Wednesday the SEC is going to introduce some new legislature to curb short sales. Awesome!
I guess there's nothing wrong with one bubble popping and another one creating. I think there is a very old saying like that, right? When one bubble pops, another one is blown up! Hmmmmmm. In honor of Passover I give you - OY VEY!
Monday was a very choppy day, other than the late day bounce on no volume every up move was faded and every down move was faded, which makes it hard to catch any real moves. I would look for us to get a more pronounced move Tuesday. I honestly can't make a strong call here. I'd have to lean long, but into AA earnings we may get a selloff into the close, so I really am unsure. I do think we should get a pop on the short sale stuff if they start banning some stuff. Bubble trouble indeed!
Again, thanks for all the well wishes, sucks, I am really struggling, I still have this concussion I'm dealing with, and starting physical therapy. In the meantime, I would wait for better clearer direction before jumping in either way. I can see us getting a very nice move here before we get drawdowns of any significance, though.
RULE
Waxie
12 comments:
The SEC reprted today that thet have 4 proposals for short selling, one of which is just to revert back to the old rules and another one involved a type of circut breaker. I believe that they will just not allow you to short government own subsidies like GS, C, BAC, GM, AIG, etc.. But seriously what would happen in the markets if they just went back to the original rule that stated you couldn't short a stock unless it was bid up from the previous sale?
We will see a correction to the downside of 10-15% on all three major indicies... dont know how long this will last though. We are making lower highs and lower lows for the past 3 days... I trust this trend. Today will confirm the trend if we end lower.
Market goes up, I'm short; Market goes down, I'm long. As soon as I go back to cash things turn my way.
Started with $46,000, went up to $51,000 and now I'm at $34,000. I'm not destitute if I lose it all, but I would sure like to avoid it.
As much as I would like to keep doing my own thing, I can't be trusted.
That's it; from now on I will ONLY play SPOW & OPOW and follow ALL RULES to the letter. I will let you know how I do.
Thanks
ION
Overall, I think we could see the S&P go to 400. Obviously it won't happen right away.
What do you think? Catastrophic earnings for Q1 combined with a GM bankruptcy filing, and mark to market, AND the reinstatement of the uptick rule are the perfect ingredients for what I would like to call: THE SHORT SALE OF THE CENTURY. We are already beginning to see shorts come back and take the market over the past 3 days...beginning a new leg down.
I think we are going much much lower in the short term.
waxie , i know ,i know i have to folloe the crowd and not fight with the market and ok but i am tryind to go deep just like you and i am stdying more and more even check balance sheet but i just find more and more crazy things http://blogs.moneyandmarkets.com/martin-weiss/jpmorgan-chase-goldman-sachs-citibank-wells-fargo/ take a loook !! why the financial go up to sky here and even crazy how they can post profit in first quater if gaitner still saying that banks still need more money you know i have to ask you where the integraty
Today is Thursday, where you at?
I bought your book last yr and listened to your advice, thanks I lost.
Well, I'd be looking forward to your thoughts after today.
BTW, what happened, did someone finally punch you in the face? I hope you are well, nevertheless.
Again, Dow 12000 before Dow 5000, let's watch and see!
Cheers,
popistoc
Well, I still got Dow 12000 before Dow 5000, what do you say? Govt, powers-at-be, you name it, it's going down, FAScinating indeed...
BTW, what happened, did someone finally punch you in the face? :)
Cheers,
popistoc
Dow 11,000 year end, he says. http://www.thestreet.com/video/index.html?bcpid=1815813252&bctid=19213575001
I think George Soros and Doug Kass are correct in stating that the worst is behind us. Means we have only one way to go and that is UP.
Sell in May & go away, a valid trend next mth Waxie?
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