Tomorrow morning is the vote on mark to market accounting. This will be very important as it was be the catalyst for the markets till be get earnings season in high gear. I am so anxious to see what the decision is and also what the market will do. Again this is just fooling with the issues and not dealing with them but hey we have no powers as regular citizens so we are at their mercy.
I hope we rally so we can get on with it and hit some serious resistance. It is minutes to midnight and the futures are up lot and I think it is in anticipation of the mark to market. Lets just get a rally so we can get everyone happy so we can short. If we rally and sell off tomorrow it will prove once again that we are in sell the news mode and I would think we try to break that 770 area on this pullback. I dont think we crash and burn but we would get a significant pullback.
MARKETJEDI
Wednesday, April 1, 2009
Story here
The story here is do we see 850 first or 750. We are narrowly in a range and I think these are the two numbers in place. I think the most important number is 770 for the bulls to hold and the bears to keep the bulls below 824, but either way we are trapped right now in a range.
If and I say if I were a betting man I would be betting we sell off on that mark to market news and head to that 750 level but again I am not a betting man. I rather sit by the sidelines and see what happens as there is too much indecisive action as of late.
Which there was more to say but sometimes that's all the market has "NOTHING"
MARKETJEDI
If and I say if I were a betting man I would be betting we sell off on that mark to market news and head to that 750 level but again I am not a betting man. I rather sit by the sidelines and see what happens as there is too much indecisive action as of late.
Which there was more to say but sometimes that's all the market has "NOTHING"
MARKETJEDI
CHOP CHOP and CHOP
What a way to start the month!! The same way we ended the last!! Pure chop, early morning we looked like disaster and BANG we turned around and grinded higher.
Most are saying they are buying up financials ahead of tomorrow's mark to market decision. Who knows what they will do but I think we will sell the news as usual.
Non of the plans are going to work, that's the truth. Did anyone see what is happening with the protestors at the G20, hmmm said it the Europeans aren't putting up with this crap like us.
Man I hope I am wrong and I mean really wrong but non of these plans are going to work, there is no simple fix. This $6 trillion or whatever it is in bad debt on the book of these banks wont disappear. Someone has to take the hit period.
We will see what happens tomorrow and over the weekend about the G20
Most are saying they are buying up financials ahead of tomorrow's mark to market decision. Who knows what they will do but I think we will sell the news as usual.
Non of the plans are going to work, that's the truth. Did anyone see what is happening with the protestors at the G20, hmmm said it the Europeans aren't putting up with this crap like us.
Man I hope I am wrong and I mean really wrong but non of these plans are going to work, there is no simple fix. This $6 trillion or whatever it is in bad debt on the book of these banks wont disappear. Someone has to take the hit period.
We will see what happens tomorrow and over the weekend about the G20
Job losses increase
Wednesday, April 1, 2009
ADP Job Losses Awful, Doesn't Yet Include the Failure of GM, Chrysler
“The weakness in the labor market is deep and broad and means the recession really could last through the end of this year.” -Steve Cochrane
ADP Says U.S. Companies Reduced Payrolls by 742,000 in March: “Companies in the U.S. cut an estimated 742,000 workers in March, pointing to no relief in sight for the labor market amid the longest recession in seven decades, a private report based on payroll data showed today.
The drop in the ADP Employer Services gauge was larger than economists forecast and followed a revised cut of 706,000 for the prior month.
Companies are slashing staff as tight credit conditions and shrinking household wealth cause sales to shrink. The Labor Department may report in two days that employers cut payrolls in March for a 15th consecutive month, putting jobs losses in the current downturn at more than 5 million, according to a Bloomberg survey.
FN: This is bad. But it will only get worse. These numbers don’t yet include the implosion of both GM and Chrysler and the knock on effects of that on down the supply chain. Job losses will continue to come in at horrific levels for months to come.
ADP Job Losses Awful, Doesn't Yet Include the Failure of GM, Chrysler
“The weakness in the labor market is deep and broad and means the recession really could last through the end of this year.” -Steve Cochrane
ADP Says U.S. Companies Reduced Payrolls by 742,000 in March: “Companies in the U.S. cut an estimated 742,000 workers in March, pointing to no relief in sight for the labor market amid the longest recession in seven decades, a private report based on payroll data showed today.
The drop in the ADP Employer Services gauge was larger than economists forecast and followed a revised cut of 706,000 for the prior month.
Companies are slashing staff as tight credit conditions and shrinking household wealth cause sales to shrink. The Labor Department may report in two days that employers cut payrolls in March for a 15th consecutive month, putting jobs losses in the current downturn at more than 5 million, according to a Bloomberg survey.
FN: This is bad. But it will only get worse. These numbers don’t yet include the implosion of both GM and Chrysler and the knock on effects of that on down the supply chain. Job losses will continue to come in at horrific levels for months to come.
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