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.<font color=red size=2>. WEEKLY RECAP Ammended
after commisions
ES = $864.50
YM = $380.00
YG = $100.00
Total = $1344.50
My QM trade is still running...
so I am not including it in the total.
It is up $312.50 as of the close.
.<font color=red size=2>.WEEKLY RECAP
after commisions
ES = $714.50
YM = $380.00
YG = $100.00
Total = $1194.50
Covered @ 1172 ... ...
for 3 points
I took my first position in QM today.
Crude mini:
Long 1 contract @ 50.475
Covered @ 10312 ... ...
for 76 YM points
380 bones
722 after comission on all for the day
Covered @ 1170.75 ... ...
for 7 ES points
350 bones
Out w/ 1/4 point...LOL
Trading signals are weak here. It's back to the "buy the dip" mentality instead of buying the chart.
Out of all @ 429.80 for less than $100 gain after commision...
I don't have the patience for YG. I am SURE it has more upside.
Covered @ 1167.25 for no gain or loss.
Covered ES ... ...
@ 1166.25 for a 1/2 point loss. Total for the day is +7.5 points.
The FED changing it's wording after the bell because the market was tanking is bullshit and manipulation at it's finest. If they wanted to change they should have done it before the bell. I hope the market crashes from here.
Holding short overnight here would be crazy.
75:
Are you still carrying 8 YG longs?
Hip
Covered ES ... ...
@ 1159.25 for a quick 2 more point.
8 Total ES points today.
Short ES again ... ...
@ 1161.25
Bought 2 more YG ... ...
1 @ 429.1 and 1 @ 429.2
That makes 8 total long at an average of 429.4625
Covered ES ... ...
@ 1158.25 for 6 points
Out at 1147.25 on both contracts ... ...
I was long 1143 and 1154...average 1148.5
Exited both @ 1147.25 for 6.75 loss and a 4.25 gain.
2.5 points total loss or <$125.00>
Added another @ 1143.
We are very close to trouble if we don't go up here...Very big trouble.
Out @ 1157 for 7 points.
I should have held my YG short but they were pushing it early this morning and fooled me. I do much better when I don't watch.
Covered @ 437.5 for little to no gain.
Long ES @ 1150 (1 contract)
Covered both @ 1152.5...
That's 12 and 8.75 points respectively for a total of 20.75 ES points
Short ES from 1164.5 and adding one more at 1161.25. Stops at 1170.
Chart attached (ES 60 minute):
Another chart for the jail bird...
http://www.cross-currents.net/outlook.htm
EARLY BETA VERSION OF MARKETREPORTER.COM WORKING
Still need to add content, fix errors, and add two more sections. To be finished this week, and hopefully filled with content by next Monday.
Check out the new design here:
http://www.marketreporter.com/
mikeygold, You still on iHub?
US may seize Arab airports by force to attack Iraq: report
Mon Aug 12 2002 14:19:02 ET
BEIRUT, Aug. 12 (Xinhua)--Lebanon received a report from diplomatic sources saying that the United States would seize by force several airports in Arab states when it launches a war against Iraq, the An Nahar newspaper reported on Monday.
The report said that US President George W. Bush would unleash the military offensive in January 2003 as he has to wait the outcome of the midterm elections of the Congress in November. ``Bush prefers to have Arab support for his war to remove Iraqi president Saddam Hussein and the US forces would have facilities in several neighboring Arab airports,'' the report said.
''At any rate,'' it stressed, ``once zero hour comes, Bush will give the orders to use Arab airports by force for the military operation against Iraq if the need arises.'' Bush argued that without the US interference, the Arab countries, the Arab League and the UN Security Council would not have been able to oust the invading Iraqi troops from Kuwait in the 1991 Gulf War.
Meanwhile, the report revealed that the Bush administration has allowed Israel to strike back in the upcoming confrontation against Iraq if the Arab country fires Scud missiles at Israel like it did in 1991.
The report suggested that the Arab world should take the US war preparations against Iraq ``very seriously'' and recommended a diplomatic offensive by Lebanon to consolidate Pan-Arab camp.
Developing...
http://www.drudgereport.com/flash2.htm
SADDAM IS 160FT UNDER; TYRANT'S DEFIANT MESSAGE AS HE MOVES TO A BUNKER
Mon Aug 12 2002 11:16:45 ET
MIRROR
SADDAM Hussein is moving his Government into underground bunkers to prepare for a US and British attack.
From his hideout 160ft down, the Iraqi tyrant yesterday sent out a defiant message to the West. "If they come, we are ready," he said. "We will fight them on the streets, from the rooftops, from house to house. We will never surrender. "That is what Churchill promised the invaders threatening England. And that is what we can promise the crusaders if they come here."
The warning was delivered through Labour MP George Galloway during an interview an hour's drive from Baghdad.
Entire ministries are thought to be leaving their permanent headquarters, likely to be targeted for cruise missile attack, and moving into command bunkers.
Mr Galloway said communications between ministries and Saddam were being relayed by word of mouth to beat high-tech US eavesdropping.
http://www.drudgereport.com/flash1.htm
New site added.
Shell Companies - http://www.shellstockreview.com/ssrShellsBySym.htm
List of shell companies with information and links to more information.
MM, As I told you before, You are not welcomed on this thread. If you continue to post, you will be TOSed.
FTSE Rise Fueled by Banks
LONDON (Reuters) - Britain's FTSE 100 share index pushed higher on Wednesday, boosted by oils and gains in the heavyweight banking sector following solid results from Royal Bank of Scotland and Standard Chartered.
ck index futures signaled a firmer Wall Street opening and offset the effects of moderate late selling in New York overnight.
Banks added 19 points to the leading index, with sector giant Royal Bank of Scotland up 3.9 percent and Standard Chartered topping the blue-chip risers with an eight percent gain after the release of reassuring results.
"Royal Bank of Scotland's results are giving the sector a fillip, and they prove what a resilient company it is," said one dealer.
Oils gave a further 13 points to the leading index, with shares in BP and Shell each rising around two percent. But shares in drugmaker AstraZeneca extended Tuesday's sharp fall, edging down 0.9 percent as investors continued to fret about a likely delay to the U.S. launch of its cholesterol-lowering drug Crestor. A downgrade from investment bank Schroder Salomon Smith Barney to "neutral" from "buy" was also weighing on the stock, dealers said.
http://biz.yahoo.com/rb/020807/britain_markets_stocks_1.html
Microsoft to Reveal Windows Code
WASHINGTON (Reuters) - Microsoft Corp. (NasdaqNM:MSFT - News) will reveal hundreds of pieces of proprietary computer code from its monopoly Windows operating system in the next several weeks to comply with an antitrust settlement it signed with the U.S. Justice Department last year, the company said on Monday.
The software giant said the disclosures are part of its first steps to comply with the settlement that must still be approved by a federal judge and remains opposed by nine state attorneys general seeking stiffer sanctions.
Microsoft said it plans to disclose nearly 400 pieces of computer code and internal operating rules, previously kept secret, which outside software developers can use to write programs to run on Windows.
"With these new (disclosures), software developers will have additional development choices in designing their Windows programs," the company said in a statement.
http://biz.yahoo.com/rb/020805/microsoft_code_12.html
Morgan Stanley: Recession Risk Remains
HONG KONG (Reuters) - The U.S. economy could slip back into recession later this year on faltering consumer demand, with interest rate cuts again shaking the global financial markets, investment bank Morgan Stanley said on Thursday.
"There's a 40 percent chance that U.S. GDP growth could turn negative some time in the second half of this year," Stephen Roach, chief economist at Morgan Stanley, told reporters via a video conference from London.
"If that were to occur, one of the bigger surprises will be that the next move of the U.S. Federal Reserve will not be to tighten interest rates, but actually to cut interest rates," Roach said.
Morgan Stanley said it has revised down its estimate of growth in world trade volume in 2002 to 2.9 percent from an earlier 3.2 percent, and to 8.2 percent from 8.6 percent in 2003.
"That's usually a leading indicator of cuts we're about to make to our world GDP forecast. We have a very sluggish outlook for global trade growth," Roach said.
The U.S. investment bank is still forecasting global GDP growth of 2.7 percent in 2002 and four percent in 2003, but could soon revise the figures downwards.
Asian economies will be particularly hard hit given the region's high export dependency.
"There's a urgent imperative for Asia to focus increasingly on domestic demand. But it's very difficult to convert a culture of savings into a culture of spending. It's a long haul and it won't change over two to three years," Roach said.
Roach said the bank was retaining its baseline scenario of a seven percent depreciation of the U.S. dollar in each of 2002 and 2003, but hiked the chances of a "hard landing" to 15 percent from five percent.
Morgan Stanley defines a hard landing as the U.S. dollar depreciating by more than three percent per month.
"Like any overvalued asset whose fundamentals are negative, there's always the chance you could accelerate on the downside," he added.
The dollar has lost almost six percent of its value against the yen (JPY=) and 7.65 percent against the euro (EUR=) so far this year, weighed down by fragile stock market sentiment and a looming current account deficit.
It fell to a 17-month low of $0.959 against the euro (EUR=) on Thursday and remained vulnerable across the board.
"The U.S. dollar is in the early stages of a multi-year correction. It will take the dollar down at least 20 percent trade weighted, we've probably accomplished about one fourth of that move," Roach said.
http://biz.yahoo.com/rb/020620/economy_usa_recession_1.html
Eurostocks Near 9-Month Lows, NY Seen Down
By William Kemble-Diaz
LONDON (Reuters) - Weaker European markets hovered near nine-month lows by midday Thursday, dragged down by technology and telecom shares as U.S. stock index futures turned down amid doubts over the outlook for company earnings.
France Telecom and ARM Holdings led the fallers.
Dealers added that the specter of a double-dip recession had reared its ugly head after recent soft economic data, citing bearish comments by influential economist Stephen Roach of Morgan Stanley, and speculation that the next move in U.S. interest rates could be down not up.
While that is contested in some circles, the consensus among strategists was that there was no compelling reason for markets to head higher in the short-term.
"The scale of overinvestment in the boom period was so exceptional, we are now seeing an exceptional correction," said Antwerp-based Gert de Mesure, head of equity strategy at Delta Lloyd Securities.
A bounce in Finland's Nokia, after the world's biggest handset maker cut its sales forecasts but maintained its full-year earnings guidance, was short-lived as a deep gloom once again descended over the depressed technology sector, amid a U.S. anti-trust investigation into the global chip industry.
At 1122 GMT the FTSE Eurotop 300 index of pan-European blue chips was 1.9 percent weaker at 1,055 points, just eight points off last week's trough -- its lowest level since late September.
The narrower DJ Euro Stoxx 50 index shed 2.41 percent.
Europe's technology and telecom sectors were broadly back to levels last seen in 1997.
Fund managers, nonetheless, were reluctant to throw in the towel, citing areas in the old economy such as food & beverage and basic resources that had exhibited good capital discipline and were benefiting from an improvement in underlying demand.
They also noted that valuations in higher tech areas had improved as a result of recent market weakness.
"The market is still rewarding those sectors that deliver on their guidance and are even accelerating their earnings guidance, but some value is also beginning to appear in more depressed sectors, albeit very selectively," said Sarah Austin, a European equities fund manager for Barings Asset Management.
TWIN TELECOM TRAUMA
France Telecom said it had reached a tentative debt restructuring deal with lenders to its embattled German mobile operating partner MobilCom in return for a security convertible into the French company's shares.
No further details were available and the deal has yet to be signed, but that did not stop shares in France Telecom slumping by nine percent to new all-time lows.
BT fell 3.3 percent after Britain's telecoms regulator said competitors to the former monopoly would be allowed to offer a full phone service, including line rental and calls, through a new wholesale access product.
In a note, Bear Stearns said the move could have negative implications for BT.
Nokia fell 3.7 percent after the Finnish telecom equipment group lowered its forecast for second-half sales growth to "up to 10 percent" from an earlier forecast of at least 15 percent.
The stock earlier traded more than four percent higher in a knee-jerk reaction to news the Finnish group remained comfortable with its earlier stated guidance for full-year pro-forma diluted earnings-per-share of 0.83 euros.
CHIPS ARE DOWN
Staying in tech, chip makers and chip-related stocks were still spooked by Wednesday's news U.S. antitrust officials are investigating the $12 billion global memory chip industry.
German chip maker Infineon Technologies and British chip designer ARM fell 6.25 percent and 9.5 percent respectively.
Elsewhere, shares in Reuters Group hit an eight-and-a-half-year low as investors took fright at a plan to step up its cost-cutting drive.
The world's biggest provider of financial news and information said it would cut another 650 jobs to save an extra 100 million pounds a year -- but media analysts said some investors had taken the move as a sign revenues were under increasing strain.
Weak British retail sales data, meanwhile, gave investors a reminder about the fragile state of the economic recovery in Europe at a time when policymakers are thought to be considering a rise in local interest rates.
British clothing retailers Next and Marks & Spencer fell by 3.1 percent and 3.7 percent respectively.
Switzerland's second-biggest bank Credit Suisse fell 1.7 percent after it injected capital into its Winterthur insurance unit.
Credit Suisse said it was putting 600 million Swiss francs in fresh capital into Winterthur to reinforce its solvency margin, which had fallen due to negative financial markets and strong growth in its business.
http://biz.yahoo.com/rb/020620/markets_europe_stocks_6.html
Pretty impressive article on Rumsfeld....
http://story.news.yahoo.com/news?tmpl=story&u=/ap/20020619/ap_on_go_ca_st_pe/rumsfeld_money_6&am...
Nasdaq T/A
Currently at 1496. The yearly closed low is 1423, trading low is 1387. Expect the Nasdaq to atleast fall below the closed low (1423) within 2 weeks. Look at previous rally attempts (shown in chart below). All previous rallies failed because Nasdaq was not bottomed out. Look for bottom before rally can succeed.
On the chart below, the blue line is the short term support line. Notice how it is not steep enough for the Nasdaq to fall below about 1400 (in a reasonable amount of time), which is close to the 1423 and 1387 support lines I mentioned.
Let's see what happens when the Nasdaq bottoms out (hopefully) in a week or so.
Alert (Long) - IMNY
Stochastic (daily) breakout and soon to be breakout on weekly chart. MACD (daily & weekly) also trending higher. But under 3.50, and sell over 5.50, IMO.
Here is the weekly stochastic with candlesticks.
Economic Calendar
http://research.tdameritrade.com/public/fixedincome/economicCalendar.asp
www.bloomberg.com/markets/economic-calendar/ Bloomberg
www.cmegroup.com/trading/interest-rates/stir/30-day-federal-fund.html
www.treasury.gov/resource-center/data-chart-center/interest-rates/Pages/TextView.aspx
General Market Condition
stockcharts.com/freecharts/candleglance.html
Major Sector
stockcharts.com/freecharts/candleglance.html
Sub-Sector
Transportation
stockcharts.com/freecharts/candleglance.html
Housing Related
stockcharts.com/freecharts/candleglance.html
stockcharts.com/freecharts/candleglance.html Home Furnishing Retailers
Energy Related
stockcharts.com/freecharts/candleglance.html
stockcharts.com/freecharts/candleglance.html Natural Gas Plays
Commodity Related
WatchLists
Industry News
Oil And Gas
Furniture Retailing
DryBulk Shipping
Steel Industry
www.steelguru.com/news_today/news_list_from_steelguru.html
Mortgage Insurance
www.dsnews.com/tag/mortgage-insurance
finance.einnews.com/news/mortgage-insurance
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