Friday, November 21, 2008

Pre-market 11/21/08

7:00am: Well, the index's have all been moving dead sideways since the premarket open, while the money flow indicator has been diving like crazy, not a good sign for after the real open, but it could change. If they take us up out of the open, I'd watch for a reject at yesterday's open, about 78 on the SPY, it's at 77.50 right now.
I've decided to take off, screw this thing, I should be back monday, maybe tuesday, I don't fricking know, depends on if I run into any giant gila monster's out in that radioactive waste land , keep in mind the positive baisis of the thanksgiving week, especially if we have a down day on monday.
Before I go, I want to leave you with this thought:


6:30am: I'm still debating on whether I'm heading out on a search for the truth again, on America's loneliest Highway, U.S. Route 50 in Nevada - Wikipedia, the free encyclopedia , I need to leave pretty soon if I intend to do so. I'm going to head into Hawthorne, NV, to check out Walker Lake (I'm looking for a place to live, closer to the kids, if I ever sell my house), anyway, I take Nevada Highway 6 out of ELY, I bring this up because the longest stretch between stops on US 50 is 271 miles, while I have a stretch of 273.6 miles on Highway 6, so I guess that's more lonely than US 50, wooooo hooooo, lot's of time to contemplate life, and why there is air, does the market actually FALL, or does it just SUCK, etc etc.
I'm still here because I'm watching to see if we can make a higher low on the over night's before the real open, we are still drifting downward after the premarket open. But, I'm packed an ready to roll.

MarketWatch is off the air, so I'm checking Bloomberg, and they have a couple of interesting articles, Obama Transition Team Said to Weigh Prepackaged Bankruptcy , call me crazy, but wouldn't that easily be the best thing for them??? Fed's Lacker Says U.S. Economy Could Regain `Positive Momentum' Next Year , I'm hearing more and more people I consider "honest" (that's why I go on these search's for da twuth, carrying my candle, and trying to find an honest person) talking about a recession bottom in the first half of next year. Since the market "ALWAYS" bottoms six months before the recession does (I high lighted "ALWAYS" because how many articles have I done that showed that fallacy to be an absolute bunch of shit, just like the market "ALWAYS" anticipates a recession), the time frame is fitting in more and more with a market bottom on January 21st, at about 1pm ET or there abouts, right about Obama Banana finish's his speech. Hey, it sounds good to me.

6:00am: As we get ready for the premarket open, a look at the 60min ES chart shows a very cute bear flag all night, right up to the "area" of yesterday's open, where it rejected four hours ago, and has been pulling back since. Now, we "could" set up a higher low here, after the open, which would setup a nice point for a target after the "real" open this morning, which would be cool, but this kind of action in the premarket always gets me a little, aaaaahhh, wary. Even just a medium large firm like a Goldman can control the over night futures, when no one is home. Hell, Goldman can control the ES during the day, as even during these times of huge volume, the total contracts on the ES is only running around 3.5 million a day, which means you "only" need about 5 billion in bonds to cover the whole thing, shit, old man Goldman shits that out every night at cocktail hour when he and the rest of the former Boyz get together to discuss how they are going to screw the world tomorrow, hahahahahaha!!!

5:15am: Futures have been blowing up all night, after bouncing off the 02' lows, they are all currently up about 3%, DOW about 212, Asia and Europe were both up, but not exactly blowing up, averaging about 2%. The interesting part to me is that we have been pulling back for about two hours, we were MUCH higher, about 18 point in the ES or about 2% more, so at one point we were up 5%.
Some of the "excitement" is being blamed on this, Citigroup on the block , hmmmmm, it seems the best and the brightest are no different than average retail "investors", talk about selling low, geeze! Don't panic guy's, just because your stock fell 50% this week, you should be buying, roach's!!! If, for some undgodly reason we finish lower today, I can just imagine the typical headline, "Markets finish lower on worries of why Citigroup is trying to sell themselves at all time lows", and the earlier headlines that they put up about why the market is "UP", will mysteriously dissappear from the archives.
Speaking of Pandit and C, I notice they have been screaming to reinstate the ban on short selling again, correct me if I'm wrong, but didn't we LOSE about 20% after the last time they did that??? They just don't get it, do they. When nobody in their right mind want's to buy these dogs, the only chance for a rally is when the bear's get fat enough they decide to take profits, and we get some kind of short covering. Which brings up another point, which came up in an EWI article, that being King Paulson starting his testimony off to congress the other day by stating that the only way to save the country is to save housing, by giving more access to lower cost mortgage lending!!!!????? Excuse me, EXCUSE ME, but isn't that what got this mess started??? That, and of course, the Green man holding interest rates at 1% for a year. But at least we learned that lesson, as we will never take interest rates to 1% again, RIGHT!!! RIIIIGGGHTT!!


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