Another Sleepy Summer Friday

[Goldmember]

A trendline that contains seven rejections of price at resistance before it finally got through.

 

One might think that it might act as *shport, at least once.....

 

 

* In the good ol' days at the stool, when the tech bubble was still unwinding, support was labelled as shport, because, as we know... there is no such thing as support in a bear market!

[ChicagoBear]

Seriously people, scalping this thing is gonna be a bitch.?

 

The pinball action on tons of small stocks is just dizzying.? I'll post a few here.

 

Advice?

 

- Time.

- Limit Risk.

- Do it when you're most scared to go short.

 

Best.

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Agreed. Here's another one...

 

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Time it! Read the charts. Friday was an upside churn with insignificant volume. This was pathetic - especially considering the nature of the Fed operations that day. IBD changed their market status back to "correction" after Friday. The Dow undercut its follow-through. We are in a correction - let the trend be your friend.

 

Somehting to watch: Nasdaq and SP500 are in a position to follow-through any day now. If we do follow-through, Here are some longs I'm watching: CMED, CBST, STP, - all are at buy points; UA is also looking strong at this time.

 

I doubt were going to start a new rally, though. There isn't enough money flowing into the markets. This looks like a mass exodus. Wait for all the sectors to get wiped. If this is just an intermediate correction, then some stuff will survive (XLE, XLB, XLK, XLI, XLP are still holding up). If there is more selling to go, they will all get spanked. Watch the sectors for clues. Stay short unless trend changes.

 

 

I had a client who was having $20k cash bail posted for her this week by a bondsman. The bondsman received a $20k cashier's check and took it to his bank on Monday to get cash to take to the jail. His bank, Wells Fargo, I think, told him to come back on Wednesday for the cash. Don't know if this is unusual.

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If he was asking for hard greenbacks this is because most banks keep $5k or less on hand. I have read numerous tales of people attempting to get a few thousand and having the bank refuse. Under pressure the bank admits that they don't have enough on hand to satisfy the request.

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5k? How can that be!? ATM probably has more much more than 5k.

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I went to Chase on Friday and withdrew $10k. They had it. The only new requirement was needing 2 forms of ID (started on Monday).

I showed them my firearm owners identification.

 

 

Homeland Security demands banks report? transactions totaling $10,000 and over in a 24 hour period, lesser amount are voluntarily reported by the banks.

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Great - wish I knew that before. Now I'm probably on a government watch list. How the hell does this make me a security threat?!

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why will people go try to take money out of the bank .. won't it all become worthless ? I'm stockpiling food and other provisions I aint kidding.

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Sorry, I should have been more precise. I was stocking up on toilet paper.

[Jimbo]

THE LEVERAGE DICE LANDED ON THE WRONG NUMBER

 

For hedge funds with 10 to 1 leverage

 

Take a single dice

 

On two faces write 50% return.

 

On the two other two faces write"Complete loss of capital"

 

Now roll the dice once a year.

 

In 2007 the dice landed you know where.

 

Unless you have a "get out of jail free card"

 

Which requires some very clever hedging.

[Jimbo]

THE NEXT BUBBLE?

 

As people have asked

 

Manufacturers and to a lessor extent resources.

 

Good Fear it starting upwards as I predicted long ago.