nikoschopen
2,824 posts
msg #60454
- Ignore nikoschopen |
3/13/2008 11:28:53 AM
We might have hit a snag for now. I'm short.
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nikoschopen
2,824 posts
msg #60455
- Ignore nikoschopen |
3/13/2008 11:48:24 AM
Oops, it did it again! Double-top pattern finally emerged on the 5-min chart.
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nikoschopen
2,824 posts
msg #60456
- Ignore nikoschopen |
3/13/2008 11:55:36 AM
Here's the latest news (or perhaps another trick).
UPDATE: S&P Ups Subprime Write-Down View, Sees Wider WoesLast
update: 3/13/2008 11:50:06 AM
DOW JONES NEWSWIRES
Standard & Poor's now estimates that subprime write-downs could reach $285 billion, $20 billion higher than its estimate just six weeks ago - and forecast future pain for financial companies as the credit crisis moves beyond home loans. However, S&P said in a new report that the bulk of the subprime pill has already been swallowed and "the end of write-downs is now in sight for large financial institutions." The stock market ticked up visibly right after S&P issued its statement about the report, though the Dow Jones Industrial Average was recently down 94 at 12017. At its nadir, the Dow was off by around 235 points. Asked about S&P's comments, one Wall Street trader said: "People love to hear that type of thing. ... People are clutching at ... any word we're getting toward the end" of the credit crisis. S&P credit analyst Scott Bugie wasn't so upbeat, saying, "We believe that any near-term positive impact of reducing subprime risk in the financial system via increased disclosure and write-downs will be offset by worsening problems in the broader U.S. real estate market and in other segments of the credit markets." In addition, if wider credit spreads continue financial companies will "suffer further market-value write-downs of a broad range of exposures, including leveraged loans." On the bright side, Bugie said, "The global financial sector appears to have already disclosed the majority of valuation write-downs of subprime (asset-backed securities)." The write-down estimate was boosted to reflect higher projected write-downs on high-grade collateralized debt obligations of asset-backed securities of 2006 and 2007 vintage. S&P noted that the largest players have undertaken a "rigorous valuation methodology" in their subprime write-downs, but market forces could bring pressure for even more. The firm said that while there has been some deterioration in the first quarter, "the magnitude of some write-downs is greater than any reasonable estimate of ultimate losses." -By Andrew Edwards, Dow Jones Newswires; 201-938-5973; Andrew.Edwards@dowjones.com (Rob Curran contributed to this story.) (END) Dow Jones NewswiresMarch 13, 2008 11:50 ET (15:50 GMT)
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nikoschopen
2,824 posts
msg #60460
- Ignore nikoschopen |
3/13/2008 1:04:59 PM
Although we're in a lunchtime rut, the overall trend is definitely turning bearish once again.
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nikoschopen
2,824 posts
msg #60461
- Ignore nikoschopen |
3/13/2008 1:08:57 PM
Or maybe not! Ggrrrr.
:^)
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nikoschopen
2,824 posts
msg #60463
- Ignore nikoschopen |
3/13/2008 1:24:44 PM
A measured move of the recent rally applied to this rally would give S&P the target price of 1320-1322.
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nikoschopen
2,824 posts
msg #60464
- Ignore nikoschopen |
3/13/2008 1:27:39 PM
Nasdaq futures breaking out to a new high...expect others to follow.
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maxreturn
745 posts
msg #60465
- Ignore maxreturn |
3/13/2008 1:35:38 PM
Two words.....PSYCHOTIC MARKET!
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johnpaulca
12,036 posts
msg #60467
- Ignore johnpaulca |
3/13/2008 1:38:54 PM
Two words...cha ching.
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maxreturn
745 posts
msg #60468
- Ignore maxreturn |
3/13/2008 1:46:06 PM
johnpaulca...Yes dude. You've been tearin it up! Congratulations! If I were a day trader I'd be at your doorstep asking what your fee would be to mentor me. Heck, even as a swing trader I'd probably learn a thing or two.
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