"there is one particular scenario that would be ominous in my view. That would be if we see a relatively uninterrupted series of declines that breaks cleanly through the August and November lows, followed by a one-day advance of 200-400 Dow points. That's a script that markets tend to follow pre-crash." -
- John Hussman
If I get this right - The Fed took out 200 billion dollars and offered it to the banks for their worthless Mortgage Backed Bonds - that pushed up the market up 275 points, then the market started to turn back later in the day - Charlie Gasperino on CNBC got on the TV and related that Ben had related that this was just a beginning, if it need be to correct the problem - and the market turned again to 400 points up.
I filled up the fuel tank of My Chevy Diesel for $115 at 3.85 a gallon before I went to the Grocery store and spent an 120% of what I had spent several months ago for the same groceries. I can afford this - no effect on me - how about people on pay checks who have to commute to work?
I listened to Fast Money this evening, and they talked of how Ben finally came out with something that will work and it caused spirited buying on Wall Street. You know it's a panel of 4 people, so they went around the table and none of them bought anything today, as a matter of fact they used the day to sell into the rise. They hustled good buys and good plays and the probably that this is a major sea change. "None of them bought anything!"
The $200 billion dollar rescue - as a package sounds like the greatest corporate welfare program ever devised - It's a package - open it - it's a can of worms - how do you administrate it - Just walk up to the window - with a package of worthless documents and take a billion dollars back to your bank?
Are you getting the scenario? Let's just add, Cramer related today, that Ben finally had listened to his program last Thursday and Friday - when he, Cramer, had related this exact program as a cure.
"Comedy is Tragedy plus Time: - Woody Allen
Today I lost 1.2% of my liquid net worth - I had earned this same amount last Friday and Monday - But it was mine TODAY before this shit. The 1.2% was after I had made several hits this morning or it would have been 2%.
Hype talk: "This did it - the markets will follow up into a 5 day return upward"
Nothing has changed - this country is headed for the shitter - prolonging the arrival - will increase the pain, the depression, the rot and fear...and prolong the recovery - I'm afraid they don't sell Long Term Options - far out enough to profit......
Tomorrow, I'll get up and "watch the tape" in the pre-market beginning at 5am here in AZ. Just like I do every trading day - when I "feel" something I'll pull the trigger, like I always do every trading day......what else can I do, I'm 65, I don't know any better....How has yesterday affected me?