This is just lunacy. Down 700 to breakeven to down 600 to up 300. And that's with a base of about Dow 9000 (as opposed to 14000). That's down 8%, up 8%, down 6%, up 10% - a total 32% move from peaks to valleys and back. And as I write this, back down to +100 (down 2%).
i almost bought SSO when the s&p was down 60 about 3 different times. then i almost bought SDS when we went up 3%. basically i almost made a lot of money, but as usual i didn't. now dow up 80.
Some of it is, but it also looks like at long last the technicals are back in play. Dow 8000 proved to be a formidable support, unlike the other support lines we've tested and shattered easily in the past two weeks. You can only oversell that much ... there's just too much cash on the sidelines now. Perhaps there will be another leg down, but my money is on a big rally before that happens. Hopefully if it does happen it will be of the double bottom variety and not the final crash variety.
holy crap what a long day but very profitable crazy stuff...now we wait to see what the g7 has to say.
Well I guess they're going to open up the storehouses of gold and guarantee everyone's money is safe. Well, except for all those people who panicked and put their life savings into gold. Poor suckers.
iShares Silver Trust closed at $9.80, down 18%. Yeah...this is confirming what I said above, I think. Gold owners are doomed.
Paulson just spoke about the G7 and I'm more confused than ever. I'm not sure what to take from his little "press conference" he just had. So crazy. I wanted to buy into some initial positions afterhours, but I don't know. So far, I've bought a little GE and that's it. Those of you who got in on AAPL, congrats. I hope that works out for you - once it hit $85, nothing was bringing it down and it held up through the session.
yeah, WTF was that? whether it's congress not passing the bailout the first time or the G7 not guaranteeing interbank lending (at least not now), these guys sure know how to be wet blankets for any possible optimism. i guess we'll let the DOW go down another 1000 or 1500 and LIBOR go up some more and then guarantee interbank lending once more damage has been done. and since the DOW and S&P have been down 8 straight days, does anyone know the record? even the worst crashes usually involve down days so big that an up day has to follow at some point. but we just keep taking 1-7% at a time and haven't gone up once. it's kind of amazing.
