Friday, October 17, 2008

Now EOD 10/17/08

2:00pm: Hahahahahahahahah, fricking MF'ing ROACH's, my Tradestation server went down with a about six minutes to go!!!Can you imagine that, on a fricking option expiration, that's unfricking real!!!!
I mean, I took care of every thing I needed to earlier, but I was just ready to buy back some short calls and roll into a different strike, I am FOR SURE, glad I didn't have any open orders.
Anyway, I'm outta here, have a good weekend.

"Housing market's further enfeebled Data on housing starts and building permits for September show that home construction remains well under water."

Hmmm, single family starts are the lowest since 1982, that's pretty low, HAH! The housing market won't recover until the starts are ZERO! It's just amazing how "economist" keep missing the forecast so badly, well, actually, it's probably not, hahaha! I would imagine that it will get worse, as we may be approaching the final wash out next spring, this is the low tide during the year for permits as nobody wants to start coming out of the ground in the middle of winter, starts and permits don't pick it up until around March, as they get ready for the warm wheather building period.

6:15am: Futures are down this morning, with loss's accelerating as I write, ES down 1.7%, DOW down about 117, even the Q's, with all that maaaaaavelous news last night are down 1.7%, or 53 cents, that's really bad. I searched every thing, just to see if there was any legit reason for it, as the selling started about 2am ET, there is nothing, I can only assume that any rally at all keeps being sold as hedge funds on the verge of margin calls try to get out, and mutual funds get redemptions from the retails as they try to salvage what ever the can. I guess the selling will only end in about another year, when Vanguard and Fidelity both close down as they have no customers left, I'd laugh, but it's probably not funny.
We get some housing data and Michigan sentiment at 10am, I'm sure it will be good. This is expiration day, but I think a lot of the action was yesterday, one thing I'm keeping in mind, is that "traditionally", the week following option expirations is usually fairly weak.

With Hanky Panky Paulson's penchant for jumping in on option expiration friday's, it wouldn't surprise me to see the FED lower rates before the open, wad ever.

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