Monday, October 13, 2008

Now EOD 10/13/08


2:15pm: We are still settling up, but it's going to be more records, I believe the largest single point gain day in the DOW, all of them were up almost over 11.50%. Crazy market, that's for sure. I traded around some of my spreads, it's tough to say, ordinarily you would probably get a gap after a day like this, eventually, if we keep gapping one of these days it's going to be a sell the world type gap, who knows.
There was a lot of explanations, and bitching, about the low volume, a holiday, the bond market was closed, etc etc. Speaking of the bond market, if it was closed, you would think we would get more volume??? Anyway, the volume won't be a problem unless it continues to get lower, and if we continue to grind higher.
I hope you caught some of it.
I forgot to mention, should we continue to go higher (NOTHING WILL STOP US!!!), we could start seeing some resistance at the gap area, six and seven bars back, and the way it's going, we may get there tomorrow, hahahahahaha!

4:58am: Futures are continuing last night's blow up, ES now up over 5.5%, or 48 points, Q's are projected to open the premarket up 1.38 or 4.41%, or in my words, they are surprisingly "lagging", hmmmm.
I can't figure the point of this article out, " OPEC says bearish oil market to continue OPEC tells IMF that without quick end to financial market crisis, bearish sentiment in oil market is likely to continue." I mean, are we supposed to be shedding crocodile tear's for the people who are responsible for letting speculation in oil get out of hand, which is in all likely hood greatly responsible for the coming global slow down and recession??? I mean, yea yea, the "crisis" is about a few mega banks around the world not lending to each other because of the trillions of dollars of toxic waste on their balance sheets, but the recession is about the blow up in energy and food prices and the depreciation of housing prices, which are all going to lead to a massive slow down in consumer DEBT, resulting in lower earnings for those poor corporations, who will lay off more consumers, etc etc etc.

Time to buy Chinese stocks? , hahahahahahahahahaha, oh god, be still my still beating heart, is this the classic sign of a coming bear market rally?? The bear will never end until people just completely throw in the towell, not recommend buying the worst performers because of a stupid weekend rally caused by the world throwing trillions of dollars at a few mega banks, hahahaha, geeze!!
I am, of course, hoping this stupid administrations panic induced "crisis" is behind us, so "investors" will get back to their normal reality, and start concentrating on actual fundamentals again. Once that happens, and the true reality sets as to how bad the economy is going to get, then the real panic will start. I'm hoping we get a nice little relief rally for a few months first, maybe another post election rally again, the next turing point may start around the turn of the year, when the christmas season results start coming in, and we start getting an idea of what earnings are going to be like for next year. We shall see.
The rest of the morning will be on twitter, lator gators.

4 Comments:

sysin3 said...

forget stocks, you old fart, this is more fun ;-)

since you're a mechanical guy ....

knock yourself out on this. lots of very clever people in the forums, don't forget to look at their solutions ....

http://fantasticcontraption.com

sysin3 said...

aka, how to keep an engineer entertained .... forever ;-)

Cucca said...

Hahahahaha, I have enough trouble trying to figure out this stinking market, although, it might be nice on these long wiiiiiinter nights.
Hey, get signed up on Twitter, and start Twittering, tweet tweet!

sysin3 said...

twitter ?

hell, nobody wants to know what i'm doing.

even i don't know what i'm doing.

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