***Official*** 2008 Stock Market Thread

[Azurik]

Originally posted by: Naustica
It was a fun day and I finally scored on Citi. We got our easy trade of the year and now it gets harder. My thoughts are we're going to test the lows seen this morning but it'll hold and we get a tradeable bounce. I fully expect the ultimate destination to be lot lower than today's low though.

The .75 rate cut wasn't a surprise. It was little late though. Ben should have announced the cut Friday morning and many were expecting and hoping it then including myself. It would've been the optimal time to do it before option expiration.

The four horsemen are really taking a beating as they should. Performance anxiety funds walked up these names during the year end to pad their numbers so it should come as no surprise these are getting hammered as rats jump ship. It's interesting to note how BIDU bounced off $240 support like clockwork. I see Google pulling a BIDU now it broke $600 support. Apple should join the other horsemen after tonight and settle in the low $120 range.

What did you do with Citi?

On another note, looks like the losses are going to carry over to this morning. Indexes expected to open sharply lower.

 

[freegeeks]

made 30% with a Turbo short on the Eurostoxx50 index

 

[Azurik]

Market attempt to recover failed. We're at the day's lows.

We're running on a multi-day of lower lows here, we haven't closed green since early last week.

Very tempted to sell some bonds and buy back into indexes if this week turns out ugly.

 

[PremiumG]

Part of me wants to dump everything I have and buy bear market ETFs, but I know the minute I do, there will be a rally.

I suck at timing these things.

 

[freegeeks]

Originally posted by: PremiumG
Part of me wants to dump everything I have and buy bear market ETFs, but I know the minute I do, there will be a rally.

I suck at timing these things.

meh

timing the market is impossible IMHO

I bought some financials last week and I'm down between 4 and 11% on these. I bought them for the long term so I hope i will have a nice return within 3 years or so

 

[PremiumG]

is now a good time for financials? I figure with the anticipated recession, financials should are a bad bet.

I'm trying to understand the economy, but I don't get it. I guess you can look at it two ways:

A: The recession is coming, people are less likely to spend. Thus banks lose.
B: The recession is coming, interests rates are really low, housing goes up, people take out more loans, banks win.

I swear the market seems no better than roulette sometimes.

 

[Cal166]

Originally posted by: PremiumG
is now a good time for financials? I figure with the anticipated recession, financials should are a bad bet.

I'm trying to understand the economy, but I don't get it. I guess you can look at it two ways:

A: The recession is coming, people are less likely to spend. Thus banks lose.
B: The recession is coming, interests rates are really low, housing goes up, people take out more loans, banks win.

I swear the market seems no better than roulette sometimes.

Concerning B, it's the process to get where we are today. It's all due to B, these people do not learn and will repeat all over again.

 

[hiromizu]

I have a time machine made out of a Delorean. Give me your money and I'll bet on the markets for ya.

 

[Azurik]

The market is officially crazy. How do you go from DOW losing over 300 points in the morning to positive 200 in one day?

 

[Syringer]

Originally posted by: Azurik
The market is officially crazy. How do you go from DOW losing over 300 points in the morning to positive 200 in one day?

We're going to party like it's 1999.

 

[Dacalo]

Wow, Mr. Market is rallying at the last minute.

 

[tidehigh]

Originally posted by: Azurik
The market is officially crazy. How do you go from DOW losing over 300 points in the morning to positive 200 in one day?

.75% rate cut?

hell lets cut it 3% more and watch the DOW get to 25k! that'd be awesome, for a day or two!

 

[richardycc]

ABK is +$5 as of right now, buy out rumor is coming? I doubled my money already.

 

[AnonymouseUser]

Originally posted by: Azurik
The market is officially crazy. How do you go from DOW losing over 300 points in the morning to positive 200 in one day?

Can you say "Short squeeze"? If not, try "Sucker's rally". It's a good time to sell if you weren't smart enough to sell 1000 points ago.

I like how someone finally admitted today that the US is in a recession. Welcome to 6 months ago.

"Judging from recent indicators we are now prepared to say that the U.S. economy is in recession," Sherry Cooper, chief economist at BMO Capital Markets

 

[Azurik]

Originally posted by: tidehigh

Originally posted by: Azurik
The market is officially crazy. How do you go from DOW losing over 300 points in the morning to positive 200 in one day?

.75% rate cut?

hell lets cut it 3% more and watch the DOW get to 25k! that'd be awesome, for a day or two!

.75% rate cut is old news. It helped the market recover from steep losses yesterday, but I don't think it has to do with the DOW swinging 600 points today.

A rally this fast and this big has to do with one thing only...

program trading.

 

[Syringer]

Originally posted by: Azurik
The market is officially crazy. How do you go from DOW losing over 300 points in the morning to positive 300 in one day?

Fixed.

 

[Eug]

Nice:

S&P/TSX +16.52 12,657.40
DJIA +298.98 12,270.17
S&P 500 +28.10 1,338.60
Nasdaq +24.14 2,316.41

And AAPL closed up at 139.07. Not quite the rebound I was looking for, but a heluvalot better than the $126 earlier in the day.

 

[imported_Lothar]

Originally posted by: AnonymouseUser

Originally posted by: Azurik
The market is officially crazy. How do you go from DOW losing over 300 points in the morning to positive 200 in one day?

Can you say "Short squeeze"? If not, try "Sucker's rally". It's a good time to sell if you weren't smart enough to sell 1000 points ago.

Agreed.

 

[hiromizu]

Shorting US index.

 

[imported_Lothar]

:thumbsdown: @ the revoking of GILD patents.

 

[imported_Lothar]

Originally posted by: hiromizu
Shorting US index.

While going long in India?

Personally, I find your idea that "BRIC" will be immune from a US market slump to be utterly ridiculous.

Good luck shorting the US index while going long in "BRIC".

 

[LegendKiller]

Originally posted by: Lothar

Originally posted by: AnonymouseUser

Originally posted by: Azurik
The market is officially crazy. How do you go from DOW losing over 300 points in the morning to positive 200 in one day?

Can you say "Short squeeze"? If not, try "Sucker's rally". It's a good time to sell if you weren't smart enough to sell 1000 points ago.

Agreed.

Its always funny to go back and read through this stuff. Too bad the reason for the loss and gain was nothing more than a rogue trader and SG unwiding of the futures during an illiquid time.

 

[hiromizu]

Originally posted by: Lothar

Originally posted by: hiromizu
Shorting US index.

While going long in India?

Personally, I find your idea that "BRIC" will be immune from a US market slump to be utterly ridiculous.

Good luck shorting the US index while going long in "BRIC".

We'll see what happens. I didn't specify what in India either.

 

[AnonymouseUser]

Originally posted by: LegendKiller

Originally posted by: Lothar

Originally posted by: AnonymouseUser

Originally posted by: Azurik
The market is officially crazy. How do you go from DOW losing over 300 points in the morning to positive 200 in one day?

Can you say "Short squeeze"? If not, try "Sucker's rally". It's a good time to sell if you weren't smart enough to sell 1000 points ago.

Agreed.

Its always funny to go back and read through this stuff. Too bad the reason for the loss and gain was nothing more than a rogue trader and SG unwiding of the futures during an illiquid time.

I fell into the "short squeeze" category. Which category did you fall into?

 

[imported_Lothar]

Originally posted by: LegendKiller

Originally posted by: Lothar

Originally posted by: AnonymouseUser

Originally posted by: Azurik
The market is officially crazy. How do you go from DOW losing over 300 points in the morning to positive 200 in one day?

Can you say "Short squeeze"? If not, try "Sucker's rally". It's a good time to sell if you weren't smart enough to sell 1000 points ago.

Agreed.

Its always funny to go back and read through this stuff. Too bad the reason for the loss and gain was nothing more than a rogue trader and SG unwiding of the futures during an illiquid time.

I used the opportunity to again slash my PRLAX holdings from 15% to 8%.
Whatever the reason was, I could care less because I took advantage of the situation.

I should have bolded the last part of his sentence because thats what I was referring to with my post.