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Sitting back down there right now if you are interested.
Hey... the good news is that the market bounced back after the open for a nice entry point in the contras. I grabbed mine 15 minutes after the open at a price a hair above the close from yesterday.
Just picked up a ton of TZA at $9.21
It was a Black Spinning Top, not a Hammer! Indicators are still pointing down.
Feeling any better?
I had PIR on the watch list here last March and took it off when there were talks of it going under. Look at it now. A 64 bagger!
Futures -92
States short $1 trillion to fund retiree benefits
http://money.cnn.com/2010/02/18/news/economy/public_pension_gap/index.htm
Tonight's analysis is still showing that the primary trend is downward. The downward channels are now being bumped up against and it looks like this is the end of of wave 2 of a 1-2-3 downward movement. Wave 3 should take the S&P now start to make a movement towards 1030. A red candle on Friday will confirm this on the MACD. A gap down and with little to no recovery will be my signal. If so, I'll be loading TZA for the ride down. Look for me to post around noon that I have my position.
I think tomorrow is the day we get the reversal. I'm ready to pull the trigger and make the plunge.
Welcome back! ECC is playing FAZ here. Have you looked at TZA? I'm really liking it here under $10
Last I knew, Dave had all those PUTS on AIG when it kept going up. My guess is he called it quits.
75% sells today.
We have not seen a PR for January nor February about the sales like we saw the prior 3 months. It's kind of hard to make any money without sales, don't you think? When that 10K comes out and shows this, will that be when we see this sucker hit the triple 0s? One month to go and we'll know for sure. That is, if Eugene decides to release this info. Either way, it will be very telling.
Q: What did Helen Keller do when she jumped off the cliff?
There you go again posting out loud. LMAO!
Oh crap. You saw that? It was suppose to be a private conversation. Crap! Delete... delete.... delete.... LMAO!
Gee whiz. Well, I'm gunna be a day late, too. But, the good news is that we know what is going to happen (providfed the TA is still accurate). Plus, once the markets start to bleed, it won't be just for one day. So, we'll not be in at the prefect time but at least we will be in for the greater part of it.
ILVMNY about to take over as the #2 poster.
What's up, MLM? Long time no see. Shorting the market big time here in The Hall.
Whatever, dude! LMAO!
Like that is ever going to happen. I'm good friends with him.
That's it! I hope the mod bans you.
Who you calling a crazy person, you you you..... paranoid freak!
No, you are nuts. Posting to yourself like a crazy person.
You must be nuts.
Why you calling me a basher? Just playing the trend.
You basher!
DOW Futures down -53 already here in AH. Tomorrow is going to be a total blood bath. Love those 3x shorties! Chhhhhhhhaaaaa-chhhhhinnnngggg
Double Whammy in AH! First Whitney and now the hike in rates! This is playing out way to prefect for my TA. DOWN DOWN DOWN she goes! Damn.... here I am wanting to get some TZA at under $10. I'll be cleared to play with my new load at noon.
Fed Raises Discount Rate to 0.75% From 0.50%
http://www.cnbc.com/id/35465481
Published: Thursday, 18 Feb 2010 | 4:54 PM ET Text Size By: CNBC.com with Reuters
The Federal Reserve said on Thursday it was raising the interest rate it charges banks for emergency loans, citing improvement in financial market conditions.
The Fed said the discount rate, the interest rate it charges banks, would be increased to 0.75 percent from 0.50 percent, effective Friday.
"Like the closure of a number of extraordinary credit programs earlier this month, these changes are intended as a further normalization of the Federal Reserve's lending facilities," the Fed said in a statement.
"The modifications are not expected to lead to tighter financial conditions for households and businesses and do not signal any change in the outlook for the economy or for monetary policy," it said.
Market watchers were shocked by the unexpected announcement, which came after markets closed Thursday.
“I'm shocked. Completely shocked,” Todd Schoenberger, managing director of LandColt Trading said of the Fed’s move to raise the discount rate. “It makes me wonder if the CPI number coming out tomorrow is going to be just absolutely horrible—maybe they got wind of something,” he said.
Schoenberger expects the Fed to raise the federal-funds rate, the rate banks charge each other, at its next meeting March 17-18. He, like many traders, didn't expect the Fed to make a move until the second half of this year.
The analyst expects stocks to pull back from the Dow Jones Industrial Average's recent three-day winning streak as a result of the Fed move.
"Expect a dramatic selloff at the open tomorrow morning," Schoenberger said.
The U.S. dollar reached its highest point against the euro since May of 2009 after the Fed's announcement Thursday.
Welcome, Anvil. Glad to have you on board.
Looks like Whitney's words might have spooked the market. TZA continues to rally in AH. Now at $9.44 + .25 from the close
Hauled a truckload of cash down to the broker today. I'll be looking closely tomorrow for an entry into TZA. I continue to watch the S&P like a hawk for my buy in signal. Markets tanking here in AH. TZA closed at $9.19 but trading here at $9.40 Tomorrow very well could be the day. Lunch time tomorrow should be when I pull the trigger... that is, if I do. I'll post my analysis late tonight.
Bank Profits Ready to Tumble, Stocks to Fall: Whitney
Published: Thursday, 18 Feb 2010 | 3:57 PM ET Text Size By: Jeff Cox
CNBC.com
http://www.cnbc.com/id/35464158
The US banking system will lose 30 percent more than consensus estimates as shrinking loan portfolios squeeze profits, analyst Meredith Whitney told CNBC.
While increased governmental regulations will restrict the industry somewhat, Whitney said that the decline of up to 20 percent in lending portfolios will enact far more damage on bank balance sheets.
"Your good borrowers don't want to borrow, and your bad borrowers you're trying to kick out of the system," she said. "So on average lending portfolios are down 4 to 20 percent and we think they're going to be down another 10 to 15 percent for all the big banks this year."
Whitney's call comes amid a fairly strong round of financial earnings reports from the banks as well as nearly 80 percent of all companies on the Standard & Poor's 500. Financials comprise about 20 percent of the S&P.
"Big banks made all their money from fixed income currency and commodity trading last year," Whitney said. "It's a very different story this year, so they're not re-equitizing themselves."
Of the banks she rates, Whitney said Bank of America [BAC 15.87 0.21 (+1.34%) ] comes in as the "least worst" of the group even as the group as a whole could lose 10 to 15 percent off their share value.
She said regionals aren't safe anymore and could come under pressure for acquisitions as the year progresses.
"You may start to see some arranged marriages in the regional bank space, and that's not going to be good for equity holders of those regional banks," she said.
As for regulation, she said the final shape of the Washington clampdown on financials is yet to be seen but most certainly will involve an emphasis on less risk.
"They will separate the risk that's on Wall Street from that which is associated with consumer deposits," Whitney said. "It's going to be a tougher environment."
Think about it. There are over 5B shares in this company and all they do is resell light bulbs. Not exactly a stellar investment. Heck, they can't even get a financial report together 2 months later after selling bulbs for ONLY 1 fricken week!
Looks like it already did blast off.
I have and I will. This is what I am doing: I'm watching the technical indicators on the S&P. It has been playing out exactly as I have been posting. Right now, I'm thinking it will top out real soon as high as 1115. Look at the charts I have been posting and notice how the indicators are getting very toppy. It's possible the S&P it will do a double top but I really don't think so because the rally this past week has been on very light volume. From here, I expect it to drop down to 1030. So, as a result, I'm looking for a short position in TZA right now. Then, I'll be watching to see if I sell it when the S&P hits the 1030 area. I can't tell right now, but my initial thoughts are that it will drop further lower than 1030. If so, I'll hold my short.
They get $0 when there is no production!