Maybe the Fed will cut 75 BP in the morning to save the market from hitting 10,000s. Save the banks king Bernanke, who cares about inflation or the dollar. You didn't care in March.
Everyone makes fun of me for my belief in the PPT, but it's those kind of crazy jumps that make you wonder. This is just my opinion, it's backed by nothing. I have no proof. I'm not blaming anyone other than myself for losses. I just find odd market action like that suspect.
from 3 to 3:30 eastern on Monday, a magical rally took it from -150 to +50, out of nowhere with the BKX on the dive. only to roll over... Asia ain't buying it.
Something very odd is going on. We go down on large volume and jump the same amount or more on small volume.
ForEx market providing no clues. The Yen is flat while Euro is down slightly. In the January and March lows Yen and Euro was soaring.
I know how stocks work too and it appears by September we might be in 1150 territory much to my chagrin.
He didn't speak of a trend reversal as far as I understood. He mentioned a gap down that would be reversed by the close. You can't rule out a one day reversal trading rally because 'the economy is bad' or 'there is no catalyst'. They happen all the time, in all bear markets.
Think I just found the reason. Rumors of Lehman Commercial closing their doors. David just found out we are out business *(talking about Lehman Commercial)...I will be in contact when I am with another firm In response to a query by another TMFer he replied: Hi AD, What are the implications of this? For Lehman, I mean. Good Q... who knows, really.... Could be they're cutting back on deadwood non-producing overhead as they see commercial lending in the near future as a non-winning effort... and could be they are right. Could be they are wrong, and they've just folded shop in a temporary slowdown (I kinda doubt this... but its one possibility.) Their large-deal division (what they called "wholesale") closed a few months back... this division was their "small balance business lending" division (which was also truly wholesale, but which they internally referred to as "retail.") The national commercial banks are drawing in their horns, and leaving the playing field to the regional and local commercial banks. Cheers, Dave Donhoff Leverage Planner
Right. I think he later said he was being sarcastic, though. But of course, I wouldn't rule out any bear market rallies some time this week. This Lehman rumor will be a neutron bomb if true. Say hello to LEH @ $10 and Dow 10,000 within two, three weeks...