Wednesday, December 03, 2008

Now EOD 12/03/08



5:00pm: Kind of a wild, whippy day, I fell asleep earlier and never could figure out the big dump in the middle of the day, but they came back like gangbusters. The Q's actually did a little better than the SPY, by finishing over the gap from monday, the SPY kind of just closed on it, meaning, we are back where we started monday. On that 60min the Q's have a down trend line coming up, to contend with, then the highs from last wednesday. The good part is, we are trying to leave a higher low behind, from monday and tuesday, so "IF", we can get over the highs from last wednesday, waaaaa laaaaaa, we could have a new uptrend going on the daily chart, woooooo hoooooo (I'm celebrating now, because the way this market is, it could be wiped out tomorrow). We get a lot of retail stuff tomorrow, so who knows how they react to that, then friday, sigh, the jobs report. I'm not real wild about running "UP" into the jobs report, I would much rather they go down, and at least give the impression they are trying to build in a bad report, so in that case, anything less than super bad, could be "good". If we go up into it tomorrow, I may exit some long stuff, I shall see.


7:00am: A couple of nice economic reports have drafted us down further, Economic Report: CORRECT: Private-sector sheds 250,000 jobs in November, ADP says , I would not be surprised to see us continue lower as we build in lower prices to reflect a horrible jobs report on friday, I'm already hearing things like minus 350K, which "could" set up a surprise on friday, who knows. Treasuries are retreating this morning, hmmmm, eventually, I would have to "assume" that we get some kind of correction to those bubblicious charts, maybe some thing to reflect the 5.6 trillion I've heard that Uncle Ben printed out of thin air, since September???
Good luck out there today, I'll be in the Pristine Method room for a while this morning.

6:00am: Futures are down, ES and DOW about 1.5%, Q's are down 2% as the mighty RIMM has warned, I might add they did it about 2:16am ET last night, very cute RIMM!! I don't really care, but the last I looked it was only down about 5%, which is actually GOOD!

Keep an eye on JEC and FLR, the dailies on both are looking pretty good, they are of course, possible infastructure plays on the O'bamba stimulas plan.

Sysin mentioned last night he's getting the Willies, I know what he mean's, it's kind of undefinable, but it's just kind of a pervasive depressive atmosphere, last week was especially bad, as the rally had kind of a who cares type of feel to it. I know one thing that depress's me is this continuing spending of our tax money on these slim bags, and the discouraging fact that the idiots in Washington just don't seem to have a clue about what to do about it, other than fatten their own wallets while continuing on the road to ruin for the country. Have you looked at the bonds lately, like TLT or IEI??? Wooooo weeeeee, you get the feeling they are pricing in a bankruptcy for the country, or maybe some thing worse. It dosn't help that the whole country is in virtual limbo until we get that bunch of liar's and crooks in the current administration out of there, if nothing else we may get a temporary sense of relief and hope after the new administration takes office, at least, until we find out how bad they can screw it up.
Me, I'm just day trading, as you can tell, and trying to keep my nose clean, and preserve cash for the next six to nine months, until hopefully we can work our way through this thing, and stay in one peice.

1 Comment:

sysin3 said...

hmm, well, never mind.

at least not yet. they sure loved it today.

unfilled gap just above here.

i'm just happy that the tape seems more "normal" to me. maybe humans seem to be trading this thing again. been a while.

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