all eyes on globex this pm... Think like a retail person. They all thought it was OK until last month...now they are beside themselves..shocked, numb, disappointed, angry, a little scared, or alot -- that's the question.
Yesterday was the first time that I noticed lots of average Joes saying they are taking all their money out of the stock market.
I listened to a radio show Friday and heard one guy saying, 'my money is NOT going into the stock market.' The one who said, 'I am investing in stocks' was typecast as the young one who could afford to wait 30 years for a payoff. No more hopes of doubling one's money in a week, I gather. The speculative froth is appearing to go limp. The interview in Barrons with Jeremy Grantham could be damaging to the psyche of 'sophisticated' investors. If nothing else, people might be given to consider hedging strategies.
http://news.bbc.co.uk/hi/english/talking_point/newsid_2131000/2131201.stm comments from non-traders on the BBC's website. All UK-ish oriented but still interesting... Q1
I'm amazed that, knowing people think like this, the founders ever thought self-government would work....
<a href="http://news.yahoo.com/fc?tmpl=fc&cid=34&in=business&cat=stock_markets">More.</a> <a href="http://www.msnbc.com/m/mw/mw.asp?t=V&id=mtp_grasso_stocks_020721&sk=&pl=meet_the_press&name=&opt=0">Video. </a> Sounds like the kiss of death. NYSE's Grasso says bad CEOs deserve punishment - CBS MarketWatch (Jul 21, 2002) - Investors Fear Another Tough Week - Associated Press (Jul 21, 2002) - The marketâs silver lining - Wall St. Journal/MSNBC (Jul 21, 2002) - Goldman strategist Cohen sees rising U.S. stocks - CBS MarketWatch (Jul 21, 2002) - Markets expect yet more misery - BBC (Jul 21, 2002) - NYSE's Grasso: Monday Could Be Rough Day - Reuters (Jul 21, 2002) - Caution rules Street as Monday looms - CBS MarketWatch (Jul 21, 2002) - Dow demolished, investors agonize - San Francisco Chronicle (Jul 20, 2002) - Dow nears 4-year low in market rout - Boston Globe (Jul 20, 2002) - Panic Lurks on Wall Street - Associated Press (Jul 20, 2002) - More Selling, but Snapback Seen on Street - Reuters (Jul 20, 2002) - Is August Worst or Best Month for Stocks? - Reuters (Jul 20, 2002) - Stocks Dive as Investor Fear Sparks Widespread Sell-Off - LA Times (registration req'd) (Jul 20, 2002) - Stocks Continue Four-Month Rout; Dow Plunges 390 - NY Times (registration req'd) (Jul 20, 2002) - Wall Street Cools to Mega-Mergers - Reuters (Jul 20, 2002) We're definitely getting close.
U.S. Mulls Military's Domestic Role (AP) - Homeland security chief Tom Ridge says the threat of terrorism may force government planners to consider using the military for domestic law enforcement, now largely prohibited by federal law. President Bush has called on Congress to thoroughly review the law that bans the Army, Navy, Air Force and Marines from participating in arrests, searches, seizure of evidence and other police-type activity on U.S. soil. The Coast Guard and National Guard troops under the control of state governors are excluded from the Reconstruction-era law, known as the "Posse Comitatus Act." More... http://news.yahoo.com/fc?tmpl=fc&cid=34&in=us&cat=terrorism Can it be that Rubin's buddies are pounding this market for political reasons, and his buddies in the press are feeding the flames.
"We're definitely getting close." I live in my own demented little world of T.A. I read no financial publications, IBD, WSJ, Barrons etc. I don't watch the CNBC clowns. I read the L.A. times daily and watch Bloomberg, usually on mute, for breaking news. My game is T.A. within the larger reality of world political / econ events as percieved by me , not writers. I no longer play equities, only the minis as of April. These are my perceptions of the moment. Pull up the mo. chart of the S&P. We are in a multiple complex head and shoulders pattern that is playing out with incredible symmetry. There is the potential of large energy confluences around the 800 number. 800 is the 70% retrace of the Jan 95 to March 2000 move. It is natural support from 97. There is natural upward progression through time in the all mkts. A trendline from 91 thru early 94 representing the natural progression, where we would be without the bubble, is at 800. I covered a large NQ short position Thurs and Fri that I had been holding since April. I like to travel between events( turns )not be part of them. If it does fall through 800 we could well see around 700- 720, the next fib line and support from 96. I won't be going long untill we are back above 900 solidly. That's a peek into my demented T.A. head fwiw.
That head and shoulders is something to behold. I've posted alot about media but my interest at the moment is gauging sentiment; it's not that I put much credence in what they say.
"Can it be that Rubin's buddies are pounding this market for political reasons, and his buddies in the press are feeding the flames." . Didn't see a reference to "Rubin". Is it Robert Rubin, the permanently pissed Dem with the axe to grind?