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Wall Street close watch

  • #301
  • Mar 14, 2008 9:09am Mar 14, 2008 9:09am
Bears Stearns going to Fed indirectly to FED through JPMorgan.

Financials in trouble Bears down heavily. Others financials down in the 10 to 12 % Dow down till 300 points - lost the gains from after CPI data.
Dow recovering as news get clearer
Bears fell almost 34%
  • #302
  • Edited 9:14am Mar 14, 2008 9:13am | Edited 9:14am
Bear Stearns gets funds from the Fed and JPMorgan... The stock markets get crushed but are now recovering their composure...
  • #303
  • Mar 14, 2008 9:29am Mar 14, 2008 9:29am


Yea..I'm quite frankly neither surprised nor shocked...except at the fact that the stock market lows held AGAIN....wtf is sitting there, buying...can't be anyone sensible

Charts holding up really well - everything operating within parameters despite the speed =)

We finally took/touched $1k Gold, 1.0 USDCHF and 100 USDJPY for good =)
(Although Gold will probably be the one most likely to make the most out of it soonest, no?)

Now let's just trigger that stock market breakdown..
Trust price. Know yourself.
  • #304
  • Mar 14, 2008 9:41am Mar 14, 2008 9:41am
Quoting SeekingLight


Yea..I'm quite frankly neither surprised nor shocked...except at the fact that the stock market lows held AGAIN....wtf is sitting there, buying...can't be anyone sensible

Charts holding up really well - everything operating within parameters despite the speed =)

We finally took/touched $1k Gold, 1.0 USDCHF and 100 USDJPY for good =)
(Although Gold will probably be the one most likely to make the most out of it soonest, no?)

Now let's just trigger that stock market breakdown..
Thanks for the link to "the big picture". Subscribed to the RSS feed.
Humble Lifetime Member
  • #305
  • Mar 14, 2008 9:53am Mar 14, 2008 9:53am
Quoting Ash
Thanks for the link to "the big picture". Subscribed to the RSS feed.
NP, I am so glad I found him 1-2 years ago..he's like the news behind the news...less spin, more reality...the biggest problem usually is that the views are so realistic, that the actual market is sooo far away from them...
Trust price. Know yourself.
  • #306
  • Mar 14, 2008 9:56am Mar 14, 2008 9:56am
Quoting SeekingLight
NP, I am so glad I found him 1-2 years ago..he's like the news behind the news...less spin, more reality...the biggest problem usually is that the views are so realistic, that the actual market is sooo far away from them...
So true.
Humble Lifetime Member
  • #307
  • Mar 14, 2008 1:36pm Mar 14, 2008 1:36pm
Okay, unless something really really big steps in and something really incredible happens I am going to lean out and say:

IMHO this today was the straw that broke the camel's back.

The Fed ridiculed itself, the public and everyone was blatantly lied to and basically we've gotten a very ugly peek behind the best-buddies super-scam-sham circle-.... that's the financial world.


-

Next week should be capitulation week.

I feel that 97.5 UJ and CJ, 190 GJ, 145-150 EJ isn't too irrational for the near term. Also GC is nearing 2 fast and I have a suspicion that 180 GJ and 91 CJ might become tangible mid-term if it gets as bad as I "fear".

Prerequisite is the weekly close below the key levels on the indices and pairs.

There is a "death and destruction" level on UJ at around 95 imho that's best not penetrated, lest another 700+ UJ pips (multiply by around 1.5-2 for most crosses) go bye bye in pretty much a blink of an eye.

As for reference on the indices just refer to the DAX chart

I'd put up a proper DJI or S&P, too, but I only have like 3-5 years of history on all these, which makes for really crappy charting.


Just my thoughts, not trade recommendations or necessarily realistic expecations. Just my reflections..

P.S. Oops there just was 200 GJ.
Trust price. Know yourself.
  • #308
  • Mar 14, 2008 2:31pm Mar 14, 2008 2:31pm
Oooooooooh, a rally, I love rallies, they make such good selling....

Oh well, if I have to postpone another day or two I won't cry.

Still, very odd that whenever I leave the room that market rally comes..first shopping, now during the shower...is there a Ben-Cam installed here or something?
Trust price. Know yourself.
  • #309
  • Mar 14, 2008 2:53pm Mar 14, 2008 2:53pm
Quoting SeekingLight
Oooooooooh, a rally, I love rallies, they make such good selling....

Oh well, if I have to postpone another day or two I won't cry.

Still, very odd that whenever I leave the room that market rally comes..first shopping, now during the shower...is there a Ben-Cam installed here or something?
You're killing me bro. BTW I agree on all your targets.
Patience + Humility + Study = Success
  • #310
  • Mar 14, 2008 2:58pm Mar 14, 2008 2:58pm
Talking about killing and funny things...


http://bigpicture.typepad.com/commen...ne-of-the.html

I laughed.

The comments are also precious, really.

Good god. It's like a live comedy. Or rather Tragicomedy. Kind where you wonder whether you should stick with the laughing or start the crying once you take it even an inch seriously..
Trust price. Know yourself.
  • #311
  • Mar 14, 2008 3:12pm Mar 14, 2008 3:12pm
Quoting SeekingLight
Okay, unless something really really big steps in and something really incredible happens I am going to lean out and say:

IMHO this today was the straw that broke the camel's back.

The Fed ridiculed itself, the public and everyone was blatantly lied to and basically we've gotten a very ugly peek behind the best-buddies super-scam-sham circle-.... that's the financial world.


-

Next week should be capitulation week.

I feel that 97.5 UJ and CJ, 190 GJ, 145-150 EJ isn't too irrational for the near term. Also GC is nearing 2 fast and I have a suspicion that 180 GJ and 91 CJ might become tangible mid-term if it gets as bad as I "fear".

Prerequisite is the weekly close below the key levels on the indices and pairs.

There is a "death and destruction" level on UJ at around 95 imho that's best not penetrated, lest another 700+ UJ pips (multiply by around 1.5-2 for most crosses) go bye bye in pretty much a blink of an eye.

As for reference on the indices just refer to the DAX chart

I'd put up a proper DJI or S&P, too, but I only have like 3-5 years of history on all these, which makes for really crappy charting.


Just my thoughts, not trade recommendations or necessarily realistic expecations. Just my reflections..

P.S. Oops there just was 200 GJ.
I agree with you and I have been waiting for a few months now. Everytime it was about to happen, the Fed happened to step in and ruin the party.

Sell on the rallies and buy on the dips. That's what I say.
Humble Lifetime Member
  • #312
  • Edited 10:58pm Mar 14, 2008 7:07pm | Edited 10:58pm
Quoting SeekingLight
Oooooooooh, a rally, I love rallies, they make such good selling....

Oh well, if I have to postpone another day or two I won't cry.

Still, very odd that whenever I leave the room that market rally comes..first shopping, now during the shower...is there a Ben-Cam installed here or something?


Damn, you caught me. Will have to report back to ben now and remove the ben-cams in the house and replace them with wiretaps. BTW I enjoyed today as much as any other day. Sure, the Bear Stearns bailout was all over the picture, but honestly I don't think I'm going to ever need fundamental analysis again. Ever. Nobody can see things like this coming out of the blue, and the price action is no different from the past years of data history. So why all the reading?
Maybe a fundamental "outlook" on how the economic future of things may develop can be useful as a comfort blanket, but active trading decisions based on bernanke-speak are pure BS (matching initials! yay!).

And about luck: I have to say that it plays quite a part. For e.g the best entries I make are entirely due to me being able to come and look at the chart at the right moment. Ditto for exits. The gods are playing with us!
Virtue finds and chooses the mean. Aristotle, Ethica Nichomachea
  • #313
  • Mar 16, 2008 6:18pm Mar 16, 2008 6:18pm
I believe the fed just panic-cut, no?

Discount rate down 25bps I believe. Guess it's all about futile gestures now. Keep your eyes peeled for more "creative" stuff ahead of, during and after Tuesday. We are so on the brink.

And Bear Stearns got bought for an icecream - 2$.

Fell faster than the headlines could announce it, check this frontpage out:
Attached Image
Trust price. Know yourself.
  • #314
  • Mar 16, 2008 6:26pm Mar 16, 2008 6:26pm
Quoting Plutonite
Sure, the Bear Stearns bailout was all over the picture, but honestly I don't think I'm going to ever need fundamental analysis again. Ever. Nobody can see things like this coming out of the blue, and the price action is no different from the past years of data history. So why all the reading?
Maybe a fundamental "outlook" on how the economic future of things may develop can be useful as a comfort blanket, but active trading decisions based on bernanke-speak are pure BS (matching initials! yay!).
Indeedelydoo. But you can try and say this endlessly, people will always beg to differ.

Personally I've found fundamentals to be a sound pastime(someone is always inventing stuff somewhere) to get a good laugh and read from(the latter from places that actually have interesting facts about a country - not that this has anything to do with my trading - I'm just a curious guy).
Trust price. Know yourself.
  • #315
  • Mar 16, 2008 7:34pm Mar 16, 2008 7:34pm
We just lost 470 GJ pips in under 2 hours. 195 has been hit.

I am seeing an amount of pips here it is obscene.
Trust price. Know yourself.
  • #316
  • Mar 16, 2008 8:50pm Mar 16, 2008 8:50pm
We've just gone from BB calling the cut a measure for an orderly market to them calling it an "emergency move".

Little pennants in the wind...write it like want it, spin the draedel, spin...

Whatever sounds best at any given second, np, we can always rewrite it 7 times in updates...heyyyy...who needs objectivity and reality based content on a news site.

In other "news":

Subprime Losses for Insurers Overtake Katrina as Industry's Worst Disaster
Trust price. Know yourself.
  • #317
  • Mar 16, 2008 9:05pm Mar 16, 2008 9:05pm
Quoting SeekingLight
We just lost 470 GJ pips in under 2 hours. 195 has been hit.

I am seeing an amount of pips here it is obscene.
Remember this?
  • #318
  • Mar 16, 2008 10:03pm Mar 16, 2008 10:03pm
Fud's down 275 burn baby burn... Everything is is going nuts
Check Mate GAME OVER
  • #319
  • Mar 16, 2008 10:15pm Mar 16, 2008 10:15pm
Market Likely Uneasy Over Bear Stearns- AP

Wall Street begins the new week trying to come to terms with just how bad the fallout from the credit crisis is -- so bad that an investment bank worth $20 billion weeks ago has been bought for just $236 million.

Imagine that... Does this mean a few banks per week will shut down?

Does not paint a pretty picture guys!!
Check Mate GAME OVER
  • #320
  • Mar 16, 2008 10:38pm Mar 16, 2008 10:38pm
I see the possibility or your orders getting hung up. It is possible you try to get out and your order gets hung up. So the smart thing to do would be to call your broker, but the lines might be overloaded and your stuck in the sand. Now not saying this will happen but just be careful folks at this point I think anything is possible.
Check Mate GAME OVER
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