Rockhead Posted December 6, 2002 Report Share Posted December 6, 2002 Conditions are in place for shortest daily cycle lows today. Maybe a good time to take some profits and regroup if you are trading the 8-13 day cycles. Ditto for the 1 day cycle. If I'm trading the 4-7 or 10-13 week cycles, I'm sitting tight. That's for sure. Agree Doc This gap down was from da boys consolidating yesterday. They made some nice money on the gap down. Link to comment Share on other sites More sharing options...
Fartpolio Manager Posted December 6, 2002 Report Share Posted December 6, 2002 The dismal employment news has provoked great consternation within the Fed. They can and will cut another quarter soon (the 'neutral directive' at the last meeting is already a millstone round their necks). But the cuts are becoming too small in relation to the size of the task. Dollar devaluation is the last arrow in the quiver. But slitting the throats of the europeans and japanese to save ourselves would only send the world economy into a death spiral. What to do? Uncle Al had a brainwave last night. We must do the same thing Franklin Deficit Roosevelt did in those dark days of 1933: devalue the dollar AGAINST REAL MONEY: i.e., gold. So Al and Paul O'Neill put the word out to JPM last night: start closing those gold shorts over the next few weeks. The new target price is $350. 'Corporate pricing power' is the byword. You can see the results already this morning. Gold is a small market, so the trades will have to be done cautiously and incrementally over several weeks to avoid spiking the market. The future looks golden. Is that a crack I see developing in those horns you grew? Link to comment Share on other sites More sharing options...
riff Posted December 6, 2002 Report Share Posted December 6, 2002 so..... that is 3 gap downs this week. 3 gap up in many PMs. Isn't anyone else out there thinking this has all been very quick reversal of fortunes? There has been a tone of money made on the short side since money and I think the MM crooks that they are are much more interested in many up and down whippy moves rather than trending in one direction. I do believe that the top is in, but I am skeptical that we go straight down. Also I think that O'Neill's resignation says the big D is coming and he doesn't want the blame. Looks like panic buying in the gold markets.... for a change POG is leading the stocks. Looks like a break out to me. 126 and change on Hewey!!!! Link to comment Share on other sites More sharing options...
DrStool Posted December 6, 2002 Report Share Posted December 6, 2002 Now we get to see if this statement from last night's Anals Intraday Outlook is correct. "If they shake 'em under 900, it's a fakeout. " Link to comment Share on other sites More sharing options...
DrStool Posted December 6, 2002 Report Share Posted December 6, 2002 WOW! 75 members and 148 users. That's a lot of members hanging here. Link to comment Share on other sites More sharing options...
fxfox Posted December 6, 2002 Report Share Posted December 6, 2002 doc, i am confused about your intraday outlook. You refer to last nights outlook but that one was quite different from the current one. Could you please make the picture a bit clearer? Link to comment Share on other sites More sharing options...
seamus Posted December 6, 2002 Report Share Posted December 6, 2002 No Fed action today...msp from yesterday gets added back Link to comment Share on other sites More sharing options...
sweefraapp Posted December 6, 2002 Report Share Posted December 6, 2002 I know there are some OEX folks watching. Fibos. Link to comment Share on other sites More sharing options...
GregFokker Posted December 6, 2002 Report Share Posted December 6, 2002 THE FED ANNOUNCES NO ACTION TODAY. 2b ADD. Link to comment Share on other sites More sharing options...
DrStool Posted December 6, 2002 Report Share Posted December 6, 2002 fx- see my post on previous page. The comments in the update are consistent. The SPY chart looks different from the SPX re timing. I expect a low some time this morning and a swup after that. Link to comment Share on other sites More sharing options...
Rockhead Posted December 6, 2002 Report Share Posted December 6, 2002 Next trip down I do believe I am strapping on day trade dongs. Link to comment Share on other sites More sharing options...
Rockhead Posted December 6, 2002 Report Share Posted December 6, 2002 Larry Lindsey Resigns! ...Sr. Economic Advisor...... Holy Shit! Link to comment Share on other sites More sharing options...
Charmin Posted December 6, 2002 Report Share Posted December 6, 2002 HUI 140 anyone Link to comment Share on other sites More sharing options...
seamus Posted December 6, 2002 Report Share Posted December 6, 2002 WOW - Lindsey resigns rats jumping ship Link to comment Share on other sites More sharing options...
Charliss Posted December 6, 2002 Report Share Posted December 6, 2002 now Lindsey resigns Link to comment Share on other sites More sharing options...
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