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ES and the Great POMO Rally


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ES and the Great POMO Rally

  #681 (permalink)
 
tigertrader's Avatar
 tigertrader 
Philly, Pa
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MIDAS Support Line - ESU 1087.00 SPY 110.35

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  #682 (permalink)
 Michael.H 
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This just shows you how little these news reporters know about the market. First, no professional trader uses the dow as the barometer of stock market health, its either the spooz or the small caps.
Second, you don't report how many "points" the market has moved, since is all relative based on how where your currently trading. Its has to be percentages. I remember the drop where the dow lost about 1000 points( when the algo's went off and we had a huge drop in a matter of minutes last year), and they reported it as the biggest drop in history. WRONG, check the crash of '87. Lost about 20% in one day.. now that sucks.


This post has nothing to do with screentrader, just venting about news stations and how they try to create panick.

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  #683 (permalink)
 
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 redratsal 
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tigertrader View Post
MIDAS Support Line - ESU 1087.00 SPY 110.35

The problem with midas it requires a starting date, I noticed you took the LL March 09. It will also slighty change if you change the time frame. If everybody is taking the same anchor point with the same setups, it than makes sense to me.

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  #684 (permalink)
 
Lornz's Avatar
 Lornz 
Oslo, Norway
 
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Michael.H View Post
This just shows you how little these news reporters know about the market. First, no professional trader uses the dow as the barometer of stock market health, its either the spooz or the small caps.
Second, you don't report how many "points" the market has moved, since is all relative based on how where your currently trading. Its has to be percentages. I remember the drop where the dow lost about 1000 points( when the algo's went off and we had a huge drop in a matter of minutes last year), and they reported it as the biggest drop in history. WRONG, check the crash of '87. Lost about 20% in one day.. now that sucks.


This post has nothing to do with screentrader, just venting about news stations and how they try to create panick.

Well it worked, I'm scared shitless (pardon my Norwegian)...

It seems pointless (oh, yes.. pun intended) to compare moves in points, not percentages.

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  #685 (permalink)
 
Lornz's Avatar
 Lornz 
Oslo, Norway
 
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tigertrader View Post
MIDAS Support Line - ESU 1087.00 SPY 110.35

No, no, no... Help me sell it down below 1000!

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  #686 (permalink)
 
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 redratsal 
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Lornz View Post
No, no, no... Help me sell it down below 1000!

Common Lornz you seem pretty young, you don't need to retire yet, isn't it at 67 in Norway

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  #687 (permalink)
 
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 Lornz 
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redratsal View Post
Common Lornz you seem pretty young, you don't need to retire yet, isn't it at 67 in Norway

Hehe, that's right.. 67... But I want to retire way before that, I have other things I want to do with my life...

At least the Germans agree with me, DAX was down 6% earlier. I hope they're just taking a breath before they send it further down...

Who wants to bet Ben will be buying later today?

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  #688 (permalink)
 
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 redratsal 
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Private Banker View Post

Curious to see if BofA fails in the next few days followed by Citi. These TBTF's have been zombie banks for years. It's time for them to meet reality.

I was amazed by your curiousity (almost morbosity) to see BAC and C's future go chapter 11. BAC has one of the strongest balance sheets among US banks:

- 140 B$ cash
- 300 B$ in securities
- 126 B$ in tangible equities
- 206 B$ in equities
- More trading assets than trading debts
- More derivative assets than derivative debts
- Not much exposed from EU sovereign debts

From fundamentals is BAC 6.51USD a fair share price?

Personally I don't care about BAC and C but I am worried about the consequences a bailout would bring to the US and global economy. Last but not least, with all this cash available, who is going to cash in the markets volatiliy ? Like it or not it's always the same story, I think there is enough to fight any law suit.

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  #689 (permalink)
 
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 tigertrader 
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redratsal View Post
The problem with midas it requires a starting date, I noticed you took the LL March 09. It will also slighty change if you change the time frame. If everybody is taking the same anchor point with the same setups, it than makes sense to me.

So far so good. The SPY chart is even better, but it won't update till eod.

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  #690 (permalink)
 
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 Private Banker 
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redratsal View Post
I was amazed by your curiousity (almost morbosity) to see BAC and C's future go chapter 11. BAC has one of the strongest balance sheets among US banks:

- 140 B$ cash
- 300 B$ in securities
- 126 B$ in tangible equities
- 206 B$ in equities
- More trading assets than trading debts
- More derivative assets than derivative debts
- Not much exposed from EU sovereign debts

From fundamentals is BAC 6.51USD a fair share price?

Personally I don't care about BAC and C but I am worried about the consequences a bailout would bring to the US and global economy. Last but not least, with all this cash available, who is going to cash in the markets volatiliy ? Like it or not it's always the same story, I think there is enough to fight any law suit.

Let me clarify by saying it's possible they could fail but not a guarantee. This is based on a variety of factors most importantly their CDS pricing. As for their assets and liabilities. It has been proven that there assets are extremely overstated, their liabilities have been understated and their book value is grossly wrong all through the assistance of loose accounting rules all approved by the FASB.

I don't mean to create a heated debate or anything as this is just my and a large amount of Trader's on Wall Street's opinion. During trying times and chaos, the bad assets seem to find a way of showing their ugly little heads. Take 2008 for example. We'll see if they have enough cash to fight the long line of lawsuits because again the CDS pricing states otherwise. But politically, another round of bank bailouts will be met with extreme opposition. That's why this is getting so interesting. By the way, I've been short BofA's stock since March, so I guess that would explain my bias.

Cheers,
PB

Update: Dick "Lehman Bros" Bove just recommended BofA as a good buy at these levels. Deja vu? Lol!

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