I just noticed something very interesting while playing around on my charts. I just noticed we are at the bottom of a trendline. Usually this provides some longer term support or we break it and it acts are longer term resistance.
I think this is one of the reasons we have been coiling here for two weeks
Saturday, February 14, 2009
Another Saga
Well so I said so it happens- Rumors today saturday that GM might file for bankruptcy. Told you but geez who am I for anyone to listen to. Another dying industry in America that we are trying to keep a float. Now what I really want to know is why did we give them that money when everyone knew in the back of their minds this was not going to work.
I keep on saying Nationalize the banks, dont save the automakers but oh no you are crazy. Let me tell you something it is GOING TO HAPPEN ANYWAYS!. Why? because they are no longer viable entities and what we should be doing is finding new industries to develope and stop throwing money at old thinking and philosophy.
Let me tell you something CHINA is going to be ahead of the US when we get out of this down cycle, why? Well the main reason is that they are putting money in their system for future development and not into political motivated industries based on 1980 economics. We better seriously turn the thinking caps on in Washington and the people who have the power because with Germany and China holding a huge amount of our debt, they can essentially call the shots on the US when everything starts to turn around to their advantage. This will be one cat and mouse game of global monopoly, watch and see folks, just watch and see.
MARKETJEDI
I keep on saying Nationalize the banks, dont save the automakers but oh no you are crazy. Let me tell you something it is GOING TO HAPPEN ANYWAYS!. Why? because they are no longer viable entities and what we should be doing is finding new industries to develope and stop throwing money at old thinking and philosophy.
Let me tell you something CHINA is going to be ahead of the US when we get out of this down cycle, why? Well the main reason is that they are putting money in their system for future development and not into political motivated industries based on 1980 economics. We better seriously turn the thinking caps on in Washington and the people who have the power because with Germany and China holding a huge amount of our debt, they can essentially call the shots on the US when everything starts to turn around to their advantage. This will be one cat and mouse game of global monopoly, watch and see folks, just watch and see.
MARKETJEDI
TRADE CALL: Short WFC
Longer term play if you didn't catch it in my weekend update last week. I am short WFC from $19.05.
We will see how this one goes. Should trade to the $11 range very soon
We will see how this one goes. Should trade to the $11 range very soon
TRADE CALL: Short PALM
Haven't done one of these crazy calls in awhile- Crazy because it is over the weekend.
SHORT PALM. Could goto $10 but I take my chance here and NOW!
SHORT PALM. Could goto $10 but I take my chance here and NOW!
Market Update
Sent out an email this morning to folks on my weekend list. Here is a little recap on it. Basically said the action friday was very disappointed and most fridays ahead of a 3 day weekend we usually go up. Based on what happened on friday I am more bearish than I thought I would be.
I am still waiting for a rally to that high 900 low 1000 area on the S&P but the longer it take the greater then chance of it not happening, we will see soon enough.
Have a great weekend
I am still waiting for a rally to that high 900 low 1000 area on the S&P but the longer it take the greater then chance of it not happening, we will see soon enough.
Have a great weekend
Thursday, February 12, 2009
Friday
With a holiday monday, friday should be a squaring off day and I wont trust the action either way. Today we got a huge move on the administration plan on foreclosure but we have seen this script many times before and we will be where we were just before the leak of the plan occurred.
Believe it or not we are still in a tight coil and the bulls will take everything out of the bounce today to say we found a bottom again. I for one wont buy it but as usual play the upside if we get going.
Nothing much to say on the market while we are in this coil I surely hope we break out soon to get some super nice swings.
Remember ONLY winners here.
Believe it or not we are still in a tight coil and the bulls will take everything out of the bounce today to say we found a bottom again. I for one wont buy it but as usual play the upside if we get going.
Nothing much to say on the market while we are in this coil I surely hope we break out soon to get some super nice swings.
Remember ONLY winners here.
Well Now what
Taking the last 1/4 lot on my SPY short proved to be the right move before lunch. The market rallied hard in the last 90 minutes of the day on news that the administration is planning some bailout of home owners on the edge of foreclosure.
Whether this is anything to rally on, I have no idea but have to play it as it comes.
Oil DEATH here and we really might head to sub $30 soon, very soon.
Gold is almost 950 and the commodities still looks like they might scream higher.
Lets see what happens tomorrow. I think we head lower into next weekend but we will see.
Whether this is anything to rally on, I have no idea but have to play it as it comes.
Oil DEATH here and we really might head to sub $30 soon, very soon.
Gold is almost 950 and the commodities still looks like they might scream higher.
Lets see what happens tomorrow. I think we head lower into next weekend but we will see.
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