and 50 SPX points bounce off intraday lows is not a bottom? I think it is. Expect a retracement and possibly a retest of lows but WE MAY HAVE SEEN THAT ELUSIVE Intermediate term LOW. Consider what happened during the past few months: all the gains for the last 4 years have been wiped out. We are back to 2004. Reset the clock, we are now at the start of another rally but this one will tough going. Trading could be very boring and difficult during the next year or two.
I would expect the volatility to start to come out of the market over the next few months, then we will break higher or lower.
Today was a fortold by the VIX. A short term bottom for now. I thought we would blow past 9500 on the INDU. However, we came close. Very short term bottom. Elections will dictate next move. For all you OBAMA FANS. If he is elected, INDU will reach 8000 if not lower, we will be thrown into a Depression do to his GOVT programs and the "Socialist Views" of the DemoRATS. So, think about your vote. And for those of you who blame BUSH for this. Fucking learn how to read the truth. SEN.. FRANK of MASS and SEN DODD "Both DEMS" are in deep with FNM/FRE, They said things where sound, FRANK sat on the OVERSITE committee. Clinton threw out GLASS-SEGAL. AFFORDABLE HOUSING JUST BIT THE COUNTRY IN THE ARSE. IF FRE/FNM did not IMPLOAD, LEH, BS, AND THE REST OF WALL STREET WOULD BE ALIVE TODAY. THOSE ARE THE FACTS...JACK!
Both parties have leaders who are complete morons but you are right, Barney Frank should be jailed for what happened under his watch and for saying nothing when he had complete access to all the numbers for years while he sat on the oversite committee. And Pelosi ... has she ever uttered a sentence that didn't blame the Republicans for everything? Nice to see that in a time of crisis our leaders answer to the problems is to point the finger at the other party.
For the most part the market gapped down 300 Dow points on the open. It never really worked on taking those points back. The points it did take back had a lot to do with weariness on what might be some further type of Gubmint intervention. There is money in BUNKERS on the sidelines. There was no reason to believe that money was EVEN being considered to be put into play.
I only ask that you think about what you are saying. We have just experienced the greatest expansion of Federal powers since the "New Deal". Under the circumstances, to imply that Obama is a socialist rings hollow on my ears. Frankly, i don't know how well Obama will do. I do know he is well educated, articulate, and energetic enough for the job. He may fail to live up to expectations, but the high probability of a Palin presidency, should McCain be elected, scares me to death.
The US is in jam now. I doubt Obamalama Ding Dong will be able to pass socialist programs. Hopefully we as a country will wake up and end our wasteful spending ways but I doubt we will. Maybe a bounce tomorrow
LOL gimme a break, I hope McCain wins but I'm 99% sure that a McCain presidency will be just as big of a failure as an Obama presidency. The deficit will continue to go higher under either one of these douche bags. Neither one of these morons is going to do whats needed which is cut spending AND raise taxes on the rich, middle class, and the poor! Its expected to see stupid behavior in washington where the demoncrats and redumblicunts point the finger at each other for everything but I'd like to think that people on ET are a little smarter and realize that we've been hosed by BOTH parties for the past decades till now. :eek:
The simple fact is, if you are on, part of or employeed by the traditional WALL STREET, your job is in very big trouble. OBAMA will only increase the % of unemployed to include Small Business Owners and the rest of the Middle Class that is not in debt to their eye balls. Now, if McCain gets in and he decides to pull an FDR then the whole thing falls apart as well. Any elected office that will not allow these markets to "work it out" now that we have a pumped 700 Plus into the Credit world, will cause a DEPRESSION!!!!! ANY GOVERMENTAL EXPANSION, IN THE NAME OF THE PEOPLE OR IN THE NAME OF "AMERICA" WILL THROW US INTO A FULL BLOWN DEPRESSION. So, I say, a McCain/Palin ticket has a far more likely chance to stop GOV FROM EXPANDING, to real in most of the SOCIAL PROGRAMS and to give TAX CUTS across the board. PS: I DOUBT ANY OF YOU DEMOCRATES actually read your parties platform posted on their website. Their ideology and their belief system is so flawed its beyond thought My faith is not with the SOCALIST who call them selfs DEMOCRATES. Nevertheless, I think the STOCK MARKET will loose all its volatility in the next 6 months, dry up and go sideway in a very tight range.