Dont Kill the MESSENGER.

Don't kill me because I am telling the truth and it is not good. The fact of the story is the economy is walking on one leg, it is NOT MY FAULT.
Wachovia who I have been saying for over a year along with WAMU, Citibank etc are in some serious trouble and honestly run by a bunch of morons. Wachovia just reported a record $23.9 Billion loss the most ever by a lender in the U.S. I said it a couple months ago if Citibank took over Wachovia that stock would be worth $1, nothing more those too banks are so sick and they don't know it because they don't have proper management in place to analyze and implement a vision to adapt to changes in the marketplace.
Right now the market is DEAD. We will be in a trading range till be break significantly lower as the market in my opinion is VASTLY overpriced. I have one suggestion to my readers. Don't buy stocks because the days of buy and hold are OVER. I am not saying we go straight to 5000 on the DOW but long term the market will be much much lower and that's a fact. Only thing you should be buying is ultrashort ETF's and trade positions when we do get bounces.
My Fib's timeline projection is predicting that this Bears market should last to a minimum next year November, so if you are long or own mutual funds based long, you will be in alot of pain for another year.

SNDK PUTS ARE NICE!!!!
QCOM PUTS ARE NICE!!!!!

ONLY WINNERS HERE PERIOD!!


MARKETJEDI.

Just no legs.

Just no legs in the market it seems today. I am back full time tomorrow and will see if we have some set ups going on. I have literally just been playing futures for the first hour of the last 3 days and doing some personal stuff so sorry if the blog is light.
QCOM seem like it wants much lower, I am targeting those options as a double as my target right now and SNDK looks like it will be good too. Man oh man just no helping the credit markets, the FED just said this morning they will be buying commercial paper too facilitating over 540 BILLION to unfreeze this market too. I just dont understand why the banks are just not doing anything? I can tell you what it is the banking business is DEAD, BROKEN and obviously run by a bunch of morons and them not the FED will be the main cause of this prolong recession.


MARKETJEDI

Thoughts for today

I will be in and out today as I have some personal stuff to do. The market seem to be gapping down but I would look for a buy opt using the first hour highs as entry. Yesterdays rally was on light volume so bulls need to step up efforts if we are to trend higher.

Nice day

Nice day for the markets. I have been out all day so I dont have any views on the day. I just noticed SNDK missed earnings and the stock is down, good for our put January play, which I hope it will be a double but we will wait and see.

Upside

Would love to get some upside here this earnings season to get on board some long term short. I think we will have resistance 10200 on the DOW which is 1000 points higher. I will be back next tuesday as I am taking monday off

Nice swings

As I been saying this is a sweet market to trade. Giving us 400+ point days in a day is especially great if you trade futures. Today is options expiration and as I said early this week I would expect some upside dude to the expiration.
Next week is the real test but whatever it is, as long as we have these swings there is much opportunities.

GOOGLE

OH OK - Google reports tonight. If Google blows the heck off earnings we could motor higher as they will trigger off some short covering in the markets, now IF they miss look for GOOG to test that $275.