THE CLOSE
A wacky day as the markets hit their highs in the middle of the day and faded in the final two hours - although a bit of a recovery in the final fifteen minutes. ES futures still trading at a significant premium to the cash index (4+ points).
Strong sectors included emerging markets, telecom, homies and semis while metals, shipping and gaming lagged.
NYSE- 1385 net winners;
NAZ- 600 net winners;
VIX- down about 7% at/near 32.75;
Volume fairly light with advancing about 2.5 the declining;
RUT/MID s lagged the SPX/DJIA and the NAZ/NDX was relatively weak for most of the afternoon. GOOG AAPL RIMM - none closed strong.
The strategy for now- longs to be kept/purchased as long as the SPX stays above 1175 or so- under there with no more news of a bailout (old news)- the markets could sink a way down.
Finally, not sure if McCain is going to show or not - just looks a bit gimmicky- par for the McCain course.
RIMM spit the bit and now trading lower by over $13 on the day.
posted by DAVID at
4:00 PM
4 Comments:
Well, I've not seen anything more stupid than THIS proposal:
One quarter of one percent tax on all your trades. So you buy $40,000 dollars of google..your tax is $100. Thank you very much!!
It'd be the death of daytrading and investing as we know it..and the Democrats want it passed: Can they be any dumber than this? LOL...
Sept. 25 (Bloomberg) -- A group of House Democrats is proposing to make Wall Street companies and investors pay more of the cost of any financial rescue plan through a new tax.
In a letter sent late yesterday to House Speaker Nancy Pelosi, 16 Democrats asked her to ensure any rescue legislation include a ``transaction tax'' on all U.S. stock trades and on other types of trades, such as credit default swaps, options and futures. They are proposing the tax would be at a rate of one quarter of one percent on all trades.
Hey, what do these folks care? They've got their "govenment" jobs with guaranteed salaries, pensions, and health benefits that are breaking us.
The real problem in the U.S. is "socialism", not capitalism.
Read Empire of Debt if you want to get educated on where we're headed, folks.
Had not seen that - brutal- doubt any thing happens with that- "the death of equities
Yeah, it'll never happen...
If it does, I'm moving to another country..ha...
Thanks for letting me vent..
;)
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