Markets were sharply LOWER on Geithner VAGUE 2nd TARP relief.....
Last thing that this market needed was a "concept only".....
It IS a "detailed plan" which market has been WAITING for????
DOW being the weakest index promptly went to the LOWEST close since that famous 52 week LOW of 7552.29 on Nov 20th...which is also this bear market LOW.....
Where do we go from here.....will be decided by the end of this week Friday ...as we go into another long weekend....Presidents day holiday on Monday......
I cannot blame technicians or traders who benefited from short position today..thanks to Treasury Secretary "verbage"......
Even Gold stocks gave UP all their GAINS while Gold closed UP @ $913.70...
Canadian $ got a Royal beating and was Down 1.74 cent.....a major downleg.....not happy about this...
TOL reports some preliminary data before open.....see what they say about the state of housing trend.....
BLOG does NOT give buy or sell.
Saleem
7 comments:
Hi Saleem,
Trading range narrowed? Watch this tape come creeping back. It's not like everyone did not know the bill coming out was a junk list. It was plain as day light. IMHO this is just sell on the news...............so they did. Business as usual in Washington. Nothing new under the sun. Clinton said only the rich will pay more taxes. The rich start at 30k per year.
Hi Standards,
Yes it was sell,sell,sell after "no miracle unfolded"
CHANGE in washington will come ..but GRADUALLY....
Saleem
Hi Saleem,
Ha! Better ask MADMAX about Washington, he lives there!
As far as dry bulkers go, DRYS has the biggest capacity and covenants are waived by the banks. Dividends stopped. A nice move in the BDI will put DRYS back into a cash cow status. DSX & GNK right on DRYS heals. IMHO.
Best Regards
Hi Standards,
Reality of economic slump WILL force CHANGE in atitude....it cannot be business as usual.
Somehow i like GNK & EXM for an entry....
Saleem
Hi Saleem,
BDI +81 to 2055 moving up. Lots of profit taking in Dry Bulk.
Best Regards
Hi Saleem,
Bad news sinking Dry bulkers. Korean bulker going bankrupt. DRYS & GNK tied to Korean bulker. Arrrgh!
Best Regards
Hi Standards,
This was the rumour for about 3 weeks on EGLE board....thus made the decision to sell.
Saleem
Post a Comment