SP 500 June Futures Daily Chart at 1:00 PM EDT, and NDX Futures into the Close
by Chart School - May 21st, 2010 5:25 am
SP 500 June Futures Daily Chart at 1:00 PM EDT, and NDX Futures into the Close
Courtesy of JESSE’S CAFÉ AMÉRICAIN
Having broken lower from the first decision point, the US equity market has continued lower, presumably towards the support at the lower end of the long term trend channel.
As a reminder, option expiration is tomorrow for stocks, and next week for Comex precious metals options.
Did the Flash Crash probe the way lower? Traders, and I am one, are notoriously superstitious and suspicious about such unexplained movements, suspecting that they are exploratory and will likely be retraced.
Well, we’re there. Wash and rinse. Wax on, Wax off. Make it on the way up, and on the way down. As long as you are fleecing the sheep. That is how you gain a perfect trading record, if you are dealing the cards, playing with guaranteed house money, and peeking in everyone’s hands, if even only by milliseconds before they make their plays. Get them buying hope, and then selling panic. It’s all good if you can keep the money moving across your tables.
If that support does NOT hold, we’re not in Kansas anymore Toto. But some sort of bounce seems more likely at the moment. Ben has not yet begun to print. I think they’re just negotiating terms and turf right now.
Later: Here are the NDX June Futures going into the NY close of trading. The futures were selling off HARD led by the financials. The SP futures were looking for traction again around that key 1070 support and barely hanging on, with a similar story around 1800 support on the big cap tech NDX. The SP futures have a definite shot at the prior lows in the overnight trade.
Gold and silver spot was holding the exact levels where I would have expected them to find something to hang on. Let’s see stocks go into option expiration tomorrow. There are a lot of calls that are going to be expiring worthless. I wonder if they will try and jam the puts for a little whipsaw action.
I will be a little surprised if they let gold up for air before its own expiration next week.
SP 500 Daily Chart: Hanging On to Support
by Chart School - April 16th, 2010 10:44 pm
SP 500 Daily Chart: Hanging On to Support
Courtesy of JESSE’S CAFÉ AMÉRICAIN
"Don’t believe them, don’t fear them, don’t ask anything of them."
Alexander Solzhenitsyn
The pom poms and nearly everything else was swinging wildly in the breeze this morning as the American financial press was wildly cheering the earnings news from Bank of America and their brilliant acquisition of Merrill Lynch.
Does anyone bother to notice that none of these banks are making any money from traditional banking activity? You know, the kind that is supposed to be supporting the capital allocation process and growth in the real economy? Its as if all the carpenters, plumbers, engineers and teachers left their real work and became carnies and professional gamblers, or even worse, politicians. We’re celebrating that as a sign of a rensaissance and economic recovery.
I wonder if Sir Alan provided any counsel to the Paulson fund on that Abacus deal with Goldman Sachs that just blew up in their faces. Greenspan is one of their advisors, after all.
The Michigan Sentiment number came in at a very disappointing 69.0 versus expectations in the 75 range. What is wrong with the public, don’t they see that the stock market is hitting new highs almost every day? This is what the anchorperson asked this morning on Bloomberg TV. But she was obviously not chosen for her analytical skills.
The news on the Goldman fraud took the wind out of their sails, at least temporarily. I thought it was cute that the SEC chose to announce this on a stock option expiration day.
The spin maachine is working overtime to digest this latest scandal, and turn it into something more palatable for the folks at home. But really, it looks pretty grim here. What happens when you are in the middle of a crowded con game, and someone yells, "Fraud!"
SP Futures Reach Apex of Fraud As Earnings Season Arrives and Bank Accounting Dodgy as Ever, Doing God’s Work
by ilene - April 12th, 2010 6:08 pm
"THE PROBLEM OF POWER IS HOW TO ACHIEVE ITS RESPONSIBLE USE RATHER THAN ITS IRRESPONSIBLE AND INDULGENT USE — OF HOW TO GET MEN OF POWER TO LIVE FOR THE PUBLIC RATHER THAN OFF THE PUBLIC." ROBERT F. KENNEDY
SP Futures Reach Apex of Fraud As Earnings Season Arrives and Bank Accounting Dodgy as Ever, Doing God’s Work
Courtesy of JESSE’S CAFÉ AMÉRICAIN
"At what point shall we expect the approach of danger? By what means shall we fortify against it? Shall we expect some transatlantic military giant, to step the Ocean, and crush us at a blow?
Never! All the armies of Europe, Asia and Africa combined, with all the treasure of the earth in their military chest; with a Bonaparte for a commander, could not by force, take a drink from the Ohio, or make a track on the Blue Ridge, in a trial of a thousand years.
At what point, then, is the approach of danger to be expected? I answer, if it ever reach us it must spring up amongst us. It cannot come from abroad. If destruction be our lot, we must ourselves be its author and finisher. As a nation of freemen, we must live through all time, or die by suicide." Abraham Lincoln
Earnings season begins again this week in the States.
Investors remain skittish despite rosy predictions for earnings. This may be because of the suspicion that there are continuing misrepresentations of the true financial picture being permitted by the regulators, the ratings agencies, and the accountants.
For example, Bloomberg reports that if Bank of America Corp., JPMorgan Chase & Co. and Wells Fargo were taking the appropriate reserves against loan losses, it would virtually wipe out all their expected profits for 2010. And I suggest that this loss estimate is likely to be conservative. But of course this is not going to happen in the land of ‘extend and pretend.’
Reserves against losses? We don’t need no…