Oil is selling off hard here, but the market too is having a 200+ point reversal. With that in mind [[DUG]] is looking good for a trade.
We have now broken 1249-1251 S&P. With a close below this level were are really looking at 1216-1224 as major support.
If your long and wrong it is time to stop out and let the dust settle.
With that said, getting short here is probably the best option. I have not been listening to the news all day, but this type of market activity suggests that the shit is going to hit the fan. A big shoe is going to drop out of the sky and people will be saying ” The Gods Must be Crazy! ”
While were on the subject of crazy who’s idea was this anyway?
http://www.guardian.co.uk/environment/2008/jul/03/biofuels.renewableenergy
GLT
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GW, thanks your timely updates and comments!
I have 1240 SPX as the next line of support (???)
E’8,
I saw that. I believe it is minor and is closer to 1235 and 1225. Of course once we broke 1250 today we did not have huge acceleration to the downside.
Now 2pm were down 18+ on S&P.
“The Song is Over”
Peace
buylo,
Hope they are helping you out. Trying to be as informative as possible.
Peace
True concerns about FNM,MER,&LEH
GW– Re: “who’s fault is this?”
Fucktard Congress, who else?
Note, they just voted MORE subs to fat rich farmers for biofuels that are more expensive than gas (or make it more expensive).
I know people think I’m a big fan of Bush here (I’m not, he’s done some stupid things), if only because I don’t hack him mindlessly like the left is wont, but at least he vetoed THAT bullshit. (To no avail, unfortunately).
And here’s more fucktardery up for vote, soon.
_
jake,
You just upset my stomach with the Obama article!
Did you know that Cheney is 11th removed cousin from Bush.
Obama is 8th removed from Cheney….and something like 30 some odd presidents are the same bloodline as the British Royal Family and or a Monarch from France.
Bush senior and his wife are also blood related.
Too much inbreeding if you aske me.
Were ripe for r………
Obama or McCain? McCain or Obama? Great choices.
I’m still sitting in my bunker, Kevlar helmet on, eating MREs and watching apocalyptic videos.
Oh, and I’m sitting on a mountain of cash (it’s in a vault, mind you).
Dawg — lol — I hope that cash is in Kruggerands!
__
A’dawgg,
Better to convert your cash into multiple currencies including small denominated silver and gold coins.
It is amazing how a few can really foul things up so badly.
McCain or Obama? Which of the lesser 2 evils will I choose. I wish Ron Paul was still in the race!
Peace
I’m not buying a single thing long until A-dawg feels safe enough to come out from his bunker. That’s going to be my “tell”.
I’ve got bags of pre-1964 U.S. silver coinage. Holding a few $20 gold St Gaudens, and some rare US coins….works of art.
As for the dollar, cash is king, even when appears it isn’t. Canuck and Aussie dollars and some Euros, too.
Also have working man’s whiskey for bartering.
I’m not buying a single thing long until A-dawg feels safe enough to come out from his bunker. That’s going to be my “tell”.
Warning, informed sources speak of a reinforced dumbwaiter mechanism that sends pre-1964 silver coinage up, and takes ammunition, gun oil, and MRE’s down.
It runs on geo-thermal.
__
Hah, Jake, so he’s going to be down there forever watching movies and giving us the finger? Jeez.
He does have a nice movie collection…
_
Road Warrior, Mad Max, Apocalypse Now, War of the Worlds, Seventh Seal, etc….just a sampling.
Sometimes I’m not to swift….are all the comments of bunkers and shit a mockery of my parnoid bearish positions or a general mockery of an unsafe market?
GW, they’re just a joke, humor attempting to deal with our own paranoid bearish fears, which I don’t think is that paranoid (more like realistic). We’re kidding around, and not about you, we wouldn’t do that.
I have a stash of MRE’s myself, a generator, etc. Not to mention weapons… always be prepared, right?
boca,
OK…I thought maybe you guys were making fun of me. I do not mind if you do, I just was not sure which way the comments were going.
I try to always be prepared no matter how crazy it may seem. I tell you my wife thinks I’m nuts. LOL..
Peace
Boca … Didn’t take AD too long to get out of that bunker, did it?
GW … 1240 s/b good support now
Just saying … haha
E’8
You called it. Yand? So your 3:0 and I’m 21:24? Maybe mo’
Multiples Baby!
Put yourself out there bro. Show us more of what you got son.
I know your smart cause I still own PDE while most of my oil and gas stocks were kicked out over the last 2 weeks.
8-
I get bored quite easily in my bunker. I have to venture out periodically to satiate my ADD.
Try FBT for your ADD … nice list of hldings:
http://www.etfinvestmentoutlook.com/etf_holdings.php?s=FBT
Caution: Thinly traded
8-
Very nice. FBT broke a double bottom on 6/26, but since then, has bounced off support at $21.50.
There’s a strategy that I’ve used in the past during these times when it appears that there could be a breakout. If the potential breakout is sketchy, one thing I’ve done is to buy calls on some of the stocks in the group. Thus, not committing a large amount of money to a potential blow up.
If I’m wrong, I’ve limited my risk. If I’m right and the market moves up, I can either buy more stock or exercise the call options.
The key, on valid breakouts, is to get exposure immediately. ETFs let you do that, but calls can allow you to do it a lot cheaper.
Didn’t think to check for options …. figured it was too thin to support options but I’ll check in the morning … thanks.
GW …. I’m trying my smarts out at CNBC …. Seems I do better when I have more capital to play with than the real money I work with on a daily basis:
$1.490M Total Portfolio Value*
Top 0.2% Game Rank*
1498th Game Rank Position of 749000*
48,915 (3.4%)Gain/Loss, Intraday*
54,335 (3.8%)Gain/Loss, Weekly*
490,420 (49.0%)Gain/Loss, Overall*
*As of 7/8/08 at 4pm EST. Weekly and Overall Gain/Loss is calculated daily after market close.
E’8,
50%…not bad at all.
Are you trading currencies or just stocks?