Futures are trading 2%+ lower........
Is today the day we discount BSC disaster which fed gave a hint in its Q&A to finance committee??
As fed is extremely aggressive & "ahead of the curve NOW"...there IS a good chance that selling climax will be here on wall street.......imho
Today...I think that we will know the support on S&P 500......
I still hope that close SHOULD be better than low of the day......
Markets ARE discounting even collapse of highly leveraged entity like BSC......rumour has it that BSC @ one time was leveraged 40 to 1.....Friday it was only 30 to 1.......
We should see the final leg of selling done today for all intensive purposes????
Shorts should do a major covering @ some point today...I think shorts are more NERVOUS today as even they think markets are as low as they can get????
I am NOT making any changes in my portfolio as I write this post...but..but..but..will keep a close eye on selling.......
Today...is another day where prices will be extremely attractive @ some point for short & long term traders........
This IS a typical bottoming action of a market which had lot to digest since august.....
Are you taking a note...that Gold is backing off from its overnight high of $32++?????
Again... profit taking is happening in gold also????
Sometimes the bottom/support is found with a blowup like BSC?????
BLOG does NOT give buy or sell.
Saleem
DOUG
ReplyDeleteKeep an eye on POT,DRYS,RIMM,AAPL.....they will recover fast !!!
Please add: OII, GRP, CHL, WHQ and I love POT, moved over $6 bucks in lessa than an hour Friday --twice
Hows that for action?
SALEEM: thanks for the excellent postings on your blog--I do hope that we close at a high for the day
Please!
Good Luck
Good Morning,
ReplyDeleteI'm always impressed with your optimism Saleem!
Bloomberg says Goldman says to expect a full point cut tomorrow. Perhaps good for gold?
Best to all.
Beatrice
Hi MAX,
ReplyDeleteThanks for the thoughts. I own TKC and it looks to be getting sold off hard. I may add at some point. Same thing with ESLR. I just don't know how risky Im going to be at trying to pick a bottom. I think I would rather miss a little and see some recovery, before I dip my toes in. Yes, POT is attractive on any dips!!! Best of luck today.
Hi Beatrice,
ReplyDeleteThanks for your appreciative note.
I have an advantage of being born a "taurus"
This sign always looks @ glass half full....
Taurus keeps me "unrattled" & look forward for the next "leg UP"...
Trust me "there IS a next leg UP...it is a question of @ what time"
Saleem
Hi Madmax,
ReplyDeleteWell.....this day has "finally arrived...when technicians will be fully satisfied with RETEST"
Then we will have a short covering/new money rally.....
Sit tight !!!
Saleem
Saleem,
ReplyDelete...and I have the poor fortune of being born a scorpio.
As I write this, I see Merrill just upgraded the oil drillers: SLB, HAL.... AND UBS downgraded GS (talk about the pot calling the tea kettle black)
Cheers,
B
Hello,
ReplyDeleteI am a newbie at technical analysis and stumbled upon your blog. I appreciate your stocks to watch section as it gives me a chance to go back and tally analysis.
Anyways, looks like your optimism has rubbed off on the markets.
clarke
Hi Clarke,
ReplyDeleteThanks for visiting my BLOG & using the comment section.
I provide lot of information for investor/traders to do their own due diligence.....
Experience & tape reading comes out handy to interpret market behaviour.
Good luck with your strategy !!!
Saleem
HEY
ReplyDeleteI see GREEN
Happy St. Patricks day
Hurray
Thanks Saleem,
ReplyDeleteI am long csun. But down today 0.7$.
There seems to be decent support around 6.8. The chart is beginning to look mildly bullish. Hoping the earnings can kick csun into the leg up.
-Clarke
Saleem
ReplyDeleteIs FED buying off big brokers to stop the selling? Seems that way.
Heading to Tampa, will let you know if I find a recession down there.
Standards
Saleem,
ReplyDeleteI'm no longer in my "safe" stock thank goodness: FCSX.
It's putting on quite a show right now. I would think management would say something if they didn't have some kind of exposure to account for this drop.
Hsu had a strong buy on this company and it's earnings last quarter propelled it to $53 per share.
Can't wait to hear what is causing this and if you should hear Saleem, please pass along the news.
Thanks,
B
Hi Beatrice,
ReplyDeleteFCSX is in commodity risk management business????
Not an area of comfort these days...
It IS down sharply on very heavy volume..triple the average volume in 2 hours????
Saleem
Saleem,
ReplyDeleteThanks for your comment re:FCSX. I just heard it's price action is related to what is happening to MF Global - a futures broker. It's down over 60%.
I thought FCSX was just this nice long standing consultant to commodities players. Maybe the fear is they are losing clients!
B
Ok - last post about brokers. I promise!
ReplyDeleteIBKR is now tanking. I'm not getting what is going on with the broker dealers and why the panic.
B
Hi Beatrice,
ReplyDeleteThere IS a realization that brokers business is being impacted by this bearish tape....thus the plunge.......
Also traders are taking their money out to safer environment like ..Banks.
Saleem
Saleem