The stock market Averages, a few global ETF’s, solar, Apple, Google have held so far.
Those are the last things standing. the actual crash has happened, it has been rotating. Homebuilders, Mortgage Companies, Brokers, Banks, today insurers.
The averages are masking the real carnage. I have only seen this type of price depreciation (speed and percent) a few times in 11 years.
The SPY acts the weakest because it has been weighted down by financials. I have blogged this for a year. When technology took over a disproportianate percent of the S&P in 2000, that unwinding took a few years
So you want to predict tomorrow?
I am buying QQQQ calls, but it’s small and I have no great feel and tons of cash at this point. With the VIX finally flying, another probe to the upside seems like a good trade.
Howard said:
“…I have no great feel and tons of cash at this point.”
Since you’re awash in cash, how about a large, one time cash dividend to your loyal readers and blog contributors? :)
great idea..please forward me your wiring instructions. all of you.
also – leave your social security and date of birrth here so i can sell it in romania
Naw, just send the dividend through Western Union.
Wow Howard, you’re moving up in the blog world. Targeted spam comments!
The probability of a move to the upside tomorrow is inversely proportional to the number of time the word ‘stimulus package’ is uttered tomorrow in the news.
I’ve got an excel spreadsheet model that proves it out to 26 sigma. Investors?
spam comment is the lowest form of human/compter behavior and it will be removed
“…so i can sell it in romania” Lifelock protects against that.
Now back to our regularly scheduled comment:
I may be buying some Q’s calls as well if we get a morning drop. Fading whatever move we get is probably the smart move on oex especially after this slaughter.
The drama that’s playing out now is in the bond insurance realm. They are going to need a Planetary Wealth Fund from another solar system to attract the funding needed for Ambac. Ambac down over 70% in 2 days is downright scary stuff.
Quick fiscal take… Bernanke said nothing new and is like a deer in the headlights, Bush is starting to remind me of Hoover — they just don’t get it in DC and that further prompted investors to sell.
Expiration tomorrow will be interesting. at some further point down, maybe about 10 more down on the OEX and market makers will be forced to sell futures contracts to ease losses.. that whole domino thing. So I would imagine that the rise in futures tonight on IBM and a few others has some hoping Big Blue can carry the day again, as it did earlier in the week.
JimK-
Any chance of firing up the Kingsland report again?
wishful thinking..
i miss kingsland
to be the sky is falling/history repeats cliche- isnt this the similar 87 setup- selling hard in the week and on monday the kick to the huevos?