agreed.....i won`t be loking to put on my shorts unless i have confirmation in price & a solid setup.....& i will not be positioned before fed speak either way. for the fed comittee (not helicopter ben) to cut rates & not the discount rate,would be a serious mistake for the longer term pic........their primary concern should be US$/inflation & credit markets......NOT the stock market.. that should be left to bleed out if need be. Stagflation......hi inflation & zero growth = big,big problems for the economy. smells like Volcker,Carter & the `70`s all over again....
May I add to the discussion that 1) "Japanese housewives" have marauded their savings for a rainy day and put some cash back to the carry trade... 2) How many jobs will be affected by the meltdown in the mortgage industry and related industries ? Don´t you foresee some job cuts ? 3) If the FED announces in its discount rate cut statement that risks to the economy have risen ``appreciably'' - I am going to take this statement seriously ! => Never fight the FED !
All ETFs down today. I will continue to hold until the market makes its move down. SRS: - 2.94% SKF: - 1.87% SMN: - 1.49% DXD: - 0.26% also have some UVPIX: +0.44% I have sat and watched the DOW for the past few weeks from open to close after reading some posts on the importance of just watching the markets price action without a bunch of indicators and distraction. So, I decided to go long the market since it was a bit down near the open to help ease my nerves and balance my postion a bit and see if I could sense any supports, resistance, momentum changes; and possibly make my first intraday trade. I decided to buy some DDM (ultra Dow ETF) near the open when the DOW was at about 13,080 (buy 88.28) then changed postion at about 13,155 (sold 89.11) with more DXD (52.26) and then sold at about 13,090 (52.74). Obviously small gains, but I was happy to have gains and felt like I made another small step toward knowing myself within trading.