1
That's like 3000%!!!!

2
in b4 unexpected

3

Never been as big of a believer in support levels as much as capitalists who think, damn, stocks are getting cheap, I could make me some money.

Leave it alone and the market will fix itself.

4 Is this a big fuckin' deal?

5 can you short sell the entire S&P?  can you short a S&P ETF?

6 WHERES MY BRANDY AND CONDOMS????!?!??!?!

7


WEEEEEEEEEEEEEEEEEEEEEEEEEEEEE

8 It will be fine once they release the Second Chakra and all those Green Jobs appear.

9 \
..\
.....\
........\

(testing)

10

I take it that the S&P 500 just broke though 1,040 barrier ON THE WAY DOWN?

Yeah, that might be bad.

11

Monty must be mistaken, Wee Wee Hussein Obama (mmm-mmm-mmm!) has decreed that The Economy Is Strengthening.  The Pharaoh has spoken.

12 I need the Cliff's notes version of that chart. What the hell does it mean?

13
____
------\
-------\
--------\
__ _ ___>*<___ _ ___


_Better?

14
What the hell does it mean?

we = f*cked

15 Sleigh ride to Hell!!

16 Is that the S&P or my Handicap? BWAHAHAHAHAHAHAHAHAHAHA

17 13, don't be a smart ASCII all the time

18
Did the S&P 500 break support in all 57 states?

19

Will all due respect, "Technical Analysis" is like reading tea leaves. Make that goat entrails.

That said, the Obamunists are ruining the economy, driving debt in nominal and real (as % of GDP) terms to unprecedented levels.

Funny how the Commiecrats who harped about Uncle Ron's debt failed to mention that in real, as a % of GDP, terms, it was falling.

20 It will be fine once they release the Second Chakra and all those Green Jobs appear.

Posted by: Al Gore at June 29, 2010 03:34 PM (UYace)

"Green Jobs" is not what appears when the Second Chakra is released.  Unless "Green Job" is the new slang for the technique massueses use to release Algore's Second Chakra.

21

Interesting

If you take the linear progression of the S&P over the last 40 years, we're right about where we should be, even in this trough. 

From 1995 to present, the entire value-based nature of the S&P was thrown out the window.

22
As long as it doesn't effect my golf handicap.

23

Will all due respect, "Technical Analysis" is like reading tea leaves. Make that goat entrails.

Posted by: Curmudgeon at June 29, 2010 03:39 PM (ujg0T)

Hey!  Between you and Kos, I'm starting to feel like the Chicken here!

24 Let me be clear, my economic policy of tax and spend are working! Just ask Joe Biden.

25
This is the "Summer of Recovery" and all you conservative assholes need to just sit down and shut the fuck up. Barack and I have it under control.

26

Here Ace:   

           ,
             / \
          /`  _ `\
        /`   /\\   `\
       |    /__\\    |
       \  /      \\   /
        '.__, ,__.'
          _.-^-._
         `"""""""`

27 And the DOW is below 10K, the S&P is currently 1,041.

28 Next stop, ILM!

29 " the problem is that the next support is all the way down at 800 or so."

Wowee, you should make a fortune with all that technical knowledge. Those stock price charts can predict the future still amazes me to this day.

30 Posted by: stuiec at June 29, 2010 03:40 PM (7AOgy)

Yes, it is. Give me a job and you get some Green. Get it? Green Jobs.
Also my Chakra is a little green due to my high fiber diet.
I think of it as Imperial Jade.

31

And this is all happening on a Tuesday in June?

UNPRECEDENTED!!

32 5 can you short sell the entire S&P?  can you short a S&P ETF?

Posted by: Ben at June 29, 2010 03:33 PM (wuv1c)

http://bit.ly/bu5dH3

3X Volitality Baby!

I did something similar with the Russell 1000 Financial Services index (FAS) combined with margin trading. That tripled my money in less than a month and that paid for my plasma TV.

If you win, you win big. If you loose, you can loose it all. So be careful, choose wisely and never play with money you cannot afford to loose.

Have fun!

33 I wish the S&P would break through my aura and diddle with my second chakra for a while.

34 [Waves goodbye to 401(k) as it slips beneath the icy surface]

35

algore's pee-pee:

o==8

 

36
I recently installed solar panels on my home in Delaware as an example to all Americans how we must conserve energy, and the thermostats in my home at the United States Naval Observatory in Washington will be lowered to a comfortable 74 in winter months, and 68 in summer.

37 Don't you mean:
****    O========8 

* Chakra

38 * * * *
***** * ***** ******
** * **** * * * *

39 Ooops, I got Chakra all over the blog. Sorry.

40
Some of the questions from the Judiciary Committee were uncalled for, provocative, and designed to incite my supporters.  I fully support the Constitution of the United States when it suits my liberal agenda, and I refused to answer any questions about my sexuality or that of my girlfriend.

41

The Pharaoh has spoken.

So let it be written.  So let it be done. 

42 The obvious solution is more green jobs.

/sarcy, sarc, sarc.

43
I'd hump Elena Kagan in a New York minute, and it would be my first Supreme Court Justice hump.

44 Posted by: Jim in San Diego at June 29, 2010 03:44 PM (oIp16) Dude, the correct advice comes from the track. you can eat your betting money, but don't bet your eating money

45 WHOOP! Troll suicide alert WHOOP!

46 The S&P may be falling, but how are the Profit to Earnings ratios holding up?

47 Uh ... um ... you know, it really isn't bad, when you look at the recent action of the profit and earnings ratios. I mean, don't go and get all wee wee'd up when it's clear that the the relativistical strategic valuation of profits has really screwed with an America that we don't know, but we're getting to, God bless America the beautiful.

48 [Waves goodbye to 401(k) as it slips beneath the icy surface]

Someone has to lose to get "failure to pass financial reform sends markets down" headlines to Massachusetts.

49 If only the Obami cared about fixing this economy. Like Monty said, everything old is new again.

50
Obama's Weekly Message to America

.._.  .._  _._.  _._

_.__  _ _ _  .._  

51 Speaking of the market, I was buying chunks of Citigroup this morning after the price dropped >5%. While waiting for the price to drop 1 cent to make my 3rd buy I all of a sudden see the price drop from $3.77 to $3.32. It didn't make sense but I wasn't about to sit around waiting to possibly get royally fucked so I sold a few cents below my overall buying price today just to cash out and buy back in at $3.32 or $3.33. A few minutes later the price reverted back to $3.77 and I ended up buying back in at my original buy in average price but losing a few hundred in the ordeal. How the fuck is this allowed to happen? I thought the issue was addressed after the 1,000 point drop in error a few weeks ago.

Hussein has fucked everything up.

52

America's message to Obama

.   ._   _

...   ....  .. _

53 Technical supports are more psychological barriers than anything "real". (To the extent that anything in equities is based on "real" stuff any more....) 1040 was a big psychological floor value, and breaking through it -- even briefly -- is pretty worrisome. I'm not a big fan of technicals, as a rule, but this market is skittish as hell.

54 Well, the story just hit Reuters. Prepare for the stampede.

55 1,040!

56 I wasn't paying attention - trading just closed for the day. S&P 500 at the close: 1,041.28.

57

America's message to Obama

Posted by: Sam M. at June 29, 2010 03:59 PM (/5Axw)

The problem Sam is that Obama will pick through it until he finds the best parts?  Liberals always believe its possible to pick up a turd by the clean end.

58 How the fuck is this allowed to happen? I thought the issue was addressed after the 1,000 point drop in error a few weeks ago. Posted by: Dillinger

Can't blame this one entirely on the Petulency.

The problem is you're trying to compete with professional traders and hedge funds that are using algorithms and ultra-high speed connections, aka fat pipes, to trade millions of shares in milliseconds.

59 Biden: I've got three words for you - Recovery Summer

60 So does that mean I have to go back to basic cable?

61 DJIA closes off at -268.22. S&P closes at 1035.82, off -38.75. Gentlemen, start your heartburns!

62

...How the fuck is this allowed to happen? I thought the issue was addressed after the 1,000 point drop in error a few weeks ago.

The folks at ZH say HFT and I would agree

http://tinyurl.com/2bz54lf

The market is no longer meant for investing.

63 Obama will solve the entitlement bubble by getting rid of retirement completely. 

64 The only thing that you need to know about the stock market is that it is not Obama's fault.

65 Release the Kraken, or the meteors or chaos or kagen or chakra or something.  Something, anything beside govt spending.

66 I thought the issue was addressed after the 1,000 point drop in error a few weeks ago. Trading in Citi activated the killswitch earlier today when the stock suddenly dropped by like 50% in ten seconds or so. I think the graph is up on ZH somewhere. HFT and algos are making a complete mockery of the equities market. If things don't improve by the end of the year, I'm cashing out completely. This is just stupid.

67 In elementary terms, a "support level" is the price which was established in the past and at which a stock or index labored to break through.  There are many shares bought by individuals and institutions at that price.  They have seen their investment go up, and those who did not cash out profit have seen it come back down.

When the price "breaks support," it means that same significant number of investors is now in the red.  People don't like being in the red, so they sell.  The stock or index plunges until it hits the next lower support level.

See, no actual numbers were harmed in composing this post.

68 "The only thing that you need to know about the stock market is that it is not Obama's fault."

It's w's fault. Rather the voters who elected him's fault.

69

And now, for your listening pleasure, Tom Petty and the Heartbreakers

And I'm free - free fallin

70 I already cashed out, this is simply a big casino and guess what you aren't the house.

71

"The only thing that you need to know about the stock market is that it is not Obama's fault."

Yup, personally I think this was caused by all these damn neophyte economists who think that they are qualified to write about economic issues without an ivy league degree.

After all, all the Ivy league guys are predicting a recovery, yada yada.  This untrained, unsophisticated neophytes on this blog and others predict a massive downturn.

What happens?  A massive downturn.  AHA!  There's your proof right there!  Obviously it's a conspiracy.  How else could they have known in advance what would happen?  After all, they couldn't possibly understand the subtle nuances of something as complex as the economy.

Of course, I guess you don't need a degree from Harvard to see a huge shit storm approaching at highspeed from the horizon after all.

 

72 <i>Posted by: Garbonzo the Garrulous at June 29, 2010 04:03 PM</i>

I hear you Garbonzo but the financial reform abomination is causing much of the fear on Wall Street. There is absolutely no confidence in Hussein or his acolytes slithering around DC.

The "financial reform" for all intents and purposes is back door wealth redistribution. Investors [includes anyone with a 401k] will see a loss in their portfolios due to a punitive tax within this reform which will be levied on financial institutions. Seniors with financial stocks in their portfolio, which is tens of millions of people, will be hardest hit. The money the govt will collect fron this punitive tax will be distributed to unions, leftwing coffers and democrat warchests.

The greatest threat America faces is Hussein and the democrat party in DC. Congress must be purged of the leftwing anti-American filth.

73 This reminds me of the old poker adage. Look around the table for the sucker. If you can't find him, then the sucker is you.

74 By the way, if anyone owns stock in Dell Computer, you might want to get rid of it before it goes to zero.

75 Uncertainty will reign until Zero leaves office and takes this latest wretchedly cluefucked group of "whiz kids" with him. 

Every time Congress passes a new bill or Barry so much as opens his mouth, buy more gold. 

Since the only response this Administration knows is to double-down on Keynesian Stoopid, it may be at $2500.00 by the time this crapwagon of fools creeps out of D.C.

76 Do you miss me yet?

77 Doooooooooooom.

We
Are
So
Screwed

78 Let me be clear. We've been in charge of this since day one (whispers)....errrr..this is George Bush's fault, and we can't be blamed.

AG Eric Holder will investigate immediately to protect the little guy.

Now where are my golf clubs?

79 Somebody needs to read 'A Random Walk Down Wall Street.'

80

No, I don't miss you, George; fuck right off and take the rest of your "ownership society", "enterprise zone", "soft bigotry" compassionate-conservatives with you.

Your wishful thinking brought all this upon us.

81

No, I don't miss you, George; fuck right off and take the rest of your "ownership society", "enterprise zone", "soft bigotry" compassionate-conservatives with you.

Your wishful thinking brought all this upon us.

Hey, we did our part!

82 "compassionate-conservatives", you know I made that one up.

83 It will be interesting to see what tomorrow brings. (And I should have some excellent fodder for tomorrow morning's Briefing.)

84 Oooh, Monty, you tease

85 This means that the Dems will take about 400 more seats in November.

86

5 years ago my mom started buying up gold and silver, said we were due for a big old market drubbing eventually and everyone better be prepared to fend for themselves -- happened before in her lifetime, would happen again; fiat currencies don't amount to shit if there's nothing but debt to back it up -- and that economy wise we were beginning to paint ourselves into a corner where nothing would stop the crash from happening -- because people would get panicked and not leave the damn thing alone; people wouldn't be willing to take a moderate hit and thus would wind up really screwing the pooch trying to avoid it.  Everyone thought she was nuts no way were we going to globally crash and burn again -- a lot of people still thought she was nuts two years ago when she stepped up her gold and silver investing.

My cigar smoking, former motorcycle riding, lets her dog eat breakfast with her mom had more sense than the people running the economy imho.

87

June 29 (Bloomberg) -- President Barack Obama said after meeting with Federal Reserve Chairman Ben S. Bernanke that the U.S. economy is strengthening even as it faces “headwinds” because of concerns about the European debt crisis.

“We have seen some very positive trends in a number of sectors,” Obama said at the White House after a meeting with his economic advisers. “Unfortunately, because of the troubles we’ve seen in Europe, we’re now seeing some headwinds and skittishness and nervousness on the part of the markets,”.

 

Headwinds are racist. Or why doesn't he use those headwinds for his windmill farms?

It's quite obviously that Barry doesn't have a clue about economics. He can't even fake it

88

So, the S&P sliding past 1040 without bouncing back for keepers means(as we already knew boys 'n gals) we're over the threshold to a Bear Market.  Just in time for midterms and signalling truly awful hard knocks in 3 to 6 months.

Lessee,  reprise '82 midterms or '94?  Ah, that's '94 with extreme prejudice.

89 Listen, why don't you post something nice instead of being a smartass all the time?

90 That glass of hemlock is looking pretty tasty right now.

91

Almost every electronics manufacturer has the same problem Dell has with these shoddy Chinese capacitors. The damn things suck. They explode. There are millions of them out there in all kinds of components, waiting to explode. I had 4 of them on NVIDIA graphics boards explode. These were relatively large caps that sounded almost like gunshots when they went. And they can (and they did) take out a PCI bus when they pop. One blew up inside my DVD player.

Lead paint on toys. Exploding capacitors in your electronics. Poison gas seeping thru the drywall. Ain't it grand how we've outsourced everything to China, impoverishing ourselves along the way?

92 " outsourced everything to China, impoverishing ourselves along the way?"

Thanks w.

93

Okay.  There are a lot of people in the business who believe in "technical analysis" and things like "support levels." 

It's all crap.

Unless you have a doctorate in physics and are programming trading computers for hedge funds, just forget about it.  What matters are fundamentals.  Future cash flow.