Pre-market, the ES MAR09 Futures broke 800...
Today is going to be fun. Serious stress is manifesting itself in all major currencies pairs. This move is the real deal. We are breaking DOWN and OUT of that Triangle on the S&P 500.
Tuesday, February 17, 2009
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8 comments:
Can TPTB interfere with the markets and prevent this from going under 7500?
Then it will soon be time to buy the stuff that gets beaten up without reason.
Time to get out the "baby strainer", if it's time for the market to dump the bathwater.
Anyway. I've never seen the Market do what everyone expects it to do, ever.
The currency moves were overblown, we're talking about a 2% move in the Euro, and about 1.5% in the Yen.
That's peanuts, I didn't hear anyone panicking on Feb 5 when the Yen started the day at 89.4 and hit 92.27 12 hours later. And go back to the late 80s to early 90s around the time of the Plaza Accord and the yen was manic depressive against the dollar, swinging between 80 and 200 yen per dollar.
The currency moves where more dramatic early. There is clear problems in eastern europe. We are taking days now to fix it. I think the downward trend will reenforce itself and SP500 is likey.
we knew this would happen eventually; i'm just surpised at the speed at which it's happening. what keeps me up is the prospect of a bond market dislocation and dollar implosion. got tums?
What do you make of today's dow chart? I don't think I've ever seen an instant drop of 250 points followed by flat-lining for the rest of the day.
I really like your writing style. Nice Post keep it up.
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