Bears take em out big red for the day and the week

[Ags Nightmare]

Thanks to the Stool TA experts for all the charts this weekend,,,,,

 

I am in KWave and CB's camp that there will be some more down before a bounce....1000 to 980. Asia is likely gonna get hammered so Europe and the buck are gonna likely be the catalyst for the open. If they take it back up right away, I'll add to shorts.

 

Rallies will be short able from there. Just finished watching Turbo Timmy on Press The Meat and if any traders were watching, it was not too comforting....

[DrStool]

One of the guys on Bearshat picked this up.

 

http://www.scribd.com/doc/21309823/David-E...Value-Investors

[Charmin]

Just for reference, here's the IBD100. These are the top 100 growth companies at the moment, and includes names like BIDU, GOOG, and APPL. Basically, if there were a silver lining in this recession, then you would spot it here (i.e. where there is growth in the economy). This chart isn't very impressive at the moment. Notice the relative strength (RS-relative to SP) line breaking-down near new lows.

 

 

I like the big head above the line I drew

[swordfish]

High street banks to be broken up

Three new banks are to appear on Britain's high streets as part of a major break-up of the sector to be announced by the Government this week, The Sunday Telegraph has learned.

Alistair Darling, the Chancellor, will confirm over the next few days that Royal Bank of Scotland (RBS) and Lloyds Banking Group, both of which are majority-owned by the taxpayer, will be split up.

 

Many of their assets will be sold off in deals which ministers will present as fulfilling Gordon Brown's promise that the taxpayer would get "pay back" for the multi-billion pound Government bail out of the sector last year.

http://www.telegraph.co.uk/finance/newsbys...-broken-up.html

 

 

BA faces record losses as winter strikes loom

British Airways will this week report an unprecedented multi-million pound loss for its key summer trading months, as plans for a strike by thousands of cabin crew staff threatens to deepen the airline's woes.

http://www.telegraph.co.uk/finance/newsbys...rikes-loom.html

 

 

Bank of England called on to increase QE

The Bank of England has been urged to increase its quantitative easing (QE) programme to a total of £225bn – more than the gross domestic product of Greece.

The Bank's Monetary Policy Committee, which is meeting this week, will be pushed by economists to raise the amount of bonds and gilts it plans to buy by a further £50bn, following the recent news that unlike almost any other major economy Britain remains mired in recession. The increase would mean the Bank would soon be holding bonds worth more than 15pc of Britain's entire economy in its balance sheet – unknown territory for any developed world central bank in modern history.

http://www.telegraph.co.uk/finance/finance...ncrease-QE.html

 

 

Do Saudis have the clout to destroy NYMEX?

The Saudis have dropped a key US benchmark for crude oil – but why?

http://www.telegraph.co.uk/finance/markets...troy-NYMEX.html

[swordfish]

anyone seen this before?

http://fxtrade.oanda.com/tools/statistical...s_summary.shtml

http://fxlabs.oanda.com/products/historica...ers_EUR_USD.png

Open Orders Summary

 

This graph gives a snapshot of the trigger points for the open orders on OANDA's books (including limit orders, and Stop/Loss or Take/Profit orders on trades). The graph could be used as an indicator of client price expectations contributing to natural resistance and support levels. There's a graph for each major currency pair (click on a pair's button to go to its graph).

[swordfish]

Our Jewish brotherts drop more then 2% today

http://www.tase.co.il/TASEEng/Homepage.htm

[swordfish]

from yelnick:

"The wave structure in the Naz and S&P seem fairly clear: we have concluded a five-wave down move and now should have a wave 2 bounce. We might see a gap down Monday morning as the retail investor panics a bit this weekend and puts in sell orders; but either that day or Tues should show a sharp reversal. The STU notes that Wed is FOMC day, and the market may appear to rally into that day waiting for the FOMC report (and any interest rate changes) before fading after.

 

That rally is your last chance to get out. It should go back at least 50%, and that means it should kiss the trendline goodbye at around the Sp1061 pivot level one more time. (Math works simplest if we have a 15 or so pt drop Monday before the reversal: 1101 top to 1020 then 50% rally gets back to 1061.)Then a wave 3 down with higher intensity and a greater fall."

 

http://yelnick.typepad.com/yelnick/2009/10...omes-again.html

 

Interesting. More and more people think that we will not go down in one move but we will bounce and then drop more. People are not prepared for slow drop. We have 5-6 session before 10 NOV (low according to crash count) and we should get at least to 992 (line SP500), we are at 1038, so need to fall 4,4% more. Could have a bounce, why not, but REALLY people would be reallly amazed if we dont get a bounce.

[swordfish]

Ok, so I see consensus on this board - we go lower for sure, the question is how:

a ) slowly down

b ) with a pullback Tue,Wed (FOMC meeting) to sp1060

 

and then 992 or lower. Will be interesting to play this thing.

[swordfish]

Do I smell a nervous moves?

Saudi Central Bank Warns Against Quick Withdrawal of Stimulus

Nov. 1 (Bloomberg) -- The central bank governor of Saudi Arabia, the world’s biggest oil producer, joined a top Chinese official in warning against an early withdrawal of economic stimulus measures.

http://www.bloomberg.com/apps/news?pid=206..._AqS8&pos=6

[swordfish]

Geithner Urges Banks to Resume Lending, Help Recovery (Update1)

Nov. 1 (Bloomberg) -- U.S. Treasury Secretary Timothy Geithner said the country’s economic recovery and job creation hinge on banks taking more risk and restoring the flow of credit to businesses.

“The big risk we face now is that banks are going to overcorrect and not take enough risk,” Geithner said in an interview today on NBC’s “Meet the Press” program. “We need them to take a chance again on the American economy. That’s going to be important to recovery.”

http://www.bloomberg.com/apps/news?pid=206...jtD1k&pos=5

 

CIT Group Files for Chapter 11 Bankruptcy Protection (Update2)

Nov. 1 (Bloomberg) -- CIT Group Inc., a 101-year-old commercial lender, filed for bankruptcy with financing from investor Carl Icahn after the credit crunch dried up its funding and a U.S. bailout and debt exchange offer failed.

New York-based CIT listed $71 billion in assets and $64.9 billion in debt in a Chapter 11 filing in U.S. Bankruptcy Court for the Southern District of New York. None of its operating subsidiaries, including CIT Bank, a Utah-based bank, were included in the filing, and operations will proceed as normal, CIT said in a statement.

http://www.bloomberg.com/apps/news?pid=206...2eLwY&pos=1

[T_Slim]

My son in law is a risk manager for a Canadian institution. That's basically the story he gives me. By the way, he was the one who tipped me off in July 2007 that they weren't getting repaid on their CP holdings before the news hit the mainstream media, as you may recall. So he has some credibility.

 

On the other hand, my impression from spending half the year in Canada is that Canadians in general are a lot less interested in things like ferreting out fraud and corruption than Americans, which is really saying something, so my feeling is that the Canadian banks can put up a false front for longer and no one will question it. Their capital ratio requirements are more stringent than in the US, apparently, so that allows them a bit more cushion.

 

Canadians are unfailingly polite, sneaky basturds. Because of the tax structure, many are involved in some form of economic cheating as a matter of course. When I bought my property the seller insisted on a part of the payment in cash under the table because of the ridiculously high taxes on real estate transfers. That's very typical. People routinely steal cable or satellite TV signals. They routinely engage in black market goods transactions, or beating the customs laws. Fireclosure was a way of life in Shawinigan, Jean Chretien's hometown, for decades as the economy there sank into the abyss. Anglophone Canada is just as bad. I worked for a Canadian brokerage firm back in the 80s. Really nice polite people who will happily stab you in the back to make or save a buck.

 

So there may be some truth to the argument that they have less leverage, BUT, I also think that there's a lot going on there that we just don't know about. Fraud is a way of life in Canada. It is endemic, and ingrained in the Canadian economy and psyche.

 

Boy, am I gonna hear it now.

 

After 3 days of stressful moving, thought I would try to play catch up and came across this post. As an American that has been living up here in Saskatchewan for almost 7 years now, I agree wholeheartedly with what you said Doc. They are just as corrupt as us US Amerikens and whatnot. And nepotism runs deep from my experiences.

[K Wave Rider]

EUR/JPY and AUD getting whacked outta da gate....see if they reverse or not a bit later....

[T_Slim]

I'm pretty sure that Canada has a real estate crash comparable to the one in the U.S. dead ahead. (A good place where the current Canadian RE bubble is chronicled is www.greaterfool.ca.) In the major cities, at least, Canadians have been desperate to take out unsustainable mortgages at the same time their jobs are vanishing. All this has been encouraged by a real estate industry that has been feeding them the line "don't worry about the U.S.--this is Canada--things are different".

 

A key difference from the U.S., however, is that the government has been guaranteeing the majority of these mortgages. So come the bust, the banks may be protected, but the government is going to get hit big time.

 

Word.

[patekbear]

i was hoping this day will come

[K Wave Rider]

Spoos open down a couple