I got a call from someone saying Cramer is saying to buy Gold. Personally I think gold is a fear trade now especially internationally. There has been some speculation that gold is being bought to get out of US Dollar reserve by International Central Bank. I have no thoughts on this but I know for sure I think the dollar is going to hell and IF I were to buy a safe commodity here on the declining Dollar trade it would be OIL.
I am not much of an expert on the economics of Gold but the charts say it can go higher especially if there is a inverse relationship Dollar.
Stay Tune for More
Monday, September 22, 2008
One Crazy Market
This is one crazy market. The truth is everyone is trading in and out of stuff because they are afraid of getting crushed. Today oil was up at one point $25, just amazing. The US Dollar also had the biggest losing day on record and much of the movement in the commodities prices were attributed to the weaker dollar.
There is obvious questioning on the street on this whole bailout plan. Firstly it was estimated to cost 700 Billion but today it was punch up to 1.4 Trillion. The cost of the bailout one economist noted could fund two IRAQ WARS. CRAZY but one thing i know here comes lower prices. I actually thought we could bounce today before the market opened but tomorrow we can set up a bounce scenario if we drift down to support on the S&P.
Goldman Sachs was a big loser today, so was Citibank and Wachovia but the irony here is that you can't short these shares so let me ask them WHO is letting these stocks get killed. It is just finger pointing and it is easy to say the shorts are killing stocks but no matter what GRAVITY will prevail and big these stocks lower because they are worth much less than what they are trading at.
I think Citibank can see $5, Wachovia $5 and Goldman $80 when it is all said and done. We will see soon enough.
MARKETJEDI
There is obvious questioning on the street on this whole bailout plan. Firstly it was estimated to cost 700 Billion but today it was punch up to 1.4 Trillion. The cost of the bailout one economist noted could fund two IRAQ WARS. CRAZY but one thing i know here comes lower prices. I actually thought we could bounce today before the market opened but tomorrow we can set up a bounce scenario if we drift down to support on the S&P.
Goldman Sachs was a big loser today, so was Citibank and Wachovia but the irony here is that you can't short these shares so let me ask them WHO is letting these stocks get killed. It is just finger pointing and it is easy to say the shorts are killing stocks but no matter what GRAVITY will prevail and big these stocks lower because they are worth much less than what they are trading at.
I think Citibank can see $5, Wachovia $5 and Goldman $80 when it is all said and done. We will see soon enough.
MARKETJEDI
TRADE CALL UPDATE: TWM
Trading @ $66 now purchased thursday @$60. The plan for this play is as follows. I am looking for support tomorrow so IF we gap down I would be looking to take it off for a nice profit. IF we gap up I would be shorting anyways and wait for us to go negative and take profits there. Anyway it SHOULDN'T be a loser.
$6 profit in 2 days just awesome as usual.
MARKETJEDI
$6 profit in 2 days just awesome as usual.
MARKETJEDI
Selling again
We have continued the selling that started at the open on friday. We look like we can close at lows of the day
Monday Lunch time
Wel dont see the rally from last week is sticking today. Banks are down especially the ones the street believe are going to get crushed anyways. How stupid does the SEC feel about halting short selling but seeing Wachovia and Citibank down today. Short sellers have nothing to do with the out dated models of these banks I am sorry but people who make that claim are a bunch of idiots.
I am buying small very small REW here. it is a ultrashort tech ETF. I still think tech get crushed soon. Maybe they will stop shorting Apple and Rimm soon. Just crazy!!!!!!!!!!!!
I am buying small very small REW here. it is a ultrashort tech ETF. I still think tech get crushed soon. Maybe they will stop shorting Apple and Rimm soon. Just crazy!!!!!!!!!!!!
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