Ha Ha. That +200pt gain is gone within the last 10mins. We're back into the negative. Traders were looking for the rate cut then dump their positions.
darn. shoulda picked up some of that las vegas sands yesterday like i was planning to do. oh well.
I saw something on CNBC website earlier today (forgot where it was) that there was some sort of announcement that Japan was doing something to disrupt massive unwind of yen carry trade, and that triggered massive short covering rally yesterday afternoon.
Found video clip -> http://www.cnbc.com/id/15840232?video=909702414&play=1
It's happening too fast and too early in the day. It will peter out at some point and then plumit when everyone starts to sell because they think it is going to drop again.
Naustica, you called it. Honestly, I really don't understand this rally at all. The world market saw loss and there was overwhelming bad news today, yet investors are buying like crazy.
So you think we've already hit the bottom, and will only go up from here? Or are you saying this is just another sucker's rally, and the market will eventually drop back to its previous lows?
Honestly I don't see the justification behind these rallies. As you said, the vast majority of economic news released this week has been negative. Even Bernanke said this will likely be a long downturn.
A commentator on CNBC was saying that we've seen the low for the year, but not in general. He said something about expecting a "true" low of 7800 next year or something.
Edit: in the clip that mshan posted (10/29) a bit up the thread.
i love all these baseless speculations by "experts".
the market is so dynamic, so massive and complex, no one can predict what will happen.
ponyo
Lifer
- Feb 14, 2002
- 19,688
- 2,811
- 126
We're still at resistance. We're basically churning here unable to breakthrough S&P 960 meaningfully. We really need to close above S&P 960 by decent amount. But everyone is watching this level and you'll likely see us close right around there. Bottoms are sloppy and this kind of back and forth trading is typical.
This move up the last couple days was broad. Bottoms are normally put in when no one is looking for it and pretty much everyone gives up. If you go up on bad news, that's good sign most of the sellers are exhausted. The stocks that gain the most in this kind of environment are risky and the most beaten down names. That's why you saw the massive pops in crude equipment plays, basic materials, dry shipping, emerging markets, and tech names. That's why I was trying to play the countertrend rally in these names. Safe stocks usually moves up last as these play catchup as people take gains in the risky names and rotate to safer plays later. That's why I wasn't so hot on safety stocks in this environment. People sell these to buy the riskier names.
My feeling along with many other traders are that the low for the year is in and we move up choppy til the end of the year. There will be declines but the bias will be up. You want to sell into this rally and go into cash before next year. Because my feeling along with others is that we're going to break this year's low next year and go lower as the reality of this recession/depression sets in next year. Cash will be king and you'll get a chance to buy much lower next year.
Oh, I'm not saying that we've already hit bottom. Like Naustica said the psychology has changed. The investors seem to factored in the negatives in these prices already and a lot of them don't want to miss the boat for the next big upswing. I don't know if this is a suckers rally or not, but so far it has legs. Sentiment for the upcoming presidential election? Who knows. Your guess is as good as mine.
Edit: According to MSN, investors see Britain and Europe cutting rates next week to boost their economies.
- Jan 23, 2002
- 2,206
- 12
- 81
Rambus (RMBS) has been up for 7 days in a row and has gained about 65% in that timeframe. The volume has been heavier compared to the October market crash. Many feel Judge Whyte from the Northern District of California (NDCA) will make some important rulings in the next month... one being certification of Rambus' win over Hynix and two to rule on some motions before the start of the Jan '09 DDR2 trial.
The US Supreme Court has ruled in favor of Rambus on October 7th, 2008, denying Samsung's appeal in Rambus' case.
Story
Additionally, the District of Columbia Court of Appeals (CADC) overturned the FTC's order of maximum royalties allowed on April 22nd, 2008. It also denied the FTC's request for en banc rehearing on September 9th, 2008.
Story
I bought a ton of more shares during the downturn, bringing my cost average down to $12 and change.
ARLTM (All roads lead to Rambus)!
The US Supreme Court has ruled in favor of Rambus on October 7th, 2008, denying Samsung's appeal in Rambus' case.
Story
Additionally, the District of Columbia Court of Appeals (CADC) overturned the FTC's order of maximum royalties allowed on April 22nd, 2008. It also denied the FTC's request for en banc rehearing on September 9th, 2008.
Story
I bought a ton of more shares during the downturn, bringing my cost average down to $12 and change.
ARLTM (All roads lead to Rambus)!
IHateMyJob2004
Lifer
- Sep 29, 2004
- 18,656
- 68
- 91
Some think Warren Buffet has been buying oil stocks and COP is one of the rumored ones. We'll know for certain in about 2 weeks.
Slew Foot
Lifer
- Sep 22, 2005
- 12,379
- 96
- 86
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