Broke the 741 uptrend line on the 60 min today
1/9/09
4 gap opens this week
Hard for intra day trading. We are now Red for most indexes on the Year with 15 min to go
$SML - 4% NAZ -2.5% SPX - 1.8%
888 SPX thought
Back to the handel theory... 880 would be the lowest I'd like to see the bottom of the handel form.
BTW the VIX is red at 41..strange...MACD still holding the cross
BTW the VIX is red at 41..strange...MACD still holding the cross
Muted reponse from Futures on Better than worse Jobs
Huh?!.... 550k or so lost. SPX futures at 912 up 2. I get the feeling that most people are looking at his now in disbelieve that while not hellish, but here we are in this crap and no uptrend or reduction in downward jobs momentum in site.
trade the trend for now.
1/8/09
$QGRI
NASDAQ Creates Index To Track Bailed-Out Companies
Joe Weisenthal | Jan 8, 09 4:19 PM
This is fun. The folks over at the NASDAQ have created a new index, OMX Government Relief (^QGRI), to track firms that have been bailed out by the government. The index will track, with equal weight, companies of at least $1 billion market cap, that have come to Washington cap in hand. It's mostly TARP companies, but not necessarily all. The index, which was set at 1,000 on Monday, is already down to 941.42.
Now in true style, someone needs to come up with a triple-leveraged short ETF to track this.
We also like this suggestion from Schaeffer research that the NASDAQ should've given the index a clever ticker, like FAIL.
Play for Fridays report
Jan option spread on SSO or other 2X ETF 5 to 10 % out of the money puts and calls. SSO 29 calls are $30 each and 23 puts are $35 each SSO is at 26.30 here. Options expire next Friday.
Little Lotto spread.
SPX in the mood to try 905 again here?
Fridays Employment number is the bet for traders...better than 700k lost, we scream to new highs. Worse than 700 k we gap down 250 pts within seconds. That's my story, and I am sticking to it...
The 15 min spx looks like a Head and shoulders is forming
880 or so would do it....crap just trade the trends for now and watch that VIX
VIX - RED Flag - Step Aside if Long
I will check at the end of the day in case the MACD doesn't cross...Time for long traders to get out of the Pool?
1/7/09
This crap has to stop
Feds arrest 2 Winnetka futures dealers on fraud charges
Tribune staff reporter
3:17 PM CST, January 7, 2009
Federal agents arrested two top executives of a Winnetka foreign-exchange futures dealer that collapsed over a year ago on federal fraud charges, the Justice Department disclosed Wednesday.
Both men were principals with One World Capital Group, which was effectively shut down in December of 2007 when the Commodity Futures Trade Commission – responding to a growing chorus of complaints from customers who said they'd been unable to withdraw funds from their accounts -- obtained a court order that froze One World's assets and barred the troubled foreign-currency trader from further trading activity.
Wednesday's actions, including agents' execution of "search and seizure" warrants at both officials' homes, represent the first criminal charges to emerge from the company's failure.
FBI agents arrested One World founder John E. Walsh at his Lake Forest home this morning, U.S. Attorney Patrick Fitzgerald's office said in a Wednesday statement.
Another One World principal, 43-year-old Charles G. Martin, of Glencoe, was arrested last night in the Los Angeles area. The government calls Martin a "de facto" official of the currency-trading concern, although he was prohibited from holding a position with the company.
A criminal complaint unsealed this morning charges both men with one count of wire fraud each, for improperly diverting to their own use customer funds that were supposed to be invested in foreign-currency trades.
The two men used customer funds they had misappropriated "to finance a lavish and extravagant lifestyle," racking up huge sums on corporate credit cards largely paid for by the company, the government's criminal complaint says.
Martin charged over $1 million "at a strip club and restaurants" over the course of 20 months, the government says, spent $50,000 at toy stores, and used his company credit card to finance $280,000 in jewelry-store purchases.
In addition, the complaint says that Martin and Walsh used hundreds of thousands of dollars they had diverted from One World to finance a never-released movie entitled "Order of Redemption."
The company, founded in 2006, hit turbulence in the spring of 2007, the government notes, when the National Futures Association found improprieties in the course of an audit.
The fallout from that audit sparked a rise in the number of customers who sought the return of money they had invested, the complaint notes, but the firm couldn't honor those requests because the two men had allegedly been dipping into margin funds as part of their misappropriation scheme.
Based on the company's refusal to honor those customer redemption requests, the federal regulatory agency known as the Commodity Futures Trading Commission filed a civil complaint against One World and Walsh in Chicago federal court in mid-December, 2007. That litigation led to the asset freeze that has been in place for the past year.
Tribune staff reporter
3:17 PM CST, January 7, 2009
Federal agents arrested two top executives of a Winnetka foreign-exchange futures dealer that collapsed over a year ago on federal fraud charges, the Justice Department disclosed Wednesday.
Both men were principals with One World Capital Group, which was effectively shut down in December of 2007 when the Commodity Futures Trade Commission – responding to a growing chorus of complaints from customers who said they'd been unable to withdraw funds from their accounts -- obtained a court order that froze One World's assets and barred the troubled foreign-currency trader from further trading activity.
Wednesday's actions, including agents' execution of "search and seizure" warrants at both officials' homes, represent the first criminal charges to emerge from the company's failure.
FBI agents arrested One World founder John E. Walsh at his Lake Forest home this morning, U.S. Attorney Patrick Fitzgerald's office said in a Wednesday statement.
Another One World principal, 43-year-old Charles G. Martin, of Glencoe, was arrested last night in the Los Angeles area. The government calls Martin a "de facto" official of the currency-trading concern, although he was prohibited from holding a position with the company.
A criminal complaint unsealed this morning charges both men with one count of wire fraud each, for improperly diverting to their own use customer funds that were supposed to be invested in foreign-currency trades.
The two men used customer funds they had misappropriated "to finance a lavish and extravagant lifestyle," racking up huge sums on corporate credit cards largely paid for by the company, the government's criminal complaint says.
Martin charged over $1 million "at a strip club and restaurants" over the course of 20 months, the government says, spent $50,000 at toy stores, and used his company credit card to finance $280,000 in jewelry-store purchases.
In addition, the complaint says that Martin and Walsh used hundreds of thousands of dollars they had diverted from One World to finance a never-released movie entitled "Order of Redemption."
The company, founded in 2006, hit turbulence in the spring of 2007, the government notes, when the National Futures Association found improprieties in the course of an audit.
The fallout from that audit sparked a rise in the number of customers who sought the return of money they had invested, the complaint notes, but the firm couldn't honor those requests because the two men had allegedly been dipping into margin funds as part of their misappropriation scheme.
Based on the company's refusal to honor those customer redemption requests, the federal regulatory agency known as the Commodity Futures Trading Commission filed a civil complaint against One World and Walsh in Chicago federal court in mid-December, 2007. That litigation led to the asset freeze that has been in place for the past year.
SPX - 3%
Thursday should be interesting. Down 3% when the ADP job loss report was around 700,000; hummm (could have been down 10%). Lots of cross currents with Oil giving back half of the bottom bounce rally, financial getting another Whittney dilution report and the Fed broadening money market backing.
Later!
Later!
SPX 920 is being bought
Could hold here after a little dip and then higher for a while...the 60 min chart has lots of room down to 900 if they want to get it there....looking for up to sideways for a while and see where she goes
News...
Market Currents
9:04 AM Down 89.8% premarket to $0.95, Satyam (SAY) could easily hit zero or near-zero today. First Global India tells investors to get out while they still can. Notable Calls gives kudos to ABN Amro for upgrading Satyam to Buy from Sell yesterday. Comment!
8:58 AM Raju's confession letter to the Satyam (SAY) board, and interim CEO Ram Mynampati's statement to reassure employees. Comment!
8:48 AM Continuing her forecast of a challenging 2009 for banks, Oppenheimer's Whitney estimates Q4 loss provisions: $6.7B for BoA (BAC), $7.9B for Citigroup (C), $4.4B for Wells Fargo (WFC). Comment!
8:45 AM Meredith Whitney warns banks may have to raise fresh capital in 2009, and will be hit hard by a sharp increase in rating downgrades on mortgage-related securities.
Looks like we Gap down to 920 support this morning
A break could get us down to 900 - 885
But remember we need a handel to the daily cup formed, this may be the beginning of that
But remember we need a handel to the daily cup formed, this may be the beginning of that
1/6/09
$SML vs $SPX Weekly
Lets help each other....
What other obvious facts standout here.
I see the SPX topping in 2000 well before the $SML. I see the SPX and SML topping together in 2007.
$SML has not violated it's 2002 low
Blue annotations are for the SPX Except for the 2008 low (sorry), red for SML
SPX Ranges for Wednesday
New rally high on the morning Gap....range trading today. 935 seems to be a problem for the bulls.
Important to note some rotation today
which was obvious for a change. XLU XLY XLV are down over 1% as portfolio switch into bull mode while the XLB XLF XLK XLE XLY are up 1 to 2% with the DOW now +70 near the close
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