The stock market is crashing....

[wavepicker]

To me, above the bottom trend line is still in the current bullmarket.

Cheers,
GP

Good point, but there is only one problem. If you draw a trendline originating from the Jan 1991 low, we can hit 3750-3900 and technically still be in a long term bullmarket. Take your pick?

I reckon this "correction" will last much longer than most pundits expect with plenty of suckers rallies on the way down just to really frutrate most. When resource stock traders are utterly disgusted with their stoxxx and ultimately resign to the fact that their stocks will not go up in a hurry, that is when we will resume the resource bullmarket.

 

[dodgers]

Interesting that yogi-in-oz mentioned 7/8 June as a stand-out period sometime ago (and also mid-May)...I'm hoping we're approaching bottom now...good buying opportunity for all...unfortunately I did my buying 2 weeks ago

Question is I can never decipher from his postings what happens after that..!

Either way - a bear or a bull market, we should see a rally short-term giving investors the exit if they've lost their nerve.

A good report (attached) by Macquarie today showing how metal prices lag OECD indicator (i.e the US) by 6 months...

Thoughts?

 

[bunyip]

About three days before the market starting caving in recently I heard an address by Brian Costello, director of The National Institute Of Financial Studies.
Brian expressed the opinion that the bull market is finished, the commodity boom is finished (except for Gold which he says will have another run), the Dow will fall to the mid 4000 level, and Australia will be in recession next year.
As I said, he expressed these views BEFORE the market started falling apart.

I don't know or care whether his views will be proven accurate, nor do I have an opinion either way.
I've always maintained that traders have the opportunity of profiting in both bull and bear makets, and therefore don't need to be concerned about the possibility of this market plunging much further.

Bunyip

 

[mit]

Well it looks like Zarqawi has been captured. I wonder if this will give the US a boost overnight. The original invasion of Iraq started this Bullmarket off so it is not as stupid as it sounds. Market's going up or down is driven by emotion. The Reserve Bank moves interest rates to affect our behaviour not because their is a correct interest rate.

Even though the market has had a terrible end today, I feel that we may be near the correction bottom. I have noticed that the market drops over the last week have been very unevenly spread. Even with today's 105 point drop, it was only 2 or 3 of my stocks that dropped a lot, most just dropped a cent of two.

MIT

ps I know I may end up eating my words.

 

[wayneL]

Well it looks like Zarqawi has been captured. I wonder if this will give the US a boost overnight. The original invasion of Iraq started this Bullmarket off so it is not as stupid as it sounds. Market's going up or down is driven by emotion. The Reserve Bank moves interest rates to affect our behaviour not because their is a correct interest rate.

Even though the market has had a terrible end today, I feel that we may be near the correction bottom. I have noticed that the market drops over the last week have been very unevenly spread. Even with today's 105 point drop, it was only 2 or 3 of my stocks that dropped a lot, most just dropped a cent of two.

MIT

ps I know I may end up eating my words.

No reaction on the futures so far.

 

[ctp6360]

wayneL, where can I watch the futures index for free or a modest fee?

 

[mit]

No reaction on the futures so far.

Yeh, I have been watching the CMC's version of the S&P and it has been pretty flat since the close of our Market (Predicting a 10 point drop in the cash market). I can't remember March 2003. Did the overnight S&P predict the big rise? I was thinking that the futures traders were too cool headed, that the emotional response would come with the cash market.

MIT

 

[mit]

wayneL, where can I watch the futures index for free or a modest fee?

Once place is to use this link

http://money.cnn.com/data/premarket/. There are probably other sites that will give nice graphs.

MIT

 

[ctp6360]

thanks Mit much appreciated!

 

[pacer]

Put your head between your legs and kiss your money good bye.......I went short on friday on RIO hehe lolo hehe........CU at the pub!!!!!

 

[wayneL]

Here is a dynamic chart (i.e. it will update everytime you load this page) of the S&P

and here is the link if you want to save it

http://charts.futuresource.com/cis/...1,221,221)&showextendednames=true&random=2920

Otherwise - for charts www.futuresource.com

That CNN link is a good one too, thanks mit.

cheers

<edit> oops the image doen't show... just click on the link

 

[visual]

zarquawi is dead channel 2 news

 

[wayneL]

zarquawi is dead channel 2 news

SHEESH! Last year the market would have gone bananas with such news.

The lack of reaction is truly bearish IMO... but the day is not over yet.

 

[IGO4IT]

The DOW will have to respond to Zarqawi's news positivily. this guy's death may mean a possible earlier pull out of Iraq!!

I think I'm just hoping for a reversal for whatever reason

cheers,

 

[mit]

I first saw it as a news break timed around 5:30(EST). There was a little spike in the S&P around about this time. I don't know if it was connected.

The DOW will have to respond to Zarqawi's news positivily. this guy's death may mean a possible earlier pull out of Iraq!!

I think I'm just hoping for a reversal for whatever reason

That's why I never trade my gut feeling, it's hard to separate from wishful thinking. Although, my connection was more about assurance of oil supplies rather than soldiers coming home, but that's a good one as well.

MIT

 

[serp]

What time does the DOW open trading AEST?

 

[Would Be Trader]

I believe the Dow starts trading at 11.30pm

 

[nizar]

That's why I never trade my gut feeling, it's hard to separate from wishful thinking.

soo true

everything seems to be collapsing; nikkei down by 500pts, ftse down by 100pts, hang seng 350pts, dow futures looking grim, korea rates up, european central bank rates up, oil down, gold down

i thought u had to die before u go 2 hell

 

[mit]

Futures are heading up CMC has S&P at 1253. Still below yesterdays close but it was around 1245 at our market close and the DOW currently at 10930.

Time for bed.

MIT

 

[IGO4IT]

Look at this one guys, THIS IS A CLASSIC.

Bush is saying that he's considering killing of zarqawy a success in Iraq & also getting out of Iraq soon & 1 hour before markets open

http://news.yahoo.com/s/nm/20060608/pl_nm/iraq_zarqawi_bush_dc_2

Petrol is already down on news

I knew they had to pull out a couple of tricks from their sleeves