Let's not forget that G20 is this weekend, does buy the rumour still apply? If it does then we could have a heck of a close today (green).
Nov 11th looked like today, a giant cup and that sold off at 2:30 (gapclose) making the holder part... Edit: we had a high at 2:27 almost the same as the morning high. I guess I have a new chartpattern called "The Giant Cup". The high occured at the gapclose, not the real gap but the Bigchart/Yahoo gap....(cash 904)
Paulson/G7 rally - how long will this last? GLOBEX Sunday night? Summary of CNBC interview with Treasury Secretary Paulson on the TARP plan Paulson says the major purpose of the TARP was to stabilize financial system and to get lending going. Paulson says he thinks the system has clearly been stabilized... says this is a healthy bank program... says this was a comprehensive plan that has made a big difference. Paulson says a change in strategy occurred when they saw the commercial paper markets freeze up altogether and good mainstream corporation were not able to raise money (highly rated commercial paper issuers)... also says change in strategy occurred because by the time Congress passed bailout, buying distressed assets was not viable... says they changed strategy to address a situation that had gotten much worse. Says ultimately, the purpose of TARP is to get capital into banks... Paulson says the crisis was not just about the U.S. subprime market... On the question of âthe talk is that banks are taking this money and hoarding it' (e.g. for acquisitions)... Paulson says the first goal was to stabilize the system, and second he says injections into banks will cause banks to lend more money than they normally would have done otherwise... says every bank in the system has benefited from the overall system. Paulson says the objective remains the same, which is all about capital... says illiquid assets are still an issue. He thinks the prudent thing to do is not run out and invest all of your money quickly buying illiquid assets if he thinks there's another way to get at this. Paulson says, discusses bank investments, says "we will make money." Says this $700 bln is the right amount...he's not saying they are going to need more, but as he evaluated the situation, he thinks be prepared to move ahead with other programs and he thinks it's highly likely that some time in the not-to-distant future to have another capital program within the current $700 bln plan.
The best trades will always be the hardest ones to take. Think about it and why that would be so and why so many fail at this biz?