This reminds me of when I lived in New Jersey when I was younger. We use to place bets on horses. Win, Show and Place if I remember. This whole bail out seems just like that. I’m in cash going into the weekend. A coin toss doesn’t cut my trading rules. Trading with an edge does.
40 minutes left. Place your bets if you so desire!
Have a great weekend!
Dave
Friday, September 26, 2008
Sunday, September 21, 2008
Market Forecast
My Magic 8 Ball is saying we are going to start to sell off this large 2 day run up. 1) We are at resistance, 2) Intraday chart shows no follow thru, 3) Volume was less on Friday than Thursday. 4) News has been priced in IMO. 5) This bail out is just an outline as the deal is not done yet. 6) Since this will drag on into next week I would expect some very wild swings. The SPY/SPX hit a 50% retracement on the weekly chart and closed at the 61.8% retracement (Bullish).
Music From the Past! U2: 40
I have always loved this song from U2 ever since seeing them in concert on Sept. 1987 at JFK stadium in Philadelphia. U2 Played this song close to the end of the concert, the crowd sang "How Long To Sing This Song" for about 10 minutes until the band came back out for another 20 awesome minutes. Truly one of the best and most memorial moments in my life. I don't know the exact number of people that night that attended that concert, I would guess 80K to 100K, but it was truly amazing having that many people singing the same song.
What a way to chill after a wild week in the market.
What a way to chill after a wild week in the market.
Sunday, September 14, 2008
Sunday, September 7, 2008
Thursday, September 4, 2008
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