BAC,C,jpm sucking big time here ...the last hour will be crazy ...wonder if this rally is legit....no more trading for moi...
if this thing does tank what a head a fake...i was sure a meltup was happening earlier...felt like market was making a real move ahead and all the blabber mouts came on tv and said what a great week its been -'the best up week since 1982'...we'll see right?market shot up 100dow ptswhile i wrote this
We just had a 50% pullback intraday, and a bit of capitulation selling around the 950 level on the S&P, followed by a bounce. If you are bearish, better to stay flat and place a sell short stop entry at around 948 than to be short from here IMO. We've already had a big rally and we could easily see an expiration short squeeze of substantial proportions. If a puke happens, it will obviously have to blow through that capitulation low at 950 anyway, so you won't miss out on much by waiting for the signal.
it may go both ways, nobody understands this market anymore. People want to believe ,they're prob shit scared of which bank the FDIC will shutdown tonight. Remember, it's Friday !
what a joke...this trader chick 'garnick' was saying the market was gonna be up due to futures buying
Diane Garnick is an investment manager at Invesco ( with a CPA background from Hofstra University, '96 and a global derivatives background with Merrill ) that speaks with a lot of passion and enthusiasm. However, given her somewhat "quant" background, you'd think that she would have a much better understanding that when equity derivative's desks are BUYING futures for their customers on an expiration, it is because they are "unwinding" the short index-futures/LONG stock position that they had on in the first place. End result . . . SELLING.
That was the first thing that came out of her mouth-a prediction for the end of day close . But after that she got into a lively debate with a jp morgan guy for his pumping 16 stocks as buys...She was saying if anything you should be selling/short in this market or hedging your longs with shorts...She was bearish and was pouring some reality on this guys blind faith to go long.She told him to stop drinking the kool aid.He was just pumping pr and she called him out sort of. I actually liked her no-nonsense style.