Tuesday, October 21, 2008

Now EOD 10/21/08

6:30pm: This is an update of the 60 min triangle I put up on Sunday, the only difference is that I included the premarket and post market price action, and, the only difference on the pivot points on the triangle, is from the high made in the premarket on 10/14. This includes the blow up after the close tonight with AAPL and the rest of them. I actually like this pattern, as we are "walking" the line down in a "bull" flag, the triangle lives (liesves??), I still think a break above will lead to a test of of those 10/14 highs around 105.50. If we break over it, the first target is to break yesterday's highs at 99.24, then it's clear air to the 105 mark.
My personal prefference of course, is to have the five point complete at the lower line, especially a break of that line, and rebound.
Futures were way up, every one was getting drunk and feeling good, and Hankey Pankey made a speech a little while ago, and said things like "months and months", of weakness that is, and the futures fell back from being UP over 1%, to up about .25%, accept for the NasDogs, wooooo hooooo, they love it, up 1.61%, which speaking of "months and months", it will probably be that long before I start looking at them again, probably July of next year, when they finally reach my long standing target of 10 bucks, wooooo hahahahaha.

2:15: The Q's dumped pretttttty good ahead of AAPL's earnings, they should be out in a minute. At one point we were up over 200 in the DOW, so we had a mediorcre 400 point range day, HAH! The Q's don't look good at all, I hope they don't drag the SPY down with them, as they are sitting right on the verge, of, aaaaaaarrrrrrrrggggggg, falling. The sell off was all in the last hour, that's not good as it's indicative of insitutional selling. It's kind of funny, because Hankey Pankey was making some kind of speech, which seemed to lead us down, you know, he stood there holding up Bushie, with his hand up his back, parrotting "the economy is strong, the economy is resilient", over, and over, and over, and over...............

7:15am: The FED has spooked the market, Fed to fund private initiative to aid money market funds , all index's are down over 2%. I still have no idea when the Lehman CDS sale is going to happen, have fun out there today.

Paul, Paul, Paul, tut tut, if you keep this up, one of these days, after being invited to a friendly lunch by these Wall Street bozo's that you so justly rip a new one, you will quietly dissappear into the same corner stone Hoffa is in, PAUL B. FARRELL 'Disaster Capitalism for Dummies' . Truer words were never spoken.

4:45am: Futures are down, just under 1%, DOW about 70 points, mainly because Dupont missed, and gave a lousy forecast, it's interesting what they blamed it on "DuPont Q3 earnings include 16C hurricane-related charge", hahahaha, yea, right, I wouldn't be down in my current positions if that damn hurricane hadn't distracted me, hahahaha!!
Interestingly the UYG is currently up, as a whole slew of Regional banks have been reporting, I guess net net they must not be doing that bad, hmmmm, let's see, where was that 700 billion going to???? I checked to make sure that none of the Federal Reserve banks were included in the UYG, wooooo weeeee, we'd be going to zero for sure.


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