Yes this market just hurts so bad! S&P futures markets came down to test 1100….and it may still not be done. There’s still the August low of 1072 to contend with. The markets are singing When Will I be Loved?
Archive for the 'Opinions' Category
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…but ended nicely…as in up! The Sunday night trading was looking real ugly and indexes were down big. The low of the day was made in the pre-market and the high of day was made at the close. Now, do we follow-thru or stumble? The trading days have been made up of wide-ranging days and I don’t see that changing very soon.
Looks like the European banks are going to go through what US banks went through 3 years ago. This still has a lot of potential ugliness.
All weekend I heard about Irene, but all I could think of was the song from Dexy’s Midnight Runners, Come on Eileen. Don’t you just hate it when a tune gets stuck in your head? Anyways…it looks like the storm was not as bad as reporters were predicting….that’s a good thing. But still a lot of flooding and power outages. Good luck east coast!
Bernanke passed on giving out any information on quantitative easing…and then pointed to congress and the prez to spend anymore money. So he got out of that pretty easy.
As we close August, the US jobs report will be released at the end of next week. Key housing and manufacturing data will be coming out, along with FOMC minutes. Will traders be leaving early for a long, summer-ending weekend? Or will all this news make them stick around for some volatility?
“We’ve always been told our kids and grandkids are going to have to pay for our reckless spending. Now WE have to pay?!” — Jimmy Kimmel
Uh oh, double-dip: Recession 2.0 would hurt worse.
High-speed predators pounce on volatility. Here’s the PDF file referenced in the article: The Dark Side of Trading.
Stealth QE3 Is Upon Us, how Ben did it and what it means.
“I wish I’d been omniscient and seen the crisis coming.” –Ben Bernanke
Just How Bad Economy Really Is. And how bad is that?
It’s been a rough 2 weeks! But don’t make excuses: Searching for a Source of Blame. Get those charts out!
The cause of all our problems: Europe on the Brink: Does Their Fall Ensure Our Recession?
Obamacare update: Court strikes down Obama health insurance mandate.
“Later this month President Obama will embark on a bus tour through the Midwest that will focus on jobs. Mainly him trying to keep his.” — Jay Leno
After a 400 point range in the Dow, it ended up only 60 points. All the other indexes closed in the red. WTF?
Friday looked like massive margin calls and forced liquidations after the big run down on Thursday. Rumors began to circulate during the day that S&P was going to do what it finally did after hours…downgrade US debt. If the S&P knocked down the US debt, don’t they also knock down the holders of that debt?
Here’s the remaining countries with a triple A rating: Austria, Canada, Denmark, Finland, France, Germany, Luxembourg, Norway, Singapore, Sweden, Switzerland, and United Kingdom. How far can they go with having “superior” debt? Buffett Says Cutting U.S. Rating Was Mistake, Sees No Recession.
The first reaction I had (as if anyone cared) is pass off all the US “peace-keeping” duties to these countries and let them take care of “us.” And quit “loaning” money to other countries. And quit giving money to people that haven’t put any money into the pot (read as welfare) …freeloaders! Sorry, I digress.
Here’s the S&P Ratings Report http://stk.ly/nzkwsU. Interesting reading.
Ok, back to trading. I’m definitely going to tread lightly. Futures this evening gapped down big…ES down 35 points, Dow down 325 pts. They have recovered about a third since the 6PM open. I’ve put bonds and the VIX on my short list via TBT calls and VIX puts. The metals may be a good short also via DZZ and ZSL, but I’ll put them in second place because I’ve been burned by them before.
Although only the Globex is open, Asia markets should open soon…and so far, it’s a pretty tame open for the past 2 hours. Maybe this was all baked in the previous two weeks?
Good luck on Monday and thanks for reading.
P.S. Just remember, if the Dow falls more than 30 percent (3600 pts), the market will close! Don’t think we get there, but keep it in mind?
“According to a recent survey, kids are receiving an average of 40 cents less from the tooth fairy. That’s right, the economy is so bad that even make-believe people are feeling the pinch.” — Conan O’Brien
Our Government at Work! Oh sorry, must be a bad link 
Rating agencies suck! Furious Behind The Scenes War Going On Over Threat To Remove US AAA Rating! Oh, by the way, we’re not very good at math! UPDATE: S&P Downgrades US To AA+, Outlook Negative – Full Text. And one more: Market to Force Hand of Central Banks.
Always borrow money from a pessimist. He won’t expect it back.
Do we make too much of the 200-day moving average? Stocks’ drop through moving averages may say sell and Market’s major trend now down.
Geek alert!…The Evolution of Computer Programming Languages..a learning pictorial of what runs our life.
Well, which is it….inflation, deflation or stagnation? Inflation worries pose bar to QE3.
With the current economy, the American people are finding themselves between “Barack and a hard place.”
Here’s what I’m doing this weekend: Apes Will Rise at Box Offices This Weekend.
Was your week like this? E-Trade Baby Loses Everything.
Obama-Care? Greece’s healthcare system is on the brink of catastrophe.
“A man jumped the White House fence, but after a brief chase, the Secret Service was able to talk President Obama into coming back and finishing his term.” — Conan O’Brien
And one more thing….Overnight shipping available! 
Millions of people have charged more than their credit limits. Besides the astronomical size of the U.S. credit card, I just don’t get why this is such a big deal. I’ve gone over the limit before and I’ve paid it off…eventually. Once you go over your limit, you can’t use your card any more. So in this case, wouldn’t that be a good thing? What I really hate is all this fear-mongering by the government and embellished by the media…or is that the government public relations department?
The markets opened with a big gap down and during the day we almost closed that gap. Unfortunately, the B&B show (Barack & Boehner) came on during the afternoon and the markets bled the rest of the way. Now that everyone is done bitching, maybe they can say “Let’s make a deal!” Should see it in the next couple of days.
So today was a day to do nothing….no volume at all. Let’s start the week on Tuesday and take it from there.
We’ve got yet another bailout on Greece! What is this? Number 10? While the U.S. markets had their run-up on Thursday, Asia and Europe caught up overnight. It’s Friday….a hot summer day….no eco reports…will anyone be trading today? Sounds like a day for cold beers and a lot of sweating (who wants to drink beer in front of an air conditioner?).
Working on this week’s reading material. Have a great weekend all!
After a day of rest on Wednesday, the bulls continued their Tuesday run…impressive…and on higher volume! US exonomic reports were not that good, but all we care about is what’s happening to Greece and the Euro….and that news was good. So the markets might as well go up.
And tomorrow we have no economic reports, so the markets will have to hold itself up or get crushed under its own weight. Well, we do have some big earnings reports though, from GE CAT SLB MCD VZ among others. And we don’t know what kind of news or rumors may come out. So, it’s trade as usual…carefully and with a plan. C’mon Get Happy!
Are we done or are we not? Reading this New York Fed release, Statement Regarding Purchases of Treasury Securities, it looks like it will continue as a “once-a-month” version. At least for a while, maybe the next Jackson Hole get together, and then announce something a bit more definite.
The day was mediocre, low volume, no action until the last 90 minutes, when everything just went down. The indexes hung around breakeven all day, but when Ben Bernanke explained how awful our economy will be for the next 2 years, traders bailed. Oh well, there goes out 4 day winning streak!
Sometimes, entranced by the screens, watching equities, options and futures change colors, charts moving in a wave, and indicators pointing in every direction, I just have to scream....
