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  • markweber348 markweber348 May 13, 2010 1:51 PM Flag

    Regarless of BP's News...

    Sorry for the previous comment. I think this whole rally is a sham though. The Fed buys mortgage backed securities from the banks, then they in turn buy stocks w/ the money. There is massive insider selling also. The selloff last Thursday was for real, only the last few hundred points on the dow (and everything else) was caused by the NYSE and Nasdaq pulling their bids/asks that caused the extra volatility. I am only 50% short though, i still think they are going to manipulate the markets for a few more months. The Euro is still dropping even after that 1 trillion announcement. The rise in gold is also worrisome. Letting Greece borrow more money when they are already in debt is ridiculous. Almost as ridiculous as the Fed buying their own bonds to make it look like there is a demand for them.

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    • I'm with you brother... sold all my long positions yesterday... I've been watching BP for a while ... I took a long position but I am watching the news and the charts carefully... I have my stops in place...

      I think were at the cross-roads now... I think we'll see where the markets want to go by the end of next week... IMO... It will be interesting to see how this plays out... take care...

      If the S&P does bounce south of the 50 day... what are you thinking... 1140 range...

      It appears to me with everything thats going on that it will eventually break through sometime this quarter and we may have a nice run... but with everything you mentioned... 2011 could end up being a nightmare to say the least?!?

36.04+0.19(+0.53%)3:49 PMEDT