02-04-2010, 04:31 PM #1
Bad day today for the world's financial markets
The Dow briefly dipped below 10K right at the close...ended down 268 on sovreign debt news. All the European indices were down big too. Greece, Spain & Portugal all have heavy debt & are facing liquidity concerns. Some analysts are even predicting the UK's credit rating to be downgraded this year. All these countries have tried to spend their way out of recession...sound familiar??
02-04-2010, 05:26 PM #2
I don't trust the markets anymore...
the entire system is too far into debt.
02-04-2010, 05:32 PM #3
But if you watch the market and are a day trader you can make some extra cash on the recent swings.
02-04-2010, 05:38 PM #4
The market has needed a pullback in BIG way. We drifted higher nearly everyday since mid Nov to late Jan. This is the price that is paid for an extended run. This news has been known for a long time and the market had been a buyer of bad news for a while. CNBC tries to pin news to everything the market does. The fact is we'd been selling off on great earnings reports and news since Alcoa and Intel reported. Personally I think it's just a correction after 10+ months of heading up.
Right now we're sitting on a trendline support area of the last 2 pullbacks. I believe we will head down to 1020-1035 on the S&P, and test the 200 Day (1020) or 23% retracement (1035) of the entire ralley since last March. Last year was a replay of 2003 and so far this looks like 2004 all over again.
Personally, I'm expecting to be a buyer of the SPY at 102-103 via a 115 calendar spread. Long Jan 2011 115 calls and start shorting the March 115 calls and every following month as needed.
02-04-2010, 06:11 PM #5
02-04-2010, 06:39 PM #6
Wow--this could go political REAL quick.
02-04-2010, 07:31 PM #7
02-04-2010, 07:34 PM #8
No problem! Liberals will spend our way out of the 4 trillion dollar debt..off the backs of the middle class!
Socialism is wonderful ain't it?
02-04-2010, 07:35 PM #9
Hasn't it been a bad couple years for the stock market
The only stock I find keeping well that I own is UTX.
02-04-2010, 07:53 PM #10
Cant wait to see what the U.S will be like at the end of this presidents term. SPEND SPEND SPEND.....He submits a 3.8 TRILLION spending spree, and he has the BALLS to tell ME not to spend money on boats, or go to vegas! GO POUND SAND OBAMA! I STILL cannot believe people voted this guy into office!
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