Which Way Wednesday - Probably Down

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Thu, 05/19/2011 - 07:16 | 1290671 dcb
dcb's picture

we are going to about 1400, regardless of anything. It's already programmed in.

Thu, 05/19/2011 - 07:01 | 1290654 dcb
dcb's picture

i wish I had a way to share charts, but I don't think you get the quants very well. all this stuff is in a channel and they use speed lines. I think the charting system you use is rather outdated. it may sound crazy, but it is very simple you have to play around until you get the chart that reflect the major computer algo. I will tell you they are speed lines. then add channels. so what you will see a potential short on the s and P around 1350. you also the rsi wilders helps. you can almost always buy in and oversold condition. the market because of the quants does not move the way people would trade. if you use the last low, critical support lines, over all they bounce up at these, then go up, then maybe come down through

 

for instance the last major line on the s and P was about 1300. use this and it will hit that go a bit lower then bouce up through it. in fact you can almost always trade the lower low.

you get a bit too bearish, th market only really drops wh the algo's want it to. logic has nothing to do with it.

Wed, 05/18/2011 - 16:01 | 1288620 JW n FL
JW n FL's picture

Blankfien was out in Wellington with a really cute blond a few weeks ago.. the girl looked NOTHING! like his wife.. running around in an Ford Expedition.. without a driver? Oopsie!

Wed, 05/18/2011 - 15:30 | 1288488 Zero Govt
Zero Govt's picture

Blankfein lying (twice) to Congress ...what a shocker!

..in the land of pots, the kettle can also be black (without fear of prosecution) 

Wed, 05/18/2011 - 15:31 | 1288481 chistletoe
chistletoe's picture

um,

all these people who are so upset about $4.00/gallon gas,

and who somehow, some way, did not see it coming, despite all the warnings for the last 40 years,

now they want to increase the taxes on oil companies?

Exactly what do they think that is going to do to the price of a gallon of gas?

Wed, 05/18/2011 - 16:38 | 1288739 BigJim
BigJim's picture

Taxing corporations is stupid. And taxing more profitable corporations at higher rates than less profitable corporations is 'stupider'. Why?

Because companies don't pay tax. People do. Take, for instance, a company that made a profit of $500,000 last year. Virtually everyone will agree that it should be taxed at a lower rate than a company that made $500,000,000 profits... despite the fact that the 'small company' may have only 2 shareholders (ie, they made $250,000 each), whereas the 'big' company may have 100,000 shareholders, getting $5,000 each.

End the loopholes and tax the stockholders. Simple.

Wed, 05/18/2011 - 15:16 | 1288396 Ergo
Ergo's picture

Love Phil's writing style.  Always enjoyable and educational. 

I'm a little surprised that PM's are up a little on hawkish Fed statements (although we all know they're lying).  But, given my confusion, I'll just go write a few more patents, and leave financial speculation for another day.  Accumulating fiat.... is at least better than losing fiat. 

Wed, 05/18/2011 - 15:55 | 1288589 ilene
ilene's picture

write a few more patents .... that sounds interesting, perhaps more so than the financial speculation. 

Wed, 05/18/2011 - 15:10 | 1288367 t0mmyBerg
t0mmyBerg's picture

The problem with rants that are political in nature is that they invariably miss things.  Like the fact that Democrats are also bought and paid for.  At least with the Republicans you will get something reasonably true out of their mouths some 15% of the time and at heart they think they are for maximal freedoms (except for this that and the other thing).  With Demunists and Commocrats, they really do want to enslave you to their statist nightmare and it will be filthy lies out of their pieholes out to 5 nines or so.  bangpath.com

Wed, 05/18/2011 - 15:03 | 1288325 Eagle1
Eagle1's picture

Mark Begich is NOT a Senator from Arkansas. Check your facts

Wed, 05/18/2011 - 15:22 | 1288426 ilene
ilene's picture

Thank you - it's Alaska - and I'll fix.  Can't fix when wrong about the direction of the market, that happens. 

Wed, 05/18/2011 - 14:18 | 1288114 BeerGoggles
BeerGoggles's picture

Lol. The market went up.

Wed, 05/18/2011 - 13:55 | 1287989 Diamond Jim
Diamond Jim's picture

XOM is a "dog"...too heavy on nat gas and refiner margins are crap. One of these days though.....

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