DrStool Posted November 7, 2008 Report Share Posted November 7, 2008 Amazing how a 250 point up day feels now. Link to comment Share on other sites More sharing options...
Peek Paper Posted November 7, 2008 Report Share Posted November 7, 2008 Amazing how a 250 point up day feels now. The Boss says "Until morale improves, the beatings will continue". That's what it feels like to me. Except Bears are The Boss now. Link to comment Share on other sites More sharing options...
Bungster Posted November 7, 2008 Report Share Posted November 7, 2008 RUTRO...Carl Swenlin isn't sure if we have a bottom or a continuation pattern...... http://www.financialsense.com/editorials/s.../2008/1107.html Link to comment Share on other sites More sharing options...
Pretzel Logic Posted November 7, 2008 Report Share Posted November 7, 2008 RUTRO...Carl Swenlin isn't sure if we have a bottom or a continuation pattern...... http://www.financialsense.com/editorials/s.../2008/1107.html That's been my stance all along. I might be wrong, but... remains to be seen. Today at the close we had a nice short squeeze, which didn't amount to much in the grand scheme of things. I see lots of bullishness on TV, on many sites, and even here. The expectation seems to be that the market will rally from here, based on... the severe Ben-Dover Sole condition, I suppose. However, Swenlin's point is correct and one that I've been observing as well: we seem to be working off that condition moving sideways. And one could also argue that we've already seen some pretty good rallies from the Oct. 10 low. Who's left to buy? That's the speculation I keep rolling around in my head. Aren't most of the bulls in already from Oct. 10? We had net additions to 401K's last week, for the first time in months -- so Ma and Pa Bottom Picker are back in too. If it can breakout, that would be a relief -- but is the fuel still there to do that? If it breaks down instead, I'm convinced the carnage will be exceptional -- even in light of the exceptional carnage we've seen already. Remains to be seen. But the longer we churn in a range, the more dangerous I think it gets for the bulls. Just my humble 2/17ths of a cent, FWIW. Link to comment Share on other sites More sharing options...
Jorma Posted November 8, 2008 Report Share Posted November 8, 2008 Bloomberg News asked a U.S. court today to force the Federal Reserve to disclose securities the central bank is accepting on behalf of American taxpayers as collateral for $1.5 trillion of loans to banks http://www.bloomberg.com/apps/news?pid=new...id=aKr.oY2YKc2g Good luck with that. Nobody questions the high priests of finance. Not judges nor politicians. Till now anyway. Link to comment Share on other sites More sharing options...
shorty Posted November 8, 2008 Report Share Posted November 8, 2008 a healthy correction today on profit-taking by shorts Link to comment Share on other sites More sharing options...
Charmin Posted November 8, 2008 Report Share Posted November 8, 2008 I believe the market today was quiet between 11am and 2:30pm. Some will tell you that before and after those times is where the majority of action takes place. If the market is truly going up then the DJ utilities chart may be next to break it's consolidation. Is that a good thing? It appears the DJ biotech did already. DJ oil and gas seems to comparable to the utilities. I was looking at the hourly charts. Link to comment Share on other sites More sharing options...
DrStool Posted November 8, 2008 Author Report Share Posted November 8, 2008 Blockbuster Fed Report- http://wallstreetexaminer.com/2008/11/07/m...ion-fed-report/ Link to comment Share on other sites More sharing options...
Charmin Posted November 8, 2008 Report Share Posted November 8, 2008 Headline reads "Jobless ranks hit 10 million, most in 25 years" They're probably not counting all the old timers who are leaving work with a "retirement incentive package." I guess that doesn't fit the category of "jobless." Link to comment Share on other sites More sharing options...
lineup32 Posted November 8, 2008 Report Share Posted November 8, 2008 The state's worsening budget crisis is forcing the California State University system to consider turning away some eligible students from all 23 campuses for the first time in its history. CSU Chancellor Charles Reed blamed the proposed enrollment restrictions on Sacramento's underfunding of the university's budget, which was cut in September and now faces a midyear cut as the state's financial woes worsen. The university's governing Board of Trustees is scheduled to discuss Reed's proposal on Wednesday during a meeting at CSU headquarters in Long Beach. The trustees also will be asked to consider increasing tuition for business school graduate students. While individual campuses have closed enrollment in the past, such a move has never been imposed across the entire system, which is the largest four-year university operation in the country. The proposal does not estimate how many students could be denied admission, but it could be thousands. http://www.sfgate.com/cgi-bin/article.cgi?...E.DTL&tsp=1 Link to comment Share on other sites More sharing options...
cwd Posted November 8, 2008 Report Share Posted November 8, 2008 That's been my stance all along. I might be wrong, but... remains to be seen. Today at the close we had a nice short squeeze, which didn't amount to much in the grand scheme of things. I see lots of bullishness on TV, on many sites, and even here. The expectation seems to be that the market will rally from here, based on... the severe Ben-Dover Sole condition, I suppose. However, Swenlin's point is correct and one that I've been observing as well: we seem to be working off that condition moving sideways. And one could also argue that we've already seen some pretty good rallies from the Oct. 10 low. Who's left to buy? That's the speculation I keep rolling around in my head. Aren't most of the bulls in already from Oct. 10? We had net additions to 401K's last week, for the first time in months -- so Ma and Pa Bottom Picker are back in too. If it can breakout, that would be a relief -- but is the fuel still there to do that? If it breaks down instead, I'm convinced the carnage will be exceptional -- even in light of the exceptional carnage we've seen already. Remains to be seen. But the longer we churn in a range, the more dangerous I think it gets for the bulls. Just my humble 2/17ths of a cent, FWIW. The trend is your friend, and has been mentioned, a lot of people are waiting for the Spoozer to get to 940 to short. Will Mr. Market be so obliging? Link to comment Share on other sites More sharing options...
cwd Posted November 8, 2008 Report Share Posted November 8, 2008 Headline reads "Jobless ranks hit 10 million, most in 25 years" They're probably not counting all the old timers who are leaving work with a "retirement incentive package." I guess that doesn't fit the category of "jobless." Or doing consulting work, whatever that means. Link to comment Share on other sites More sharing options...
vasu Posted November 8, 2008 Report Share Posted November 8, 2008 I believe the market today was quiet between 11am and 2:30pm. Some will tell you that before and after those times is where the majority of action takes place. If the market is truly going up then the DJ utilities chart may be next to break it's consolidation. Is that a good thing? It appears the DJ biotech did already. DJ oil and gas seems to comparable to the utilities. I was looking at the hourly charts. why the utilities behaving strong would be not good?, can any one shred some thoughts...? Link to comment Share on other sites More sharing options...
vasu Posted November 8, 2008 Report Share Posted November 8, 2008 November 5 ? Bloomberg (Greg Walters): ?Russian companies should carry out oil and natural gas sales in rubles in order to establish the country as a global financial center, President Dmitry Medvedev said? Both Medvedev and Prime Minister Vladimir Putin have advocated the ruble as a reserve currency and urged the nation?s energy producers to move toward trading in the currency.? If other oil countries takes this approach, things would turn into more ugly and a possible war.... Link to comment Share on other sites More sharing options...
cwd Posted November 8, 2008 Report Share Posted November 8, 2008 It is Friday night, so it must be time to announce the weekly bank failures. Friday, November 07, 2008 Two more FDIC Friday Night Specials: Franklin and Security Pacific It is now a ritual. Every Friday night the FDIC announces which banks have been playing fas and loose with our money and need to be shut down. This week, there are two banks, Security Pacific of Los Angeles and Franklin of Houston. The FDIC has found a suitor for Security Pacific' bank's deposits with Pacific Western. (This is not the famous SecPac that merged into Wells Fargo in 1992 but an also-ran that was formed in 2005) Nevertheless, one should notice a large tab being picked up by the FDIC http://www.creditwritedowns.com/2008/11/tw...t-specials.html Link to comment Share on other sites More sharing options...
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