Markets went in a shock after a week of assurance that House will pass the rescue bill...House actually rejected by a convincing margin.....
There is "no credibility" in what politicians say & DO.....
Markets do NOT like "surprises"...thus a total collapse in indices.....
S&P 500 closed @ LOW of the day......
There is a sense of panic on wall street...which is not good for confidence building for the economy.....
World does NOT understand US politician's approach to dealing with serious issues.....
I wish White House, Fed & Treasury come up with a plan which they administer to help unclogging financial mess....without legislative game playing.....
We are 29% down from high...average bear market is down 30% ......
Can market find its footing after this shock.....only time will tell......
So far futures are positive after factoring fair values.......
BLOG does NOT give buy or sell.
PS....sorry for the delay in my post...had to collect my thoughts after freefall in markets.....
Saleem
6 comments:
Hi Saleem,
Nice blog tonight. Anyone nearing retirement or just retired like my dad (he worked till 80) has been stabbed in the back by politicians and wall street. He worked 30 years at one company to have the retirement funds stolen by a corporate raider. Always the little guy who gets the axe. Nice blowout, I must admit. To drive the market that fast takes some real muscle. Market went to what? 8000 on 9/11? I missed that bottom, maybe I can catch a piece of this one. It's great entertainment to watch.
Have a great week.
Hi Standards,
I am realy sorry to hear about your dad's retirement money being stolen.....i am sure he is very proud to have a caring & sensitive son.
Market bottom is always reached in panic selling.....I have a feeling that this shock brought the market washout/capitulation.....
We should build from here.....
Even carter worth of oppenheimer said "no new LOWS".....IBD said start buying on thursday.....
All thse technicians were proven wrong by politics......
We shall see the end of this downdraft soon......
Saleem
Hi All,
Update on the ATL gas situation. Most cities at any distance from the Metro area have gas available. The metro area gas situation is getting worse. Police are now being placed at stations with gas. Panic buying has set in now that the work week started. One station opened for two hours this morning and sold out. All stations in my general area are closed. No stations open in my city or the adjoining city. People are calling in sick to miss work. Retail is suffering big time.
No gas, no money.
Have a great week.
Hi salim ,all
If you can not lie, you can not be good politician.
Luckily i sold JPM, USB,GS. No position, Salim ,what is a good buy..FWLT, UPL, FRO,NAT. BP. GS, JPM, USB. BAC, FFIV, MSFT, CSCO, MOT,AAPL.RIMM. PLEASE LET me know before market open.thaxs
Hi salim, all
Dont be in hurry to buy anythig in the morning hr.Might get good entry point end of the day.However nobody knows.So many good stock but scare to get in.TSL, LDK, ENER, SOL, V, FRO, DSX, FWLT....good luck to all
Hi Ds,
Your list to buy is pretty good...
FFIV has been beaten down..so MAY be best play.....
AAPL,RIMM,BIDU all have been taken to woodshed...so looks good!!!
FWLT has been trashed...so looks good.
Good luck with your list & decision on trade & timing.
Saleem
Post a Comment