psyche doctor Posted March 3, 2009 Report Share Posted March 3, 2009 ES did lotsa work tonight in the 710-715 area, and formed what looks like a double-top. So... short again from an average of 713.75. Hoping to pick up 20 points or so. Europe started off green and is now drifting flat -- we may see something similar here tomorrow morning. I don't think this wave is quite complete yet... not sure if we head up or down first, but at some point soon we'll prolly see a bounce up to around 715 (although the futures may have been it tonight), then we'll head back down and finish off this wave around 675. THEN we should get one last good tradeable bounce (to 780ish?) before we head lower again (580 is my working target at the moment) and finally bottom. That's my best guess anyway. Not sure though, 'cause the minuette count is somewhat hazy here, as is my brain (or what's left of it) -- I need sleep. Sleep? Link to comment Share on other sites More sharing options...
psyche doctor Posted March 3, 2009 Report Share Posted March 3, 2009 EURO FUTURES Link to comment Share on other sites More sharing options...
psyche doctor Posted March 3, 2009 Report Share Posted March 3, 2009 Link to comment Share on other sites More sharing options...
psyche doctor Posted March 3, 2009 Report Share Posted March 3, 2009 After dumping my nq longs last night in globex, I redonged this morning. I am looking for a decent bounce in morning trading, Link to comment Share on other sites More sharing options...
aussiebear Posted March 3, 2009 Author Report Share Posted March 3, 2009 The bill that could break up Europe TUMBLING exchange rates, gaping current-account deficits, fearsome foreign-currency borrowings and nasty recessions: these sound like the ingredients of a distant third-world-debt crisis from the 1980s and 1990s. Yet if a country such as Hungary or one of the Baltic three went under, west Europeans would be among the first to suffer. Banks from Austria, Italy and Sweden, which have invested and lent heavily in eastern Europe, would see catastrophic losses if the value of their assets shrivelled. The strain of default, combined with atavistic protectionist instincts coming to the fore all over Europe, could easily unravel the EU?s proudest achievement, its single market. Indeed, collapse in the east would quickly raise questions about the future of the EU itself. It would destabilise the euro?for some euro members, such as Ireland and Greece, are not in much better shape than eastern Europe. And it would spell doom for any chance of further enlarging the EU, raising new doubts about the future prospects of the western Balkans, Turkey and several countries from the former Soviet Union. Link to comment Share on other sites More sharing options...
DrStool Posted March 3, 2009 Report Share Posted March 3, 2009 My sister started her 401K a couple years ago and I remember pointing to all the equity plan options and saying "yeah, those 20%+ emerging market returns look great in retrospect, but that sure as hell isn't a guarantee of what happens tomorrow." Luckily she agreed that actually keeping your money is priority #1. I looked at my own plan options the other day just for a laugh. MMF is up about 2%, everything else has taken a 40%-50% guillotining. Of course, if MMFs blow up next, I'll be joining the crying choir with all the other poor schnooks. Sad thing is, mmf's already have blown up. People just don't know it yet, thanks to the shell game. Link to comment Share on other sites More sharing options...
DrStool Posted March 3, 2009 Report Share Posted March 3, 2009 Good Morning! Welcome to Intraday Stool! Thanks to aussiebear for her daily opening! You can join the discussion by registering (PG rated user names only, please) and posting here as well. Registration is easy. Just click the Register link above, enter your email address (which you have the option to keep confidential), and enter a user name. To keep out spammers and scammers, I'll send you an email with a few Monty Python type questions. Just reply with your answers, and I'll approve your registration as soon as I receive your reply. If you have questions about how to register and post, use the Help link in the menu bar at the top of the page. If you know others who might be interested in joining us, use the email to a friend link above the thread. Many tanks for joining us! Doc Try the Professional Edition risk free for thirty days. If, within that time you don't find the information helpful, I'll give you a full refund. It's that simple!Click here for more information. Subscribe to the Wall Street Examiner Professional Edition Precious Metals Daily, just $39 quarterly. Try it risk free for 30 days! Get this indispensable daily analysis and support the Stool! Link to comment Share on other sites More sharing options...
ChicagoBear Posted March 3, 2009 Report Share Posted March 3, 2009 Empty Containers Clog South Korea?s Busan Port as Trade Slumps March 3 (Bloomberg) -- South Korea?s biggest port is running out of room to store shipping containers, said Park Jung Ho, an official at one of Busan?s nine operators. The bigger concern is that the boxes are almost all empty. Container trade at Busan, the world?s fifth-largest port, has fallen about 40 percent in recent months, said Park, at Busan International Terminal Co. Even by stacking boxes five deep and leasing a nearby lot, he barely has room for the 31,700 containers that have piled up on his wharves. ----------------- From the article: Singapore, the world?s biggest container port, handled 1.97 million 20-foot containers in January, 20 percent less than a year earlier. In Shanghai, the second-largest, traffic was down 19 percent, while Hong Kong, the No. 3, suffered a 23 percent drop. Busan handled 894,172 20-foot standard containers in January, the fewest since February 2005, the Busan Port Authority said on its Web site. Silent Phones ?Things have really started to get bad -- laborers spend their entire day waiting for a call from the docks that they have a job,? said Kim Sang Cheul, a dockworker at Busan. ?People spend all day staring at their phone as if staring at it can make it ring. You?re lucky if you get a call.? Link to comment Share on other sites More sharing options...
ChicagoBear Posted March 3, 2009 Report Share Posted March 3, 2009 Today is 3/3/09 Happy national square-root day! Link to comment Share on other sites More sharing options...
DrStool Posted March 3, 2009 Report Share Posted March 3, 2009 In case you missed it yesterday, Russ Winter has a new message board. Link to comment Share on other sites More sharing options...
Rounder Posted March 3, 2009 Report Share Posted March 3, 2009 nice bounce in USD/EUR last nite to 1.268... she trying to hold those gains, currently 1.262 +.006 Fuctures like the action so far. Looks like ES 715 is key - nice charts Psyche, Pretzl Link to comment Share on other sites More sharing options...
psyche doctor Posted March 3, 2009 Report Share Posted March 3, 2009 Just got back in from getting some coffee and a light breakfast at a local diner dump down the road. There were a group of older men (late 50's to 60's) sitting at the bar conversing about the economic crisis. One guy blamed day traders for the mess in the stock markets and his cause for the banking problem was even more ridiculous. The other guys nodded their heads and some even made their own ridiculous comments. I sat there reading the paper and could hardly contain myself. I wanted to laugh hysterically, fart, and tell them the truth, but, instead, I just minded my own business, laughed silently and left. It should be no surprise that most are talking about the crisis and I have heard many conversations, but I am still amazed at the level of ignorance. Today was definitely no exception. These gentlemen were older and I would of expected at least some common sense from this group. Link to comment Share on other sites More sharing options...
psyche doctor Posted March 3, 2009 Report Share Posted March 3, 2009 nice bounce in USD/EUR last nite to 1.268... she trying to hold those gains, currently 1.262 +.006 Fuctures like the action so far. Looks like ES 715 is key - nice charts Psyche, Pretzl Yes, the 715 ES area (double top) will be the key for any upside. If it can get through there, it will easily run to the 722-725 zone. Link to comment Share on other sites More sharing options...
stevieo Posted March 3, 2009 Report Share Posted March 3, 2009 Just got back in from getting some coffee and a light breakfast at a local diner dump down the road. There were a group of older men (late 50's to 60's) sitting at the bar conversing about the economic crisis. One guy blamed day traders for the mess in the stock markets and his cause for the banking problem was even more ridiculous. The other guys nodded their heads and some even made their own ridiculous comments. I sat there reading the paper and could hardly contain myself. I wanted to laugh hysterically, fart, and tell them the truth, but, instead, I just minded my own business, laughed silently and left. It should be no surprise that most are talking about the crisis and I have heard many conversations, but I am still amazed at the level of ignorance. Today was definitely no exception. These gentlemen were older and I would of expected at least some common sense from this group.If you were sitting at the table with them, maybe you'd just nod your head, make some ridiculous comment, and swallow some egg. I would. Although I might involuntarily cough some up laughing. Link to comment Share on other sites More sharing options...
psyche doctor Posted March 3, 2009 Report Share Posted March 3, 2009 Here is an update. ES is through 711. It looks like 715 will more than likely get tested. Link to comment Share on other sites More sharing options...
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