Fartpolio Manager Posted January 28, 2003 Report Share Posted January 28, 2003 What do ya'll make of that 5 day RSI reading of 12.36 on the close today? I'm not in this market, as ya know, but boy that would sure get my attention if I was short, which I'm not.... Happy trading... Link to comment Share on other sites More sharing options...
ConfusedAss Posted January 28, 2003 Report Share Posted January 28, 2003 Did someone say fidelity allowed them to puchase options in and IRA account? Link to comment Share on other sites More sharing options...
Guest Posted January 28, 2003 Report Share Posted January 28, 2003 I'm with you Torah. I have a lot more buying power and I'd like to use it before the big one. Even if it's not a crash. We still have a long way to go. I didn't pull the trigger today but, there will be a bounce soon and I will load up again. Incidently, fair value on the Spee is 1.88. Naz is 2.08 for those who want to know but, nothing really counts regarding fuctures until after 8:30 a.m., e.s.t. tomorrow morning. Drano, I went back and saw your post on IDS. It was . . . how can I put this. . . ah! Like pressing down on that sore tooth! :wink2: Link to comment Share on other sites More sharing options...
Captain's Log Posted January 28, 2003 Report Share Posted January 28, 2003 Mark - I appreciate the financial satire in your column and the wit and wisdom from the other stoolies. I've just got back from UK where I've been on 2 week vacation where I picked up my green card. Not sure I will want it if this fiasco continues but I don't think it matters too much as the UK is squatting down in the next crap house cubicle. (Can we borrow some financial paper ?) Whilst I was out there, I was reading the UK newspapers and watching the news. The similarities to US was interesting: 1) Real Estate Bust : This has already started especially in Home counties around London. Brit Sheople have also been buying up properties to let to renters but found everybody was thinking the same. Duh ! In addition to negative equity, Mortgage market is also heading for the crapper as many people in UK have something called an Endowment mortgage. Basically, it is a ballon mortgage with final payment is based on investments (Stock markets). Before 2000's, this has usually exceeded outstanding debt. Now, people are getting letters from their martgage companies that they will be in shortfall and need to put more away for the end payment. 2) FTSE : This has now declined to 9 year low but still falling. In UK they have financial regulator (Read busybody/ nanny) who oversees many of the financial funds for pensions etc. There was talk in the press about level of liquidity they must hold. If FTSE droped below 3500, many of them will have to dump stock to make sure there are liquid enough. (Sound like a panic spiral ?). Not sure how this played out FTSE finished below 3500 today but I flew out yesterday. BBC report 3) Institutional Investors : Somebody earlier mentioned insurance companies: In UK, many are heavily exposed to stock market much more than their Continental Europe counterpart. Many have cancelled their annual bonuses to owners of endowment policies and have raised their penalties for exiting prematurely (eg/ from 10% to 25% of total value). 4) Financial Experts and Hacks : Same message - "Buy as the bottom is nigh. This is an opportunity". Lordy. :shocked God save the Queen. (Afterall, He/she certainly will not save the Pound nor the Dollar). Fool Britania. btw- the stuff about the Mayor's 5 pounds congestion charge is a red herring. It will be for Central London only and most people there wouldn't drive a car there anyhow. It is too slow to get around and parking is a freaking nightmare. Most people use underground or bus in this area. Link to comment Share on other sites More sharing options...
bubbadropping Posted January 28, 2003 Report Share Posted January 28, 2003 Machinehead, it is my opinion that those in Europe are alot more politically sophisticated than the drones over here. London understands the utter madness of invading Iraq and the English don't want in, they are being bribed and bullied and Blair may need a serious diaper changing soon. After having been terror bombed for 4 years by the Luftwaffen they well understand the consequences of what it means to go to war. Americans just want to tank up the Chevy Tahoe,get the over and under on the Super Bowl and refinance the second home. Interesting to note that last fall, the European markets I beleive were the first to go down, then we followed. best,buddha Link to comment Share on other sites More sharing options...
Pretzel Logic Posted January 28, 2003 Report Share Posted January 28, 2003 What do ya'll make of that 5 day RSI reading of 12.36 on the close today? I'm not in this market, as ya know, but boy that would sure get my attention if I was short, which I'm not.... Happy trading... Certainly a valid concern. Oscillators like that are always difficult to use effectively on moves like this. For example, daily stochastics went into deep Dover Sole on the 16th but, other than a brief glance over 20 on Thursday, they're still there. The McOsi's been Dover Sole for a while now, too -- at levels that are "supposed" to generate a bounce. Yet those levels haven't generated any bounces. If this IS a third wave, then these oscillators will likely reach levels of collapse that most of us have never seen. As Doc is fond of saying, "There's no such thing as support in a bear market." Not a reason to trade recklessly of course, but certainly an argument for not trying to front-run the price movement by using indicators. This reasoning saved me from covering on Thursday. Pick a stop-loss level and don't cover unless it's violated. Personally, I'm using very wide stop-losses -- I don't want to get whipsawed and miss a big move. Use whatever works for you, though. Link to comment Share on other sites More sharing options...
Guest Posted January 28, 2003 Report Share Posted January 28, 2003 "Whilst" . . . whilst. I just love the way you Limeys talk! Link to comment Share on other sites More sharing options...
The End Posted January 28, 2003 Report Share Posted January 28, 2003 Captains log. You mentioned g-d save the queen, well, that's good enough for me to spit out a jingle. The SEX PISTOLS> g-d save the Queen. GOD SAVE THE QUEEN GOD SAVE THE QUEEN THE FACIST REGIME THEY MADE YOU A MORON POTENTIAL H-BOMB GOD SAVE THE QUEEN SHE AINT NO HUMAN BEING THERE IS NO FUTURE IN ENGLANDS DREAMING DON'T BE TOLD WHAT YOU WANT DON'T BE TOLD WHAT YOU NEED THERE'S NO FUTURE NO FUTURE NO FUTURE FOR YOU GOD SAVE THE QUEEN WE MEAN IT MAN WE LOVE OUR QUEEN GOD SAVES GOD SAVE THE QUEEN 'COS TOURISTS ARE MONEY OUR FIGURE HEAD IS NOT WHAT SHE SEEMS OH GOD SAVE HISTORY GOD SAVE YOUR MAD PARADE OH LORD GOD HAVE MERCY ALL CRIMES ARE PAID WHEN THERE'S NO FUTURE HOW CAN THERE BE SIN WE'RE THE FLOWERS IN THE DUSTBIN WE'RE THE POISON IN YOUR HUMAN MACHINE WE'RE THE FUTURE YOU'RE FUTURE GOD SAVE THE QUEEN WE MEAN IT MAN WE LOVE OUR QUEEN GOD SAVES GOD SAVE THE QUEEN WE MEAN IT MAN AND THERE IS NO FUTURE IN ENGLANDS DREAMING NO FUTURE NO FUTURE NO FUTURE FOR YOU NO FUTURE NO FUTURE NO FUTURE NO FUTURE FOR ME NO FUTURE NO FUTURE NO FUTURE FOR YOU NO FUTURE NO FUTURE FOR YOU Link to comment Share on other sites More sharing options...
Captain's Log Posted January 28, 2003 Report Share Posted January 28, 2003 "Whilst" . . . whilst. I just love the way you Limeys talk! Mousey - You are a veritable cheeky bugger. Now consider yourself bloody well told orf.. I'm going to make myself a nice cuppa. Link to comment Share on other sites More sharing options...
The End Posted January 28, 2003 Report Share Posted January 28, 2003 For You Prztl, :wink2: Steely Dan Aja (1977) Deacon Blues This is the day Of the expanding man That shape is my shade There where I used to stand It seems like only yesterday I gazed through the glass At ramblers Wild gamblers That's all in the past You call me a fool You say it's a crazy scheme This one's for real I already bought the dream So useless to ask me why Throw a kiss and say goodbye I'll make it this time I'm ready to cross that fine line CHORUS: I'll learn to work the saxophone I'll play just what I feel Drink Scotch whisky all night long And die behind the wheel They got a name for the winners in the world I want a name when I lose They call Alabama the Crimson Tide Call me Deacon Blues My back to the wall A victim of laughing chance This is for me The essence of true romance Sharing the things we know and love With those of my kind Libations Sensations That stagger the mind I crawl like a viper Through these suburban streets Make love to these women Languid and bittersweet I'll rise when the sun goes down Cover every game in town A world of my own I'll make it my home sweet home CHORUS This is the night Of the expanding the man I take one last drag As I approach the stand I cried when I wrote this song Sue me if I play too long This brother is free I'll be what I want to be Link to comment Share on other sites More sharing options...
buttugly Posted January 28, 2003 Report Share Posted January 28, 2003 $BPSPX tells me too early to close shorts. Same too $CPC(21 MA). Maybe a bit of a bounce but certainly I ain't gettin a long signal. Further downside dead ahead. Link to comment Share on other sites More sharing options...
Pretzel Logic Posted January 28, 2003 Report Share Posted January 28, 2003 Deacon Blues is the song that got me into Steely Dan. An absolute classic. btw-- keep right on posting the lyrics. Dunno what was up with that one guy. Must just be an unhappy person. Link to comment Share on other sites More sharing options...
Guest Posted January 28, 2003 Report Share Posted January 28, 2003 "Whilst" . . . whilst. ?I just love the way you Limeys talk! Mousey - You are a veritable cheeky bugger. Now consider yourself bloody well told orf.. I'm going to make myself a nice cuppa. "Cheeky Bugger" is my middle name. :grin: Skip the cuppa. Let's hoist a pint. Link to comment Share on other sites More sharing options...
StanWeinstein Posted January 28, 2003 Report Share Posted January 28, 2003 "Teetering On The Edge" is right. I can't believe the number of large market cap stocks that are rolling over in sync (bouncing down off their 200dma like magic). This reminds me of last July, when the Dow sold off for days on end ... except it looks even worse. Will Al & Co. save the day? When it comes to those clowns, I don't rule anything out. But, as Doc has pointed out in the Anals, Al is stuck between a rock and a hard place (of his own making) and may just let the chips fall where they may (wishful thinking?). Excepting a miracle, I believe we are going down hard for the next several weeks (months?) ... and, I think the Dow is going to suffer considerably more than the Nads. Link to comment Share on other sites More sharing options...
slinger Posted January 28, 2003 Report Share Posted January 28, 2003 Bounce or no bounce, it all depends on your timeframe. I play for tomorrow, not next week, since I use QQQ options as my money maka. Don't mind me, I'm just a T & A slinger. Link to comment Share on other sites More sharing options...
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