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karennma
6,386 posts
msg #54117
Ignore karennma
8/16/2007 2:01:57 PM

CNBC just announced some of Charles Schwab's servers are down.
This reminds me of 1989!!
I remember when everyone was trying to get OUT of the market and their lines were so busy, investors couldn't get out!


karennma
6,386 posts
msg #54118
Ignore karennma
8/16/2007 2:09:04 PM

sorry, that was 1987!


nikoschopen
2,824 posts
msg #54127
Ignore nikoschopen
8/17/2007 2:22:13 AM

Rally just didn't feel right yesterday.Too many holders,Hedge funds,Funds,Privates,Foreign funds,and lastly the poor retail investor.Selling over-powering short covering.Fast money guys calling for a big rally and money media talking "buying Oportunity",watch out!

I've been in this market fairly long enough to know when things smell fishy. When the market is pummeled in the first half of the session only to pull its ass straight back up to finish the day flat in the second half, especially when it's technically in a very sad shape, there's something terribly wrong and it raises a fear factor in me. The most likely scenario for today's action is that the S&P 500 hit the March low (a major support) and you have these delusional optimists in their blind rage spraying bullets towards the marauding bears and thus taking the market higher. But these are no small time retail bandits but major institutional biggies that are whipping out program trades after program trades. But I'm thinking there must be something else they're banking on like, uhm, earlier than expected bailout from the Fed. At this juncture, I wouldn't be at all surprised if the Fed makes an "unannounced" (yeah, right) rate cut next week. I say this because I got badly burned when the Greenspan & Co. showed up at my doorstep back in early 2001 and told me in no uncertain terms that I was toast because they've just dropped the interest rate. Needless to say, I lost a lot of money on that fateful day. Be that as it may, their intervention turned out to be just another comic relief because the market dropped like a brick anyway.

petrolpeter
439 posts
msg #54129
Ignore petrolpeter
8/17/2007 4:14:01 AM

Oh,An additional mention is those double short charts(QID) just looked so damn good,like breaking out kinda good.HANS short@49 sails back through the gap,only in this market I guess.They asked Buffet today what he thought of the derivative/loan meltdowns,in a very casual way he said people by these instruments with out knowing where they are headed.Warren seemed to say these are a mistake to own and a waste of time to even look at and showed no pity whatsoever to those folks.Does Bernanke have the same opinion?If so he'll let the dumb paper burn without pity too as it is doing so right now.

karennma
6,386 posts
msg #54143
Ignore karennma
8/17/2007 11:46:48 AM

look at a SPY chart.
does that look "normal" to you?


karennma
6,386 posts
msg #54144
Ignore karennma
modified
8/17/2007 12:05:03 PM

nikoschopen
nikoschopen 8/16/2007 11:22:13 PM
I've been in this market fairly long enough to know when things smell fishy.

==========================================================================

No kidding!
Rally on!
And when all the suckers jump on board, they'll get stabbed in the back again ... on the downside,, hard and heavy.



nikoschopen
2,824 posts
msg #54145
Ignore nikoschopen
8/17/2007 1:03:06 PM

On the 15-minute chart, $SPX looks like it's forming an inverse head & shoulders pattern. If it does break out, it's likely to break ure back so watch out. My less-than-accurate prediction forecasts for a rally until next Tuesday.

nikoschopen
2,824 posts
msg #54147
Ignore nikoschopen
8/17/2007 1:08:07 PM

OOh, aahh, ga-ga, I think the damn thing is about to fly anytime now.

nikoschopen
2,824 posts
msg #54155
Ignore nikoschopen
8/17/2007 2:27:57 PM

Fed unexpectedly cuts "discount window rate" by 50 basis points to promote restoration of orderly conditions in financial markets; Fed notes "market conditions have deteriorated" and "downside risks have increased appreciably" since last meeting. (Soruce: Briefing.com)

See, I told ya there was a reason for yesterday's rally!

nikoschopen
2,824 posts
msg #54157
Ignore nikoschopen
8/17/2007 3:01:01 PM

It ain't my biz to preach the values of perma-bear doctrine, but the timing of this rate cut begs the question. I'm beginning to think there's something the Fed ain't telling us and resorting to their usual ruse to cover it up. Within the coming week(s), it's plausible to hear one of the big banks or mortgage shops falling to its early demise. If, and big if, Countrywide or one of its big lenders file for Chapter 11...well, you don't need me to spell out what the consequence of that might mean.

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