Bulllllshit that the capitulation means nothing Around when Bear Stearns collapsed and we gapped down big and were down about 300 and rallied to close up 200 points, the market went on to rally for 2 months
Have to agree here. We need one of those days where even the most stubborn bulls give up and liquidate. That day must immediately be followed by huge buying with huge volume. That's an ideal bottom setup. Not sure we'll get there because we keep drifting lower by 2-3-5% per clip.
My 2 cents is that we really need to have a limit down day to really get all of the sellers to throw the towel in and give up. The other observation is that if you look into the banks balance sheets and see the percentage of Level 2 and Level 3 assets they still have on their books there is no wonder there is zero trust to loan money. These are assets that are hard to determine the value of because the market is so thin and non transparent so the bank decides the value in which to hold the assets on their books based on their models rather then the value that they could actually sell these assets. How trust worthy is that? Then you throw on the off balance sheet "assets". Hard to believe none of this was regulated prior to getting where we are now. So all this does is continue the uncertainty since none of the banks are still being honest with their assets and liabilities which will continue to delay the market from ever clearing. Notice how bad the books have looked for all of these banks once they blew up and had to show all their real numbers. You have to assume every bank to some degree is still hiding the same type of assets but in unknown quanities.
I dont know if i am watching it right the ES is down -30 and the YM is down - 300 point What the fuckj is going to happen to people like me who hold mer and c Long term I think it is time to throw in the towel
where do you guys track your overnite futures? I had links but lost them when I switched to a new PC. currently i'm using bloomberg.com but it's delayed. thx
i think all data is delayed. unless u get fut account and see globex. for free http://www2.barchart.com/mktcom.asp?section=indices
If you have IB, you can get for free the following tickers: SGXNK (Nikkei futures in Singapore) HSI (Shanghai futures in Hong-Kong) Hope it helps, best trading, Jorge