Thursday, November 20, 2008

Market's Close

Another ugly day in the market. Louise Yamada was on Fast Money. She gave some depressing numbers for the S&P: 400-600. But, I'm not surprised, though. I mentioned in this space Tim Wood (who is on FSO regularly), and most recently his call for 50-75% retracement of the 1974 - 2007 rally.

I'm sure in the meantime, we will have some monster rallies to scare the bejeebers out of the shorts.

Oil is at $50---If you do not read Ray Merriman's posts (MMA Market Cycles), you might consider doing so. His calls have been uncanny. You don't have to believe in astrology--he could be correlating the stuff to sand grains. It doesn't really matter--what matters is that he said this year that he thought people would be surprised how low oil would go.

4 comments:

nice said...

hmm geocosmic significance LOL

I'll have to admit that there are some correlations between certain moves in commodities and the full moon... quite uncanny...

speaking of commodities...

the fear trade in gold seems to be in vogue today -

Guess we shall know shortly whether Paulson has been lying or not - market seems to be saying he is.

Certainly everyone has lost confidence in this cadre of Paulson/Coxe etc...

It's to bad it is an options Friday so we could read more significance into the price/vix actions - most indicators are rendered useless today.

Pulled off a some good day trades today in ABX and KGC to make up for that small but lame UYG purchase which is underwater LOL

Financials down almost 50% this month alone.

Does revert to mean still work LOL???

Maybe UYG and some of the other ultralongs will end up as penny stocks like DCR - remember DCR?? that ultrashort oil that went belly up as everyone was trying to short oil as it went from $100 to $140?

nice

nice said...

"Dow Ends Up Nearly 500 in Surprise Comeback on News of Geithner for Treasury"....

Who comes up with this stuff LOL

End of the week, shorters have gone home, everyone who wanted out got out, options hangover done, gamed the market last 1 1/2 to make the week look better and make a quick buck

Paulson said the market was saved and we dropped 1000 points...

Some guy who caused this mess was appointed by Obama and we rally 500???

30% rally in gold stocks - not even mentioned...

The fact that C did not participate in the rally - not even mentioned.

Do I smell an end of the month pump again???

Market seemed to like 8's today..
DOW 8000, S&P 800, Gold 800

Doesn't 8 in numerology mean one will 'accumulate great wealth'??

Maybe the market is sending us a message here???

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USD dropped right on cue for Obama's announcement - just like the last times..

IMO Bulls really need constructive rallies - where 600 points are made over the course of a week - not 80 minutes...

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fwiw... Removed hedges at dow 7600

Been a nasty week but sidestepped most of it...

Opened some EEM ealier in the day for entertainment purposes.
Emerging markets index has dropped 2/3rd's

Bring on the party bulls - if you can... now's your chance...

Next trading cycle trough is Dec 15th - any bottom in front of the trading cycle usually indicates a stronger move coming...

Still expect more unwinding and liquidation this year...

Hope everyone made it through the week...

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btw

Leisa - do you think Lifeco's have stabilized? Or more damage to come?

I saw that the Feds made a regulation change the other day where lifeco's can comingle with S&L's - guess they need more depositor capital...

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have a good weekend Leisa and everyone...

nice

Leisa said...

I was out today and missed all the fun and games. I did check via my phone, and didn't see anything too spectacular. But the fireworks did not begin until 3? I saw the DOW up about 214, and I arrived home about 3:50 p.m.

If you don't like the market at moment x, just close your eyes and in moment y it is a different market. Very, very screwy.

Eldar Bob said...

Thqaks for the link to the Bloomberg interview