Comments on: Futures Pointing Higher

By: zackattack

zackattack — Tue, 28 Oct 2008 17:56:00 +0000

OK, took down lunch money when the Dow went just above 84.

All done for the day. But it’s guesswork, every day what it’ll do. Small positions, tight stops is the only way I know how to handle it.

By: Jeff M.

Jeff M. — Tue, 28 Oct 2008 14:49:35 +0000

Yep, isn’t it obvious by now that nobody wants to hold equities and at the hint of any rally, mass selling takes place?

The “rallies” get shorter and shorter each time. Not a good sign obviously.

By: RT

RT — Tue, 28 Oct 2008 14:43:06 +0000

Already down to +100 on the DJIA.

By: Jeff M.

Jeff M. — Tue, 28 Oct 2008 14:40:11 +0000

@I-Man: Agree that consumer confidence by itself don’t mean jack, but taking it into account with all of the other bad data/news, it means quite bit. We’ll probably get a dead cat bounce or two, but we’re headed down in a big way over the next few months. Once the holiday season hits, the deluge will begin.

By: ben

ben — Tue, 28 Oct 2008 14:39:40 +0000

Mike in Nola

Thanks for the Hussman link it was good and well thought out.

I-man,

I agree.

By: I-Man

I-Man — Tue, 28 Oct 2008 14:29:26 +0000

Simmer down bears… this is natural, dont start poppin bottles just yet now ya heard.

Support @ 860 on the SPX.

Likely to be followed by a another shot at taking out resistance @ 880.

Consumer confidence dont mean jack, we all know its going to be shitty, and we all know that the market doesnt care at this point.

Looks like we’re doing the little 860-880 dance today, with folks selling each rally, and then we’ll get another 3:50pm dump, and do it all over again tomorrow.

Longs will be rewarded for hanging in there.

By: Jeff M.

Jeff M. — Tue, 28 Oct 2008 14:24:08 +0000

This won’t hold. Consumer confidence came in at ALL-TIME low, by far – 38 and change.

Had been expecting 51 and change. Quite a divergence. Look out below!

By: RT

RT — Tue, 28 Oct 2008 14:09:47 +0000

Just a bounce, selling into the rally……just like yesterday.

By: Mike in NOLa

Mike in NOLa — Tue, 28 Oct 2008 14:04:12 +0000

Interesting comment from Hussman yesterday which I finally got around to reading. He echoes the sentiment that with so many people looking for a tradeable bottom (as opposed to the bottom, we may not have gotten there yet, but that doesn't mean you shouldn't scale in. Hussman Market Comment

By: E

Tue, 28 Oct 2008 13:50:28 +0000

This afternoon will be a monster opportunity to go short. I think we’ll drop 10% by Friday