3:07 pm
I’ve piled on more triple-short ETF’s here and am thanking the Turkey Gods for this wonderful shorting opportunity. I will buy even more if we get up to 900.
Also, I think SPY’s hourly chart pattern is more of a rising wedge than a bull flag.
November 26th, 2008 at 3:10 pm
Matt, I was just comparing this to the election wedge. I believe you are correct on that one. Shape, MACD, etc. have similarities. Hopefully the outcome does as well. Thanks for your input.
November 26th, 2008 at 3:18 pm
Hey Matt.. which 3x ETFs are you playing right now?
November 26th, 2008 at 3:23 pm
BTW.. I think we’ll be making a run for 888 before the end of the day. We almost touched it earlier.
November 26th, 2008 at 3:32 pm
junglegirl,
Yes, it looks a lot like the election wedge, so I’m playing it the same way, only larger this time.
Matt
November 26th, 2008 at 3:33 pm
Charlie,
BGZ and TZA though I don’t think it matters much since stocks are trading like commodities.
That was a good point about them gunning the market encourage spending on Black Friday.
Unless this rally entices new retail money in over the weekend, I think the big funds will be out of money on Monday.
Matt
November 26th, 2008 at 3:57 pm
Also a good black Friday will help the markets.
November 26th, 2008 at 3:58 pm
Hey JG, K,
you’re still holding onto your SRS?
November 26th, 2008 at 4:02 pm
Positions
FAZ
SDS
SKF
SRS
TZA
UYG
November 26th, 2008 at 4:02 pm
Charlie, yes I’m still in SRS. Loaded more.
Matt, thanks for your insight.
To Matt, the board, and all: Happy Thanksgiving. Despite all the calamity in the world, we still have much about which to be thankful, and I am.
November 26th, 2008 at 4:09 pm
Yeah.. have a great Thanksgiving guys and gals…
BTW.. I wasn’t reading the news, but terrorists have taken over Mumbai. Targeting western tourists. They have killed 76 people..
The market totally ignored this news. I wonder if how it this will play out?
November 26th, 2008 at 4:15 pm
Another bit of “good news” BAC is buying Merril Lynch.
November 26th, 2008 at 4:35 pm
So the Indian navy is going to get nuclear subs from Russia again? Hmm, looks like the pirates’ “mothership” was a Thai trawler… But at least they did something.
http://abcnews.go.com/International/story?id=6333885&page=1
Deutsche Bahn expects freight volume in December to be -40% compared to last year. Automotive production shut down for some weeks.
November 26th, 2008 at 5:28 pm
check the amazing low volume…
http://stockcharts.com/c-sc/sc?s=INDU&p=D&b=5&g=0&i=t26034411123&r=4507
LOL
i hope it loads is the indu
November 26th, 2008 at 5:29 pm
ok guess not but look at the volume like many mentioned. i’d lov to see this on a real volume
November 26th, 2008 at 5:38 pm
check this out..
http://i37.tinypic.com/akc3df.png
still within the trendline.
November 26th, 2008 at 8:24 pm
At this rate we’ll get a perfect setup on Friday, possibly as high as 900. As JG suggests, Monday morning may be the ideal time to short, as we may get a boost from the futures in the early morning — a strong Friday will create the expectation of carry-through.
However, after a streak from 750 to around 900 we’ll be well overdue a “correction”, and this first week of December is a strong candidate for giving us a new low, and the low for 2008.
November 27th, 2008 at 2:07 am
Could someone please list the 3x ETF’s
Thanks
November 27th, 2008 at 2:16 am
“Jaym Says:
November 27th, 2008 at 2:07 am
Could someone please list the 3x ETF’s”
http://direxionshares.com/etfs