Here is an hourly chart of the September S&P e-mini futures. I think we just made the low for the day at 1380, a level which makes the day's range about 35 points, a typical day's range if we aren't going to see a panic today. I think the futures are about to rally 50-75 points.Thursday, August 16, 2007
Darkest Before the Dawn
Here is an hourly chart of the September S&P e-mini futures. I think we just made the low for the day at 1380, a level which makes the day's range about 35 points, a typical day's range if we aren't going to see a panic today. I think the futures are about to rally 50-75 points.
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Carl, can you work up an update to the domed house to see how the current panic fits into the scheme?
Thanks.
From your lips to God's ear!!
That would be amazing! Did I mention I'm from Missouri?
"Guesstimates on August 16, 8:50 am ET"
Could you try to give some input on subprime, yen carry trade and hedgefund trouble in combination. A black Swan ?
1375 now.
Have you taken up yoga lately and you are actually looking at the charts while standing on your head?
Not meant to be nasty I just thought most people could use a little levity on a day like today
Picking a new support level every day eventually you're going to be right. And then many of your readers can tell you what a great call you made.
So, I just have one question Carl. Would you buy Countrywide right here when they are exhausting their line of credit to remain liquid? Because that is what you are implying that the major market participants are going to do. The market is still extremely overbought on an intermediate term basis.
Hi,
It's all about Lindsay domed house if you see nasdaq 100 daily, have you lose the grip on Lindsay charts when they are on the screen of reality ?
Wish you the Best.
AL
Another day another support broken..
The day Carl says market will fall is the day I will buy..Till then I say SELL..
The cash S&P has gone down to 1370, only 5 points above the trendline drawn from the March 2003 low thru the July 2006 low. Seems likely to me that that trendline (today at 1365) ought to be major support. Lord helps us if it breaks below that significantly.
Wait a minute ... Did I just see some buying flash across the screen? I could have sworn that was the first buying I've seen in awhile. Carl, was that you backing up the truck?
WE are going to see panic today.
Now, we are in retracement.
Watch last 30 min.
Dr. Futia:
I'd like to suggest that you inject some levity in your postings just to take the edge off the current situation. For example:
A rabbi and a priest get into a car accident and it's a bad one. Both cars are totally demolished, but amazingly, neither are hurt. They crawl out of their cars and the rabbi sees the priest's collar and says, "So you're a priest. I'm a rabbi. Just look at our cars. There's nothing left but we are unhurt. This must be a sign from God. God must have meant that we should meet and be friends and live together in peace the rest of our days." And the priest said, "I agree with you completely. This must be a sign from God."
And the rabbi said, "and look at this. Here's another miracle. My car is completely demolished but this bottle of Mogen David wine didn't break, surely God wants us to drink this wine and celebrate our good fortune. And so he handed the bottle to the priest. The priest said he agreed, took a few big swigs, and handed the bottle back to the rabbi. The rabbi took the bottle, didn't drink at all, put the cap on, and handed it back to the priest. The priest asked, "aren't you going to have any?" And the rabbi replied, "No . . . I think I'll just wait for the police."
Just a thought and have a nice day
Jim
PLEASE CAPITULATE!!
YOU ARE WRONG OVER 1000 POINTS!!!
PLEASE CAPITULATE FOR BULLS SAKE!!!
YOU COULD BE REACTIVE UNTIL WE ATTAIN A CONFIRMATION!
I PICKED ALL PREVIOUS BOTTOMS AND I'D LIKE TO SEE BOTTOM ... TOO!
YEAH, YOU ARE THE LAST SURVIVING BOTTOM CALLER... AFTER HOW MANY POINTS WRONG???
YOU MIGHT THINK THAT WE HAVE "DOUBLE BOTTOM!!"
I HOPE SO TOO, BUT I WISH THAT YOU CAPITULATE!!
I CALLED EVERY MARKET TOPS/BOTTOMS, BUT I'D RATHER BE CAPITULATED THAN BEING WRONG 1000 + POINTS AND WHO KNOWS HOW MANY MORE POINTS!!!
I CALLED 7/19 TOP TOO! BUT I STOP TRYING TO PICK BOTTOM !! FOR THE SAKE OF BULLS!!
CAN YOU HEAR ME????
SORRY
I KNOW THAT YOU THINK THAT YOU'VE SURE SIGN FROM GOD THAT WE HAVE A REAL BOTTOM NOW!!!
YOU ARE THE LAST BULL BUT WRONG OVER 1000 P0INTS.
SORRY FOR SCREAMING!!!
I decided to introduce some levity by publishing the 4 comments by anon (in capital letters) you see right above my comment.
Enjoyed your levity. Might have even been better than the priest and the Rabbi joke. I think you're on the right track.
Jim
The screaming is quite amusing, i can almost smell toasted bear.
I have to question todays moves in the market. A lot of people bought puts. Today was options expiration. The close made those puts as cheap as possible.
I am not so sure this day proves much of anything except there was a lot of volatility.
There are still going to be liquidity issues tomorrow, next week...
I am still of the opinion that liquidity (or lack of it) will rule for some time to come and that means we will soon again be headed lower.
We are hardly out of the woods yet, but the 40 point rebound in the last hour makes Carl's call downright prophetic! What say you Anon? My guess is that the credit freeze will thaw in time to avoid permanent damage to this market. If this happens, don't believe housing situation alone will cause recession.
Carl,
Don't let the kids get to you! :-)
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