Those short gains did not hold so well. I guess they wanted to lure in more suckers to buy the dip. Maybe the time has come for the long overdue bloodbath that the market desperately now needs. The economy here in Asia for retail sales is pretty darn bad. I have never seen it this bad in the 20 years of which I have been here for. It is worse than when SARS hit us here in Taiwan. Back then people had money but were scared to spend but mow many don't have Money and are even more scared to spend because back then when the economy was good you could spend all you had and know that when you worked the next day you could make it back but now people know that even if you work there is no business to make or earn it back.
Originally Posted by Chris90
The invisible hand has a lot of work to do today. Good start though, brought the S&P up 10 points already.
My $.02 on what will happen next week is that we see a good pop. At first I was thinking that we would tank but Obama goes to Asia next week and when Presidents are abroad very rarely do markets tank or crash. Usually we see good gains when the President is abroad. While abroad one of their goals is to sell US treasuries and assure them that US markets are stable and strong so stocks usually gain while the President is abroad. I would say buying some SPY calls for a small pop next week should be good and then after that small pop or bounce we most likely head south again.
330 Coupe Sold
Last edited by stylinexpat; 11-08-2012 at 09:57 PM.