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.

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!!!!!

How about 30 yr treasuries possibly trading with a 3.25-3.50% yld. Who would of thought?

DOW closes below 8000 for first time since March 2003.

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?

 

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.

Right, there is no such thing as a quadruple bottom.

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.

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.

 

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.

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.

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.

 

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.

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.

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?

 

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.

Well, after a drop around the open, major indices now up a bit, or near unchanged.

 

What caused Citibank's drop yesterday?

 

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.

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%.

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.

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.

DJIA has lost 43.1% of its value... this year alone.

 

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.

I feel like I'm throwing money away by contributing to my 401k.