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coolhand's Account Talk
- Thread starter coolhand
- Start date
Silverbird
Well-known member
Any excuse for a sneeze; that's almost as bad as blaming the last blip on a rumor that the Chinese were looking at their European investments.
coolhand
Well-known member
Any excuse for a sneeze; that's almost as bad as blaming the last blip on a rumor that the Chinese were looking at their European investments.
yeah, neither was "news", but the big money was poised to take advantage of both annoucements just like always. They had a game plan.
Bullitt
Well-known member
Yesterday was big money covering. Today is big money covering. The central planners have a full 3 days to work out some game plan and that's too long. This is holiday trading and nothing really too out of the ordinary. We're going to trade less shares today than yesterday, and yesterday was one of the lowest volume up days in months.
I'm still looking long, but I'm bearish from here on out. I believe reality caught up with gamblers during the flash crash.
I'm still looking long, but I'm bearish from here on out. I believe reality caught up with gamblers during the flash crash.
coolhand
Well-known member
Since big money makes up something like 70% of the trades, bigger money was probably involved in forcing the covering.
Where are you getting the idea that volume was a problem yesterday? This is from briefing.com...
"Advancing volume on the NYSE totaled almost 1.4 billion shares, which is close to the average total trading volume for the NYSE over the past 50 sessions. Advancing volume had a near 10-to-1 advantage over declining volume.
Though strong volume suggested that there was plenty of conviction behind the S&P 500's move above 1100, the stock market finds itself face-to-face with its 200-day moving average near 1105, which could be a point of significant resistance."
Bullitt
Well-known member
Link: IBD Daily Market Wrap 5/27
Look at the down day volume since Mid April. 8 Distribution days in May alone. Zero Accumulation days.
View attachment 9492
Weekly red readings are even worse. Four weeks of selling since April, zero weeks of accumulation.
View attachment 9493
Oh, and I am looking partially long here soon. Maybe next week.
Look at the down day volume since Mid April. 8 Distribution days in May alone. Zero Accumulation days.
View attachment 9492
Weekly red readings are even worse. Four weeks of selling since April, zero weeks of accumulation.
View attachment 9493
Oh, and I am looking partially long here soon. Maybe next week.
coolhand
Well-known member
Okay, you're going back some using IBD. Got it. I'm just talking about yesterday. I do think it's time to start thinking long, but the market may try to shake weak-handed longs in the process. SS certainly appears to be setting up for buy signal.
coolhand
Well-known member
Bullitt
Well-known member
Yes, it does. And as far as IT buys go, SS has an excellent track record.
Also could be setting up for a follow through day next week too, but I see an early week shake first.
coolhand
Well-known member
I can't get the direct link to the article to work, so follow the link to Rolling Stone and click on politics and then you'll see the article.
http://www.rollingstone.com/politics/news/;kw=[36899,157778]?RS_show_page=0
It's early May in Washington, and something very weird is in the air. As Chris Dodd, Harry Reid and the rest of the compulsive dealmakers in the Senate barrel toward the finish line of the Restoring American Financial Stability Act – the massive, year-in-the-making effort to clean up the Wall Street crime swamp – word starts to spread on Capitol Hill that somebody forgot to kill the important reforms in the bill. As of the first week in May, the legislation still contains aggressive measures that could cost once-
indomitable behemoths like Goldman Sachs and JP Morgan Chase tens of billions of dollars. Somehow, the bill has escaped the usual Senate-whorehouse orgy of mutual back-scratching, fine-print compromises and freeway-wide loopholes that screw any chance of meaningful change.
The real shocker is a thing known among Senate insiders as "716." This section of an amendment would force America's banking giants to either forgo their access to the public teat they receive through the Federal Reserve's discount window, or give up the insanely risky, casino-style bets they've been making on derivatives. That means no more pawning off predatory interest-rate swaps on suckers in Greece, no more gathering balls of subprime **** into incomprehensible debt deals, no more getting idiot bookies like AIG to wrap the crappy mortgages in phony insurance. In short, 716 would take a chain saw to one of Wall Street's most lucrative profit centers: Five of America's biggest banks (Goldman, JP Morgan, Bank of America, Morgan Stanley and Citigroup) raked in some $30 billion in over-the-counter derivatives last year. By some estimates, more than half of JP Morgan's trading revenue between 2006 and 2008 came from such derivatives. If 716 goes through, it would be a veritable Hiroshima to the era of greed.
http://www.rollingstone.com/politics/news/;kw=[36899,157778]?RS_show_page=0
It's early May in Washington, and something very weird is in the air. As Chris Dodd, Harry Reid and the rest of the compulsive dealmakers in the Senate barrel toward the finish line of the Restoring American Financial Stability Act – the massive, year-in-the-making effort to clean up the Wall Street crime swamp – word starts to spread on Capitol Hill that somebody forgot to kill the important reforms in the bill. As of the first week in May, the legislation still contains aggressive measures that could cost once-
indomitable behemoths like Goldman Sachs and JP Morgan Chase tens of billions of dollars. Somehow, the bill has escaped the usual Senate-whorehouse orgy of mutual back-scratching, fine-print compromises and freeway-wide loopholes that screw any chance of meaningful change.
The real shocker is a thing known among Senate insiders as "716." This section of an amendment would force America's banking giants to either forgo their access to the public teat they receive through the Federal Reserve's discount window, or give up the insanely risky, casino-style bets they've been making on derivatives. That means no more pawning off predatory interest-rate swaps on suckers in Greece, no more gathering balls of subprime **** into incomprehensible debt deals, no more getting idiot bookies like AIG to wrap the crappy mortgages in phony insurance. In short, 716 would take a chain saw to one of Wall Street's most lucrative profit centers: Five of America's biggest banks (Goldman, JP Morgan, Bank of America, Morgan Stanley and Citigroup) raked in some $30 billion in over-the-counter derivatives last year. By some estimates, more than half of JP Morgan's trading revenue between 2006 and 2008 came from such derivatives. If 716 goes through, it would be a veritable Hiroshima to the era of greed.
JimmyJoe
Member
Ta heck wit those big bankers. Why should they feel as though they are the only ones to get bailed out. Why I ought a.
Coolhand. I appreciate your posts. They bring a certain normalcy for my reading. You show us the numbers and I try to 'get it' the best I can. I bet I speak for a lot of folks here.
Coolhand. I appreciate your posts. They bring a certain normalcy for my reading. You show us the numbers and I try to 'get it' the best I can. I bet I speak for a lot of folks here.
Warrenlm
Well-known member
+ 1
coolhand
Well-known member
Wanna see something really scary? :worried:
http://market-ticker.denninger.net/archives/2355-Whistling-Past-The-Graveyard.html
http://market-ticker.denninger.net/archives/2355-Whistling-Past-The-Graveyard.html
coolhand
Well-known member
jdphx
Member
Holy CRAP Cool...
Sure looks like speeding towards a cliff at night with the headlights OFF!!
So which is it??? The above? or the quote below?
Sure looks like speeding towards a cliff at night with the headlights OFF!!
So which is it??? The above? or the quote below?
JimmyJoe
Member
Holy crap!:worried: That animation rocks. I'm sticking pretty close to the G these days. I'd like to make some money in the stocks but I feel I can make money by not losing money. Wait for the woild to 'come back' a little.
Honest to God, I did not intentionally copy JDPHX. Now that's freaky!!! Omanous???(sp)
Last edited:
coolhand
Well-known member
There is no shortage of ominous predictions, and various global fiscal concerns make it easy to gravitate towards them. But crashes are not common. We have to remember that sentiment is a tool used by big money to milk gains.
That's not to say we can't have another big move down, but folks have been calling for a dollar crash for years. Has it happened? No. In fact we've seen the opposite the past few months.
And that's where technical analysis comes in. The SS give signals based on what the market is doing. It doesn't get caught up in the emotional turmoil of the markets.
I do believe we may have seen the top, at least for awhile. But the top was 130 S&P points ago. That leaves a lot of room for a counter-trend rally. And the SS are very close to confirming that rally. But let's wait for the signal first and not put the cart before the horse.
coolhand
Well-known member
I'm all "S" myself.
Looks like a SS buy signal will not come easily. Futures down hard this morning. At least now I have some IFTs to play with.
