Daily Market Thread

[thunar]

Looking good so far. Options up 50% in price. Tomorrow AM, be there or be square, for the GDP report.

[thunar]

Greeks rioting, this time the truckers. IMF/GS/Banksters want to 'liberalize' Greek Freight, shipping by sea and land. Nevermind this is a comparative advantage for Greece, all ships use Greek crews. Banksters want to replace them with Bulgarians and Macedonians who will do the job for 50% less.


Just like NAU/NAFTA wants to allow poorly maintained, poorly paid Mexican trucks and truckers to run on US roads and destroy independent trucking as one of the few remaining business an uneducated person who hustles can make a living at.

[thunar]

...and the usual 3:30PM PPT Sweep. PFFFT.

[Dburn]

...and the usual 3:30PM PPT Sweep. PFFFT.

GDP report sucked. Look, if this market ends the day in twin digits red or green a new startegy has to be stop fighting the tape. Go with the Con. The market has been bombarded with negative economic news except earnings which is just a snap shot from April to June. It doesn't reflect just June. April and May were not bad. Cliff diving started in June. That's what the economic numbers seem to reflect since we get a month to month on most reports and a quarterly on GDP. The only thing that kept GDP positive was govt spending which will be revised downward by next print.

Yet the market has recovered 50%+ of it's losses. It stinks.

No triple digit down day today and I have to revamp the strategy to trade the Con...Job.

[thunar]

Ridiculous. This time, I knew it would happen. The GDP disappointed, the market opens slightly lower but ends up rising.

The good news, I brought a Straddle yesterday! My puts are worthless, but hopefully my calls will make me some money. As long as it goes one way or the other.

I think I will Straddle more often. More expensive, but in this nutty market where disappointing numbers make the market go up, it's like Oatmeal.

___

Update: Maybe I speak to soon? Treasuries and Stocks rising together? Still confused over there. Maybe there's a hiccup in the algo code.

[Dburn]

Ridiculous. This time, I knew it would happen. The GDP disappointed, the market opens slightly lower but ends up rising.

The good news, I brought a Straddle yesterday! My puts are worthless, but hopefully my calls will make me some money. As long as it goes one way or the other.

I think I will Straddle more often. More expensive, but in this nutty market where disappointing numbers make the market go up, it's like Oatmeal.

___

Update: Maybe I speak to soon? Treasuries and Stocks rising together? Still confused over there. Maybe there's a hiccup in the algo code.

Funny stuff at ZH. They list all the bad economic news and then end with, "this means the market will be solidly in the green as traders head home for the Hamptons".

OT: One thing about the e-readers and why they may be superior for reading is you still need a night light to read in bed. The screen is literally like a book in terms of it being a reflective medium instead of a tranmissive medium like the the iPad.

Kindle released a new model for $139 right after B&N lowered the Nook to $149. There is a 5 Inch wide transmissive reader coming out around Christmas at a good price point of $99.95. I'm hoping this turns into a mini price war. Kindle at $99.95 is a no brainer. I'll bet they have one at that p-rice for the holdiays in a give away the razor and make a profit on the blades marketing model.

Here is the URL for the $99 one
http://networkedblogs.com/6mNio

T,

Check out the $139 Kindle. I think this one is going to be in my house in Sept.
Go to www.amazon.com They are on home page. They have 2 new models. The only difference is one has 3G and one doesn't . They both have wifi, so you don't have to hook up to a computer to download books. Battery life is like a month HAHA. They weigh 8.5 ounces. Better contrast and whole slew of improvements. The only complaint is case cost. I'll wait to see if there are some alternatives. It looks like they are trying to make more on the case then 5 kindles put together. 6 Inch screen, as thin as a pencil and will hold 3500 Books. If they could make it $99 , include the case and , oh, about 20 books we can pick out, that would be really nice of them.

[thunar]

I checked it out, my wife was going to buy me one for my birthday. I'm still kind of old fashioned. I'll wait until after January when I can pick one up for under $90, so I won't feel guilty. It could be good for air travel or long commutes on the subway, that way you can have a few books on tap without having to lug them around. You know, sometimes you need mental stimulation, other times you need a fiction novel, etc.

Meanwhile, subpar job growth and downward revised numbers and a deterioration in manufacturing makes the market happy! SPY melting up against a wall of worry.

No problem, I brought a straddle this time. I got a book on technical trading from Saint Vinnie de Paul, so I'll be playing with that for a while.

[Dburn]

I may get a couple from China and see what they do on eBay with an American Company.

Bought a few PUTS on FAZ. Technically the market looks like it's up up and away . Almost all the charts I checked had a head and shoulders formation with the right shoulder up up and away. It was like looking at the same chart even though I went through 20 symbols. The con is on.

This may be the election day rally getting started a bit early to make up for all the other bad shit the dems did. Steel stocks are doing well . X might be good for some money. I missed the last run from 46 to 60. There's a growing sense that Bernake is into QE2 with his foot on the gas. My guess is they will be shooting for 12,000 -13,000 . Since the markets are moving in lockstep, take your pick. They really want it to go to 14,700. That may be why they are starting now. Three months to move it up 35% or so. . This is all they got. There is 29 Million small businesses in the US who were split evenly in 2007 with 28% in the Independent group. Small business has been outraged over the shaft they got as big business has been handed profits with their favorite BJs with US tax dollars as small business does the big swan dive. The law breaking which we would get thrown in prison for and the total lack of interest in stimulus for small business.

Small business has or had half the private sector work force and was the only real viable growth engine. The Dems slammed their shoes into them with this 1099 fiasco. That's one hell of a big block to fuck over for 17 billion over 10 years. The Market is all they have. Even the discredited Maestro is saying that the market is all we have right now as the financial system is broken. That was all Bernanke needed to hear. We have been slammed with report after report of negative economic data and nadda. Market goes up no matter what. Cheerleaders attribute it to a new orange crop grown in China or some shit like that.

Get long with hedges.

[thunar]

Nice play on FAZ, looks like it went down substantially today.

They are desperate to get the S&P to at least 12,000, so they can bury the "Lost Decade" and try to make the buy and hold argument for the common suckers. I agree, at 12,000 they can say the recovery is "In".

Really going to get serious about shorting Apple realistically, not just buying penny puts way out the money. Apple has peaked. Unless it can change it's locked business model it is doomed. Google just puts out way to many killer apps out in the cloud. News just came out, Android was 1/4 of smartphone sales in Q1. The iPhone4 is just getting brought by iFans and not the general public, same as the iPad. I have not seen a soul with one, and this is a big college town.

I'm still sticking to my prediction about a late Sep-Oct dive. But it will be proceeded by a run to almost 1200 before collapsing to 106-108. After Oct, it all depends. I expect a great deal of withdrawals Nov-Dec from mutual funds. After that it's anybody's game, I say a good time for second leg down.

[FM258]

Meanwhile, subpar job growth and downward revised numbers and a deterioration in manufacturing makes the market happy! SPY melting up against a wall of worry.

Could only stomach about 5 min. of these shitbags selling the market...what a farce...had to turn it off.

They can make it go up and down however much they want, whenever they want...its above blatant at this point, they are pure arrogance, none of them can still possess their souls after being involved with this scam of the millennium.