Imminent and severe market correction

[Wysiwyg]

A couple of days late with my observation but many stock stochastics are at the over-bought and past stage.

 

[doctorj]

S&P 500 MINI - BEFORE THE OPEN

800 FINALLY GAVE WAY.

Blame Moody's - the end is nigh apparently.

See https://www.aussiestockforums.com/forums/showpost.php?p=398966&postcount=15

 

[sinner]

Bloody volatility! There's even volatility on the VIX! I give up

Stopped out of my VIX long and made the capital back shorting the SP500. What a joke! Lucky I checked before bed.

I have put more hours in today than the whole last week and now right before bedtime after all said and done +13 pips. I might as well give up chasing the next big move and concentrate on smaller trades again.

Will just settle for drooling over my gold sector gains on the ASX tomorrow!

 

[Aussiejeff]

US market drop 5% we drop 10 points, the countries full of optimists, I'm not one of them.

Oh, MrBurns - I would never have guessed!

I'll let you in on a little secret - me neither. Though I'd prefer to define myself as a "realist" more than a "pessimist". Optimism definitely has it's place in the world - at the appropriate time, when it reflects reality - and AFAIC I don't see this as being one of those times for unbridled optimism!

Shall we see how the un-bridled, cavorting optimists go today then??


aj

 

[MrBurns]

Oh, MrBurns - I would never have guessed!
I'll let you in on a little secret - me neither. Though I'd prefer to define myself as a "realist" more than a "pessimist". Optimism definitely has it's place in the world - at the appropriate time, when it reflects reality - and AFAIC I don't see this as being one of those times for unbridled optimism!
Shall we see how the un-bridled, cavorting optimists go today then??
aj

I agree entirely, my neighbor last year was telling me I was a pessimist for not getting in, I said i have a bad feeling about all of this, and he just scoffed and said all the usual bulldust you get when people get lucky and think it's their investing talent.

I estimate he would have lost $1M at least, he hasn't told me but at least I would think.

I'm going to knock on his door soon and say what are you worried about, it'll come back don't be a PESSIMIST ! HA

I call it being realistic too and I have the runs on the board to prove it.

It used to really **** me when he called me a pessimist, well now it's his turn.

 

[jono_oz]

Wesfarmers profit up 46%, Woodside Profit up 73% - share prices go down

 

[CamKawa]

Here's a movie for the bears.

I.O.U.S.A

"Few are aware that America may be on the brink of a financial meltdown. I.O.U.S.A. explores the country’s shocking current fiscal condition and ways to avoid a national economic disaster."

 

[CamKawa]

I agree entirely, my neighbor last year was telling me I was a pessimist for not getting in, I said i have a bad feeling about all of this, and he just scoffed and said all the usual bulldust you get when people get lucky and think it's their investing talent.

I estimate he would have lost $1M at least, he hasn't told me but at least I would think.

I'm going to knock on his door soon and say what are you worried about, it'll come back don't be a PESSIMIST ! HA

I call it being realistic too and I have the runs on the board to prove it.

It used to really **** me when he called me a pessimist, well now it's his turn.

Bears aren't pessimistic people. Bears are people who look for value.

 

[sassa]

An absorbing read(4 mins.)on Tim Geithner.

FOOL ME ONCE, GEITHNER, SHAME ON YOU, FOOL ME TWICE..

http://www.newgeography.com/content/00585-fool-me-once-geithner-shame-you-fool-me-twice

 

[Aussiejeff]

Dejavu. The Thursday sucker rally heading into the Great OZ weegend.

BUY, BUY, BUY, you lil' Ozzie sucke... errr - investors

Ummm. Anyone like to guess what will likely happen to the DOW come our Saturday (Fri close US time)? Good setup coming for another "severe" short leg down early next week our time?

Well, whatever. Good luck to any buy-'n-holders. They might need it.

 

[Aussiejeff]

Well, this overnight development might not sit well with financials in the short term...

[size=+1]The U.S. government sued UBS AG, Switzerland’s largest bank[/size], to try to force disclosure of the identities of as many as 52,000 American customers who allegedly hid their secret Swiss accounts from U.S. tax authorities.

U.S. customers had 32,940 secret accounts containing cash and 20,877 accounts holding securities, according to the Justice Department lawsuit filed today in federal court in Miami. U.S. customers failed to report and pay U.S. taxes on income earned in those accounts, which held about $14.8 billion in assets during the middle of this decade, according to the court filing.

http://www.bloomberg.com/apps/news?pid=20601087&sid=aHxdrBYdaJD4&refer=home

I wonder how many more Madoff's & Stanford's they might shake out of the Ponzi Tree?

I also suspect that "about $14.8 billion in assets" is waaay conservative.

 

[>Apocalypto<]

Some thing I noticed for us all to ponder, take from it what you like. :alcohol:

see chart and enjoy..................

 

[wayneL]

Some thing I noticed for us all to ponder, take from it what you like. :alcohol:

see chart and enjoy..................

Symmetry?

 

[gfresh]

Yup, this is going to get messy.. UK market has a long way down as well. Could be the final capitulation many have been expecting.

 

[So_Cynical]

Well, whatever. Good luck to any buy-'n-holders. They might need it.

Not if u brought and held gold...990 with a bullet and the US open to come.

 

[Glen48]

Certainly so if news and market talk proves true when US banks begin their reporting next month.

It is an ugly picture out there for banks as talk about nationalization for the likes of Citigroup and Bank of America gets more persistent. Spreads in CDS tell the story:

From GFT

 

[Glen48]

Glenn Stevens is confident we will avoid a recession...does that mean we will go straight to a depression or does he know some thing the rest of the World doesn't?

 

[sassa]

Can we make new lows?YES WE CAN.

 

[sassa]

Citigroup (C) and Bank of America (BAC) won’t live to see May. The government will take them over within the next 60 days. The announcement may come as soon as tomorrow evening.

http://www.chartingstocks.net/2009/02/gone-in-60-days-citi-and-bank-of-america-wont-live-to-see-may/

 

[Aussiejeff]

Glenn Stevens is confident we will avoid a recession...does that mean we will go straight to a depression or does he know some thing the rest of the World doesn't?

The man is clearly an economic & financial genius and knows more than any other so-called "expert" on the planet.

Every month, his massively up-beat assessments save our mighty OzEcon and Stock market from the ramblings of the rest of the world's dumb, pessimistic "experts".

So, Please, Mr Stevens Sir, I want more upbeat assessments! PLEASE!!!!