The market is waiting to learn the fate of the bailout package and has traded in a very narrow range today (given the high level of volatility). Rallies were on decreasing volume so it looks like 1160 is the next stop. I think the 1136 low will hold, however.
7 comments:
Out of ealier 1198 short at 1183. Don't want to be short overnight.
Okay, okay, I said I wouldn't post anymore today. That's it, I'm done for today.
Thanks for the blog Carl.
The market will begin a rally tomorrow that will last until October 6 with next Tuesday being a "pause" day. This is despite the fact that the DJTA made a lower low today and is likely to drop some more tomorrow. There, I went out on a limb again. :)
"Doc"
thanks for the update.
a strong rally now (before the fed rescue)
might give the impression that the markets (and the economy by extension) are healthy enough not to need a fed rescue.
it would certainly provide cover for the dems to grandstand & resist the rescue.
but can i trade on this?
Solrac
Hi Carl,
The American people are calling for blood, they want no "bailout". If Congress listens to them, the bailout won't happen. I believe this is a real possibility.
The problem is that we've got people who know nothing about economics demanding a say in what happens. Your essay of a few days ago regarding the bailout seemed to be saying: Let the Fed and the Treasury do their job. But the American public and members of Congress think they know better.
This is a real problem in dealing with the crisis at hand in particular, and a problem with democracy in general. Democracy in its purest form is nothing other than mob rule. Democracy nailed Christ to the cross and rolled thousands of innocent heads off the guillotine. With every Tom, Dick, and Harry at every education level and intelligence level getting a vote and thinking he/she knows best about the current economic crisis (and future ones too as they arise), I wonder whether our republic (yes, it is still a republic, not a true democracy, thank God) can survive.
Greg
All you that post "anonymous" should put some initials or something with your posts, otherwise it is mearely useless chatter that no one can follow or understand and skips over, that is unless you like listening to yourself "online" on this blog.
DE
Pres. Bush's speech I thought was very good...now if the croonies in Washington will listen to him and act. I watched them today in Congress and they looked to me as grandstanding...speaking disrespectfully to Paulson and Bernanke. Let's hope...I guess for now that is all we have. Kind regards, Janet
OK,
market is going to go lower before it goes higher
whatever 10,200-10,400 DJIA corresponds to on S&P is where we go next stop.
why do ppl thing the market is going to bolt higher tomorrow, or even today? I don't see anything that says the market is looking good for a rally. then again, I don't see anything that says we are going to crash either. I do see signs of more near term capitulation however.
NIC
Post a Comment