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  • drcas drcas Aug 5, 2008 11:25 AM Flag

    30 what is wrong

    I'm not an expert at this. Are shorts covering now?

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    • Doesnt look like it...

      Not enough volume on the move to call it either way.

      A lot of folks arent going to be making any big bets either way on this until we get the fed statement at 2:15 est.

      I would expect a bullish spike right after the announcement and then a retreat as people fade this rally.

      I think we will see a big reversal in all the financials, as the recovery rally seems to be running out of steam, and if the fed comes out with any hawkishness implying that they might raise rates sooner than expected then you will definitely see all financials turn south, along with all commodities, thereby returning us swiftly to a retest of the lows across the board.

      • 1 Reply to cole_diggy
      • I do think we will retest lows, but not anytime soon.

        This govt is coming up with new creative bailouts to keep delaying the inevitable.

        The well orchestrated secondary by Merrill Lynch, the selloff in commodities, Fannie/Freddie bailout bill, federal reserve's expansion of discount window, etc.

        Hank Paulsen is turning out to be some general in winning all the battles lately, but it will be difficult for him to win the war. Ultimately you have to just let the housing slowdown run its course, but until then this volatility in the market is turning out to be scaring both longs and shorts away.

 
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