Intraday chat Dec 26-30 - Page 15
(Reuters) - Standard & Poor's placed Sears Holdings Corp's credit rating on review for a possible downgrade on Wednesday, saying the retailer's plan to close at least 100 stores may not do much to improve its performance.
S&P currently rates Sears' corporate credit at "B," which is five notches into "junk" bond territory.
LMAO... yes, yes I work in the manipulation sector, your comment just got me another five figure bonus
The signs were there, santa rally seemed to be underway, volume was bound to be low and lack of selling usually continues 1-2 sessions after holidays, since the day off was after Xmas this year, I picked the second day for a red day. DeMark had the market cycle topping out on 28th or 29th (I am not trolling you all by bringing up his name and forecasts), and if you look at last year's chart the red day from the corresponding week lines up well.
Don't underestimate the selling from today, it would have been well over 300 pts and 10-15% on the VIX if we had 200 MM SPY shares. As it was, look at the uptick in volume and realize that for this time of year, any uptick in selling is evidence of at least some quality in the price action. If we push 35-40 MM SPY shares in the first hour tomorrow and we're flat, expect more selling in the absence of news/manipulation.
I actually picked up a very small GLD Jan 152 call position just before close, looking for a quick 20-30 dollar move up or will just punt it quickly if that doesn't happen very quickly (by EOW). If the dollar breaks 81 and runs I'll be out immediately. If we get an actual year end push up, I'll contemplate holding over the weekend. But with Cactus sounding bearish on yellow, I'll be quick to ditch it.
After 2008 I am not going to touch silver unless it's a single digit number.
ummmm does anyone see the bullface pattern? where there are two horns and a face of a bull.. sorta speak? -- i would be careful because, this action will push the triple R to cut and that will cause a rally - remember earnings are starting.. and its within the channel.
ES bouncing off the 50% fib back to the 38 can be taken as a bullish sign or support, however could also be a SNS pattern to the downside and more applicable support. Earnings still have to be revised so its a walk on egg shells peroid for everyone.
Farther out time frames, still a flag.. what kind of flag, anyones guess at this point.
Edited by mjoke - 12/29/11 at 2:29am
your comment is out of place as whats funny is that the markets havent even opened yet in EU and turned slightly positive. .. I dont look at US futs or give them any creditability until the other markets open, .. so ya. What i find funny is that after a drop based on many attributes which you dont look at, you dont expect a bounce back but rather look at it as a rally lol. oh and btw.. that chart was from 2PM this afternoon based on 5d 30m bars, so dont get too excited... i just couldn't post it until now and is just a interesting reference.
i also find it comical as you try to imply my post is bullish, when its RANGE CHANNEL BOUND. Also i cite other reasons for a possible (range related) rally rather than your whatever it is, opinion? ... What rally have we had, where did we go? We are DOWN on the year, which the index will most likely close FLAT for the year. Ya really great bull market.. its really a "bearish bull market" - when we break that 1300 which would still be below a real bull market high, then ill change my perception, where did we break up last time?.. 1295. In the grand scheme of things its lower lows and lower highs.. with fart or twitch every so often.
i said before, the last 4 days of the year and first 2 are buying days, call it window dressing or look at it as real in your eyes i guess, but it inst anything realated to certainty. 1210 and its lower we go.. this is all just flirting basically with a fat woman. take off the drunk glasses and youll see shes fat, when realistically we should be alot lower.
Edit: btw there are BOND auctions today, which if they go okay, then the market maybe calm, buy and consolidate alittle... its all about the funding and what is being "parked" jmo
Edited by mjoke - 12/29/11 at 3:02am
LOL whatever.. I suppose everything is great then LMFAO..and yet you mention financials. that not the only reason.
i got a bridge i want to sell you in Brooklyn okay? lol sleeping with fat girls, no i dont want your girlfriend or mom.
enjoy your (range bound) bullish market. Talk to me when it breaks what i said.
edit also what you view as calamity, i view as a healthy dose of skepticism based on a 17 clown circus. You want calamity give it until end of 2012 lol
edit 2: french prez to meet with merkel by Jan 9 on euro which there will be anticipation and a slight rise. blah rinse and repeat. i still havent seen any huge volume on these supposed "bullish rallies" ya short coverings but no conviction in multiple days of buying ex October.
Edited by mjoke - 12/29/11 at 3:35am
you musta missed the last week or so
lol its called napping :) ..
i think they will be forced to write off more than 50% on losses and corp responsibility in terms of losses will be increased to stabilize possibly.
Italian bond auction Results:
2.53B @ Nov 2014 @ 5.62%
March 2022 BTP @ 6.98%
September 2021 @ 6.70
raised a total of 7B
These are okay, but nothing spectacular.. twitching around.
Edited by mjoke - 12/29/11 at 5:41am