Market Talk

[Birchtree]

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What was that song Tennessee Ernie Ford used to sing about 14 tons and another day older. Owe my soul to the company store. I prefer the smooth sound of Roger Williams and his Autum Leaves. Now I'm remembering Lawrence Welk and his chicken little song - Yellow Bird.

 

[TSP_Elvis]

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Birchtree wrote:

What was that song Tennessee Ernie Ford used to sing about 14 tons and another day older. Owe my soul to the company store. I prefer the smooth sound of Roger Williams and his Autum Leaves. Now I'm remembering Lawrence Welk and his chicken little song - Yellow Bird.

You haul Sixteen Tons, whadaya get?
Another older and deeper in debt
Saint Peter don't you call me cause I can't go
I owe my soul to the company store


E

 

[coolhand]

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Birchtree wrote:

Now I'm remembering Lawrence Welk and his chicken little song - Yellow Bird.

LOL...guess I've gotten too use to the feel of them pistols. Had them calibratedrecently and they seem to be workinga littlebetter now.

Still, I like your message and I'm glad you are taking the time to give us your views. They are quite valid. :^

 

[Show-me]

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Looks like C and S are bouncing off of the 50MA. Come on rally, Show-me needs a break for stick’n with ya! It's only a flesh wound! :l

 

[coolhand]

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coolhand wrote:

Birchtree wrote:

I think futures are still positive this am, so maybe a rebound today.

Maybe. But they are wrong too often tohaveany measurablefaith in them as an indicator. I'm looking for a strong rebound, but I don't think we will see it for another 2 - 3 weeks. But u never can be sure.


Cool hand, I see U got the double post problems too. Sort of like hanging chad! I'll delete the 2nd post shortly. Spaf

I didn't realize it was a problem. Thought Tom was having a 2-fer Friday.

 

[robo]

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Some comments from a Tech:A contrarian standpoint on the big one that might be coming....

The QQQQ's are a very good proxy for the Tech Market and broader indices. I have looked at the Open Interest for the QQQQ's for September expiration and they are lined up in avery dramatic defensive posture, i.e., many out of the money put options have been bought/sold hoping, predicting that the market is vulnerable to a sell-off in September. These put options form a "fence" that would be hard for the markets to break through on the downside. October QQQQ options are also hugelydefensive. Market participants are expecting downward pressure on stock for Sep and Oct. From a contrarian standpoint, these huge put positions could provide additional support for the markets for the next two months, blocking a major sell-off.

Next weekshould be a very slow economic news week. Will the floor traders interpret no news as good news? Or will they start the rumor mill which could drive stocks lower?

Now that really would be something.....

 

[tsptalk]

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We're seeing a higher high and a higher low so far today. That's a plus but I see 1226 to 1227 as the short term resistance for the S&P 500.

Post options expiration Mondays have not been friendly lately.

Bonds giving back a little of yesterday's gains. Looks like a penny loss if it closed now.

 

[Spaf]

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Agree with Tom, and add

The Slow-STO is forming a deep bottom. If the bottom turns broad, the bears are strong and any rally should be weak. If the bottom is narrow the bulls are strong, however the bottom was deep.

The economy (fundamentals) are good except for energy, which is putting a drag on the market, and it's volatile. Today lube posted a 3%+ rise.

Conditions are unsettled and a bit risky.

Rgds, and be careful! :? Spaf