These markets and the Fed
If anyone hasn’t seen this video, I think its a must see.
Jim Rogers
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On Tuesday morning the Fed came out to give the markets a boost right at a critical point. On the Dow the 987ema was about to get taken out.
Those red arrows make reference to this post
http://www.thatstockguy.com/2007/10/11/im-not-feeling-this-market/
On the Nasdaq the 1597ema was taken out on Monday the 10th
S&P500
Averages plotted,13,21,34,55,(65),89,(105),144,(170),233,(275),(315),377,(445),610,(720),987,1597
Avgs in () are weekly plotted on a daily as - - -
It seems like Ben Bernanke is a chartist, timing the markets to save/prop these markets. These markets just need to be flushed out! Yes we are in a bear market, and we need capitulation IMHO each time Ben Bernanke steps in all he is doing is slowing down the bleeding which is just delaying the bottoming action.
continued on 3-16-08 11:20am
I just added the S&P500 to the above list. I rarely track the SP500 but after chatting with airbus last night I decided to track that also. I’m seeing a lot of news out saying the bottom is in sight. I find that hard to believe when The Bear Stearns Companies, Inc. (NYSE:BSC) is having some serious problems. My question is who will be next? On the same token right now I don’t want to be short because you never know when the fed is going to jump out from behind that corner. Tonight should be a telling story when the overseas markets open up.
http://finance.yahoo.com/intlindices?e=asia
With all the bad news out there, and the markets the way they are…. what I saw take place on Friday with the stocks I focus on makes me some what confused.
CRGN on Thursday had a 700k+ block cross the tape, on Friday just before the close had a pretty big move before the paint was applied. .62-.79 = 27% move. I can’t even post to buy the break because by the time I open the window, type, and gets read the move was completed. That’s the way its been for a few months now.
I was tempted to add more CRGN but KERX has most of my focus due to the volume it turns - liquid stock.
OLGC also had an interesting day and a very confusing candle for Friday. Someone got pretty aggressive buying it up to .99 early in the AM.
I do feel some what comfortable holding these as they do trade at a major discount to cash.
When in doubt, stay out
| Stocks Mentioned In This Article | |
|---|---|
| Stock | Links |
| BSC |  |  |  D | W |  5 | 3 | 2 | 1 | E |  N | PM | AH |  |
March 16th, 2008 12:28
Nice work.
March 16th, 2008 20:04
Thanks Andrew,
This isn’t good… BSC for 2 dollars.
Shares of Bear Stearns closed at $57.00 Thursday, before that agreement was announced amid news of the company’s liquidity crisis.
http://www.marketwatch.com/news/story/jp-morgan-buy-bear-stearns/story.aspx?guid=%7B9B6A846F%2DA585%2D4123%2DBB53%2DCB3E07A3CFCE%7D
March 16th, 2008 20:04
The Federal Reserve on Sunday cut the rate on direct loans to commercial banks by a quarter-point and said it will allow primary dealers to borrow at the rate in exchange for a broad range of investment-grade collateral.
http://www.marketwatch.com/news/story/fed-cuts-discount-rate/story.aspx?guid=%7B3D168510%2D4A22%2D4F0B%2D9E52%2DECE3672E3E9F%7D&dist=hplatest
March 16th, 2008 20:45
Wow! What are they going to do on Tuesday? I don’t think cutting rates in such a “hurry” manner is Bullish sign. You are right, Ben is trying to draw charts. How long can he do that, though?
March 16th, 2008 21:42
Here is a video of the CEO of Bear Stearns on CNBC
Wed. Mar. 12 2008 | 9:05 AM
http://www.cnbc.com/id/15840232?video=682914860&play=1
From what I’ve been reading market has priced in 3/4 rate cut. You’re right nothing bullish about that. He’s trying to ease the problem but it doesn’t seem to be working. I have no idea how long, the dollar doesn’t have much further to go before it really starts to free fall.
March 17th, 2008 00:22
Living Large……
8/28/2006-Peter Schiff On Kudlow & Company
March 18th, 2008 12:58
Here is a weekly chart of the Dow with that moving average I talked about several times…. 170ema
http://stockcharts.com/h-sc/ui?s=INDU&p=W&yr=3&mn=0&dy=0&id=p10506050381
Is this the bottom or is this just a bounce in a bear market? That 170ema plays as major resistance in many of my small caps on daily charts. I’m still on the fence, I see a lot of green today, but small % and not much volume. The $NASI is still heading down.
http://stockcharts.com/h-sc/ui?s=NASI&p=D&yr=1&mn=0&dy=0&id=p12213129352
The Markets are up big! Whats going to happen when the FED makes the announcement, sell the news? Still waiting for the buy signal……..
March 28th, 2008 17:18
At the beginning of this month we had “3 crows” candles (very bearish sign) in DOW and FED reversed the trend by announcing $400 billion bailout for investment banks. Today we had another set of those 3 “birds” and what the FED tried to do? No kidding - “Fed Offers $100 Billion More to Banks”. That news was actually reported today (Friday) early afternoon but market somehow ignored it this time. I wonder why?
http://www.washingtonpost.com/wp-dyn/content/article/2008/03/28/AR2008032801517_pf.html
Fed Offers $100 Billion More to Banks
By MARTIN CRUTSINGER
The Associated Press
Friday, March 28, 2008; 4:42 PM
WASHINGTON — The Federal Reserve announced Friday it will auction an additional $100 billion in April to cash-strapped banks as it continues to combat the effects of a credit crisis.
The central bank said it would make $50 billion available at each of two auctions, on April 7 and April 21.
(…)
March 29th, 2008 02:34
Here they come again…on Monday.
==============================
http://www.nytimes.com/2008/03/29/business/29regulate.html?ei=5065&en=7ba12b1b93b17830&ex=1207368000&partner=MYWAY&pagewanted=print
March 29, 2008
Treasury Dept. Plan Would Give Fed Wide New Power
By EDMUND L. ANDREWS
WASHINGTON — The Treasury Department will propose on Monday that Congress give the Federal Reserve broad new authority to oversee financial market stability, in effect allowing it to send SWAT teams into any corner of the industry or any institution that might pose a risk to the overall system.
The proposal is part of a sweeping blueprint to overhaul the nation’s hodgepodge of financial regulatory agencies, which many experts say failed to recognize rampant excesses in mortgage lending until after they set off what is now the worst financial calamity in decades.
(…)
March 29th, 2008 18:40
Thanks Andrew for the stories and links. I didn’t know about the 100B on Friday. The latest article you posted…ummm I’m speechless. They create the problem, and now given more power?
April 2nd, 2008 02:09
Internet Hoax Gooses Stock Market
http://seekingalpha.com/article/70771-internet-hoax-gooses-stock-market