wndysrf Posted August 22, 2003 Report Share Posted August 22, 2003 Welcome to the second anniversary of an Aug. 22 top. Possibly a double shot. And yet another double: Two consecutive days in a row, where a high tech CEO was able to utter something which instantly levitated billions of dollars in market cap. What do you expect? Another new record. But after the 90% panic open with a .09 TRIN reading, we could have finally reached exhaustion. After the open, it was a non-stop slide all day. Where was the Stick Save? Where was the Globex Outage? Where was Osama Yo Mama, Saddam capture?? Where was the Magic Wand? Where was the unknown Futures Buyer? What happened to all the Bullhorning about the 2nd half recovery? End of Month Mark Up coming next week. Watch your back. Link to comment Share on other sites More sharing options...
BudFox Posted August 22, 2003 Report Share Posted August 22, 2003 SOX giving the bulls the finger. Rejected by the longer term downtrend channel. Link to comment Share on other sites More sharing options...
BartTheBear Posted August 22, 2003 Report Share Posted August 22, 2003 I was just beginning to think this market only moved in one direction. Link to comment Share on other sites More sharing options...
DrStool Posted August 22, 2003 Report Share Posted August 22, 2003 Uncle Buck and the Long Bong Hit, including short and long term updated charts and price targets, is now loaded. Yields are high, but Uncle Buck is feelin' low. Take a subscribatory and get the latest whiff of the of the Long Bong Hit and Uncle Buck in the Anals RIGHT NOW! Your Closing Anals Intraday are now posted. Take a subscribatory, open it and download it RIGHT NOW, along with everything else in your Anals! Link to comment Share on other sites More sharing options...
wndysrf Posted August 22, 2003 Author Report Share Posted August 22, 2003 Bearish Engulfings on all indices. http://stockcharts.com/candleglance?$...#124;C|d20 Link to comment Share on other sites More sharing options...
Guest Posted August 22, 2003 Report Share Posted August 22, 2003 Check out TMR. Spec buy on my part at 3.99. Super volume move. Link to comment Share on other sites More sharing options...
crooked_analyst Posted August 22, 2003 Report Share Posted August 22, 2003 Check the last minutes action in KRY..... Link to comment Share on other sites More sharing options...
mjkst27 Posted August 22, 2003 Report Share Posted August 22, 2003 ...continuation of FRB discussion (what else?) from last night's M2M.... When the Fed "prints money", they buy the securities of the US Treasury or it's guaranteed entities like Sallie and Gennie (current law restricts the Fed to these securities only, I believe). These assets go onto the Fed balance sheet, and the cash into circulation, i.e. at some point the cash lands in an account at a Federal Reserve institution. Thus the Fed has "added reserves" to the banking system, allowing the fractional-reserve pyramiding of even more debt/dollars on top. All of this money was "printed", including the reserves created by the Fed. "Printing money" is FRB of fiat money. We're not on a gold standard such that we fractionally reserve gold certificates with something less than 100% (i.e. "fractional") gold bullion. Yes, I suppose this is technically different than the innovation of money market intermediation that allows fiat money creation essentially with zero reserve. But who cares? The fact is that all the money is fiat and it's supply is arbitrary. In fact, it is now unarbitrarily VERY large, which means it represents a quantity of debt that cannot be successfully serviced without creating an even more insane cumulative total of debt/money in the process. The exact consequences of such a circumstance are not known, but have been speculated upon muchly in these environs. Personally, I remain appropriately long-term bearish on all paper assets, including real estate (due to mortgages). I really think folks on this thread are having one great big heated agreement, but just feel like bickering most of the time anyway Edit, actually, the money market game doesn't really add to the supply of actual dollars if I read Noland right. It just creates dollar "claims", typically in the form of MBS. But the claims are debt just the same, much of it uneconomic. Link to comment Share on other sites More sharing options...
Stoolander Posted August 22, 2003 Report Share Posted August 22, 2003 Bearish Engulfings on all indices. http://stockcharts.com/candleglance?$...#124;C|d20 Added SOX, BKT, TRAN and UTIL and looking at the 2 month. Technically COMPX didn't quite engulf but close enough for SEC work. We'll just call that a proforma candle. http://stockcharts.com/candleglance?$...#124;B|D20 Link to comment Share on other sites More sharing options...
ThorAss Posted August 22, 2003 Report Share Posted August 22, 2003 I read at the end of the IDS many calls for a bounce Monday. A quick look at the charts for similar patterns suggest to me very little chance of a higher close Monday. Expectations are for a continuation of the move lower. Link to comment Share on other sites More sharing options...
crooked_analyst Posted August 22, 2003 Report Share Posted August 22, 2003 I read at the end of the IDS many calls for a bounce Monday. A quick look at the charts for similar patterns suggest to me very little chance of a higher close Monday. Expectations are for a continuation of the move lower. Call me stupid, but i just don't see a noteworthy bounce coming. Link to comment Share on other sites More sharing options...
Guest Posted August 22, 2003 Report Share Posted August 22, 2003 Call me stupid, but i just don't see a noteworthy bounce coming. One word -- Sornette. Link to comment Share on other sites More sharing options...
wndysrf Posted August 22, 2003 Author Report Share Posted August 22, 2003 Danger signs for gold and silver bulls: NEM, SSRI, FCX, SIL smoked on high volume candles which took out the prior lows. Could be a signal that these could be taken out with the broads if a huge downside move is starting. Link to comment Share on other sites More sharing options...
The End Posted August 22, 2003 Report Share Posted August 22, 2003 I hedged late today. It was probably a mistake. If we break the 50sma on a close I will cover the sept 965 calls bought late today. Have a great weak-end stoolies. Link to comment Share on other sites More sharing options...
wndysrf Posted August 22, 2003 Author Report Share Posted August 22, 2003 Here's the last minute Bone Jam on KRY Link to comment Share on other sites More sharing options...
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