wndysrf Posted August 6, 2003 Report Posted August 6, 2003 The top TV show last night was the sensational Nip/Tuck on FX. A bunch of Drama Queens going into see these plastic surgeons for a makeover. Last night, some Psycho went in to the office. ?I hate my nose. I hate my breasts. I need liposuction everywhere!? The doctor listened, but decided against it. ?We are rejecting your case because you have unrealistic expectations.? And of course, the Psycho Chick goes ballistic, complaining that her high school reunion was coming up in a month, and she demanded a total makeover. A day in the FEED office is no different. Al Green had a 5-year auction coming up, and demanded an immediate makeover for the financial markets. ?I hate gold! I hate short sellers! I need to plug the dikes everywhere!? ?Jam the Dollar! Jam the Stock Market! Crush Gold!?, he shouted. "I gotta another auction on the 10-year coming up!" As usual, stocks got PowerJammed to the upside only to reverse near the end of the day in a classic Wild Wednesday Reversal Pattern typical in front of OpEx. What happens next week is going to be interesting. Light summer trading during Scam Week. Should be some real hairball moves. Riverboaters must look at the charts of the HMO's, like AET and OHP. Wouldn't it be funny if the Broads got smoked all the way to the March lows in 10 trading days? I'll have the VCR ready to tape Kudlow's reaction. As far as Cramer goes, I think he's smart and knows what's going on. He's just your usual Transvestite. A trader, jobber, gamer, operator, and action junkie masquerading as a bullish anal cyst for money. We are finally seeing some spectacular crashes. We are going south, and I think he knows it.
wndysrf Posted August 6, 2003 Author Report Posted August 6, 2003 Gold stocks TurboBlasted up in the last few minutes of trading. Volume was anemic until the end, now we are seeing some real action. GLG and HL are next on the launching pad. http://stockcharts.com/candleglance?$...#124;C|D20
machinehead Posted August 6, 2003 Report Posted August 6, 2003 SPX 962 and Dow 9000 were both tested this morning. And on a closing basis they held (the new S&P intraday low is 960.84). A couple of things might have helped da boyz "hold the line." One is that crude oil prices, which started the day up 50 cents into the danger zone, finished down 52 cents after a report showed higher inventory than expected. Second, the 10-year note yield receded to 4.28%, after probing the low four-forties again yesterday. The 10-year note auction results will be released tomorrow afternoon. Although I wouldn't buy them, it wouldn't surprise me if the note rallies and yields fall, after all the hysteria of last week. The notes might have gotten Dover Sold or something. Sticking to my story: the 962 to 1015 range still prevails. I have nothing more to say.
soup Posted August 6, 2003 Report Posted August 6, 2003 machine: support/resistance lines, particulary if of some significance, rarely get breached on the first attempt. The fact that we did not rally much and finished well of the highs suggests we will at least probe the 62 area in the very near future.
morass Posted August 6, 2003 Report Posted August 6, 2003 Thank you mark. One of your best analogies. As Lawrence would say awonerful awunerfullll.
soup Posted August 6, 2003 Report Posted August 6, 2003 I think they started the bond rally a day too soon, but that is a tough call, short term.
wndysrf Posted August 6, 2003 Author Report Posted August 6, 2003 Machine: Nasdaq had every opportunity to break back up over the 50-day, but they couldn't do it. At least a close right at the 50-day would have implied a false break to the downside, Ordinary's "Bullish Spring" scenario. But the Nasdaq Bulldogs like AMAT, DELL, and a few Screamers like SNDK, ERES couldn't get it going. We'll see. Next week is Scam Week. Anything can happen. http://stockcharts.com/candleglance?$...#124;C|D20
The End Posted August 6, 2003 Report Posted August 6, 2003 http://www.capitalstool.com/forums/index.p...t=0#entry142290 I see 982 tomorrow then down again.
machinehead Posted August 6, 2003 Report Posted August 6, 2003 machine: support/resistance lines, particulary if of some significance, rarely get breached on the first attempt. The fact that we did not rally much and finished well of the highs suggests we will at least probe the 62 area in the very near future. Agreed. There's an old floor trader saying that it takes three tries to test or break a particular level. SPX 962 was tested twice this morning. The poor final-hour action may point to another test tomorrow morning. Then the note auction results could either kill it off or save it.
tpark Posted August 6, 2003 Report Posted August 6, 2003 How low do they have to get the yields to in order to reflate the mogauge? My understanding of the bond markets needs some work.
BartTheBear Posted August 6, 2003 Report Posted August 6, 2003 I noticed the ASK on SPX putz jumped at (after) the close. Hmm...
Guest Posted August 6, 2003 Report Posted August 6, 2003 http://www.capitalstool.com/forums/index.p...t=0#entry142290 I see 982 tomorrow then down again. Really? Yeah babe! Let's run it up so I could hop on! :grin: TE, your SNDK did nicely today. PIXR next?
MyGoldenStool Posted August 6, 2003 Report Posted August 6, 2003 Boy, I'll bet a lot of women are gonna learn to hate Cialis. Works in 1/2 an hour and lasts all day! WHOOPEE!
Guest Posted August 6, 2003 Report Posted August 6, 2003 What I posted on IDS: Huge volume came in on NYSE in the last 20 min or so. S&P broke 962 on equal volume, bearish as hell. Now we have no divergence, but a BEARISH CONVERGENCE, heeheehee... Guess I missed the first 5% or so but I am sure we'll get a long ride south...
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