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Imminent and severe market correction

A tit-bit from this weeks "Privateer Newsletter"


To quote a further conclusion from my source
"This is bigger than the subprime mess"
"

So further to your report above Sassa, the raising of funds will need a lot of spin now.
 
Re: George Soros :Short

According to an interview yesterday on the BBC ,George Soros is short in both European & American Markets,quite pessimistic.Cheers Mike
 
I wonder what the price on his head is?

If there is one though , I have noted that anyone that speaks out against the pro-Israeli stance is flogged severely . Being one that supports the Israeli cause I find it perplexing and without creedence as opinions are suppose to be welcome even though they may differ from others . Many overstate the positions held , then again many overstate the position the US markets and economy are in . If anyone was to cop some flak on their economic stance it would surely have to be Poole and it is always sobering words that come from Lacker and Poole . After all they're only trying to keep the bastards honest , but perhaps and just perhaps , they will go the same way our Dems went or are heading ........ into obscurity . Gag the truth and publish the BS .

Like the unemployment situation is due to teenager workers .

MOOOOHAAAHAAA .
 
Re: George Soros :Short

According to an interview yesterday on the BBC ,George Soros is short in both European & American Markets,quite pessimistic.Cheers Mike


So he's shorting the market...hence the outward pessimism. It would be great if the media wouldn't give these people the time of day.

He's a trader/investor not an economist.
 
Re: George Soros :Short

So he's shorting the market...hence the outward pessimism. It would be great if the media wouldn't give these people the time of day.

He's a trader/investor not an economist.

I totally agree.

I also subscribe to the theory that these "guru's" end up doing the opposite to what they say to the media.
 

Typical spin from the cheerleaders. Also heard that the minimum wage hike last year is pricing teenage workers out of the market. But if you actually look into the numbers you can see that the teenager effect was only part of the story. The following came from the BIG PICTURE:

 


http://online.wsj.com/article/SB121295844546455357.html?mod=hpp_europe_whats_news
 
Investors don't need bond markets to tell them which way is down -- the bad news just keeps coming. Downgrading the monolines will wipe billions off bonds. Lehman is toast -- they just don't know who is big enough to bail them out.

So, anyone want to take a punt on where the market is headed tonight?

I don't do waves -- I'll just stick to my megabear forecast. Down, with the worst yet to come, no bottom this year. Whiskers?
 


Absolute crap and the martkets will continue to hold and sometimes rise on the crap. So tired, would someone else explain that we are all broke. A lot of us dont know it yet
 
So, anyone want to take a punt on where the market is headed tonight?
?
I've just checked CFE in London. It's up. That is one that should be up here tomorrow. I doubt that it will be the only one. The price of oil and the credit squeeze may make the overall market fall but the oil and gas should do OK. All is never lost. When the speculators turn from buyers to sellers they will talk the market up again.
 
Things were looking relatively bright in the US this evening until Lehman Brothers dropped this bomb:

 

I usually am thanks sassa. ... but you're right, there will be more pain to come... carried over for another day, eh Uncle Festivus.
 
I usually am thanks sassa. ... but you're right, there will be more pain to come... carried over for another day, eh Uncle Festivus.
It will whipsaw with a negative bias until the permabulls capitulate under overwhelming evidence. Stand close to the exits
 
Looks like interest rate cuts are done... what with news reports that rate rises are back on the horizon, and as many of us expected, the US admin talking up the USD and not ruling out intervention to prop it up 'just in time' to save/improve the US economy.

Who says they are the leaders of the 'FREE' world.

But as I have emphasised, political adgenda corrupts the free markets, and usually wins out in the short term.

Despite a couple of aspects not fitting neatly with common EW thoughts, I'm thinking this is the bottom or near to of intermediate wave c, leg 2 of the next impulse up.

The main area where I differ from most is where I call August the intermediate (circled) wave 5 and the August low intermediate A with the Oct high (on low volume) B.

I know it may be a controversal point, but I initially tried calibrating by eye of the chart and wasn't satisfied. So I got thinking about the intent of EW and calibrated the moves by priority of the most important criteria. It makes more sense for me... but again I'm open to discussion.

Actually I will post a detailed chart on the XAO as that is what I am more interested in and for the most part resembles the DJIA.
 

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Where do you get that eternal optimism about the markets?

I don't do EW, but to my eye the chart simply looks like a primary downtrend since that peak back in October. On a historic scale it looks like a bull market that should run 12 months or more, and the secondary uptrend since March is a typical retrace. The expected target would be around 1050 or so, about Xmas, and this would bring PEs back to where stocks start looking cheap again.

The devastating economic news means it could go lower or longer. A major event like Lehman folding would produce a 100 point drop.

So I can see why you might keep dancing, but I'd hope you keep close to the exits.
 
Been doing a bit more maths on my EW wave count.

It seems that my wave c can extend down to abt 11,735 and still be valid.

That's testing the limits of a Flat corrective wave c... of all the high oil speculators and the bears as well... oh, and the nerves of the bulls too. :
 
Actually, that should be about 11,800'sh.

Still a bit sleepy eyed. :
 
Whereas to me it looks like a target of around 10,000.

I wonder who'll be closer.

It could well be in now. The market likes the better than expected retail sales. Inventories are up also. Oh and I think they liked kicking a couple of arses at Lehmans.

Get another positive CPI tomorrow and I think I'd be game to say game over. Economic ruin and recession a non event... apart from the anxiety and panic attacks some have suffered.
 
And of course there are differing opinions as to the market's performance-


http://www.ridingthedax.com/2008/06/12/every-day-the-same-structure/
 
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