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Friday, February 27, 2009

New Lows: Here We Go


Pre-market, the futures are sitting on the lows around 741. The lows are not likely to hold.

Strap on your helmets. Here we go.

Citigroup (C) is bid @ 1.26... down 49% from yesterday's close @ $2.46.

Citigroup Gets Third Bailout as Government Plans to Raise Stake: "The U.S. government will raise its stake in Citigroup Inc. in the third attempt to bail out what was once the world’s biggest financial institution.

The plan will involve the Treasury Department converting as much as $25 billion of preferred shares into common stock, the Treasury Department said in a statement today. The government said it will make the swaps only if private holders agree to the same terms. The U.S. doesn’t immediately intend to inject additional money after channeling $45 billion to the New York- based company last year."

12 comments:

14:00 Easterntime said...

I'm waiting for the Two O'clock rally.

Shaw's brothers said...

Look, Nasdaq holds really well.

Anonymous said...

Ben:

concur...

Look at MACD and your slow sto back around Sept 20...
striking similar to where we are today...
and look what happened after...

Stop your grinnin' and drop your linen...this ride is just starting

Anonymous said...

Time to wax the toboggan.

Anonymous said...

Ninja what bothers me is the SPX is way below its 200dma. The PPT knows just where and when to strike. They are not stupid. They are determined that what is now a potential double bottom shall remain so. A massive vol spike of over 500k on a 30m chart of the ES. Obama is surrounded by highly experienced and sophisticated market manipulators. We know who they are. I quite like Karl D's thoery that last year's plunge was "assisted" so money could be corralled into the bond market. All these markets including gold and silver have been manipulated for years and they all give false readings of what is really going on. Eventually the Orwellians will lose control, but their activities are why we are where we are !

Anonymous said...

Nothing flat...As expected nothing...loll..MArket have become so predictable...I`m sure about a rally starting exactly at 2:30pm...loll

Anonymous said...

Strap on your helmets. Here we go.

Market never do what you think it will do. Today, it will close flat or up. Monday some gamblers playing the overbought/oversold game will want to buy. For no other reason that it is oversold. If it would be that easy than those gamblers will own the world. Which is not the case. Those overbought/oversold strategy you can get them in a 20$ trading book, that's how much they are worth!

Bullforever

TRUST ME said...

Ninja

I'm really afraid it is too late to sell, there is not much room left to go south unless you want the hard last scratch. Trust me, it is time to buy, not to sell.

TRUST ME

PPT said...

Do say something helpful. Okay?

Best,
a member of PLUNGE PROTECTION TEAM

Anonymous said...

Wow...looks like you hit a nerve with the crazies today. I had been a little concerned by the "problem" that we are so far beneath all the moving averages that it would be hard to go down more, but then you have to remember that the dollars that existed before to drive stocks higher are all gone now. As Mish would say, they've gone to credit heaven. I would be interested to hear how high you think stocks could go in a bounce in our new deflationary environment though but I know that those old highs are gone forever.

Ben and Tim said...

We are experts at solving financial crisis. The banks are looking better!!!

The time to buy is NOW! The bottom is in! BUY! BUY! BUY! Buy stocks, bonds, cars, houses, mansion, boob jobs....don't think, just buy! buy! buy!

TRUST US

The Conqueror said...

Traders always look at the chart but investors should dump their assets to rush for cash. It's deflation folks, any oversold signal will be ignored, it's just alike what have been occurred on last October.