Official Stock Market & Economy Thread

[foodgoeshere]

Originally Posted by Dey Know Yayo

bruuuuutal plunge, 7500 here we come...

brutal indeed. took my positions in ferts and energy from green and put it in red in an instant. gold is the only thing up right now.

 

[lesfamilia]

From CNBC.com...

Stocks tumbled Tuesday as a sharp drop in New York manufacturing activity exacerbated worries about the deepening recession.

The Dow Jones Industrial Average was down nearly 300 points, or more than 3 percent. The S&P 500 shed more than 4 percent and the tech-heavy Nasdaq lost more than 3.5 percent.

This comes after last week's 5.3-percent drop in the Dow as few details on the execution of the stimulus plan and worries about the potential for wiping out bank stocks weighed on the market. Financials were the week's worst performer, down 10 percent, while health care was the best, down just 2.4 percent.

 

[keiththekid1]

DKY, at the moment the only gold position i have is GLD...do you think i should diversify my gold position with some mining stocks? If so which ones? I haveheard a number of people say that gold mining stocks give the best exposure, next to actual physical gold.

 

[ieternalv]

Originally Posted by keiththekid1

DKY, at the moment the only gold position i have is GLD...do you think i should diversify my gold position with some mining stocks? If so which ones? I have heard a number of people say that gold mining stocks give the best exposure, next to actual physical gold.

NEM, I heard was a good mining company.

right now im in a penny stock GSPG. 50k shares at .02...lol, i was bored and watned to mess with a penny stock. it's not really doing anything, but ihaven't lost much of my investment and if it takes off...WEEE!!!!

 

[qpitfighter]

back in FAS at $6.22.
I need to offset the money I'm losing from USO. I still think USO will be much higher in the summer, fall months but right now it's killing me.

 

[qpitfighter]

and it immediately drops to $6.12
HA!


EDIT: I do expect it to close higher than my purchase price and open even higher on Weds.

 

[andycrazn]

Originally Posted by Qpitfighter

and it immediately drops to $6.12
HA!


EDIT: I do expect it to close higher than my purchase price and open even higher on Weds.

thats what im guessing as well.

 

[nicefro]

PPT @ 3:30,

Still holding my FAS position from $10.88, was going to average down but decided against it. If we see 9's again I'll get out.

 

[mnmballa2323]

can somebody please break down FAS and FAZ for me...how come when the market fails, FAZ goes up? and opposite for FAS.

 

[qpitfighter]

Originally Posted by nicefro

PPT @ 3:30,

Still holding my FAS position from $10.88, was going to average down but decided against it. If we see 9's again I'll get out.

At this point you might as well hold but I dunno about $9. Maybe $8.

 

[nicefro]

Which is what I'm thinking, if it goes super low, I'll average down to almost that. If it goes up, up, up then sell.

After inauguration it doubled within 8 days by Jan. 28. By no means am I counting on that but if I didn't sell @ $11.5, $10, $9.8, $8, $7, there's noreason to now.

 

[reigndrop]

Originally Posted by MnMballa2323

can somebody please break down FAS and FAZ for me...how come when the market fails, FAZ goes up? and opposite for FAS.

FAZ is an inverse ETF while FAS is just a normal ETF. ETF's are funds that you put money into that perform according to what they're specified to be,so an etf that tracks oils moves would be USO.

 

[jc08]

Hey guys kind of off topic, but I'm thinking of getting a desk-trading job at Swift Trade. I just wanted your opinions on whether they are legit or not. Ihave searched on the elitetrader forums, google, etc... and the general consensus seems to be that it is a good place to learn, but you won't be making anymoney for the first six months while you're on the job. Thanks.

 

[keiththekid1]

what happens to fas/faz when/if the banks nationalize.....they would go to zero right?

 

[nicefro]

not faz.

 

[tbone95860]

Nice to see everyone responding so positively to Obama's stimulus package, the possible future of banks, and the auto industry today in themarket

Everyone say a few prayers tonight for our economy... it's going to need 'em

 

[dey know yayo]

there was no PPT the whole day... not a significantly high volume day, most of the volume was triggered selling early in the day because of the massive gapdown. pretty much traded sideways the whole day. if the Fed/PPT doesn't come in this week and we don't see a massive reversal, then you can kiss someof your favorite insurers goodbye, they'd require bailouts.

banks, insurers, reit's again were the big losers today.

non-precious metal commodity stocks also went down big today, but they also move up big when the market moves up.

stick to precious metals as your only longs (and even start scaling out of those if theyre trading positions-- get into cash on any weakness in gold, we'requite extended up here, wait 3-4 weeks for a higher low to set in) and have small positions betting against banks, insurers, and reits. dont count out thethreat of the fed.

i said months ago i thought citigroup would get a structured bankruptcy and i still believe that's a strong possibility. be looking out for that. citiwould still be operational but its equity would be 0.

everyone knows about banks and a lot of people already have been following my comm real estate calls but it seems that NT is ignoring my insurer calls. sinceearly jan i've been bearish on stocks like pru all hig met and today they tanked and i think they continue to tank unless we reverse hard on massivevolume.

 

[heartofthacity]

so months after your buy gold post, do you still think a substantial portion of ones savings should be gold?

 

[reigndrop]

Originally Posted by keiththekid1

what happens to fas/faz when/if the banks nationalize.....they would go to zero right?

FAS would tank, since a lot of their funds are in the big banks.

 

[dey know yayo]

yes. get the hell out of all dollar-denominated assets. CDs, savings accounts, IRAs, mutual funds, 401ks, bonds/treasuries, etc etc. in fact, get out of allcurrency-denominated fiat assets.

on the short term i expect a pullback in gold, prolly to about 910/oz, who knows, but then another big takeoff move starting in 3-4 weeks. we'll see whatthe charts tell us. but on the long term, this is just the beginning, i expect gold to be at 2000/oz by 2010 and 10,000/oz by 2012.

 

[lilpro4u]

Originally Posted by Dey Know Yayo

yes. get the hell out of all dollar-denominated assets. CDs, savings accounts, IRAs, mutual funds, 401ks, bonds/treasuries, etc etc. in fact, get out of all currency-denominated fiat assets.

on the short term i expect a pullback in gold, prolly to about 910/oz, who knows, but then another big takeoff move starting in 3-4 weeks. we'll see what the charts tell us. but on the long term, this is just the beginning, i expect gold to be at 2000/oz by 2010 and 10,000/oz by 2012.

.. Are you the only one?

 

[illmatickal]

DKY - what's your take on CHK and USO ?

 

[blazersin2k3]

I dunno what i was thinking when i got 500 shares of FAS at 8.06 last week, I was almost tempted to sell today but I might as well wait it out if I'malready down this much. Hopefully there will be a rally later this week, and I can get into SRS in the mid 50's later this month or I might load up on myexisting position in ABX or another mining company.

 

[dey know yayo]

unless we break 7500 i am still bullish and buy-oriented. if we have a sharp reversal soon, it's on. if we break 7500, the usuals- banks, insurers, commreal estate.

 

[crazy dav0]

where do we go from here?

how far can we go ....