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
16 comments:
DOUG
Keep an eye on POT,DRYS,RIMM,AAPL.....they will recover fast !!!
Please add: OII, GRP, CHL, WHQ and I love POT, moved over $6 bucks in lessa than an hour Friday --twice
Hows that for action?
SALEEM: thanks for the excellent postings on your blog--I do hope that we close at a high for the day
Please!
Good Luck
Good Morning,
I'm always impressed with your optimism Saleem!
Bloomberg says Goldman says to expect a full point cut tomorrow. Perhaps good for gold?
Best to all.
Beatrice
Hi MAX,
Thanks for the thoughts. I own TKC and it looks to be getting sold off hard. I may add at some point. Same thing with ESLR. I just don't know how risky Im going to be at trying to pick a bottom. I think I would rather miss a little and see some recovery, before I dip my toes in. Yes, POT is attractive on any dips!!! Best of luck today.
Hi Beatrice,
Thanks for your appreciative note.
I have an advantage of being born a "taurus"
This sign always looks @ glass half full....
Taurus keeps me "unrattled" & look forward for the next "leg UP"...
Trust me "there IS a next leg UP...it is a question of @ what time"
Saleem
Hi Madmax,
Well.....this day has "finally arrived...when technicians will be fully satisfied with RETEST"
Then we will have a short covering/new money rally.....
Sit tight !!!
Saleem
Saleem,
...and I have the poor fortune of being born a scorpio.
As I write this, I see Merrill just upgraded the oil drillers: SLB, HAL.... AND UBS downgraded GS (talk about the pot calling the tea kettle black)
Cheers,
B
Hello,
I am a newbie at technical analysis and stumbled upon your blog. I appreciate your stocks to watch section as it gives me a chance to go back and tally analysis.
Anyways, looks like your optimism has rubbed off on the markets.
clarke
Hi Clarke,
Thanks for visiting my BLOG & using the comment section.
I provide lot of information for investor/traders to do their own due diligence.....
Experience & tape reading comes out handy to interpret market behaviour.
Good luck with your strategy !!!
Saleem
HEY
I see GREEN
Happy St. Patricks day
Hurray
Thanks Saleem,
I am long csun. But down today 0.7$.
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
Is 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,
I'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,
FCSX 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,
Thanks 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!
IBKR is now tanking. I'm not getting what is going on with the broker dealers and why the panic.
B
Hi Beatrice,
There 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
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