southsider2k5 Posted August 9, 2011 Share Posted August 9, 2011 The futures are down another 300 points past where they closed at 3:15. Crude oil is trading in the $76's and gasoline under $2.60. So far the SP downgrade is going to be a great thing for the bottom quintile. Link to comment Share on other sites More sharing options...
mr_genius Posted August 9, 2011 Share Posted August 9, 2011 QUOTE (southsider2k5 @ Aug 8, 2011 -> 08:44 PM) The futures are down another 300 points past where they closed at 3:15. Crude oil is trading in the $76's and gasoline under $2.60. So far the SP downgrade is going to be a great thing for the bottom quintile. Obama should run on the promise of additional downgrades. Link to comment Share on other sites More sharing options...
southsider2k5 Posted August 9, 2011 Share Posted August 9, 2011 At this point all of the overnight losses have been recovered, and then some. We are green as of now. Link to comment Share on other sites More sharing options...
southsider2k5 Posted August 9, 2011 Share Posted August 9, 2011 At its overnight lows, Crude Oil was down 25% from the July 26 intraday highs. That is amazing. We are back over $80 and $2.75, but we should still be looking at quickly falling gas prices. Link to comment Share on other sites More sharing options...
southsider2k5 Posted August 9, 2011 Share Posted August 9, 2011 1.5 million eminis traded before the open. That has got to be a record. Link to comment Share on other sites More sharing options...
Balta1701 Posted August 9, 2011 Share Posted August 9, 2011 Is it worth pointing out how those big moves in oil are almost totally divorced from how the dollar is moving? Link to comment Share on other sites More sharing options...
southsider2k5 Posted August 9, 2011 Share Posted August 9, 2011 QUOTE (Balta1701 @ Aug 9, 2011 -> 09:05 AM) Is it worth pointing out how those big moves in oil are almost totally divorced from how the dollar is moving? Wait, what? The dollar is up, energies are down. They had been for days. The dollar is down today, energies are up. Significantly if you look at them from the overnight lows. You understand the relationship is inverse here right? Strong dollar buys more crude, weak dollar buys less. Link to comment Share on other sites More sharing options...
Balta1701 Posted August 9, 2011 Share Posted August 9, 2011 QUOTE (southsider2k5 @ Aug 9, 2011 -> 10:08 AM) Wait, what? The dollar is up, energies are down. They had been for days. The dollar is down today, energies are up. Significantly if you look at them from the overnight lows. You understand the relationship is inverse here right? Strong dollar buys more crude, weak dollar buys less. Dollar down against major currencies The only one it's up against is the Euro. But that decline left the euro well within its trading range of recent weeks. Meanwhile, the Swiss franc rose 1.6 percent against the dollar (and even more against the euro), reaching a new all-time high, and the Japanese yen rose sharply as well. ... he dollar is roughly flat over the past month against a basket of six other major currencies, in contrast to its skyrocketing value the last two times financial crises flared, in late 2008 and the spring of 2010. On Monday, as the Standard & Poor’s 500-stock index plummeted 6.7 percent, the dollar rose a modest 0.4 percent against the six other currencies. After a similar day of market declines in October 2008, the dollar index rose 2.3 percent. ... Indeed, both the Japanese and Swiss governments have taken steps over the past week to intervene in markets to stop the rapid rise of their currencies — with little apparent success so far — to combat the damage done to their economies by rising currency values. Link to comment Share on other sites More sharing options...
southsider2k5 Posted August 9, 2011 Share Posted August 9, 2011 The dollar index actually is what I am looking at. That is the overall dollar measure, instead of picking out individual currencies to make a point that really isn't true. Right now the dollar is off 30 points while crude is up a dollar. Yesterday the dollar was up 20, and crude was down. Link to comment Share on other sites More sharing options...
Balta1701 Posted August 9, 2011 Share Posted August 9, 2011 That index pretty much has to be dominated by the dollar-Euro trade then, I take it? Link to comment Share on other sites More sharing options...
southsider2k5 Posted August 9, 2011 Share Posted August 9, 2011 QUOTE (Balta1701 @ Aug 9, 2011 -> 09:16 AM) That index pretty much has to be dominated by the dollar-Euro trade then, I take it? Absolutely. Which is also a reflection of which currencies are used most around the world. Link to comment Share on other sites More sharing options...
southsider2k5 Posted August 9, 2011 Share Posted August 9, 2011 QUOTE (southsider2k5 @ Aug 9, 2011 -> 09:20 AM) Absolutely. Which is also a reflection of which currencies are used most around the world. As a matter of a fact, when countries like Iran make noise about dropping the dollar for Crude trades, they want to go to the Euro. Link to comment Share on other sites More sharing options...
Balta1701 Posted August 9, 2011 Share Posted August 9, 2011 So, I see that the Fed Statement says growth is coming in above expectation, inflation expectations are high, and in response they're adopting a tightening posture. No wait, that's wrong...growth is below expectations, inflation expectations are low, but they're not doing anything. Link to comment Share on other sites More sharing options...
Balta1701 Posted August 9, 2011 Share Posted August 9, 2011 Factoid. Apple today passed Exxon as the largest company in the country by market cap. Link to comment Share on other sites More sharing options...
southsider2k5 Posted August 9, 2011 Share Posted August 9, 2011 The market seems to love the feds direction. Link to comment Share on other sites More sharing options...
Balta1701 Posted August 9, 2011 Share Posted August 9, 2011 QUOTE (southsider2k5 @ Aug 9, 2011 -> 03:00 PM) The market seems to love the feds direction. Do you think they were hoping for a hint at more QE happening? Link to comment Share on other sites More sharing options...
southsider2k5 Posted August 9, 2011 Share Posted August 9, 2011 QUOTE (Balta1701 @ Aug 9, 2011 -> 02:01 PM) Do you think they were hoping for a hint at more QE happening? Honestly I am not sure what they were thinking. I am working from home, so I haven't heard anything. Link to comment Share on other sites More sharing options...
Jenksismyhero Posted August 9, 2011 Share Posted August 9, 2011 quite the rebound in the last hour Link to comment Share on other sites More sharing options...
Soxbadger Posted August 9, 2011 Share Posted August 9, 2011 Ha was going to buy Nike if it hit 77, that wont be happening now. Link to comment Share on other sites More sharing options...
southsider2k5 Posted August 9, 2011 Share Posted August 9, 2011 I think this is the bargain hunting I was waiting for. Link to comment Share on other sites More sharing options...
Soxbadger Posted August 9, 2011 Share Posted August 9, 2011 Well this is just all crazy speculation at the moment, I thought that in terms of numbers the DJIA would hit at lowest 10k and then people would start to realize that it doesnt make sense. Link to comment Share on other sites More sharing options...
whitesoxfan101 Posted August 9, 2011 Share Posted August 9, 2011 (edited) So was being up 400+ today a correction to losing 600+ yesterday being an overreaction? I don't know much about this stuff, so I'll leave it to you guys. Edited August 9, 2011 by whitesoxfan101 Link to comment Share on other sites More sharing options...
Balta1701 Posted August 9, 2011 Share Posted August 9, 2011 The inflation-adjusted 10 year Treasury is now at 0%. Link to comment Share on other sites More sharing options...
southsider2k5 Posted August 9, 2011 Share Posted August 9, 2011 QUOTE (Balta1701 @ Aug 9, 2011 -> 05:30 PM) The inflation-adjusted 10 year Treasury is now at 0%. Which means in reality it is negative. Link to comment Share on other sites More sharing options...
Balta1701 Posted August 9, 2011 Share Posted August 9, 2011 QUOTE (southsider2k5 @ Aug 9, 2011 -> 06:41 PM) Which means in reality it is negative. Clearly this means we need to cut spending more. Only way to appease the bond markets. Link to comment Share on other sites More sharing options...
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