Friday, September 19, 2008

Pre-market 09/09/08

6:00pm: After a little "refreshment", I have enough energy to make some obnoxious comments, but I'm not really into it, the government beat me to all the obnoxiousness, wad ever.
Blogger has been really screwing with me, I have not idea if this will come through or not, if it dosn't, it don't, I can't get it back. Anyway, the two charts up there, the NYSE weekly is at the bottom, the new highs/new lows at the top. This only goes back to 06', but it has some interesting points. The black arrows at the bottom, correspond to the low number of new lows, like we had this week. This week was similar to August of 07', January, March and July of this year. You can see that with the exception of July, they made bottoms that lasted several weeks, or longer. I only bring this up, because, hey, you never know, we may rally out into the election. Some thing I also find interesting, was the lead up into the October all time highs, actually, that's REALLY interesting. You can see, that even as we continued to make new highs on the NYSE at the red arrows, the number of new highs made on the nh/nl's continued to decline into Ocotber, before we finally collasped, IE, a divergence. This is just some stuff I study and work on, while I'm watching a market I don't have much interest in, just for future refference. It's just "stuff".
The markets put on some Uuuuuggiillly candles today, I'm not interested in showing them right now, the UYG was the worst, basically we made a weak effort to go higher after the open, then it was basically down hill from there, very typical, like I mentioned this morning, of people actually acting "sane", IE, they took advantage of the three or four, or what ever percent gap it was, and took profits, and asked questions later. The ban on short selling is having some unintended consequences right away, as all the market maker's in the option market, use it to hedge their positions that they make a market for. I was mildly interested in "possibly" rolling my position into next month (hahahahahahaha, I get some of the stupidest idea's some times) but the spread on my sold call's, IE, the difference between what they were asking on the premium, and the stock price, was running like 60 cents all day, this being the last fricking day. I mean, basically, on an option basis, the UYG is just untradeable, the put's were getting some thing like a buck premium earlier in the morning, I think BZ talked about this in the comment section. I'm also wondering how in the hell, the INVERSE ETF's are operating??? Wad ever, I'm sure Pelosi will get it all straightened out for us, hahahahahahahaha!!!

5:00am: Futures are up an average of about 3% this morning, as the SEC, in it's infinite wisdom, has banned short selling in any form in all financials, SEC puts a lid on short selling . Also, Pelosi is working on a plan to "fix" the financial market's, hahahahahahahahahahahahaha, anyway, the buffoonery is just running rampant.
I'm removing the UYG from the title at the top, my work is done, ALTHOUGH, even though it's trading at 21.78 right now, oops, it's now at 23.40, hahahahaha, my $19 level is probably not safe, considering the round trip of the whole week yesterday. I "could" probably continue on with my suicide wish in this bunch, but of course, my "principles" probably will not let me even trade for a while, with all this government interevention and manipulation of markets. It's depressing, at least to me it is.
With a gap like this, and speaking of suicide, in years past this would probably be the day trading short of a life time, but atlas, since you can't short anymore, SCREW IT!!
Good luck to you all, out there in La La Land.


bzbtrader said...

Suspect this banning of short selling just a ploy sponsored by the options exchanges to goose put buying and call selling. The results could be significantly increased open interest in many of the otherwise droll financials. The old mantra was'just do it", the new mantra is "just buy puts". This is really going to mess up pair traders.

sysin3 said...

did something interesting happen in the markets today ?


Cucca said...


sysin3 said...

what are you, painting moo-cows now ?

hmm, how about a gap up monday ? sounds like a fade to me.

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