We are down 300 in the futures. My official call is still Monday-Tuesday. I'm a complete broken record here.
We have the maria Barteromo"Crash" sign. Joe Kiernan looked like he wanted to cry this morning. 
This chart above is t is 9 days of the spy.... umn That is a nice wedge there, into a spike low. Below the yellow line. That is one shitty ABC correction... but it's a crash.... On tuesday I said we need another leg down... and we got it yesterday... Overall I stick with my monday tuesday call. But ... With that leg down... if I were a hedgie. I'd start covering.. I will also clear all my short positions this morning.
I'd say there is a strong chance the market is going to surprise us this morning. As part of my call it was a nice spike bottom... but on monday we got it yesterday..... things are crazy, Even I'm talking dow 6K... That is how crazy things are.
As bad as things are.. we have to have exhaustion soon...
250 posts on one of BR posts. Nobody is calling a bottom. I checked his traffic, and we didn't get a spike. that is bad news
I say it's worth a shot this morning..... May want to wait for the armageddon bears come in and sell it. Things are trading at 52 week lows... Blue chips..... seems like even if ... we are close enough that once we do get a bounce it should dig us out......
My boys.. CSCO and WFC got clobbered yesterday.... They shoot the generals right?
I'm OPTIMISTIC!!
Bet your bottom dollar
That tomorrow, therell be sun
Jus thinkin about, tomorrow
Clears away the cobwebs and the sorrow
til theres none
When Im stuck with the day thats gray and lonely
I just stick out my chin and grin and say, ohhh
The sun will come out, tomorrow
So you gotta hang on til tomorrow
Come what may...
Tomorrow, tomorrow
I love ya, tomorrow
Youre always a day away
(instrumental)
The sun will come out, tomorrow
So you gotta hang on til tomorrow
Come what may...
(repeat chorus)
Tomorrow, tomorrow
I love ya, tomorrow
Youre always a day a--way
6 comments:
csco isn't at 16 yet. We have another big day down. Why wouldn't funds need to redeem this afternoon?
Bloodbath and nobody will come in to save it. The good thing about this is that this country may need to re-discover the joy of working for a living again. Put down the gameboys and pick up a shovel, as you said.
The Zen koan about "chop wood, carry water" comes to mind. The party's over, but we will be a better culture for it in the long run.
I'm liking your more philosophical approach these past few days, Eric. It's very becoming. You're deep.
CSCO 16, then I'm in. I wouldn't cover the shorts til later in the day.
LOL... I'm tired is the thing...
I'm just throwing it out.
I was looking for the spike low... and we got it.
but the thursday sell off neutral friday, Plunge monday/tusday is standard play book.
Keep your eyes open..
Why cover shorts today. Why not wait til Monday?
I'm covering only half the shorts in case they cancel shorting or something (I doubt it but just in case).
Eric, I'll be putting a "shopping list" over the weekend, anything you like besides csco and wfc? Ah can't wait to go long!
TED spread went up 3% in minutes
the 2 year swap is down 160 earlier in the week. now it's 140
overnight libor is down...
but all that is chaos at the moment.
Look at coal, transports and retail.
Little bird suggests oil service for a bounce...
I still wonder if retail will bottom at thanksgiving.
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