Today was a prime example of a news driven market. The market are looking for any news via the fed, mortgage derivative, hedgie etc to trade on. It almost seem too fake how we just trading off news in a hope of a rally or a crash. Here today I have to give it up to the bulls as the overnight lows didn't make a big impact on the final numbers. Tech, bios and agro stocks seem to have found some buying or short covering from the open to pan out a gain.
Well good to know Standard and Poors are on top of the market as usual. They claimed today that most of the bank write offs are coming to an end and we should be out of the woods soon. Well I have so much faint that I had my $5 in Enron when Standard and Poors said they were AAA rated, PLEASE lets be real here. Folks at Standard & Poors are a bunch of idiots and we will see soon enough if we are near the end.
Do you really think the Carlyle group is the only hedge fund out there that is using 32:1 leverage and got burnt. I think not but we will see soon enough.
Right here I am taking it easy as the FED action thru a money wrench in the setups i was looking at.
Remember next week is option expiration week and we should get some nice movements monday and tuesday. I am definitely not trading next friday as I haven't been having too much luck on options expiration days.
Thursday, March 13, 2008
When will they get it!!!!!!!!
Carlyle Capital margin call, Bear Sterns lost of confidence, bad retail numbers and news of 20% job cuts on Wall Street, YEN is now at its highest level in 13 yrs are some of the news that are pounding us this morning. The news is nowhere good and that's why I am a perma bear long term. Yes we will get the bear market rallies but come on we heading lower much lower.
In the next few months most stocks will have made 52 weeks lows and many will make multi year lows. The FED is powerless against this spiral and SHOULD not try and help the markets as bear markets and recessions are a natural process of cleansing, just like we have natural disasters such as hurricane which are nature cleansing phenomenons.
Well for today we will see how far the gap us down. I would love ot see a huge gap down in certain stocks so I can play the bounce for the day but today if we dont bounce hard enough the bears might take it to the bulls and drive us way down.
I will be watching the financials closely today for reaction. Expect a big spike in SKF, wish I had step back into that play, oh well! that's how it goes.
Good luck
In the next few months most stocks will have made 52 weeks lows and many will make multi year lows. The FED is powerless against this spiral and SHOULD not try and help the markets as bear markets and recessions are a natural process of cleansing, just like we have natural disasters such as hurricane which are nature cleansing phenomenons.
Well for today we will see how far the gap us down. I would love ot see a huge gap down in certain stocks so I can play the bounce for the day but today if we dont bounce hard enough the bears might take it to the bulls and drive us way down.
I will be watching the financials closely today for reaction. Expect a big spike in SKF, wish I had step back into that play, oh well! that's how it goes.
Good luck
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