Greedy Pigs Get Slaughtered
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Got a stock alert on FITB, near LOD
GM should go up a lot once they clarify what their plans. It will probably hit the $1's range first.
Once DOW finds a bottom, it'll jump back around $10+. I hope we see a nice hammer or doji candlestick on the chart for close.
DOW good for day trading today as well as many other stocks out there.
I think the guy is planning on raising the capital gain tax to about double of what it was last year. Like it isn't hard enough to make money in the market anyways.
This market we are in is only good for short term and day trading. I currently have no long positions. Lately, I'm in a stock one day, then out the next. There are few I hold onto for more than a week.
Watching GM for a break below the $2's
Watching DOW for bottom. I am guessing around $8.
http://stockcharts.com/h-sc/ui?s=dow
A lot of stocks should bounce hard whenever the market wants to go up.
Looking at LVLT
making some decent returns on GRDO. overall market is awful.
What the bill is proposing isn't appropriate for the current situation we are in. Obama himself said "the bill isn't perfect," then why push for it? They need to perfect it first, then propose, duh!
That little statement shows a lack of confidence.
http://www.marketwatch.com/news/story/Obama-says-stimulus-plan-not/story.aspx?guid={325E8DCC-113A-4D62-9E48-D32285E9E672}
GRDO doing awesome!
Think about this, did the first stimulus work? Seems like many took that stimulus money and paid their credit bills instead of going out and spending it to "stimulate" the economy. Look at how many retailers are closing because people aren't spending. My question is, Why does Obama think that this new stimulus will make people magically go out and spend more at retailers now? Its probably just good to help people in need of money to pay bills and buy food. So in the end, why should it be called a "stimulus." just my 2 cents.
Well, I am back. I am too busy to start today. Will get some scans up here soon.
coming back the week of Jan. 26
Happy New Year, hopefully this will be our year to shine!
I hope that everyone has a Happy New Year!
Interesting.... Bernard Madoff arrested over alleged $50 billion fraud
By Edith Honan Edith Honan – 1 hr 20 mins ago
NEW YORK (Reuters) – Bernard Madoff, a quiet force on Wall Street for decades, was arrested and charged on Thursday with allegedly running a $50 billion Ponzi scheme in what may rank among the biggest frauds ever.
The former chairman of the Nasdaq Stock Market is best known as the founder of Bernard L. Madoff Investment Securities LLC, the closely-held market-making firm he launched in 1960. But he also ran a hedge fund that U.S. prosecutors said racked up $50 billion of fraudulent losses.
Madoff told senior employees of his firm on Wednesday that "it's all just one big lie" and that it was "basically, a giant Ponzi scheme," with estimated investor losses of about $50 billion, according to the U.S. Attorney's criminal complaint against him. A Ponzi scheme is a swindle where early investors are paid off with money from later investors.
The $50 billion allegedly lost to investors would make Madoff's fund one of the biggest frauds in history. When Enron filed for bankruptcy in 2001, one of the largest at the time, it had $63.4 billion in assets.
U.S. prosecutors charged Madoff, 70, with a single count of securities fraud. They said he faces up to 20 years in prison and a fine of up to $5 million.
"Madoff stated that the business was insolvent, and that it had been for years," Lev Dassin, acting United States Attorney for the Southern District of New York, said in a statement.
The Securities and Exchange Commission filed separate civil charges against Madoff.
Authorities said that, according to a document filed by Madoff with the U.S. Securities and Exchange Commission on January 7, 2008, Madoff's investment advisory business served between 11 and 25 clients and had a total of about $17.1 billion in assets under management. Those clients may have included other funds that in turn had many investors.
The SEC said it appeared that virtually all of the assets of his hedge fund business were missing.
CONSISTENT RETURNS
An investor in the hedge fund said it generated consistent returns, which was part of the attraction. Since 2004, annual returns averaged around 8 percent and ranged from 7.3 percent to 9 percent, but last decade returns were typically in the low-double digits, the investor said.
The fund told investors it followed a "split strike conversion" strategy, which entailed owning stock and buying and selling options to limit downside risk, said the investor, who requested anonymity.
Jon Najarian, an acquaintance of Madoff who has traded options for decades, said ... "Many of us questioned how that strategy could generate those kinds of returns so consistently."
Najarian, co-founder of optionmonster.com, once tried to buy what was then the Cincinnati Stock Exchange when Madoff was a major seatholder on the exchange. Najarian met with Madoff, who rejected his bid.
"He always seemed to be a straight shooter. I was shocked by this news," Najarian said.
'UNFORTUNATE SET OF EVENTS'
"Bernard Madoff is a longstanding leader in the financial services industry," his lawyer Dan Horwitz told reporters outside a downtown Manhattan courtroom where he was charged. "We will fight to get through this unfortunate set of events."
A shaken Madoff stared at the ground as reporters peppered him with questions. He was released after posting a $10 million bond secured by his Manhattan apartment.
"Our complaint alleges a stunning fraud -- both in terms of scope and duration," said Scott Friestad, the SEC's deputy enforcer. "We are moving quickly and decisively to stop the scheme and protect the remaining assets for investors."
Madoff had long kept the financial statements for his hedge fund business under "lock and key," according to prosecutors, and was "cryptic" about the firm. The hedge fund business was located on a separate floor from the market making business.
Bernard L. Madoff Investment Securities has more than $700 million in capital, according to its website. It is a market maker for about 350 Nasdaq stocks, including Apple, EBay and Dell, according to the website.
The website also states that Madoff himself has "a personal interest in maintaining the unblemished record of value, fair-dealing, and high ethical standards that has always been the firm's hallmark."
The company's web site may be found here: http://www.madoff.com/
(Additional reporting by Christian Plumb, Phil Wahba, Michelle Nichols and Dan Wilchins in New York and Rachelle Younglai in Washington; Editing by Andre Grenon and Bernard Orr)
I'll bring the girls
The market has been to unpredictable for my tastes now. With Obama coming into office, you don't know what to expect. Thanks for the reply, I wish you have the best of luck in this market.
I believe tomorrow may be my last day here. I'll be retiring from Ihub for a while. I am working on some secure business opportunities.
GRDO making some interesting moves
Hopefully the dow breaks through 8350 by a lot.
Its going to China
You should of stayed on vacation
OT: I hate that bitch
If we see a decent amount given to the auto industry, then watch for the market to rally largely.
die shorts die
Automotive bailout rumor out.
Shorts are attacking hard, so lets see what happens
Don't forget Ford (F)
Ford and GM rallying
Market not good at all. Been on the sidelines for days here. I am armed with money and ready for signs of a bottom. I will be waiting patiently.
DOW 8273.58 , wee need to stay above 8000.
Market bounced HARD, very good sign imho. Finally!!!
All my money is out of the market. I am looking for signs of stabilization.
If dow breaks below 8000, I'll just say things will look a lot worse.
Well, thoguht I could get back into trading full-time. Market's gone to Hell.