Here are a couple other tels the market told us yesterday. People ask me can you learn anything by watching CNBC this is what I learned early yesterday. 1) Suddenly the orange 5 points over a record started blinking and flashing. As we have discussed before until we act like we have been here before which we have we are never going to slice through. 2) A chastened Bob Passani who last time had to be given an early vacation when he cheered at 14,000 and all but guaranteed higher prices only to lose a quick thousand points-- well he signed off " Check My Blog " I almost fell out of my chair. 3) Mark was on the floor with that heavy set lady who is a floor broker. She does not have nare a brain cell in her head. She was quite worried during the Housing Mortgage collapse now she is quite bullish. Why? Mark pressed her... " well I'm doing pretty good and my friends are... " she mumbled. Complete disconnect from reality and a good contrary indicator. 4) Sue Herrarah was all a twitter, The Dow was taking back everything it had lost and things were looking wildly bullish..... CNBC is The Easiest contrary indicator out there. No doubt they revved up the hype because FOX is starting to run commercials with has been Neil Cahuto and a bunch of sexy ladies pushing their business channel... Once againCNBC is left with egg on their face. And once again it's vacation time for Dear Mr. Passani. When will they learn? ~ stoney
The rate of the drop combined with the duration was pretty impressive. I think it had something to do with the elimination of the uptick rule. I'm an equities trader and almost half of my trades are shorts but I think the elimination of the uptick rule was a mistake. Fear is a stronger emotion than greed and I think the uptick rule kept things in balance.
Oh no markets surging maybe it was time 2 buy so easy to make money As I said yesterday there was no compelling reason for the selloff and therefore the market would rebound.
Here we are folks an hour earlier than yesterday and we should start going down any minute. Ready to lose all these gains.... 6.80 x 7.20 SPX slips BELOW last pullback low & takes out intraday mov avg support on 5 min chart 13:09:04 Comment BIDU slips below initial price support at 310 13:00:19 Comment KEY intraday support levels on some of the market high flyer leaders : AAPL,164,GOOG 623 & BIDU,310
LOL!..priceless..absolutely priceless News cannot be traded?...hahahaha..your killing me, stop it..LOL! Btw, the news is not bengin. See, like most things, it depends. Sometimes the news is the catalyst for a major move, sometimes just noise and often times totally irrelevent. News is factored in the instant it becomes public? So when xyz raises guidance or GS u/g's abc, the stock instantly ticks to a new level and trades flat til the next news? Don't think so. You have a lot to learn my friend. A direct wire to my account may be less painful but it's up to you how the wealth transfer is made. No matter, I wouldn't quit my day job anytime soon if I were you.
How about the longs that didn't cover yesterday? You lost 120 points on the YM since yesterday tops (on paper of course).