there are some new lows out of some of the regionals,
I knew mtb... MTI? not sure... but I saw that low, but fitb
I think it's important how those respond... one as a dog and one as a stock still above 30.
The play is to pick up the banks before earnings.
It's almost 2 eastern, and on the rebound I ran through the banks and for the most part buyers had shown up.... It will be interesting to know if that goes on till the close.
I wonder if City selling the brokerage unit... could be the piece of news that finally turns the banks... That final piece of bad news that cooks it all in....
Monday, January 12, 2009
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Interesting take on the bump. I thought it was a dead cat bounce. If banks were going to rally on Citi's news, why didn't they do it earlier today?
We have to be a bit farther away from any short covering rally.
We had that crazy 2pm sell off... I guess it's because of barney frank and them saying that there should be penalties to take the money.
We still have selling, feels like we will end near the lows.
we are still near that 86 level on the spy... this part of the sell off, at least feels like some panic.
When I said "buy before the earnings", I mean friday... it would be interesting for them to catch a bounce before then.
Fugly
Theories on how we close? Seems oversold to me, but I'm not grabbing a falling knife.
if the 4:10 move makes a higher low... we can get a rally.. but as I type the dow is on a lower low and the spx just made a new low....
Umn... the move from 4-4:15 usually decides momentum through 4:30.. then at a minimum we need some short covering...
Typically there is a trend from 15:10 to 15:30(or so), the trend from 14:50 to 15:09 tries to anticipate that trend(that trend is caused by the Mutual funds, and is programed buying/selling at 15:10 and 15:20)
then at 15:30 or so, there is another inflection point, for the trend from 15:30-15:50.
Then the last 10 minutes tends to be Mean reversion.(not mean reversion to the trend, but against the trend selling all day = buying, Buying all day = selling)
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