An exceptional WIR this week, Bill. I think you have been spot on for some time now about the lack of interest in participating in a rigged market. I know that I have been very inactive lately. So has another person I know who used to trade the market actively.
Some of it may be the result of people simply not having the money to invest. But there is also a significant constituency who just do not trust what they see in the market.
I met with a Chinese colleague recently and he told me that he paid twice as much for a new laptop in China than it would have cost here in the U.S. The irony of this is that the laptop is made in China.
The following is a reaction to a recent Wash Post story about Wal-Mart's efforts to influence change in China (which is where most of the stuff they sell is made).
I've got a nice trade going in SEED (which can turn bad fast given its extreme volatility). But one thing that stands out about recent trading is the volume behind the price moves up. I've attached a 60 minute chart to illustrate.
Hindsight being 20-20, a great place to take a profit would have been that spike up four days in the $9.75 range. If the trend holds, then $10 looks like another good short-term target.
Anyone who sold FSLR when it touched it's 50-day last week is looking like a genius. As of today's pre-market action that's a 14% drop in just three days.
So, does the smart money buy this morning? I'll paper trade and see what happens. ;)
As others have already noted, the market wasn't too keen on moving higher yesterday and so my remaining short position held its ground. I actually added to my position at the close.
Bill is, as always, spot on in his analysis of where things stand. The bulls need volume to push this thing higher and there is a lot of risk right now.
Resistance levels were breached Friday and I got stopped out of all but one of my shorts. The other will like go down early today if pre-market is any indication of things to come.
Puzzling, isn't it, that no one is concerned about the pending disaster in Greece? I guess concerns will rise as March 16 draws closer, and then we'll get one of those sudden "unexpected" multi-hundred point drops in the market. And Greece will be cited as the reason.
And Matt Taibbi has another RS article up on the crimes of Wall Street.
Reaction to low consumer price inflation? This is a good place to make a trade as we either break above 1110 on the S&P or bounce off this resistance level.
We shall see what the day brings.
Update: I've taken a few short positions this a.m. - low risk/reward here as market will either push past yesterday's high and keep running or break the other way.
Fair enough, Vad. Let's change the subject to something on which we can agree ...
What do you make of today's early action? Looks like 1060 on the S&P is holding for now. But it's looking to me like we're going to head all the way back to 1050 before the day is over.
Unless, of course, we get yet another about face on the situation with Greece.
And you've never been wrong, eh Vad? ;) In fact, no one could have anticipated the events that unfolded since 2002. Did Ron Paul? He, in fact, was one of the supporters of Gramm-Leach, along with a host of people across our miserable two-party political spectrum. And that, as much as anything, was a primary cause of the excesses that lead to the collapse.
And we disagree about the value of stimulus spending. It is, in fact, a progressive view that sees stimulus spending as positive. And I agree with Stiglitz on this. As I agreed with him that the money used to bail out the banks could have been better put to use elsewhere.
When I disagree with you, Vad, it is always with the greatest respect.
It's amusing how Stiglitz's critics seize on that 7-year old paper on FANNIE as a way to discredit his views.
Indeed, Stiglitz has been one of the severest critics of regulatory failures that lead to the financial crisis, particularly predatory lending practices and derivatives, and the bank bailouts that followed. Was he wrong about that?
But then again he argues his position as a progressive, a point of view that doesn't find favor with most of the participants in this forum. That's unfortunate.
The reason you are on my ignore list. Thanks to this feature I can focus on comments that actually have something to say about financial markets.
Interesting. I read the list and thought to myself ... me, me, me again. With emphasis on "Irish alzheimer's". ;)
Éirinn go Brách!
And, oh yes, the market is running on auto-pilot. Anyone with a lick of sense is not chasing this risk and is watching from the sidelines.
An exceptional WIR this week, Bill. I think you have been spot on for some time now about the lack of interest in participating in a rigged market. I know that I have been very inactive lately. So has another person I know who used to trade the market actively.
Some of it may be the result of people simply not having the money to invest. But there is also a significant constituency who just do not trust what they see in the market.
I met with a Chinese colleague recently and he told me that he paid twice as much for a new laptop in China than it would have cost here in the U.S. The irony of this is that the laptop is made in China.
They are awash in money. Is this a big surprise?
Because I sold it.
Broad range, but better than expected given the games Larry Summers was playing with expectations.
February Jobs
Bloomberg is shamelessly pumping futures.
The following is a reaction to a recent Wash Post story about Wal-Mart's efforts to influence change in China (which is where most of the stuff they sell is made).
How Sincere is Wal-Mart's Demand that Chinese Suppliers Meet Labor and Environmental Standards?
What do I know from smart money, 2nd? ;)
Good to see you!
P.S. SEED dropped like a rock on the open (on light volume) to that support line. Ah, the magic of TA!
I've got a nice trade going in SEED (which can turn bad fast given its extreme volatility). But one thing that stands out about recent trading is the volume behind the price moves up. I've attached a 60 minute chart to illustrate.
Hindsight being 20-20, a great place to take a profit would have been that spike up four days in the $9.75 range. If the trend holds, then $10 looks like another good short-term target.
Anyone who sold FSLR when it touched it's 50-day last week is looking like a genius. As of today's pre-market action that's a 14% drop in just three days.
So, does the smart money buy this morning? I'll paper trade and see what happens. ;)
As others have already noted, the market wasn't too keen on moving higher yesterday and so my remaining short position held its ground. I actually added to my position at the close.
Bill is, as always, spot on in his analysis of where things stand. The bulls need volume to push this thing higher and there is a lot of risk right now.
Meh ... so FSLR failed its "Wunderlich" test, eh?
And still no one is held accountable. Outrageous.
Secret AIG Document Shows Goldman Sachs Minted Most Toxic CDOs
Resistance levels were breached Friday and I got stopped out of all but one of my shorts. The other will like go down early today if pre-market is any indication of things to come.
Puzzling, isn't it, that no one is concerned about the pending disaster in Greece? I guess concerns will rise as March 16 draws closer, and then we'll get one of those sudden "unexpected" multi-hundred point drops in the market. And Greece will be cited as the reason.
And Matt Taibbi has another RS article up on the crimes of Wall Street.
Wall Street's Bailout Hustle
Reaction to low consumer price inflation? This is a good place to make a trade as we either break above 1110 on the S&P or bounce off this resistance level.
We shall see what the day brings.
Update: I've taken a few short positions this a.m. - low risk/reward here as market will either push past yesterday's high and keep running or break the other way.
Fair enough, Vad. Let's change the subject to something on which we can agree ...
What do you make of today's early action? Looks like 1060 on the S&P is holding for now. But it's looking to me like we're going to head all the way back to 1050 before the day is over.
Unless, of course, we get yet another about face on the situation with Greece.
And you've never been wrong, eh Vad? ;) In fact, no one could have anticipated the events that unfolded since 2002. Did Ron Paul? He, in fact, was one of the supporters of Gramm-Leach, along with a host of people across our miserable two-party political spectrum. And that, as much as anything, was a primary cause of the excesses that lead to the collapse.
And we disagree about the value of stimulus spending. It is, in fact, a progressive view that sees stimulus spending as positive. And I agree with Stiglitz on this. As I agreed with him that the money used to bail out the banks could have been better put to use elsewhere.
When I disagree with you, Vad, it is always with the greatest respect.
It's amusing how Stiglitz's critics seize on that 7-year old paper on FANNIE as a way to discredit his views.
Indeed, Stiglitz has been one of the severest critics of regulatory failures that lead to the financial crisis, particularly predatory lending practices and derivatives, and the bank bailouts that followed. Was he wrong about that?
But then again he argues his position as a progressive, a point of view that doesn't find favor with most of the participants in this forum. That's unfortunate.
And that is why, as Bill wrote yesterday, we use smaller positions and wider stops in this news-driven, topsy-turvy, whipsaw market. ;)
On the buy programs?
These markets turn on an absolute dime. News?