Tuesday, October 14, 2008

Now EOD 10/14/08


2:15pm: "WHY'S THE MARKET DOWN", hahahahahahaha, that must have been said a hundred times today by everyone of the idiot yakking talking heads. After a 20% move off the bottom in two days, don't you think the bulls deserve a rest??? When I said we had a shot at filling the gap this morning, I didn't know I was talking about the gap from 1929, hahahaha. Actually, you could say this was a pretty ugggiillly day, typical gap and crap, off the Treasury Crap, HAH, take that Hanky Panky Paulson!!!!! Yea yea, we love the fact our tax money is being used to bail out poor old JPM and BAC, Booooo Hooooo, those poor people!!!
Anyway, yikes, I hope we aren't going back for the infamous "retest" already, THAT, would not be cool, although, I would imagine all the Street salesmen, eeeerrrrr, analyst, would get another chance to keep selling the once in a generation buying opportunity. And it would be really cool, if we break the old low's, woooooo hooooo, that would give the Crudlow bunch a chance to say it's another Mother of all Bottoms, for about the sixth time in the last year.
I made Tradestation happy today, for that matter, IB as well, enjoy it people, you need the money.
7:15am: Hey, we finally hit a high and pulled back, so I got some thing to "look" at. The SPY hit a high of 106.18, the ES 1067, so we went up 17 points once we broke that previous 1050 high. Right now the 15min premarket chart of the SPY is getting a rounded top look to it, it's hard to believe but they may take a shot at a gap fill from yesterday's close at 100.86 after the open, that would be cool, as that is typical stuff in a real world market. The ES has pulled back and is testing the 1050 break out area as I write, cool stuff, they've hit it right on the button at 1050 and are boinking up and down a point, oop's, they just broke it, they took it out pretty good, down to 1047.50, but have bounced back up to 1051. The market looks all right, good luck out there today, I'm shutting down to get ready for the open.

6:15am: All futures are up over 2%, the Q's have decided to be the leaders today, up 3.56% or 1.25, most likely in anticipation of INTC's maaaavelous report tonight.
The ES is up 3.29% or 34 points, I mention this because it had quite a pull back last night after the bail out news, it hit a high of 1050 on the button, and then made three attempts to break it, finally falling to 1020, or 30 points, before some magic buyer's showed up at 3:45am ET to take us back up. About 20 minutes ago we had a break out failure of the 1050 high, pulled back to 1040, and now we are breaking over the high, currently 1053.
My whole point of that little discussion, is that the index is TRADING, IE, it's going up and down, taking people out on drops, making them chase it on new highs, it's acting NORMAL! If we continue to do this, I can probably start looking at things like support and resistance, etc etc, wooooo hoooooo.

Bond yields are just blowing up, meaning that bond prices are dumping, as the ten year is over 4%, with the bond goulds pricing in much higher interest rates, knowing the government is borrowing like crazy. It will be vewry vewry interesting to see the unintended consequences of all this helicopter work down the road, as of course the government keeps throwing the BS around that all this was to rescue the American public, as well as their five banking buddies on the Street, but in reality they are probably throwing home owner's who need to refi to the yield wolves, which could continue to prolong the real cause of the coming depression, the housing market.

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