So what went wrong ?
Fed cuts further 2.5 % ,, bonds that should have rallied got sold off , dow stocks fizzeled out ,, HWP died ,, like DELL , MU keeps sliding ,, AMAT came in .05 better but analysts are saying ,, financial support is not there for the chips ..
Nasd held onto gains ,, mostly because of internet stocks ,, i.e., YHOO and AMZN ,,
What else.. what is market saying ?
Not much ,, rate cut has been made , a definition of how bad really things are ,, here and abroad,, 3rd qt earnings were discounted,, 4th qt earnings will not get any better,, where is the next expectation ?
Gold a hedge against rate cut and weak dollar melted at closing , as currency traders commented that dollar will firm from here rather than weaken ,, Japan as a whole nation gets on Moodys rating watch ,, with equivalency of AAmes Finance, who blew their earnings and will further dilute their shares by 100 mill dollars , so Japan now has
-ccc ,,
KTEL as my alert went out ,, went for a walk in the cyber space down to 11 ,, shorted it at 18 1/4 but covered too soon at 14 1/2 ..
AMZN rallied on plans to sell videos on their web .. eating up shorts on the way up ..
So again , all the excitement is with nets and Furbies,,
Acampora is calling for dow 10,000 again ,, a time to worry ?
Many are expecting profit taking at open ,
Many members still don't get it , make a position ,, if it goes wrong way even by 1/4 ,, dump the bag ,, and if you stil like the stock buy it at a dip,, if it goes right ,, let the winners run ..
So here we are back to square one , of Aug sell off but from other side ,, time to look at those stocks that have gone higher than highs as shorts ,, and look for those still lower than lows ,, a balance has to be met some where ,,,
For now ,, it's like walking on a shifting ice ,, a cautious approach ,, is needed ,,
Market trading range now has been defined ,, low of 7400 to 8800 ,,
trading on the upper range ,,
Asian euphoria ,, Korea and Taiwan is now on alert status ,, China ,, still suffering rotten core of government subsidised work force that is eating into their reserves,,,, Japanese ,, as a nation,, insecure to begin with ,, are in a directionless walk path from Sake house to the train station to catch the last train home ,, 2 hours away ,,,,
Latin America ,, on top of IMF we now have devastating natural disasters in Central America ,, when it rains it pours ,,
Saddam is screwing around ,, Israel ,, is playing Jerusalem games with Arafat ,, oil producing Arabs pocket books are dwindling ..
Russia is still flat broke , highest unemployment in Europe across the board,, Germans look grimmer than usual .. Austrians are becoming more Germanic than the Germans .. and in Slovania refuges will freeze their butts off this winter ..
I guess Mr. Greenspan has a lot on his mind .. |
