YASNY Posted November 19, 2008 Share Posted November 19, 2008 QUOTE (NorthSideSox72 @ Nov 19, 2008 -> 02:49 PM) Markets tanking again, down around 5% on the big boards. Seems like the DOW keepings flirting with 8000 but not getting below (at least not at close). The chart looks to me like its got a ground floor around that mark, unless some other major new lurking monster appears. With the news as bad as it is already, it would have to be a pretty huge monster. I'm going to have to say to CKnolls, I don't think we're going to the 6's on the Dow. I just don't see it, unless something on the scale of a new swaps crisis or a thorough collapse of the auto industry occurs (more than just GM declaring bankruptcy - I mean someone ceasing major parts of their operations immediately). Just call it a hunch, but I think the Dow will bottom out about 7200. Link to comment Share on other sites More sharing options...
Cknolls Posted November 19, 2008 Share Posted November 19, 2008 QUOTE (NorthSideSox72 @ Nov 19, 2008 -> 02:49 PM) Markets tanking again, down around 5% on the big boards. Seems like the DOW keepings flirting with 8000 but not getting below (at least not at close). The chart looks to me like its got a ground floor around that mark, unless some other major new lurking monster appears. With the news as bad as it is already, it would have to be a pretty huge monster. I'm going to have to say to CKnolls, I don't think we're going to the 6's on the Dow. I just don't see it, unless something on the scale of a new swaps crisis or a thorough collapse of the auto industry occurs (more than just GM declaring bankruptcy - I mean someone ceasing major parts of their operations immediately). How about no earnings for any company? Hey Ken Lewis, you still going to pay $28 for MER? MER trading 9.64. LMAO!!!!! Link to comment Share on other sites More sharing options...
Cknolls Posted November 19, 2008 Share Posted November 19, 2008 How about 30 yr treasuries possibly trading with a 3.25-3.50% yld. Who would of thought? Link to comment Share on other sites More sharing options...
Cknolls Posted November 19, 2008 Share Posted November 19, 2008 DOW closes below 8000 for first time since March 2003. Link to comment Share on other sites More sharing options...
NorthSideSox72 Posted November 19, 2008 Author Share Posted November 19, 2008 QUOTE (Cknolls @ Nov 19, 2008 -> 03:05 PM) DOW closes below 8000 for first time since March 2003. So, predict for us good sir... bounce tomorrow, or a big drop to a new resistance level? Link to comment Share on other sites More sharing options...
southsider2k5 Posted November 19, 2008 Share Posted November 19, 2008 QUOTE (NorthSideSox72 @ Nov 19, 2008 -> 03:06 PM) So, predict for us good sir... bounce tomorrow, or a big drop to a new resistance level? We have kept hitting into the 7900's in the futures, (3 times IIRC) if we breach it, I could totally see the big sell of that Knolls has been talking about. Link to comment Share on other sites More sharing options...
Cknolls Posted November 19, 2008 Share Posted November 19, 2008 Right, there is no such thing as a quadruple bottom. Link to comment Share on other sites More sharing options...
Cknolls Posted November 19, 2008 Share Posted November 19, 2008 I will tell you this, i am thinking about starting a short position in the U.S. dollar via the UDN(short dollar etf). If/When stocks decide to rally it will put pressure on the dollar. Also when the Fed re-inflates that too will pressure the greenback. Link to comment Share on other sites More sharing options...
NorthSideSox72 Posted November 19, 2008 Author Share Posted November 19, 2008 QUOTE (Cknolls @ Nov 19, 2008 -> 03:13 PM) Right, there is no such thing as a quadruple bottom. So you see through and through, not bounce away? I can see us dropping big into the 7000's, but I don't see going much below 7250 or so. Me personally, I'd go long once its below 7500 or so, again barring a major shift in the landscape. Link to comment Share on other sites More sharing options...
Cknolls Posted November 19, 2008 Share Posted November 19, 2008 QUOTE (NorthSideSox72 @ Nov 19, 2008 -> 03:06 PM) So, predict for us good sir... bounce tomorrow, or a big drop to a new resistance level? I think we have to test the 2003 and 2002 lows. 788.90(2003) and 768.95(2002). Then see how they act from there. Link to comment Share on other sites More sharing options...
southsider2k5 Posted November 19, 2008 Share Posted November 19, 2008 QUOTE (Cknolls @ Nov 19, 2008 -> 03:16 PM) I will tell you this, i am thinking about starting a short position in the U.S. dollar via the UDN(short dollar etf). If/When stocks decide to rally it will put pressure on the dollar. Also when the Fed re-inflates that too will pressure the greenback. Crude Oil calls would give you a lot more upside. Crude and its by products are incredibly oversold right now. Link to comment Share on other sites More sharing options...
NorthSideSox72 Posted November 19, 2008 Author Share Posted November 19, 2008 QUOTE (southsider2k5 @ Nov 19, 2008 -> 03:18 PM) Crude Oil calls would give you a lot more upside. Crude and its by products are incredibly oversold right now. My recent buy long PowerShares Oil Fund agrees. Link to comment Share on other sites More sharing options...
Balta1701 Posted November 19, 2008 Share Posted November 19, 2008 QUOTE (NorthSideSox72 @ Nov 19, 2008 -> 01:06 PM) So, predict for us good sir... bounce tomorrow, or a big drop to a new resistance level? I'm going to take the "Bounce" on this one. It won't be permanent, but that's my guess. And just FYI, I have no financial interest either wya. Link to comment Share on other sites More sharing options...
southsider2k5 Posted November 20, 2008 Share Posted November 20, 2008 QUOTE (NorthSideSox72 @ Nov 19, 2008 -> 03:19 PM) My recent buy long PowerShares Oil Fund agrees. And when the dollar rallies, Crude is going to go crazy. I think you will be really happy with that buy. Link to comment Share on other sites More sharing options...
kapkomet Posted November 20, 2008 Share Posted November 20, 2008 QUOTE (southsider2k5 @ Nov 20, 2008 -> 07:57 AM) And when the dollar rallies, Crude is going to go crazy. I think you will be really happy with that buy. Wait, isn't this backwards? Dollar goes down, crude goes back up... yes? Link to comment Share on other sites More sharing options...
southsider2k5 Posted November 20, 2008 Share Posted November 20, 2008 QUOTE (kapkomet @ Nov 20, 2008 -> 08:45 AM) Wait, isn't this backwards? Dollar goes down, crude goes back up... yes? Yeah, I had that backwards. I was following along with Knolls, I think I just haven't gotten enough sleep lately. Link to comment Share on other sites More sharing options...
NorthSideSox72 Posted November 20, 2008 Author Share Posted November 20, 2008 Well, after a drop around the open, major indices now up a bit, or near unchanged. Link to comment Share on other sites More sharing options...
kapkomet Posted November 20, 2008 Share Posted November 20, 2008 What caused Citibank's drop yesterday? Link to comment Share on other sites More sharing options...
Cknolls Posted November 20, 2008 Share Posted November 20, 2008 Well it should be a fight to the close. Who has more strength, HOOFY or BOO? Hoofy will try to close them above 777 and Boo will try to close them below 768.65. Link to comment Share on other sites More sharing options...
Cknolls Posted November 20, 2008 Share Posted November 20, 2008 Btw, have you seen the 30 year again today. 126.89. +4.78 That is UNBELIEVABLE!!! Two day run of over 8 points. WOW! Yielding around 3.60%. Link to comment Share on other sites More sharing options...
southsider2k5 Posted November 20, 2008 Share Posted November 20, 2008 More impressive than that are the new lows in the energies... 99.99 cents in the Dec Gasoline and 48.64 in the Dec Crude Oil. Crazy. Link to comment Share on other sites More sharing options...
Cknolls Posted November 20, 2008 Share Posted November 20, 2008 QUOTE (southsider2k5 @ Nov 20, 2008 -> 03:04 PM) More impressive than that are the new lows in the energies... 99.99 cents in the Dec Gasoline and 48.64 in the Dec Crude Oil. Crazy. Glad I didn't fill up the tank on the way to work this morning. Link to comment Share on other sites More sharing options...
NorthSideSox72 Posted November 20, 2008 Author Share Posted November 20, 2008 DJIA has lost 43.1% of its value... this year alone. Link to comment Share on other sites More sharing options...
mr_genius Posted November 20, 2008 Share Posted November 20, 2008 QUOTE (NorthSideSox72 @ Nov 20, 2008 -> 03:54 PM) DJIA has lost 43.1% of its value... this year alone. it's a complete mess right now. getting close to losing %50 in one year. Link to comment Share on other sites More sharing options...
BigSqwert Posted November 20, 2008 Share Posted November 20, 2008 I feel like I'm throwing money away by contributing to my 401k. Link to comment Share on other sites More sharing options...
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