ES to 895 today

Discussion in 'Trading' started by scriabinop23, Dec 2, 2008.

  1. Just thought that would be fun to piss off all the 'trade what you see, not what you think' folks.

    Only hide in the game is long term money (rip on me a la stocktrad3r all you want).

    But seriously, if the market did finish at 895, do you guys realize how ecstatic all of the bullish chartists might get?
  2. Maybe not 895 today, but if yesterday's low holds, there is a sweet looking reverse head and shoulders on the S&P.
  3. If it does, I'll buy you a cookie. What kind would you like?

    Though right now the DOW is up 200 points and what's pissing me off is the lack of follow through for the AUD. What the hell is keeping that bitch down? Normally, an equity rally like this would send it rocketing.
  4. AUD cut 100bp yesterday...

    I want oatmeal raisin btw...
  5. That was already priced in - and a non-event. If it were a shocker, AUD would have moved after the event, and it didn't. It actually went up.

    So that's not it.

    Something is keeping it down. Someone has a lid on it.
  6. S2007S


    895 not happening today.

    Would be nice for the bulls but just impossible to achieve that kind of close.
  7. Auto sales numbers in an hour should look ugly
  8. Few things are impossible, ES rallying to 895 is certainly not in that category.


  9. Doesn't seem like it right now (so maybe my call is likely wrong), but the largest moves have been to the upside. We've seen we can get almost 10% in a day either direction.

    If we're not at 860 by 2pm, 895 isn't at all unlikely.
  10. S2007S


    November's auto sales expected to be dismal
    Updated 11h 34m ago

    By Sharon Silke Carty, USA TODAY
    DETROIT — U.S. auto sales for November are expected to be down about 28% when they're released Tuesday, another major decline as consumers sit on the sidelines waiting for some sign that the economy is stabilizing.

    The glum report will coincide with Tuesday's deadline for Detroit automakers to submit restructuring plans to Congress to justify their plea for federal loans.

    The U.S. sales tally comes on the heels of reports Monday by carmakers in Europe and Asia that showed the auto sales drop-off is global. November sales in Spain were down nearly 50% and in Italy by nearly 30%. Japan's sales were down 18.2%. The European Commission has said it will help the car industry, and included it in a $258.8 billion economic stimulus package, and several nations in Europe are considering aid, as well.

    AUTOMAKERS' ISSUES: They face five crucial issues to get support for bailout

    While the U.S. automakers plead their case for a bailout package, sales are expected to be below a million for the third-consecutive month, coming in around 850,000 cars and trucks. The last time monthly sales were this low was 1992.

    "It's not a sustainable number," says Jesse Toprak, executive director of industry analysis for "It's well below the natural level. There's got to be pent-up demand out there. Consumers are waiting to buy."

    But until buyers start going back to showrooms, the automakers need to find ways to survive. Ford Motor (F) announced Monday that it's looking for buyers for struggling Volvo to raise cash. It sold Jaguar and Land Rover to India's Tata Motors earlier this year. The board of General Motors (GM) met Sunday and Monday to discuss its plan, which could include jettisoning Saab.

    David Cole, chairman of the Center for Automotive Research, says Ford's move to sell Volvo is something they have to do, even if the timing is off. "It's not the best time to sell an operation, because who's got the money?"

    Sen. Carl Levin, D-Mich., co-chair of the Senate Auto Caucus, said he expects that the industry plans submitted Tuesday will address many of Congress' concerns raised in a first round of hearings two weeks ago.

    "I believe the industry will make a compelling case for bridge loans that will allow the companies to return to firm financial footing, and they will lay out plans for continued restructuring and advanced technology products, all of which was underway prior to the global economic collapse," he said in a statement Monday.

    When the CEOs of the Detroit 3 return to Washington this week for congressional hearings set for Thursday and Friday, they won't come on company planes. They were criticized for doing so to plead for a bailout at the previous hearings. Ford says CEO Alan Mulally will travel by car. Chrysler and GM say their CEOs will not use corporate jets, but did not say if they would travel by car or fly commercial.
    #10     Dec 2, 2008