9.18.2008

CLOSING CHEER


Markets closed way up on the heels of rumors that the government will be taking all the bad assets currently on the books of various financial institutions onto the books of the taxpayer - in a "RTC type" entity.


Not much more to be said except that all the capitalists are thrilled socialism still exists when its needed.


NYSE -1600 net winners;

NAZ- 1375 net winners;

VIX- 33.1 after hitting well over 40;


Anyhow, we are back over 1200 on the SPX after hitting a low of about 1133 earlier in the day.

Follow through has not been a major quality of these markets of late and every one will be looking for that tomorrow.

4 Comments:

Blogger tamworth said...

Love your comment!! Funny!!

"Not much more to be said except that all the capitalists are thrilled socialism still exists when its needed".

4:48 PM  
Blogger itrade4real said...

That says it all!

Also, with the lack of follow through, I continue to trim winners into "the move", and will live with it should they go further eventually. With the volatility, a winner can turn into a BIG loser if you don't book it.

5:26 PM  
Blogger muckdog said...

I heard a guy on a talk radio show this morning call in and said that he sold everything because he was nervous that stocks would continue to fall. Oooooopsie.

6:52 PM  
Blogger tamworth said...

I went to all cash at spx 1135.

Just kidding.

The start of a huge rally is here folks. In fact, some might call it a 6 to 9 month bull market..

We shall see.

;)

11:16 AM  

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