Hmmmm ...
O. J. indicted.
Energy traders to be indicted.
Greenies say shrubs and bugs yes, homes no.
Big Street firms show big losses in market turmoil, layoffs planned.
China grows at double digits.
EU-Russia tensions.
Nothing new there.
Is there nothing new under the sun ?
Yes, there is !
Bunkerman has the iPhone and yesterday loaded it with many old songs from the 1910-1935 period plus Julie Andrews and Judy Garland. Gosh, this thing holds a lot of songs. So far I'm not even 1/8 full and I have over 9 hours of great music.
And Bunkerman is going to buy a new Mac this weekend or next week with the new Leopard operating system.
I'm modernizing myself ... a bit !
OK: stocks.
Yesterday was a distribution day, but the reversal neutralized some of that technical negativity. Europe is up this morning. Futures are flatish. The S&P cash index held the 50 DMA yesterday. Oil is up this morning to the high $88s.
Not much new there. Yesterday was beefer ping pong. They shorted everything early to scare the common man and the weak-willed and then had to cover. Nothing new in those antics.
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24 comments:
Bunkerman..the bear case is getting stronger or there are more that are picking up the drum beat...now the rest of world outside the G7 will not be able to pull us forward...are you developing any cracks in your bullish thesis?
I see none yet. At some point the bears will be like Wiley Coyote after running off a cliff. There just will be no support for their endless screeches of doom.
dropping off some of those lower closes in the Q's..the range is tightening..now the sell(short) in the Q's is a close below 52.66 ...
Megaphone Chart Pattern)
Implication
A Megaphone Top also known as a Broadening Top is considered a bearish signal, indicating that the current uptrend may reverse to form a new downtrend.
top
Description
A Megaphone Top is a relatively rare formation and is also known as a Broadening Top. Its shape is opposite to that of a Symmetrical Triangle. The pattern develops after a strong advance in a stock price and can last several weeks or even a few months.
A Megaphone Top is formed because the stock makes a series of higher highs and lower lows. The Megaphone Top usually consists of three ascending peaks and two descending troughs. The signal that the pattern is complete occurs when prices fall below the lower low.
Q's?
oops..after today..52.44 is the sell(short signal)
on the weekly, the Nazz 100 doen't show much except a break up out of the old tend channel.
On the daily, which is not logrythmic, the broadening looks larger. Also that spike down makes it look larger than it is on a close only basis.
but I have rose-colored glasses.
C showing the cost of Chuck Prince ugh.
trading gods are sure punishing me for the cluster FUBAR in my time diversification for the banks.
Bunkerman...took some BAC 46.50...the sucker punching fed either knocks out the bear or the bull could be taken out...the fins need to make a stand or that 1490 spiddy goes and the bull case is in serious trouble. AIG rumor not looking like a rumor, smoke looks like fire...that is my fins pair trade. long BAC dark AIG
you're probably right on AIG; I never trusted that company. I hit it and bought soem more BAC, C, WB.
I'll sell some of my higher priced stuff in those names in 32 days to take tax losses. I might buy and sell a lot more of those over the next few weeks.
I should note that AIG is a little larger...and I already booked some profits as well...so I will let it run while the ball spins in the wheel as see what happens when the ball finds a home come fed day.
I see we are $1.50 away from the magic 45 on BAC. How else could those pigs make all that money without kicking the common man. Ben and Hank may get a bye for this month but look out November.
lol mav. I'll buy more at your $45. C yields 5.3% now. For an old codger like me, that's OK for a long term hold.
BAC is the old spinny 10-5...10 pe 5 div., handbook classic. I hope his handbooks are getting better reviews than some of the recently released trading books. hard to find anything worth reading, except Spin-em and the Bunkerman.
AIG and that is why we use stops losses...sorry Bunkerman...hope you didn't get hurt.
I don't believe that AIG denial. I have no special info this time but they suck in my book.
I didn't short too much, frosty. I'll hold it for their earnings.
I didn't do a pair trade, more like a 3:1 long add to short AIG
the market sure is willing to act Bunkerman when it comes to those fins...shot first and why not, that has been so right...just another reminder how big next week is.
One of the songs I put on my iPhone was the old 1930s "Happy Days are Here Again" - someday Ms. Market might think so.
sheesh CFC is about 12, at 50% of book. From my blue book, that's around the old 1998-2002 level. I'm buying some.
another pro ping pong day.
I guess dropping the uptick rule really opened up their game.
its all fun and games til somebody starts cryin'
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