350zCommtech's Account Talk

[ATCJeff]

It's going to ZERO!!!!!!

Sure sounds like it.

 

[vectorman]

I wonder what kind of shape TD AMERITRADE is in? Along with E-Trade, I sure many other on-line trading companies had their hand in the sub-prime cookie jar. There could be a real danger now of investors distrusting anything said by some of the well known Trading companies. How safe is your money if the trading company you use folds.

 

[350zCommTech]

I wonder what kind of shape TD AMERITRADE is in? Along with E-Trade, I sure many other on-line trading companies had their hand in the sub-prime cookie jar. There could be a real danger now of investors distrusting anything said by some of the well known Trading companies. How safe is your money if the trading company you use folds.

What really bugs me is GM's $39B write down versus Citi's $8-11B. I'm calling Citi a big fat liar. How about that agreement between BOA, Citi, and JPM on a $75B SIV?, where everything in it still gets a good "AAA" rating. Talk about more fraud. I hope they all burn in hell. This is like Enron X 100.

As for today's market, we have the Dow up 100+ but the NDX is flat? It smells like a dead cat bounce.

 

[vectorman]

" As for today's market, we have the Dow up 100+ but the NDX is flat? It smells like a dead cat bounce." Quote from ' 350zCommtech's Account Talk ' above post.


The Dow has bounce off resistence and the Vix broke 30 and is just about to bounce off support. Unless there is a breakout, I think we'll see some selling this afternoon to take up a position for tomorrow. It will be interesting to see if the Vix sets up to test 35 in the coming days.


http://bigcharts.marketwatch.com/advchart/frames/frames.asp?symb=DJIA

http://bigcharts.marketwatch.com/advchart/frames/frames.asp?symb=VIX

 

[ChemEng]

How safe is your money if the trading company you use folds.

As long as the money is FDIC insured, you will be fine. I just went through it with NetBank. Another bank (ING in that case), picks up the accounts with less than 1 business day lost. Now if you are not FDIC insured, then you got big problems. There was rumors of a business based in NY that had $1MM in Netbank when it closed. They arent too happy right now.

Lucky me to jump from one closing bank into one with a huge downturn in a matter of a month. *sighs*

Here is the note posted on my eTrade account just now:

This is a challenging time for the financial services industry. Bad news in the credit, housing, and stock markets continues to dominate and E*TRADE is not immune to these market conditions.

However, you, our customers, should know that we continue to be well capitalized by regulatory standards. As a matter of fact, we could absorb an immediate write down in excess of $1 billion and still remain well capitalized. Nobody knows for certain what the ultimate impact will be from these markets, but it is our expectation that news in the market will get worse before it gets better and, armed with these expectations, we are taking prudent measures to effectively manage the company's balance sheet.

We will continue to earn your confidence, providing state-of-the-art asset protection, including E*TRADE's Complete Protection Guarantee, SIPC Protection for E*TRADE Securities customers and FDIC Insurance for E*TRADE Bank customers.

We appreciate the opportunity to continue to serve you and your investing needs.

 

[350zCommTech]

As for today's market, we have the Dow up 100+ but the NDX is flat? It smells like a dead cat bounce.

Ugly!!!

View attachment 2501

 

[ATCHUNTman]

That chart is BUTT UGLY.

 

[350zCommTech]

That chart is BUTT UGLY.

Yeah, but I'm going to bring out my "BUY" button and polish it up for tomorrow. Anybody else want to try to catch a falling knife with me?

 

[charmed855]

Yeah, but I'm going to bring out my "BUY" button and polish it up for tomorrow. Anybody else want to try to catch a falling knife with me?

You can borrow my butchers glove - I'm waiting for the knife to reach terminal velocity. :worried:

 

[350zCommTech]

You can borrow my butchers glove - I'm waiting for the knife to reach terminal velocity. :worried:

Thanks,

Something tells me I'm going to need it.:worried:

 

[RPM]

Thanks,

Something tells me I'm going to need it.:worried:

Well, most of Asia seem to be green right now. While the daily SPX SLO STO is down to below 20, and seems to be turning (BUY signal??), the weekly SLO STO still have a way to go. If this correction is like the last 2 this year, it seems that the weekly SLO STO will need to go below 20 before this correction runs out of steam...

Any thought??

 

[350zCommTech]

Well, most of Asia seem to be green right now. While the daily SPX SLO STO is down to below 20, and seems to be turning (BUY signal??), the weekly SLO STO still have a way to go. If this correction is like the last 2 this year, it seems that the weekly SLO STO will need to go below 20 before this correction runs out of steam...

Any thought??

Well, as I said in the other thread, I'm not a big fan of the SLO STO. IMO, it's just saying we're oversold. Just like the RSI. As for the correction being over, I have other tools for that.

 

[350zCommTech]

Remember how they lied at their last conference call about everything was going to turn around and be perfect? Remember how the stock shot up 30% on that conference call? The guy in my avatar will burn in hell...

Countrywide's loan fundings plummet in October
Mortgage loans fall 48% from the previous year, but rise from September

By John Spence, MarketWatch
Last Update: 11:05 AM ET Nov 13, 2007

BOSTON (MarketWatch) -- Countrywide Financial Corp. said Tuesday its total October mortgage-loan fundings fell 48% from a year earlier as the lender continues to struggle against a slumping housing market and the credit crunch.

The Calabasas, Calif.-based company said fundings totaled $22 billion for the month, while its mortgage pipeline at the end of October was $41 billion. Average daily mortgage loan application activity for October 2007 was $1.8 billion, a 34% decrease from October 2006, Countrywide said.

Chief Operating Officer David Sambol said in a statement that although total loan fundings were down "substantially" in October from the previous year, they rose 4% from September.
http://www.marketwatch.com/news/sto...x?guid={C9C34486-C1AA-469C-B6B9-F9456068B71A}

 

[Steadygain]

Wow did I get a good laugh reading your last comment. I thought "the guy in your avatar" was you. Looked like a fairly important guy and once in awhile had me wondering ..... hmmmmm .. who is this guy???

 

[fedgolfer]

.... And seeing Angelo talk is even scarier than just looking at his picture. Who says you can't judge a book by its cover?

 

[fedgolfer]

Hopefully this squeeze will keep its kung foo grip tight during the final hour.

With options expiration at the end of the week, how are y'all expecting this bounce to play out? Severe volatility is a given. there's a major overhead line of resistance on the SPY at 148'ish.

 

[ATCHUNTman]

Nice catch on that falling knife. Very impressive! Can you do it again?

 

[350zCommTech]

Nice catch on that falling knife. Very impressive! Can you do it again?

Sure, but that was a freebie. You'll have to pay for the next "catching the falling knife calls". Like everything else around here, I'm going "private".

Just kidding...:laugh:

 

[350zCommTech]

Wow did I get a good laugh reading your last comment. I thought "the guy in your avatar" was you. Looked like a fairly important guy and once in awhile had me wondering ..... hmmmmm .. who is this guy???

LOL!

He knows he's going to hell. That's why is super tanned.

 

[350zCommTech]

Hopefully this squeeze will keep its kung foo grip tight during the final hour.

With options expiration at the end of the week, how are y'all expecting this bounce to play out? Severe volatility is a given. there's a major overhead line of resistance on the SPY at 148'ish.

I'm hoping for 1508. Today's rally was just too big.