Friday, December 12, 2008

Now EOD 12/12/08



2:00pm: We basically just ground higher all day, right back up into the range for the week, pretty much in no man's land, I pretty much have no opinion, other than we probably get some news, at some point, about the use of the TARP money for the auto outfits, that will probably provide a temporary pop.
Have a good weekend.
7:15am: Futures just exploded higher a few minutes ago, ES shot up about 16 points in a matter of seconds, no news is being reported, YET, but some thing is certainly boiling in the pot.
Ok, they finally got it out, 9:16 a.m.
White House considers using TARP for auto bailout , like, this is some type of surprise??? Anyway, we've pulled back to about a 50% retracement of the explosion candle, and are now trying to continue up. My only play this morning, after they calm down for the first half hour, or hour, will be when I can figure out the best point to put a short on, I want some kind of rally, up into resistance.
Good luck out there today.

Since I have nothing to do right now, I was leafing through some site's I haven't visited in a while, and came across this article in the Big Picture, http://www.ritholtz.com/blog/2008/12/chryslers-hidden-coffers/ . Don't read it unless you have an upset stomache and need to puke. I had forgotten that former Treasury Secretary John Snow was the head of Cerberus, which owns Chrysler of course, it get's even worse when you read the list of lobbyist they have hired to try and get their welfare, one of which is former Vice President Dan Quayle (under Bushie I of course), sigh, some body wake me up when the next revolution starts.

6:00am: The premarket just opened, we are basically sitting a little higher than the lows of last night, after the reject of the auto maker's welfare package, DOW down about 310, ES about 35, these are all higher than previous levels.
If we can make it to the open, this has to be a buy, using extremely small positions of course. When I say "make it to the open", I'm hoping that Bushie dosn't jump in before then to announce that we are going to use the TARP funds to bridge GM and Chrysler through until the new congress and administration next month. They also still have the funding in that energy department thing, they could use that as well.
The SPY and Q's both opened up about right in the middle of last week's range, SPY 84.61, Q's 28.34, the obvious major support will be last week's lows, which is about a 4% stop. If we get under that, then we probably go after the yearly lows. We shall see.

When I think about it, I think it's hilarious that the demise of the big three is only worth a 300+ point drop in the DOW, hahahahahaha, I was thinking about that while looking at a 30min chart of the over nights, I can just see all the quant's sitting there, doing their math and stuff, hmmmmm, let's see, according to all the new's reporter's, half of America is going to be laid off, millions and millions, every business associated with automobile's is going to close, etc etc etc, so, hmmmmm, yea, that's about right, it's worth about 300 points, hahahahahaha!!

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