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Stock market today

2K views 23 replies 19 participants last post by  wolfie 
#1 · (Edited)
Boy...big positive day for me personally. Six stocks up over 20+ % and my BRK.B is up $290. a share. Twelve stocks up over 10%.

Have no idea what is going to happen going forward but at least for today I am happy :)
 
#2 ·
Obama Receives Market's Worst WelcomeBy MADLEN READ, AP
posted: 3 HOURS 23 MINUTES AGO NEW YORK (March 9) -

The election of Barack Obama offered the promise of a new set of fixes for the financial crisis and the economy, a do-over that might help nurse the stock market back to health.

Since then, the market hasn't just gotten worse — it's turned in its worst performance ever for a new president.
The Dow Jones industrial average has fallen 21 percent during Obama's first seven weeks in office. Count back to Election Day and the results are even bleaker: That afternoon, the Dow closed at 9,625. Now it stands at 6,547, a loss of 32 percent.
Some investors blame the slow-motion crash on Wall Street's disappointment with the government's $787 billion stimulus plan, its seemingly endless bailouts and the lack of specifics on how to rid banks of toxic assets.
Others say Obama inherited a recession destined to become the worst since World War II. And they note the market was already in awful shape at the tail end of the Bush administration, down 44 percent from the market's 2007 peak to Inauguration Day.
Either way, Wall Street has not exactly rolled out the welcome mat for Obama. Stockholders have lost $1.4 trillion during the young administration.
"There's not much evidence that anything is working," said Hugh Johnson, chairman and chief investment officer of Johnson Illington Advisors. "Investors are waiting to see some results from these grand plans, and they don't see them yet."
 
#3 ·
It's funny how good news from just 1 company out of hundreds sends the market upwards. 299 other companys are going in the tank but that 1 company makes everything all good. Make absolutly no sense. Works the other way as well. 1 company reports poor earnings and everything takes a shit. Pretty stupid if you ask me! Just lie everyday and say that a certain company is doing great and the market will respond. What the hells the difference? Tell people what they want to hear.
 
#5 ·
I wouldn't get too excited....

March 9, 2009
New Downside Targets For Dow, S&P
By TRANG HO

Now that the Dow and S&P 500 have blown through their 2002 bear-market lows and regressed to levels not seen since 1996, technical analysts are revising their targets downward.

Based on Fibonacci and Elliott Wave theory analysis, the next level of chart support for the S&P 500 would be 640, according to Mark Arbeter, chief technical strategist at Standard & Poor's. That's down 5.40% from Monday's close of 676.53.

If the S&P 500 breaks below 600, Arbeter sees the next support level at 557, or down another 17.67%. That level also meets up with an uptrend line connecting the 1932 bear market low to the troughs from 1942, 1974 and 1982.

Although chart support levels show areas of significant buying in the past, and the uptrend line has served as a floor for the past 77 years, Arbeter says the behavior in this market differs from other bears.

"We're not seeing enough fear in the options market. We haven't seen a big increase in the put-call ratio nor a spike higher in the volatility indexes," Arbeter said. "Until we start seeing more fear in the options market, we won't get to the low."

Unlike in the past, the market appears to be a lagging indicator rather than a leading one.

"It's not properly discounting the bad news that keeps coming out," Arbeter added. "All the surprises over the last year have been downside surprises. The fundamental community continues to play catch-up on the downside."

Downside Of Dow

The Dow closed Monday at 6547.05, down 53.89% from its all-time peak of 14,198 on Oct. 12, 2007. The next target for the Dow is 6000, down 8.37% from Monday's close, says Louise Yamada, managing director at Louise Yamada Technical Research Advisors.

Her secondary target is 4000. She sees the S&P falling to 400-600. It could take a week, a month, a year or more to reach the target.

"Our up/down and volume momentum indicators have been oversold since May, which suggests there's still selling pressure coming into the market even when there are rallies," Yamada said. "The market is suffering from deleveraging of 30 to 40 times leverage that took place over the past few years."

The bottoming process between 2002 and 2003 took at least a year, during which technical indicators improved. But there are no signs of such improvement now, Yamada says.

Today's stock market is commonly referred to as the worst since the Great Depression. If the 1930s bear market — in which the Dow plunged 89% — serves as a road map, we're halfway to the light at the end of the tunnel. That bear market lasted 34 months from peak to trough. This bear is in its 17th month.

The market's recent action suggests hope has waned that government stimulus plans will keep this bear market from being as bad or lasting as long as the 1930s bear.

Uptick Rule Consequences

In fact, some government action may be making it worse. Eliminating the uptick rule for short selling on July 6, 2007, has sent the market tumbling harder than in the past, argues Adam Hewison, co-founder of Marketclub.com.

The uptick rule for short selling, established by the SEC in 1934, required that every short sale be entered at a price higher than that of the previous trade. It aimed to prevent short sellers, who make money when stocks fall, from adding to the downward pressure of a falling stock. "With the uptick rule, (short sellers) couldn't pummel companies as quickly," Hewison said.

He projects the Dow will fall to 5000, down 23.63% from Monday's close. He sees the Nasdaq composite at 1000, down 21.18%. He expects the S&P 500 to fall to 500, down 26.09%.

Hewison's long view: The market will sputter sideways until the next super bull cycle starts sometime between 2018 and 2020. "This isn't going to be the V-shaped turnaround that everyone thought it was going to be," he said.
http://www.investors.com/editorial/IBDArticles.asp?artsec=28&issue=20090309
 
#6 ·
Ben Bernanke gave a pretty good presentation this morning as well as CITI's CEO sharing the news that they were profitable (remember that word?) for the 1st two months of 2009. All financials were up on the news which is generally considered to be bullish....
 
#15 ·
X2.

It's a bounce.

Still lot's of falling knives.

In other financial news:
China and India are bringing new refineries online this month.
They will be refining oil from separate proprietary exploration contracts, so in turn, pulls them off the spot / Merc bidding.

East coast refineries will be firing back up this month too and that should help slow the rising cost.

France, Germany, Turkey, Austria and the Swiss are buying direct from Iraq and that flow is ramping up slowly,, but steady,,,, so we may see a stable market unless Al Quaida pays us another visit.
 
#19 ·
Yea nice short covering rally today. Made me feel a bit better too.
Hope it holds and we see some positive movement.
Lord knows we deserve it after the severe beatings.
 
#24 ·
With Citi showing a profit for the last two months, it kind of gives investors a little hope that the government won't nationalize the banks. This will help the banking industry. Other industries will follow somewhat. There's still the apprehension and protest in the market due to the fact that capital gains taxes will be increasing.
Just my .02c (actually only worth .0035c now).
 
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