Monday, 12/9, Market WrapUp (Things Beginning to Percolate)

Financial Sense Online ^ | 12/9/2002 | James J. Puplava

[upchuck]

I receive a pre-approved credit card application in the mail just about every month, which I promptly tear into little tiny pieces. While it is tempting to increase my purchasing power in the short run, I DO know better. Thus I have no debt.

Congratulations Bruce on being debt free. Me, too. Isn't that the most wonderful feeling in the world?

I take the postage paid return envelopes from the credit sharks, fill them with other junk mail I receive and send 'em back to them. They gotta pay the postage. Hehe.

[raygun]

There was a snow storm on Wall Street today. John Snow's appointment didn't seem to help the market today, but neither did anything else. It was a weak day with a touch of virulence. There is no doubt the market is being forced to cope with a lot of uncertainty.

The mitigating factor is that the market has become very oversold, which should lead to a bounce. At least, near term shorts would be risky, where there is virtually no room for the rubber band to stretch further. Declining groups overpowered positive groups by over a 10 to 1 ratio. There were only three advances in the Nasdaq 100, four in the Dow. Out of a private list of 31 tech stocks exactly one advanced today.

[Orion]

If gold builds and builds, you can look for JPMorgan-Chase to go kablooie.

[dalereed]

You beat me to it, JPM would be my guess to be the next big bankruptcy.

It will make UAL look small!

[steveegg]

Intersting. I wouldn't quite say that the market is very oversold yet, but the massive downturn is a perversely-positive sign.

[steveegg]

Good, but the $64K (or $64M, heck, why not $64T) question is when. JPMorgan-Chase doesn't look very healthy, and given either a gold boom or a burst of the credit bubble, they're toast.

[arete]

that government will find a way to perpetually tax gold.

Maybe they'll embed tiny little IBM microchips in gold coins so they can track it by satellite. :-)

Richard W.

[steveegg]

I would've thought that those chips would be Motorola. The scary thing is that I can't quite convince myself that you're kidding.

[arete]

I receive a pre-approved credit card application in the mail just about every month

I got a call today from Discover Card. They were practically begging me to use their card. Offered 0% finance charges until April. Even offered to send me cash for Xmas. Hey, it is Free Money!!

Richard W.

[palmer]

Happy birthday Rohry! I'm glad you didn't take it off.

The major averages are resting upon their 90-day moving averages and need to hold at or above these levels to avoid further selling.

I see the fact that NASDAQ missed the 200 day average as bullish over the long run. Had the NASDAQ broken through, this utterly stupid rally would have built another month or two worth of momentum. The sooner we get to the bottom of this market the better. The problem is that many financial arrangements are dependent on stock prices so stock prices will be supported, artificially if necessary, to prevent a financial collapse.

The bear market will end when the 200 day averages fall through a flat or gently falling market. OTOH, the bear market will continue if overpriced tech stocks rally again.

[arete]

BTW -- Happy Birthday, Big Guy!

Click Here

Richard W.

[razorback-bert]

I will dip into the cellar and have a wee drop in your honor, mine is in a couple of days.

Have you noticed (with some exceptions) how many brilliant people are born around this time of year?

[B4Ranch]

#13 PING

[B4Ranch]

Have you noticed (with some exceptions) how many brilliant people are born around this time of year?

Just the parents celebrating a quiet winter evening.

[steveegg]

Heck, when United fully fails (they're not coming out of Chapter 11 with anything resembling their current structure), that $1.5 billion DIP financing that JPMorgan-Chase is part of ought to be enough to push them past the brink.

[dalereed]

I think JPM is past the brink now, they just haven't been caught.

[STONEWALLS]

" John Snow's appointment didn't seem to help the market today, but neither did anything else."

.....anybody want to take bets on how long it will take for the New York Times to demand Snow resign his membership at the Augusta National?.....

....sign of the times......a TV commercial yesterday from a local car dealer that flashed the following on the screen

Weak Credit?...No Problem!!

Bad Credit?....No Problem!!

No Embarassing Questions!!

....I liked the 'no embarassing questions' part....wouldn't want to hurt that sub prime buyer's self-esteem don'tcha know ;-)

Birthday wishes to Rohry and good luck to all us ants!

Stonewalls

[doc]

Equalization of living standards does not apply to those making these decisions.

[lainde]

BTTT...Happy Birthday rohry!

[GhostSoldier]

.....anybody want to take bets on how long it will take for the New York Times to demand Snow resign his membership at the Augusta National?.....

Snow, tapped as Treasury chief, resigns from Augusta By Associated Press

12/9/2002 15:46

WASHINGTON (AP) Treasury Secretary nominee John W. Snow resigned his membership in Augusta National Golf Club, which has been under fire for not allowing women to join.