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Wall Street close watch

  • #101
  • Jan 23, 2008 1:45pm Jan 23, 2008 1:45pm
Quoting SunTrader
Any day now.
and it sounds like a few of his cronies are already in the driveway
Relax and be happy.
  • #102
  • Jan 23, 2008 2:23pm Jan 23, 2008 2:23pm
Quoting merlin
anyone else get the feeling that the PPT has been hard at work in the last few days? the price action sure looks strange to me. almost seems like bargain hunters are jumping in during certain periods of the day, but realistically i cant see people bargain shopping at this point.
Here, here, me me...I'm also amazed the real S&P and DJI put in new lows/retested the low whereas the futures did not...what's that about?
Are my feeds off?

And it was VERY and I mean VERY suspicious to see first a rather enthusiastic move down to the low...and then, from seemingly nowhere, price turned around. Uhm. Okay.
Double bottoms good and well, but this IS all rather odd It was more plausible on the YENs(I was looking for a 2 bar down, up, then doji formation - I think we may get it if the DJI stays robust into the close)
Well, we shall see.

As usual, I will here apply my anvil theory..we met support, it held the first time, now we have to move back a little bit and gather new speed and seller power and then let the thing drop again to smash through.

At least that's how it always has worked so far

But hey, if anyone can find some really good reasons why this is the end of the "bear market"/downmove today for good, for ever and ever and ever, please, I'm all ears(wait, don't run away, I wrote EARS, there was no B!).
One way or the other, I have no problem getting out and going back in
Trust price. Know yourself.
  • #103
  • Jan 23, 2008 3:23pm Jan 23, 2008 3:23pm
Quoting merlin
anyone else get the feeling that the PPT has been hard at work in the last few days? the price action sure looks strange to me. almost seems like bargain hunters are jumping in during certain periods of the day, but realistically i cant see people bargain shopping at this point.
I call it "WTF rally". Newswires are also limiting themselves to "there was a rally".

-250 turned to +300

Go figure...

Carry trades went up so damn fast that I could feel the wind on my face...
  • #104
  • Jan 23, 2008 3:29pm Jan 23, 2008 3:29pm
Which reminds me of this:

http://www.elliottwave.com/images/ma...on%20sharp.gif
  • #105
  • Jan 24, 2008 8:53am Jan 24, 2008 8:53am
DJ Italian Econ Undersecretary Urges ECB To Follow Fed
MILAN, Jan 24, 2008 (Dow Jones Commodities News via Comtex) --
The European Central Bank's concern with price stability lowers the competitiveness of European companies against their U.S. counterparts, Italian Economy Undersecretary Alfiero Grande said Thursday.
He urged the ECB to loosen its monetary policy to boost the European economy.
Prime Minister Romano Prodi, junior economy minister Vincenzo Visco, and now Grande have all publicly criticized the ECB or urged it to cut rates in the past month.............
  • #106
  • Jan 24, 2008 9:28am Jan 24, 2008 9:28am
In-fscking-credible.

http://www.bloomberg.com/apps/news?p...=a8GBEB7UuuXc&

"Societe Generale SA said unauthorized bets on stock index futures by an unidentified employee caused a 4.9 billion-euro ($7.2 billion) trading loss, the largest in banking history."

I repeat:
In-fscking-credible.

Just proves my prejudice right that all this blathering about how you need top notch education, degrees and top of the class finishing, cutting edge smarts and personality to trade in the big institutions simply means:
bigger heads make for bigger deads.

Seriously, all this going on about best of the best BS, and this is what I read day in and out...obscure overleveraged unctrolled risk investments, wildly speculative rampant gambling and 24 hour losses that wipe out 2 years profits.

Welcome to the top of the class. (this IS a thread where irrational prejudiced bashing is okay, right? )
Trust price. Know yourself.
  • #107
  • Jan 24, 2008 9:30am Jan 24, 2008 9:30am
Quoting cesarnc
Which reminds me of this:
LOLOL!!

looks like a fairly strong open today, back above fridays lows at least. we will probably test the lows again today, at which point the PPT should spring into action again im still trying to figure out if we should be buying dips or selling rallies LOL.
Relax and be happy.
  • #108
  • Jan 24, 2008 9:34am Jan 24, 2008 9:34am
Quoting SeekingLight
In-fscking-credible.
yeah saw that too, simply amazing. we should remember these bank traders are just like us, just with fancy jobs and big stakes which carry little personal risk. give me a 100mil and tell me nothing will happen if i lose it...i would probably end up broke too
Relax and be happy.
  • #109
  • Jan 24, 2008 9:45am Jan 24, 2008 9:45am
Quoting SeekingLight
In-fscking-credible.

http://www.bloomberg.com/apps/news?p...=a8GBEB7UuuXc&

"Societe Generale SA said unauthorized bets on stock index futures by an unidentified employee caused a 4.9 billion-euro ($7.2 billion) trading loss, the largest in banking history."

I repeat:
In-fscking-credible.

Just proves my prejudice right that all this blathering about how you need top notch education, degrees and top of the class finishing, cutting edge smarts and personality to trade in the big institutions simply means:
bigger heads make for bigger deads.

Seriously, all this going on about best of the best BS, and this is what I read day in and out...obscure overleveraged unctrolled risk investments, wildly speculative rampant gambling and 24 hour losses that wipe out 2 years profits.

Welcome to the top of the class. (this IS a thread where irrational prejudiced bashing is okay, right? )

HEY!!!! I thought I was on the right side of the deal...............who knew? I'll just double up again and make it back.........
  • #110
  • Jan 24, 2008 9:51am Jan 24, 2008 9:51am
First Italy, now I wonder if France will join the call for lower rates.

Nah, they will just go on strike.
  • #111
  • Jan 24, 2008 9:57am Jan 24, 2008 9:57am
This will be remembered as the day the world met Mr. Kerviel, and how he sucked a bank dry
  • #112
  • Jan 24, 2008 10:28am Jan 24, 2008 10:28am
Quoting SunTrader
First Italy, now I wonder if France will join the call for lower rates.

Nah, they will just go on strike.
France will probably join in, but their pleas may fall on deaf ears. ECB officials are standing their ground (See Weber comments from Davos). If anyone can be persuasive enough, it's Germany (their dreams of ruling Europe have finally materialized?), and they seem to be somehow immune to the strong EUR so far.
  • #113
  • Jan 24, 2008 12:23pm Jan 24, 2008 12:23pm
http://www.bloomberg.com/apps/data?p...d=i9JJTirrrWeI

Chairman of Societe Generale in his "seen better days" look
  • #114
  • Jan 24, 2008 12:36pm Jan 24, 2008 12:36pm
Quoting fierceman
France will probably join in, but their pleas may fall on deaf ears. ECB officials are standing their ground (See Weber comments from Davos). If anyone can be persuasive enough, it's Germany (their dreams of ruling Europe have finally materialized?), and they seem to be somehow immune to the strong EUR so far.
Or just being the usual stubborn strong-will Germans that they are.

Americans are not going to determine how we run the ECB. We will show them, harumfp. We will count to ten and then cut.
  • #115
  • Jan 24, 2008 12:38pm Jan 24, 2008 12:38pm
Found our guy

If he's dating your daughter, please think twice before lending the Mercedez.
Attached Image
  • #116
  • Jan 24, 2008 2:54pm Jan 24, 2008 2:54pm
Quoting SunTrader
First Italy, now I wonder if France will join the call for lower rates.

Nah, they will just go on strike.
Never say never.
  • #117
  • Jan 24, 2008 5:56pm Jan 24, 2008 5:56pm
Quoting SunTrader
Yes since there are corrections in bull market and bear market.

A correction is a retracement against the dominant trend at the moment whether that trend is up or down.

More than a retracement of 10% in an uptrend is when it starts to be called a bear market. How much more I don't know. You'll know it when you see it.

But upto 10% is just a correction.
I have no idea where this 10% came from. But the most common correction level is 38.2

Here is when you can physically see that the trend has changed and know it.


When its too late.

Forget the 10% thing.
  • #118
  • Jan 24, 2008 6:01pm Jan 24, 2008 6:01pm
Quoting merlin
yeah saw that too, simply amazing. we should remember these bank traders are just like us, just with fancy jobs and big stakes which carry little personal risk. give me a 100mil and tell me nothing will happen if i lose it...i would probably end up broke too
But you can make a heck of a living on 1% of 100mil. Even .5%

But 1% of 100k is no living at all.

I could make 1% of my account all day long.


We with small money need huge %'s to make real money. But the bank traders only need fractions of a % to make huge sick money.

There is so much differance between the banks traders and us, its like night and day.
  • #119
  • Jan 24, 2008 6:12pm Jan 24, 2008 6:12pm
Quoting xxDavidxSxx
I have no idea where this 10% came from. But the most common correction level is 38.2

Here is when you can physically see that the trend has changed and know it.


When its too late.

Forget the 10% thing.
10% is off the high of the bull market i.e. 14198.10 = 12778.29 - not a 10% fib retracement.
  • #120
  • Jan 24, 2008 8:01pm Jan 24, 2008 8:01pm
Quoting SunTrader
10% is off the high of the bull market i.e. 14198.10 = 12778.29 - not a 10% fib retracement.
Your talking 10% off over all market price?
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