Markets death

Traveling yesterday through airport I got a chance to see the bloodbath of the markets on tv monitors. I had no idea how bad it was till I got internet connect where I am and saw the financials, Gold, Silver and even Oil shot down heavily. It is so funny I ALWAYS miss the big days having appointments or traveling. Good I had set up some shorts when everyone was saying buys that are now well in the green. Here i am looking for new lows on the Financials, I expect GS to make new lows, BAC, MS and everything else in that sector. Gold looks ripe for the pickings as I said before it is just a matter of time before we get deflated on that one before we go again higher. Based on yesterday action as I am away overseas I would say everything was being sold and as such I would look for the regular Gurus like Cramer and such to be in the tube saying this and that stock is CHEAP. Yep I agree and they will get CHEAPER. Remember in the grand scheme of things I think when the stocks like GOOG trade down to 300 area that's when we will get a real good buying opportunity everything else now is just a short term buy for a trade. The market is weak and I would just be buying here at all I dont care. I truly believe those in cash now will be rewarded when we go much lower to really get a nice spot to buy stuff.

GS

GS heading slowly but surely to my $78 price target. Below $100 here

Dark

Blog will be dark till I get back early October- In the meantime my system is also giving me problems (Windows grrr) while my faithful 4 yr old macbook has never had a problem with software, go figure why APPLE stock is at all time highs. BAC long term debt was just downgraded and at last look it was @ mid $6 range. I would not be buying anything here AT ALL. I don't care folks. CASH is a position just have patience and either you will have cash reserve to buy very cheap or you will have cash to put on short positions if we go higher- I think we are panning out a top here and the higher pain would be 1245 while I think we will crack 1110 on the S&P and head to 1080 but it is a chop fest till then.

BAC

Once again below $7.00

Reality of America's Poverty

http://news.yahoo.com/behind-poverty-numbers-real-lives-real-pain-151738270.html

Blog Dark

Blog will be dark for the next two weeks. Have been having system problems and on top of that I will be traveling for business and have to prepare presentations. Just not enough time to do it all.

BlackRock says Managers are hurting

Reuters) - Tumultuous markets and financial problems in Europe are hurting profits in the asset management industry, according to Laurence Fink, chief executive of BlackRock Inc (NYSE:BLK - News), the world's largest asset manager. "This (volatility) is not a good short-term trend for the asset management business," Fink said, speaking in New York at a Barclays Capital conference on Monday. He said BlackRock, which oversees more than $3.6 trillion, will seek to maintain its profit margin by being "even more disciplined" on expenses. Most large investors continue to shun equities and other relatively risky assets and favor fixed-income securities, Fink said. The trend may be appropriate in the short term but not over the long term, he said. For long-term investors "it makes no sense to have a portfolio of bonds, other than being frightened of the world," Fink said. "Right now, maybe being frightened of the world is a good position to be in." BlackRock's iShares exchange-traded fund business has recovered from problems last year, Fink said, which he blamed on poor management at one particular fund. Performance of the iShares Emerging Market ETF (Pacific:EEM - News) trailed its benchmark index generating substantial "tracking error," he said. The problem has been corrected, he said. BlackRock's share of net new money coming into U.S. ETFs was 26 percent to 27 percent in the first three quarters of 2010 but fell to 16 percent in the fourth quarter. It has since bounced back to 24 percent in the second quarter of 2011, Fink said. He said BlackRock's ETF performance was "poor in the last year and much of it was our doing." "It wasn't because of the success of Vanguard," he added. "It was because of the failure of BlackRock." STOCKPICKING Asked about his favorite stocks, Fink first joked that he was not a portfolio manager. "I'm the overhead," he said. But he said BlackRock sees long-term value in some beaten-down European blue chip stocks like Siemens AG (XETRA:SIEGN.DE - News) and Nestle (VTX:NESN.VX - News). "Even in financial services, I do believe there are some great opportunities in Europe," he said, pointing specifically to insurance giant Allianz (XETRA:ALVG.DE - News), which owns U.S. money manager Pimco. Shares of New York-based BlackRock dropped $2.35, or 1.6 percent, to $148.72 in afternoon trading on the New York Stock Exchange. The shares have fallen 19 percent over the past three months, almost double the decline in the Standard & Poor's 500 Index.

Robots run our markets

http://www.automatedtrader.net/headlines/88707/robot-traders-set-to-oust-humans-from-trading-floor

Greece

CDS is now pricing near 100% that Greece will default

Monday

Market just hit it first downward target of 1124 before the open- 1104 and 1079 are the next lower numbers in the ABC pattern. obviously it wont happen today but I strongly believe we will bounce before we die. I could be totally wrong on that but we will definitely hit those 1104 and 1079 numbers.

Lows

lows at 2:30, not a good sign for the close- expect us to end at lows of the day

Action Cont'd

Next week could be ugly if we end the day like how we are training. I thought we would have gotten at least up to 1210 but I guess 1203 was all she got, which signals weakness to me.

Action

Very weak action hear so far- we got initial support @ 1154 on the S&P but we look like we can get better support @ 1144.50. Market very weak here but I am assuming it is again news out of Greece once again.

Listening Bernanke

Essentially saying we got it wrong at the FED and our forecast for optimism at the June meeting has been lessened

Bernanke

except of his speechto be presented out- Market doesn't like it and we looking at session lows-

Still Higher

Still think we tread higher. I am not convinced we crash and burn here - Daily pattern looks overall bearish but looks like a corrective more will push up higher first. I could be wrong but playing what I see- GOOG looks like it wants 550-565

Rollover today

Also today is contract rollover on the indices so this might cause a little hiccup in the market trading today

Higher

Expecting higher out of this pullback.

BINGO

So we hit 1201.50 overnight, actually 1202 and now we are negative 30 minutes into the trading day. Sitting watching the action but I think Obama's upcoming speech has most on the fence.

They trying

They trying to hit this 1201.50 today before close??
Let's see

S&P

numbers to watch on the upside- 1201.50, then 1211, then 1230. These are the measured Fibonacci numbers

GOLD

Still hoping this one comes down to the $94/5 area for a long trade. Still got a ways to go.

Nice

Nice move on the upside just little volume. This is the best situation for the market here as we started September as the worst September in 30 years. The bad thing is this is a measured move and it will end after it hits its targets. First target is 1201.50 which is a gap in the S&P then we have 1223. I would love to see the 1230 area for a nice shorting opportunity.

Very Interesting

http://www.businessinsider.com/josef-ackermann-euro-banks-speech-frankfurt-2011-9#ixzz1X76elvHS

Back

Back from a great trip over the long holiday. So getting on the computer about an hour ago to see what happened while I wasn't here and kaboom the futures are down huge overnight. over 250 DOW points and 30 S&P. I am sure there is some news rattling the overseas market but as I have been saying this market is going to have a rough time.
I can't understand why people needs to be in the market! CASH is a position, folks buying and saying a stock is cheap is no reason to buy! those stocks can get cheaper and something most people dont correlate is that when funds are selling they sell everything. Actually alot of funds now trade ETF heavily and that means no individual stock is spared from this volatility.

For those who believe the banks are cheap, I say this "They will get cheaper actually alot cheaper, so no need for me to step up here and guess this is some bottom". GS is bound to see $75 before all the selling is done, MARK THAT DOWN. BAC too will see below $6.50 very very soon.

I wont believe the selling is over till GOOG gets close to $400 or in the $300 area but that's just me.