Shortie, I thank you for the courage you show in posting your trading thoughts. You do well in suffering the slings and arrows from outrageous ETâers. Here are a few thoughts from an old swing trader: 1. Summer time trading has not shown me much market volume conviction up or down. But money flow does appear to be out of the market since May 1. 2. The (daily or weekly) chart of the S and P 500 looks like it is either moving into a trading range (1270 to 1370) or maybe it is in a forming head and shoulders pattern. 3. I will not be a slight pessimist or a slight optimist until we break out of this range bound market or complete the head and shoulders pattern. 4. I will just trade what is given me up or down and follow my plan. 5. On the current situation. Prices make news. News doesn't make prices. P.S. But I am still a sucker when it comes to thinking I can predict market direction (no I canât). So keep writing Shortie and load up my ego. I so enjoy this idle speculation. It keeps my old brain from decaying⦠Shortie, I hope I chimed enough for you.
QE3 will indeed head us North - somewhat. But the idea that we need a QE3 and that it is not immediately forthcoming will drive us down until Uncle Benji announces QE3. Ultimately it will have much less of an impact than QE2, and we will soon clamor for QE4. QE4 will be a big $#*^ing joke, except only the bears'll be laughing.
Obama more or less warns about Black Monday: With the Aug. 2 deadline to raise the debt ceiling approaching, Obama said at the White House tonight that âat minimumâ Congress must act to avoid a U.S. default that would roil financial markets and damage the economy. He said he was consulting with Treasury Department officials about a defaultâs potential consequences. âItâs very important that the leadership understands that Wall Street will be opening on Monday and weâd better have some answers during the course of the next several days,â Obama said. Obama displayed frustration with the Republicans, saying Boehner didnât return his phone calls during the day, observing it wasnât the first time during the debt-limit talks he had been âleft at the altar,â and declaring the Republicans had walked away from âan extraordinarily fair deal.â âCan they say yes to anything?â Obama said to reporters. âItâs the Republican Party that has said that the single most important thing facing our country is deficits and debts. Weâve now put forward a package that would significantly cut deficits and debt.â Boehnerâs Response Boehner disputed Obamaâs version of the dispute at a press conference shortly after the presidentâs, saying he withdrew from the talks because the White House âmoved the goal postsâ on the tax revenue that would be included in a deal. He said the Obama administration wanted âmore money at the last minute.â âItâs not in the best interest of our country to raise taxes during this difficult economy,â Boehner said. He also expressed his own frustration with the bargaining, saying that dealing with the White House was like negotiating with a âbowl of jello.â http://www.bloomberg.com/news/2011-...way-from-fair-deal-in-debt-ceiling-talks.html
The dems have no interest in cutting anything with a major election next year. They believe for every dollar of the budget that is lost a vote for their reelection is gone. They do not want to lose their seats in government. They have all seen the can kicked down the road successfully for so long they believe they can all escape the final pain, kick the can one more time and let some other fool deal with this problem in the next congress. But times have changed. Media around the world have now recognized socialist government folly from the plights in Europe. More and more media for the first time in years included the U.S. as a bankrupt government. Then a new threat appears. With the time right credit rating agencies like Moodyâs saw the Medias comments and are piling on with threats of their own to downgrade the U.S. credit rating. All of this has fanned the flames. Then rides in Obama who believes he will save the country, the election and give the dems one more chance to kick the can down the road. Obama will not play âGame overâ¦â because he is delusional. He believes he alone can save the dems from having to give up bought votes. He does this by wildly continuing to change the terms of agreements at the last minute. Then he jumps in front of the media and blames the GOP for the breakdown in talks. His desperate negotiating tactic is to scare Americans in to calling their GOP members demanding they listen to BO. This way BO expects to âsaveâ the votes the Dems so desperately need. He really believes that congress is âcattleâ that succumb to his taunts and be led down the trail he picked which is to kick the can down the road...
Now to comment on less interesting matters: The market is flat and has been trading in a fairly broad range all summer. Perhaps since we have a world economy now, the U.S. economy has become smaller part of the total picture. I suppose the dollar will remain weak for an indeterminate period and this will keep the market afloat, as will earnings abroad when restated in dollars. All this in spite of a very shitty domestic economy with millions out of work and a lower middle class that is being left to twist slowly in the wind while waiting for a morsel to "trickle" down. I note that the dollar is once again revisiting an intermediate low, and the 4-year low is not far below. There is nothing here to suggest the market will be other than sideways to up over the next few months, unless of course the morons in Washington cause an actual default,
thank you! i have never thought of myself as a poet until now. actually, I've always wanted to pretend that I was an architect.
I note that there are surprisingly many pessimists out there despite major indices flirting with multi-year highs. I am guessing that the people are overwhelmed by the "default possibility". Blame the media! Street.com poll Total Votes: 206 votes 1 What would best describe your stance heading into the coming week of trading? Bullish 42.23% 87 votes Bearish 47.57% 98 votes Neutral 10.19% 21 votes
You would not have to pretend if you were to say that you were a trading systems architect. In a Seinfeld's series, was George's desired profession an architect or a marine biologist?