Nah ,Its just a movie remember? Lets have some fun with it OK
This is what I am reading from CNBC this AM:
Searching For a Market Bottom? Keep Looking
Topics:Stock MarketBy Jeff Cox, CNBC.com | 10 Oct 2008 | 09:06 AM ET Text Size For those hoping that the seven-day blowout on Wall Street may have created a market bottom, there are two words to contemplate: Not yet.
Over the past week the stock market has posted its biggest drop ever, tumbling more than 20 percent and triggering angst and despair among both investors and traders on the floor.
But most analysts watching the situation think market activity, by sheer volume if nothing else, is inadequate to declare that the worst has passed, though there are definite signs that it is coming.
"You really just want people to say, 'I can't take it anymore,' and I think we're getting to that position," said Quincy Krosby, chief investment strategist at The Hartford. "Selling begets selling, that's what happens, until it kind of washes out, until the last seller comes in and says, 'That's it.' Then there's kind of an eerie quiet."
But while hedge funds and industrial investors have been bailed out of positions, individual retail investors have still not reached the severe panic point.
"We're seeing volatility right now that's really starting to freak out the investor for sure," Ben Lichtenstein, president of Traders Audio, said on CNBC. "Once the investor, the normal, everyday-type investor starts to see his original investment start to decrease, that's where the fear-type selling could kick in."
Krosby said that despite Thursday's washout, in which stocks across the board lost about 7 percent of their value, volume was too thin. Total market volume was about 1.8 billion shares, and she would expect a number closer to 2.5 billion to 3 billion to see a true capitulation.
"You'd like to see more selling," Krosby said. "That's something that you look for, really, really having selling and you didn't have that yesterday and you didn't have that in many of the really strong down days."
"I think no one knows where the bottom is" and the market hasn't yet seen the kind of trading that indicates capitulation, BlackRock Vice Chairman Bob Doll told CNBC. "Often you see double, triple normal volume and we've just not seen that kind of capitulation yet."
What the Pros Say: Dow Below 7,500
2008 | 07:10 AM ET Text Size World stocks slumped to their lowest levels in five years on Friday. easures from the U.S., UK and other countries to fight the worst financial crisis in 80 years -- even this week's coordinated interest rate cuts -- have failed to calm credit, money and stock markets and quell investor fears.
European markets were down over 6 percent, following Asia and Wall Street's massive selloff. So when markets are tumbling, what do our experts suggest?
Dow May Break Through 7,500
The Dow's next support level is 7,500 points, says Ron Ianieri, chief markets strategist at the Options University, after the index plunged below 9,000 points Thursday. He tells CNBC it won't take too much for the Dow to get there.
Wall Street Preparing For Another Selloff
Stocks were poised for another day of big drops, with futures indicating a drop of more than 4 percent across the board as the crisis of confidence worsens.
Investors remained unconvinced by various measures taken around the world to prop up ailing financial companies.
"The market right now is deeply, desperately trying to find value, and until it finds that area we're not going to stabilize or contract or try to find that horizontal-type trading," Ben Lichtenstein, president of Traders Audio, told CNBC. "We're in a vertical market right now."
Dow component General Electric's [GE 19.01 --- UNCH (0) ] earnings report only managed to add to the misery, even though the results weren't on the surface cause for concern.
What Mikey's saying:
I am posting these commments so that you will have a frame of reference the next time we go into a top or bottom. In the past year I was short oil stocks I was buying an ETF that went up went oil stocks declined. Of course you all know what oil did. I started buying this ETF at $42 and over the course of the next 9 months it declined to 26 but at that time I could see that the economy was weakening and at some point it would cause oil demand to fall and therefore oil stocks to decline. The heard mentality was and always is to jump on the now and follow the hot story. It finally reached a peak in July when Isreal was going to attack Iran. Oil was at 148 it was said that the fundamentals of a slow down "didn't matter anymore". The last trade on oil this AM is $82. Things change and the obvious is usually wrong.
Today the Market is set to open at 8240 with the whole world runnung toward the exits. Very intense just as was the oil market in July when oil was at 148. I have said that my approches values untertainty well here it is maximun uncertainty. I think 3 months from now it will have been much better to have been a buyer that a
seller. Stay tuned
6:49AM DJIA 8326 -200 VIX hits 70 The market was down 675 at one pont. Not panic eh BS. The financials are starting to rally. Remember the FED said they can diredtly take an equity position in the banks I think they are startin to do that now. The financials will be the firt to bottom they will take their stand here. That story is the most cooked. That is where I want most of my money in this group. The XLF now 13.94 is up I will add on here now
Buyin XLF 13.93
Buying MS 9.95
Covering my NSC shorts covering my MCD short covering my NKE short
Gold Bugs put you fasten your seat belts your next.
7:13 DJIA -27 VIX Went positive for a short time Trying to bottom
7:23 DJIA 8505 - 70 Bush is going to speak I'll bet he says its going to take time.
7:50 DJIA 8337 -202 He spoke the amrket sold off . Don't worry hang in there gang. I see oil now at $80 and heading south thats a good thing. It looks like the tail end of the market ...oil related stocks getting nailed and the front end..financials showing relative strength.
Good News Dept: Commercial paper rates fall ..indicates that Fed medicine is starting to work. Gasoline futures 1.87 -15.8 Add about a dollar to this and you have retail prices. Gold back under 900. I can see the confidence starting to come in things and it looks like the system is showing signs of working.
9:04 DJIA 8201 -373 Big drag on the DJIA is oil stocks that is the tail end of the market. The last group to go in the market rotation. We are almost here gang.
Gold weaking now at 892 if we can see it below 840 that is a sign that this crisis is over. I like the action now
10:16 DJIA 8157 -417 Clearer picture emerging to me here. The oil stocks are the drag on this thing market internals are clearly improving here.
Buying UYG ..ETF double long financials @ 8.00
Looks like I will get a chance to buy AIG real cheap now below 2 but waiting
The selloff is ending just the tailenders are selling off we are almost there.
As oil stocks tank they will sneak the financials higher from here. Keep an eye out for that. I really like the market short term now
10:31 Gold down $30 Gold bugs the big dog is comming after you
I am loving the price of the UYG adding again @ 7.93
10:45 DJIA 8083 - 493 Gold -37.50 at 850 this market is getting ready to bottom DING DONG the witch is dead
10:57 I am seeing a Gold commercial on CNBC Gold now 838 down $ 47 we are gonna make it gang Oil 78.70 down $8.19
Buying more UYG 7.85 starting to load up We are going to make them pay for messing with us right. No flight to safety here we are comming after you guys
11:17 DJAI 8218 -369 Financials XLF UNCH on the day XOI oil stocks index 782 -72 see what is happening the financials are holding the market is DJIA becasue the oils are weak Stay with me here,...Don't worry eveything is going to be OK
NEW YORK, Oct 10 (Reuters) - Gold dropped more than 6 percent on Friday, surrendering early hefty gains to trade below $850 an ounce as a dollar rally, crude oil drop and a stock market sell-off triggered heavy profit-taking in the precious metal. The gold contract for December delivery was down $36.50 or 4.1 percent at $850 in after-hours screen trade on the COMEX division of the New York Mercantile Exchange at 2:04 p.m. EDT (1804 GMT). It had hit a low of $829. Spot gold sank to $844.70 an ounce for a loss of 7.3 percent from Thursday's nominal close of $911.50
The U.S. dollar surged to a 15-month high against a major currencies on Friday as plunging stocks and persistent tight credit markets prompted investors to scramble for cash preferably in the world's reserve currency.
The dollar is making 15 month highs I'll bet you didn't know that one did you Gold Bugs. Let's see you are buying gold because you think the dollar is going to go down and it is making a 15 month high... What is wrong with this picture??
12:34 DJIA +100 NOW A 700 POINT TURN AROUND. They say they are expecting something to come out of the G7. I would bet nothing comes out of that meeting and we sell off. But don't worry its OK all part of the game
I want to repeat that don't expect anything to come out of the G7 meeting and expect a sellof because of it but buy that selloff
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