NAZ +2.2% DOW +64 SPX 879 +6 or +.7%
Buy the Open was the trade. Watch for GM news over the weekend.
So we had a 5% reversal day today, hardly insignificant
12/12/08
Enjoy your weekend
NAZ +2.2% DOW +64 SPX 879 +6 or +.7%
Buy the Open was the trade. Watch for GM news over the weekend.
So we had a 5% reversal day today, hardly insignificant
Market back at Highs of day
the Monday gap is proving to be res, but the chart looks higher to me with one hour to go
GM back to unchanged
on White House possibility of using TARP and OBama rama asking Bush to fund the bailout
This is why I am trading indexes
GM +30 % off lows 4.09
Support
SPX 810 and 780 are freefall drop support today
GM 3.02 -27% on failed bailout
This dip may be a gift, we'll have to see how we trade today
Consider this a test of 740 lows for now
12/11/08
Buy the Bottom of the Channel?
It's there...long with a tight stop on a dip below the line is what I am thinking
USO up 11% $40 off $32 ish low
Long Oil and short financial maybe the pairs trade XLF -3.6%
SPX at the top of the wedge / channel but the STO is too high for anything big to happen on the upside so far....
Citigroup, UBS buying back $30B in securities
THIS IS WHERE OUR BAILOUT $ IS GOING TO...PEOPLE THAT MADE BAD INVESTMENT CHOICES...EVEN THOUGH THEY DID GET SCREWED AND LIED TO:
Citigroup, UBS buying back $30B in securities
WASHINGTON – Citigroup Inc. and UBS AG on Thursday agreed to buy back a total of nearly $30 billion in risky auction-rate securities that federal regulators said the banks marketed to customers as safe.
The Securities and Exchange Commission formally approved the settlements with the two banking giants following preliminary deals that were reached in August.
Tens of thousands of the banks' customers bought the auction-rate securities before the $330 billion market for them froze in mid-February, the SEC said in announcing the final accords.
The new settlements were the largest return of customer money in the agency's history and all the investors will be made whole, SEC Chairman Christopher Cox said in a statement.
The SEC's "prompt action after the auction-rate securities market froze ... which led to last summer's settlements in principle, helped restore liquidity to tens of thousands of investors," Cox said.
Citigroup and Switzerland's UBS neither admitted nor denied wrongdoing under the settlements. New York-based Citigroup agreed to buy back about $7 billion in the securities from affected customers, while UBS's repurchase totaled $22.7 billion.
The settlements are subject to federal court approval. The two banks also agreed to refrain from future violations of securities laws.
"Today is an important procedural step in the ongoing process of resolving this matter," Citigroup spokesman Alexander Samuelson said in an e-mailed statement. "We have already purchased substantial amounts of auction-rate securities from our clients."
Citigroup agreed to pay $100 million in civil fines as part of its earlier settlement with state regulators.
Spokesmen at UBS' New York offices didn't immediately return a telephone call seeking comment.
Following a wide-ranging investigation, the SEC, New York Attorney General Andrew Cuomo and a group representing other state regulators have reached similar settlements over auction-rate securities with at least nine other big investment banks — which together have agreed to buy back a total of more than $50 billion of the securities. The regulators have alleged the banks misled customers into believing that auction-rate securities were safe, cash-like investments.
The auction-rate securities market involves investors buying and selling instruments that resemble corporate debt, except the interest rates are reset at regular auctions, some as often as once a week. A number of companies invested in the securities because they could treat their holdings almost like cash.
Tens of thousands of investors nationwide — including cities and towns, charities and small businesses — were left holding damaged securities that couldn't be readily sold for cash once the market for auction-rate securities collapsed in February, regulators said.
Settlements calling for buybacks of auction-rate securities also have been reached with Bank of America Corp., RBC Capital Markets Corp., Morgan Stanley, JPMorgan Chase & Co., Wachovia Corp., Merrill Lynch & Co., Goldman Sachs Group Inc., Deutsche Bank, Credit Suisse Group and Wachovia Corp.
The SEC's enforcement director, Linda Thomsen, said Thursday the agency will continue to investigate whether other firms failed to disclose the significant risks of auction-rate securities to investors.
Channel tests
Open tested the lower channel now at the top channel
IMO, watch Oil and XLE which have allowed the market to stay higher from Monday
XLE 41 to 50 today. If it falls apart so will the market. If it stays strong the bull case stays intact
12/10/08
900 close
Ranges for Thursday...
XLE +5% today helped keep things positive
Note XLF XLE XLK ITB all are up over 50% in the last 2 weeks...we are lucky to get a breather vs a sharp correction.
Slow Mo
885 double bottom is in on the 15 min chart but we have still broken a little wedge and the Monday Gap is 880 still not filled 893 now... ZZZZZZZZZZZZZZ
I hope 2009 isn't boring, may have to settle for trading much much smaller moves
Morning, XLE USO +3% DOW +107 SPX +12 or 1.3%
Got a trend break possible with another a little higher up...breakdown at 885 on the SPX if it reverses.. watching MACD to cross to commit
12/9/08
3% pullback Today
Ranges on the SPX at the close.
Would have been nice to fill the Monday gap today, but hey, there is always Wednesday
Mixed Open
XLE strong +3% SPX DOW down to Flat and the NAZ is up 1%
Overbought Monday may allow a sideways trade + or - 3% (lol) for the next couple of days
SPX ranges this morning on the 15 min chart
12/8/08
Travelling Today
15 min into the day looks great... little overbought but buying dips might work today
DOW +260 S&P +30
Thinking this rally from 740 on the S&P could run to 950 to 1000, maybe 1050....we'll see
Later All
DOW +260 S&P +30
Thinking this rally from 740 on the S&P could run to 950 to 1000, maybe 1050....we'll see
Later All
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