Geronimo!
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The bottom seems to have fallen out of the markets, beginning in Asia. The Chinese index is down 50% from its high; the Russian market is off by 70%. Putin has closed their stock market and it will not reopen until Tuesday. Good luck if you had money invested in Russia. Not that we are doing much better in the US. The Dow-Jones futures are down 550 points - they'd probably be lower but that is the most that the stock exchange will allow before the opening bell so selling is frozen here, too. NASDAQ & S&P are also off by roughly the same percentage (6.5). FTSE is off by 7.4 percent, the DAX by 8.4 percent, and the Nikkei by 9.6 Percent. Once trading begins at 9:30, trading will be allowed to resume in a piecemeal fashion. The one bright spot, I suppose, is that after OPEC announced that it was cutting production by 1.5 million bbl, the price of oil immediately dropped by $4.50.
Jon Smith & Wesson: The original point and click interface
Oakman wrote:
OPEC announced that it was cutting production by 1.5 million bbl
Price-propping greed? If the rest of the world economy collapses do they really think that we could continue to pay >$100 a barrel? Crude is down nearly 50%; the price per litre in the UK is down about 5%. Hmmm.
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Dow futures off 550. circuit breakers tripped before the market even opens. Looks like we are headed for free fall. Hope your parachutes were packed carefully.
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Oakman wrote:
OPEC announced that it was cutting production by 1.5 million bbl
Price-propping greed? If the rest of the world economy collapses do they really think that we could continue to pay >$100 a barrel? Crude is down nearly 50%; the price per litre in the UK is down about 5%. Hmmm.
Steve_Harris wrote:
Crude is down nearly 50%; the price per litre in the UK is down about 5%. Hmmm.
US Gasoline is down at least 25%, perhaps 30% from its highs of earlier this year. Although there is always some lag (especially in the downward direction) between the price of crude and refined product, you should probably be asking loudly who is gouging whom at this point.
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Another interesting surprise is the $1.27 Euro. Didn't expect to see that again this decade.
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Rob Graham wrote:
Hope your parachutes were packed carefully.
A golden one?
When they kick at your front door How you gonna come? With your hands on your head Or on the trigger of your gun?
Ka?l wrote:
A golden one?
The best I can afford is a much cheaper material , I'm afraid. But I take some solace in knowing that many "Golden Parachutes" are actually made of corporate stocks, and may be looking even more moth-eaten than mine...
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Ka?l wrote:
A golden one?
The best I can afford is a much cheaper material , I'm afraid. But I take some solace in knowing that many "Golden Parachutes" are actually made of corporate stocks, and may be looking even more moth-eaten than mine...
Our executives are smarter, they negotiated golden parachutes made of severance pay and cash bonuses, cf. http://en.wikipedia.org/wiki/Golden_parachute[^]: "According to a 2006 study by the Hay Group human resource management firm, the French executives' golden parachutes are the highest in Europe, and equivalent to the funds received by 50% of the American executives. In contrast, the French standard revenues for executives located themselves in the European average. French executives receive roughly the double of their salary and bonus in their golden parachute."
When they kick at your front door How you gonna come? With your hands on your head Or on the trigger of your gun?
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Steve_Harris wrote:
Crude is down nearly 50%; the price per litre in the UK is down about 5%. Hmmm.
US Gasoline is down at least 25%, perhaps 30% from its highs of earlier this year. Although there is always some lag (especially in the downward direction) between the price of crude and refined product, you should probably be asking loudly who is gouging whom at this point.
Rob Graham wrote:
US Gasoline is down at least 25%, perhaps 30% from its highs of earlier this year.
As of today, US average Gas price is actually cheaper than it was a year ago. ($2.79 vs $2.82 if I remember the news story correctly)
Rob Graham wrote:
you should probably be asking loudly who is gouging whom at this point.
British gas prices are often close to the same as ours - it's the taxes that are added on that mean they pays so much more.
Jon Smith & Wesson: The original point and click interface
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Looks like your crystal ball has developed a touch of fog. You might have to give it a jolly good rub until it sparkles. The FTSE100 did a nose dive when the UK's July - September figures made public. It is not at all looking good. :((
Richard A. Abbott wrote:
Looks like your crystal ball has developed a touch of fog.
My original call was for a bottom between 8300 and 8700. So far (fingers crossed) it seems to be holding at or just below 8300. Whether it'll hold later on today is anybody's guess, I suppose.
Jon Smith & Wesson: The original point and click interface
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Dow futures off 550. circuit breakers tripped before the market even opens. Looks like we are headed for free fall. Hope your parachutes were packed carefully.
Rob Graham wrote:
Hope your parachutes were packed carefully.
Hope the parachutes open :rolleyes:
"The clue train passed his station without stopping." - John Simmons / outlaw programmer "Real programmers just throw a bunch of 1s and 0s at the computer to see what sticks" - Pete O'Hanlon "Not only do you continue to babble nonsense, you can't even correctly remember the nonsense you babbled just minutes ago." - Rob Graham
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Steve_Harris wrote:
Crude is down nearly 50%; the price per litre in the UK is down about 5%. Hmmm.
US Gasoline is down at least 25%, perhaps 30% from its highs of earlier this year. Although there is always some lag (especially in the downward direction) between the price of crude and refined product, you should probably be asking loudly who is gouging whom at this point.
Rob Graham wrote:
US Gasoline is down at least 25%
Yep. Down to about $3.30'ish down the hill from me. Up here on the hill still in the $3.50 range, but that is quite a bit lower than 6 months ago.
"The clue train passed his station without stopping." - John Simmons / outlaw programmer "Real programmers just throw a bunch of 1s and 0s at the computer to see what sticks" - Pete O'Hanlon "Not only do you continue to babble nonsense, you can't even correctly remember the nonsense you babbled just minutes ago." - Rob Graham
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Rob Graham wrote:
US Gasoline is down at least 25%
Yep. Down to about $3.30'ish down the hill from me. Up here on the hill still in the $3.50 range, but that is quite a bit lower than 6 months ago.
"The clue train passed his station without stopping." - John Simmons / outlaw programmer "Real programmers just throw a bunch of 1s and 0s at the computer to see what sticks" - Pete O'Hanlon "Not only do you continue to babble nonsense, you can't even correctly remember the nonsense you babbled just minutes ago." - Rob Graham
I paid $2.62 this morning.
Gary Kirkham Forever Forgiven and Alive in the Spirit "Truly, truly, I say to you, he who hears My word, and believes Him who sent Me, has eternal life, and does not come into judgment, but has passed out of death into life. Me blog, You read
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I paid $2.62 this morning.
Gary Kirkham Forever Forgiven and Alive in the Spirit "Truly, truly, I say to you, he who hears My word, and believes Him who sent Me, has eternal life, and does not come into judgment, but has passed out of death into life. Me blog, You read
Lucky you. Whereabouts was the gas station?
"The clue train passed his station without stopping." - John Simmons / outlaw programmer "Real programmers just throw a bunch of 1s and 0s at the computer to see what sticks" - Pete O'Hanlon "Not only do you continue to babble nonsense, you can't even correctly remember the nonsense you babbled just minutes ago." - Rob Graham
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I paid $2.62 this morning.
Gary Kirkham Forever Forgiven and Alive in the Spirit "Truly, truly, I say to you, he who hears My word, and believes Him who sent Me, has eternal life, and does not come into judgment, but has passed out of death into life. Me blog, You read
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Lucky you. Whereabouts was the gas station?
"The clue train passed his station without stopping." - John Simmons / outlaw programmer "Real programmers just throw a bunch of 1s and 0s at the computer to see what sticks" - Pete O'Hanlon "Not only do you continue to babble nonsense, you can't even correctly remember the nonsense you babbled just minutes ago." - Rob Graham
At Walmart in Huntsville, Al
Gary Kirkham Forever Forgiven and Alive in the Spirit "Truly, truly, I say to you, he who hears My word, and believes Him who sent Me, has eternal life, and does not come into judgment, but has passed out of death into life. Me blog, You read
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Dow futures off 550. circuit breakers tripped before the market even opens. Looks like we are headed for free fall. Hope your parachutes were packed carefully.
It's really not too bad right now for the buy and pray people since 8200 - 8300 seems to be a good support. As the time goes by well see if this is due to fundamentals or emotion. Either way, the trend is your friend.
Sovereign ingredient for a happy marriage: Pay cash or do without. Interest charges not only eat up a household budget; awareness of debt eats up domestic felicity. --Lazarus Long
modified on Friday, October 24, 2008 11:13 AM
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At Walmart in Huntsville, Al
Gary Kirkham Forever Forgiven and Alive in the Spirit "Truly, truly, I say to you, he who hears My word, and believes Him who sent Me, has eternal life, and does not come into judgment, but has passed out of death into life. Me blog, You read
Hmmmm. I'll have to look at the San Bernardino Sam Club this weekend and see what the price is there. The prices that I mentioned earlier is from Chevron and 76, which is usually high out here. Gas is always higher priced up here on the hill since they have to truck it up a 15 mile long grade that climbs 4,800 feet. My Price Lock card for $2.99/gallon was nice for pumping gas around here, doesn't make much difference down the hill. With the way crude is dropping, it might not make a difference at all soon.
"The clue train passed his station without stopping." - John Simmons / outlaw programmer "Real programmers just throw a bunch of 1s and 0s at the computer to see what sticks" - Pete O'Hanlon "Not only do you continue to babble nonsense, you can't even correctly remember the nonsense you babbled just minutes ago." - Rob Graham
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It's really not too bad right now for the buy and pray people since 8200 - 8300 seems to be a good support. As the time goes by well see if this is due to fundamentals or emotion. Either way, the trend is your friend.
Sovereign ingredient for a happy marriage: Pay cash or do without. Interest charges not only eat up a household budget; awareness of debt eats up domestic felicity. --Lazarus Long
modified on Friday, October 24, 2008 11:13 AM
Just curious how much of a "chartist" are you Chris?
This is what we've waited for This is it, boys, this is war
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Just curious how much of a "chartist" are you Chris?
This is what we've waited for This is it, boys, this is war
I am pretty close to a stereotypical turtle trader. That is I don't put much faith in prognostications about the fundamentals of a security. I just make short to mid term trades based on TA(the chart) and couple of simple price pivot strategies. If I actually took buy and hold seriously I'd probably be more concerned with fundamentals and long term outlooks.
Sovereign ingredient for a happy marriage: Pay cash or do without. Interest charges not only eat up a household budget; awareness of debt eats up domestic felicity. --Lazarus Long
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I am pretty close to a stereotypical turtle trader. That is I don't put much faith in prognostications about the fundamentals of a security. I just make short to mid term trades based on TA(the chart) and couple of simple price pivot strategies. If I actually took buy and hold seriously I'd probably be more concerned with fundamentals and long term outlooks.
Sovereign ingredient for a happy marriage: Pay cash or do without. Interest charges not only eat up a household budget; awareness of debt eats up domestic felicity. --Lazarus Long
Chris Austin wrote:
I am pretty close to a stereotypical turtle trader. That is I don't put much faith in prognostications about the fundamentals of a security. I just make short to mid term trades based on TA(the chart) and couple of simple price pivot strategies. If I actually took buy and hold seriously I'd probably be more concerned with fundamentals and long term outlooks.
Thought so. Myself, I'm more fundamentals. I used to have huge arguments about technical analysis with a couple of hedge fund guys. Not sure how they're doing in this market, but I'd be curious. I know one guy who is really into momentum trading. I suppose in the end it doesn't matter as long as you make some gains and remain solvent...
This is what we've waited for This is it, boys, this is war
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Chris Austin wrote:
I am pretty close to a stereotypical turtle trader. That is I don't put much faith in prognostications about the fundamentals of a security. I just make short to mid term trades based on TA(the chart) and couple of simple price pivot strategies. If I actually took buy and hold seriously I'd probably be more concerned with fundamentals and long term outlooks.
Thought so. Myself, I'm more fundamentals. I used to have huge arguments about technical analysis with a couple of hedge fund guys. Not sure how they're doing in this market, but I'd be curious. I know one guy who is really into momentum trading. I suppose in the end it doesn't matter as long as you make some gains and remain solvent...
This is what we've waited for This is it, boys, this is war
I hate to say it but it's been a pretty decent time right now. These short buy and sell cycles are almost easily predictable right now. But, I am closing my positions pretty quickly these days since I honestly fear that there is some market manipulation that is keeping the market from breaking out further downward.
73Zeppelin wrote:
I suppose in and remain solvent...
No un-covered positions for me. I had an acquaintance who got the "margin call of death" when I first started this years ago. I was scared into covering everything since then.
Sovereign ingredient for a happy marriage: Pay cash or do without. Interest charges not only eat up a household budget; awareness of debt eats up domestic felicity. --Lazarus Long