wndysrf Posted April 30, 2003 Report Share Posted April 30, 2003 Same old stuff. "Must own" stocks which were accumulated this quarter for the month end statement print like BBBY, CFC, COCO, COH were candle jammed into the close. Wild squeezes continue. Lots of junk stocks moving now. Short sellers getting blown out are now trying to "catch up" by chasing the Sycamore (SCMR) Screamer. The dollar and stock divergence widens more. Which one will correct? Al Green mumbling again today. Nobody dares to ask him what is wrong with the financial markets. Pension plans getting a free pass by being able to use corporate bond yield index as a fixed income benchmark as opposed to the 30-year Treasury. Now their deficits won't look so bad. What a joke. In the meantime, heavily Riverboated stocks like MSTR suffer sudden "accidents". But no worries. That gap will be filled like everything else. No unfilled downside gaps in this market. Only spectacularly linear perfect 45 degree boner runs like JPM, C, and COF. So many of these charts are starting to resemble porno magazines. Notice the ascending triangle on the intraday. Almost exactly like the May 22, 2001 top. I remember. Because I covered that day, thinking a breakout was imminent. The next day on the large move down, I realized my mistake. Could be the same. The Arena is gotten totally hysterical. Most Participants are deformed and disfigured from the wild battles perpetrated by The Matrix. Incessant short squeezes, wild gaps, sudden reversals, unexpected failures, and all the rest. The entire "Rest of the World" knows our markets are a sham and are being propped. So they are gaming the movers as long as they can in order to profit from the situation. But as soon as the propping runs out of gas, there might be a spectacular drop, as all the Commodity Robot Programs hit the sell button. Everyone's eye is on the dollar. Everyone's finger poised over the sell button, ready to be the first to unload. The Horror continues.... Riverboaters, take over..... Link to comment Share on other sites More sharing options...
wndysrf Posted April 30, 2003 Author Report Share Posted April 30, 2003 Pathetic Close. They spent all day jamming the tape to avoid the dreaded "doji close". Instead, they exhausted all the buyers and squeezed out the last shorts, and couldn't even hold it even for the close. Al Green must be sweating bullets tomorrow. Lets see how the Asian Exotica (Tokyo Electron, Advantest) in Japan react to the "No Recovery" statement from DELL today, and the disasterous results at IM. Link to comment Share on other sites More sharing options...
Slothrop Posted April 30, 2003 Report Share Posted April 30, 2003 SPX close close enough to a doji for me. An inside day doji. Lower high in stoch reading, lower high in MACD histo...whew. All suggestive of i/t trend change. Link to comment Share on other sites More sharing options...
Troy Posted April 30, 2003 Report Share Posted April 30, 2003 I noticed the 10 days before the March 2002 high the range was small like now closing near the middle of the range like now before the b.s. is finally all over. VIX could go lower but the market does not go up past this point on the VIX and most certainly not this point on the VXN. 924 is a much touted number and it could be it from Monday. We may have gone past the point of no return now. I will be breathing better when we see the 600s in the next couple of months on the S&P500. VIX of 23 defined = it means that the last stupid people have come in and anymore stupid people that come in do so lowering VIX possibly but with so little cash it does not move the market up. Link to comment Share on other sites More sharing options...
swedjap Posted April 30, 2003 Report Share Posted April 30, 2003 Great post as always Mark! Market snapshot, courtesy of Bloomberg.com CURRENCIES IN USD EURO 1.1184 0.0101 YEN 118.9100 -0.8550 POUND 1.5996 0.0048 COMMODITIES OIL 25.80 0.56 GOLD 339.90 0.50 Link to comment Share on other sites More sharing options...
purdymouth Posted April 30, 2003 Report Share Posted April 30, 2003 Concerning the adage "buy the cannons, sell the bugles"... Shrub declares end of "combat phase" [ha! whatever!] manana. Thus, "bugle day"? Link to comment Share on other sites More sharing options...
Mr. Beal Posted April 30, 2003 Report Share Posted April 30, 2003 I remain very short and very very afraid of overnight currency intervention. The monthly chart on the DX looks like a free fall. It always does before the gap up overnight. Link to comment Share on other sites More sharing options...
simple guy Posted April 30, 2003 Report Share Posted April 30, 2003 As SG said on Monday this week... we top on wednesday this week kids. 3-5 days down coming.... possibly more, we shall see. 26.38 QQQ likely a rebound upward from there.... NXTL downgraded to Sell today from BOA.... 100% in cash right now.... but shorts will be rewarded near term. GL SG Link to comment Share on other sites More sharing options...
crooked_analyst Posted April 30, 2003 Report Share Posted April 30, 2003 Check Time & Sales in AH on SPY's 3,260,200. Link to comment Share on other sites More sharing options...
realist Posted April 30, 2003 Report Share Posted April 30, 2003 U know what they say.... "Amateur's Open, Pro's Close" IMO, tommorrow begins the resumption of the BEAR. Sure it will not be hard straight down, but nonetheless, the 924 high in the SPX could very well mark the end of this rally cycle. There is obviously MAJOR RESISTANCE at a DJIA close of over 8522 and thus presents huge problems for the BULLS. I remain 100% LONG RYDEX TEMPEST and will stay so until DOW THEORY sayz otherwize. Link to comment Share on other sites More sharing options...
Tchaikofsky Posted April 30, 2003 Report Share Posted April 30, 2003 Fed Chief Says Economy Poised for Rebound . . . "Unfortunately, the future path of the economy is likely to come into sharper focus only gradually," he said. "In the interim, we need to remain mindful of the possibility that lingering business caution could be an impediment to improved economic performance." However, the central banker later reassured lawmakers that an upturn in the economy later this year would also improve the bleak labor picture. So far this year, the economy has shed nearly half a million jobs outside the farming sector and lawmakers asked the Fed chief whether the projected rebound would be a so-called jobless recovery as was the case in the early 1990s. "No, I think it includes jobs," Greenspan said. At present, U.S. manufacturers have suffered big job losses primarily because of an "extraordinary" gain in productivity, Greenspan acknowledged. ======================= So all those laid-off productivity-challenged folks with no job, no health insurance, $7K a piece on their VISA, MasterCard and Discover can just borrow more against the equity in their house to join in on the recovery? Link to comment Share on other sites More sharing options...
BeerMarket Posted April 30, 2003 Report Share Posted April 30, 2003 CRUS finding out what happens when you report GAAP numbers in this market - down 15% ah Link to comment Share on other sites More sharing options...
PileDriver Posted April 30, 2003 Report Share Posted April 30, 2003 no doubt ceiling has been hit and this "brief" short-covering bear rally is RIP :wink2: Now we'll see how the decline unfolds. Ceiling (first hit 4/23) (extremes to watch for MAJOR IT CIT: >3.0 and This next decline might be a doozie. :grin: If so, I'll be looking for a gut wrenching ratio of ~0.05 to be hit, yes 0.05 on that chart. So damn scarey no one will have the courage to buy. That and only that kind of bottom will produce what the bulls want, a real lasting rally with teeth. This rally was foolish nonsense, for amateurs. Still in Dec bear funds, covered shorts 3/18, up 31% since March on dongs. Link to comment Share on other sites More sharing options...
FeedFool Posted April 30, 2003 Report Share Posted April 30, 2003 Fed Chief Says Economy Poised for Rebound. . . "Unfortunately, the future path of the economy is likely to come into sharper focus only gradually," he said. "In the interim, we need to remain mindful of the possibility that lingering business caution could be an impediment to improved economic performance." However, the central banker later reassured lawmakers that an upturn in the economy later this year would also improve the bleak labor picture. So far this year, the economy has shed nearly half a million jobs outside the farming sector and lawmakers asked the Fed chief whether the projected rebound would be a so-called jobless recovery as was the case in the early 1990s. "No, I think it includes jobs," Greenspan said. At present, U.S. manufacturers have suffered big job losses primarily because of an "extraordinary" gain in productivity, Greenspan acknowledged. ======================= So all those laid-off productivity-challenged folks with no job, no health insurance, $7K a piece on their VISA, MasterCard and Discover can just borrow more against the equity in their house to join in on the recovery? Link to comment Share on other sites More sharing options...
BigWave Posted April 30, 2003 Report Share Posted April 30, 2003 I am not afraid and neither should you be... Link to comment Share on other sites More sharing options...
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