Also retail numbers not as bad as people thought ... takes the steam out of the plunge. 834 is looking to be a pretty significant level as it coincides with the rising trend line from the December 1 low. My conjecture at this point is that we're not going below that level unless GM does in fact file bankruptcy.
Gettelfinger is sounding like a moron trying to defend the UAW's ignorance and stubborness. They made their own bed, let them lie in it.
A supposed UAW member posted on an auto forum I read saying that he's not worried about finding a $40/job somewhere else if need be and that this is just short term turbulence. Must be nice!
I have a beginner technical analysis book question. Someone (robbie I think) recommended Getting Started in Technical Analysis by Jack Schwager, but the reviews I've read say this is more of an intermediate book. I'm not an investing noob, but I am not very educated on the subject either. Can anyone recommend something more for a beginner?
just pick it up....it's easy to read. you can do what i did. i would just go into the barnes and noble or borders or whatever and buy a coffee and sit down and read the book and put it back when i was ready to go lol.
Technical Analysis of Financial Markets by John J. Murphy. It's not the cheapest book, but it is very comprehensive, easy to understand and a great resource whether you're a beginner or a veteran seeking to improve your knowledge.
Today's action is exactly the reason why you shouldn't make panic moves. People who dumped in after hours/premarket are hating themselves now. I didn't too much sleep last night, and I noticed that the EUR/USD was stable and even slightly positive despite all the panic. In fact, most other currencies seemed to be holding ground, and it was only the Yen that blew up. It's not clear what direction the SPX wants to head right now, but right now there is still a clear floor below at 834 and the promise of TARP has seemingly calmed all the skittish investors, for now. As long as EUR remains above the breakout 1.33 support line, I'm holding on to DXO. Things just aren't looking very bullish for the dollar right now.
I'm impressed that the Madoff news has mostly been shrugged off. I guess everybody's lost enough money by now that they're not too worried about it.
Whipsaw city, figured it would've been a near impossible day to trade given how obvious it looked last night
Previous 887 support is now significant overhead resistance. If the market fails to break it I'm going 100% cash into the weekend.
I'm not sure how much the technicals will matter for the weekend. If a GM bailout is announced over the weekend (through TARP or whatever), we'll probably gap up. If it isn't settled, there's a good chance of a gap down.
annoying.. i had to leave for 3.5 hours and I didn't want to risk it.. so I sold off DXO at the price I got in for (3.10).. while I was gone I saw on my phone when it jumped to 3.35 and was kicking myself..
Well, in the end, that ended up being an uneventful day. I managed to open a new position in MO (nice yield) and buy back some GE. Outside of that... bleh. Now the auto bailout, GS earnings, and maybe GMAC's bank holding status may take the center stage. I'm itching to get into some commodities stocks...
