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Stocks are tanking. <v>

Posted on 05/04/2010 9:34:09 AM PDT by the invisib1e hand



TOPICS: Business/Economy
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To: the invisib1e hand

My quant system said get into SPY at Friday’s close, but the trade got away from me yesterday when it went up big. Just got in this morning at 117.5, somewhat below Friday’s close. Got to get the edge wherever.


21 posted on 05/04/2010 9:50:10 AM PDT by cicero2k
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To: waus

I agree. Long term technicals and valuations have not supported the recent run up. Short term technicals over the past couple of months have been sideways at best. Now we are seeing the market run out of “faith” in recovery and I see phase II of the retraction (dead cat bounce after math) starting with profit taking.

My current problems are:
1) My 401K does not allow a direct cash or commodities position
2) Technicals don’t seem to have identified a solid bottom yet. Like you said, 2009 low has already been blown through so what is next? I could make an argument for 9,000 as being the next support test but that is just chart gazing.

My current position is bonds. Yes I know ... but given the limited options available through my sucky 401k options .....


22 posted on 05/04/2010 9:50:22 AM PDT by taxcontrol
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To: the invisib1e hand

Looks like 1929 one day at a time.


23 posted on 05/04/2010 9:50:28 AM PDT by Vaduz
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To: Pontiac

That must have been yesterday’s report. Gold went nowhere but down from the opening bell.


24 posted on 05/04/2010 9:50:33 AM PDT by jiggyboy (Ten per cent of poll respondents are either lying or insane)
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To: jiggyboy

yesterday’s gold report that is


25 posted on 05/04/2010 9:51:25 AM PDT by jiggyboy (Ten per cent of poll respondents are either lying or insane)
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To: spectre

Me buy? Are you kidding? LOL!


26 posted on 05/04/2010 9:51:35 AM PDT by Jack Hydrazine (?)
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To: foolishboi

Can you explain this to a non-elliot wave guy? are you saying the 62% down is still coming from this point? or from some previous high and if so what high and what will the low point be of this move? thanks.


27 posted on 05/04/2010 9:55:35 AM PDT by LivingNet
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To: b4its2late
Wow!Oil price is dropping, despite BP and gulf oil being taken out.

Oh, that's right, we still have the offshore drilling TAXPAYER "STIMULUS" SUBSIDIZED Soros-owned Petrobras action in the Caribbean.

28 posted on 05/04/2010 9:56:34 AM PDT by cookcounty ("Today's White House reporters seem one ball short of a ping pong scrimmage.")
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To: waus

Could you please explain that for the “Certain Ethnic” people like me?


29 posted on 05/04/2010 9:56:41 AM PDT by netmilsmom (I am Ilk)
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To: the invisib1e hand

30 posted on 05/04/2010 10:02:59 AM PDT by Red Badger (When you see Jerusalem being surrounded by armies, you'll know that its desolation is NEAR. Luke 21)
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To: netmilsmom

Here is a good site to understand the basics of Fibonacci retracement.

http://www.investopedia.com/ask/answers/05/FibonacciRetracement.asp


31 posted on 05/04/2010 10:03:22 AM PDT by taxcontrol
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To: taxcontrol

Oh thanks so much!
Going now for an education.....


32 posted on 05/04/2010 10:06:36 AM PDT by netmilsmom (I am Ilk)
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To: LivingNet

If you pull up a weekly of the Dow and draw a retrace from the 07 high 14208 to the 09 low of 6418 you will notice that it retraced back up to 61.8% or 11232. It broke right through the 50% retrace (10309) whick means to watch the 61.8 closely for rejection. It could not have been a more precise rejection. I would anticipate a staggered retracement from the 62 down from here with a target at the 76.4% retrace (7558)or 88% (6997) if it blows through that and the double bottom we’re screwed.


33 posted on 05/04/2010 10:09:52 AM PDT by foolishboi (Under certain circumstances profanity provides relief denied even to prayer...... Mark Twain)
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To: jiggyboy

No today’s

Posted: MAY 4, 2010, 12:08 P.M. ET


34 posted on 05/04/2010 10:10:24 AM PDT by Pontiac
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To: Eric in the Ozarks
I bailed out when McCain won the last Republican primary and have 100% cash now. I went old school. I now own my house , 3 vehicles and have no debt. Except of course the "nut" I have to make with property tax, vehicle fees, health/property/auto insurance.

I figure the dollar took a 45% hit so I'll get in on stocks when they are really down about the same level.

same thing happend with health care stocks when Clinton tried to take over health care.

35 posted on 05/04/2010 10:18:31 AM PDT by erman (Vote Republican or vote for the traitor's party- your choice.)
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To: Jack Hydrazine

Sorry but I have no confidence in this country’s economy as long as it’s governed by a communist.


36 posted on 05/04/2010 10:31:45 AM PDT by pgkdan (I miss Ronald Reagan!)
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To: pgkdan

The conversion of the US economy from a market-driven free enterprise system to a government-based one has been going on for about 100 years. Even when you had confidence it was still running in the same direction it was running now only now more Socialized!


37 posted on 05/04/2010 10:43:11 AM PDT by Jack Hydrazine (?)
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To: netmilsmom

Here’s an explanation:

http://www.investopedia.com/ask/answers/05/FibonacciRetracement.asp

The monthly DOW chart hit the 61.8% level on 4-26, which, in Fibonacci terms, is considered to be a major retracement between two extremes (2007 high and 2009 low).

The potential then exists for the continuation of the downtrend in the market that started with the 2007 high because nothing goes straight down or up.


38 posted on 05/04/2010 11:02:28 AM PDT by waus (FUBO UFCMF, Just in case I stuttered, FUBO)
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To: waus

Thanks!!!


39 posted on 05/04/2010 11:07:40 AM PDT by netmilsmom (I am Ilk)
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To: waus

Quality gibberish. Grazi!


40 posted on 05/04/2010 11:08:37 AM PDT by newbie 10-21-00
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