Today marks the 1 year anniversary of the recent bottom in the Stock market.
Back on March 9th, 2009 the Dow was at 6,517, and has risen 62% since then.
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Today marks the 1 year anniversary of the recent bottom in the Stock market.
Back on March 9th, 2009 the Dow was at 6,517, and has risen 62% since then.
Lots of consternation about "low volume". It's a concern but it reminds me of the two years after 87 crash. Volume was absymal and the market creeped up for those two years eventually making new highs. 1150 SP00 is a pivot point. A move through there would trigger short covering and trend follow buying. The combination of low vix number (under 18), FTSE making a new high, stable currency and interest, and small cap stocks outperforming are all bullish factors.
The 9% correction we just had was exactly the same as the last 9% correction in July with an 18 day duration; exactly the same..
Market climbs a wall of worry.
Quote:
Originally Posted by 4matic
/\ Damn I'm good.. :fm:
Momentum and volume starting to kick in on the upside with low volatility numbers. Time to be a little more cautious. Sell in May and go Away might be good advice this year.. 1250-1300 still very possible. This is seasonally a strong period with IRA contributions and quarterly rebalancing. Plus, money managers are being forced to chase performance.
CT, quoted over here, as I loved this bit of info. As my screener doesn't do the 20/50 averages, can you let us know hear when it crosses?
Thanks dood, your da mang
Quote:
Originally Posted by coreshot-tourettes
Just before last Friday's decline I was as bullish as I'd been in many years.. :fmicon:
Friday changed short term opinion to sell rallies and no new longs. I would prefer sharp downward volatility to 1120-1150 to add new longs and would consider anything below 1100 reasonable risk for the long term. US Dollar assets have attractive risk right now. Also, A good buying opportunity in Asia emerging markets in the next month.
German economy is very strong so a weaker Euro is like pouring gas on a fire for them. If Germany is forced to raise rates to control inflation it will crush the PIIGS.
Gold looks very good but the weakness in Silver is troubling.
Round 2 of liquidity turned to......................dust.
And this after trillions thrown at the credit markets by the central banks.
This is the foundation, this is the system....and it's all just an illusion.
Interesting take:
http://www.zerohedge.com/article/sell-may-and-go-away
"The trend in American equities remains up, but there has been massive churning and distribution in the month of April, and the old adage “sell in May and go away” may prove to be prescient in 2010, unless the dip-buyers come back out in full force. The 200DMA will be an important level to watch– if this is taken out this summer/fall, we expect a resumption of the bear market started in 2007 and the grander-scale bear started in 2000. We would like to reiterate our assertion that the most important indicator to watch, both economically and financially, remains the AUD/USD. A 200DMA breakdown in that important FX cross is extremely bearish for commodities prices going forward, and we expect that selling would also find its way into equity. However, for now, the trend remains up in equity space, and commodities are choppy, though not down trending".
Quote:
Originally Posted by Yossarian
...or above 11,000. Which ever occurs first.
It's always an illusion. Things are worth what people agree that they are worth. The best we can hope for is fickle.Quote:
Originally Posted by Purveyor of Slack
Holy hell, we are doomed! That Ames guy, if real, is one of what? 300,000 on WS that have this view point. Maybe what's going on in Greece is a prelude to America.Quote:
Originally Posted by char
FIRE!!!!!!!!!!
Down 1000!
That was fucking WILD. Dow crashed more than 1000 points and the bounced back. Whoa...
what the fuck is going on? vti was down 29% for a few seconds there. what happens if you buy at a retarded price because of a system glitch?
CNBC is fucking hilarious today!
OK, smart guys. What the fuck is going on?
Bankers to Germany: "Bail out the eurozone or we stop the market dead. Now witness the power of this fully armed and operational battle station..."Quote:
Originally Posted by woodstocksez
Panic and prolly some system failure on the exchanges overwhelmed by orders.
PG dropped 10+ points in less then a minute. Thats billions in market cap gone, in 60 seconds. Stock quickly recovered literally minutes later. Kramer was talking about how the floor specialists machine must have been fucked. Whoever bought made a killing.Quote:
Originally Posted by woodstocksez
Ghost in the machine, or cyber-attack?
everything appears to be back to normal now, im sure someone made a killing
Spoke to a couple sales guys and traders via im and no one knows what the hell is happening. There is rioting in Greece, 11000 mental barriers, etc but 900 points in less than a few minutes is insane.Quote:
Originally Posted by Tippster
This made me laugh, even though I'm crying inside.Quote:
Originally Posted by coreshot-tourettes
Thing of beauty.......
Europe literally just dropped off the board. All lending in the EU just stopped dead. Spreads blowing all over the place. VIX over 40. Bloomberg knocked offline. Jesus.
Trichet!! Trichet!! Where are you???? Mon Dieux!
Hold on to your asses, here we go for a ride!
Quote:
By TIM PARADIS, AP Business Writer Tim Paradis, Ap Business Writer – 11 mins ago
NEW YORK – Stocks plunged Thursday as investors succumbed to fears that Greece's debt problems would halt the global economic recovery. The Dow Jones industrials slid almost 1,000 points before recovering to a loss of 328.
The sudden drop was a painful flashback to the worst days of the 2008 financial crisis. Computer programs intensified the selling while investors watched protests in the streets of Athens on TV. Fears are running high in the financial markets that the Greek government will not be able to implement austerity measures that would enable it to contain its debt problems. And, in turn, that the country's problems will hurt other economies in Europe and even the U.S.
The Dow's gyrations showed the high emotions in the markets. Down 998.50 points in mid-afternoon, it recovered less than an hour later to a loss of 328. Meanwhile, interest rates on Treasurys soared as investors sought the safety of U.S. government debt. The yield on the benchmark 10-year note, which moves oppoosite its price, fell to 3.37 percent from late Wednesday's 3.54 percent.
Fixed it for you.Quote:
Originally Posted by grapedrink
This was no glitch. Every single lending desk across the EU flatlined at the same time. This is fucking real and not a drill.
Someone on another board hit a bid for half a million $11K SPY $72 puts (normally a $5K trade) and is showing screenshots of his account - someone hit his bid and he just made $4.4B provided the trade goes through.
I know jack shit about finance but what I gathered from your post is that some guys made $4.4B off of an investment of $11k. Is that for real? Talk about hitting the lottery if that is what you are saying!! :eek:Quote:
Originally Posted by coreshot-tourettes
lesson 1: when the market is crashing don't put in a market sell orders
lesson 2: we should all put in limit orders at ridiculously low prices just in case this ever happens again.
$5 says the dow closes up today :)
Not quite. Some automated system somewhere blew a gasket and was offering $11K to buy options to buy shares worth $72. Normally these puts are so far out of the money that they trade at pennies. I'd estimate the guy's investment was about $5-10k.Quote:
Originally Posted by AKPogue
Rumor: 3 major hedge funds blew up. Citibank's prop desk is WIPED OUT. Margin calls are now in the process of taking out many others. Tomorrow is going to be EVIL.
I bought BRK.B. @$74.06 and RPMGX moc. More tomorrrow.
$5-10k for $4.4B. :eek:Quote:
Originally Posted by coreshot-tourettes
Elaborate, please.Quote:
Originally Posted by coreshot-tourettes
Good luck with that. At this point I am pretty much out of the market, waiting for more shit to hit the fan before going with ProShares UltraShort S&P500 (SDS). I hope I am wrong, but we will see how Greece plays out.Quote:
Originally Posted by 4matic
Quote:
Originally Posted by liv2ski
Hoping China gets spanked tonight. Buying CHN and Asia ex-japan tomorrow.
A lot of traders are going to realize their stop loss limit orders kicked in when the DOW went into freefall. Going to take a few days to sort out the losers from the really big losers. Folks in Europe are going to have indegestion when they wake up on Friday morning.Quote:
Originally Posted by Platinum Pete
Has the Euro reached parity with the USD yet?