Market Observations 11/14/08
Resistance: DJIA 9630 (3400DMA); SP500 1005 (4100DMA); NAZ 1790 (4200DMA); NDX 1390 (4100DMA)
Support: DJIA 7945 (4650DMA); SP500 820 (5600DMA); NAZ 1430 (5700DMA); NDX 1110 (5400DMA)
SP500 911, gap down 904, rise 916, collapse to close 869. NDX 1240, gap down 1209, rise 1235, collapse to close 1176.
FRI: Unemployment 6.5% highest since 1994; unemployed over 10 million; highest in 25 years. Grim economic reality will take this market down to new depths.
MON: AIG $24.5 billion Q3 loss; China $586 billion bailout, by year end 100K factories will have closed. Starbucks Q4 net income -94%.
TUE: What will you do? due to imminent insolvency Fed waives 30 day wait for American Express to covert to bank holding company.
WEN: Home values fell 9.7% in Q3, the 7th consecutive decline, as 30% of sellers sold at a loss. Treasury $139 billion guarantee for GECC debt.
THU: Initial Claims +32K at 516K; a 7 year high as long term unemployment exceeds 3.8 million.
Federal deficit in the first month of fiscal 2009 climbed to a record $237.2 billion exceeding all of last years deficit spending.
FRI: Export Prices ex-ag. Oct -1.2%; Import Prices ex-oil Oct -0.9%; Business Sales Sep -2%;
Retail Sales Oct -1.3% vs -1.2%; ex-auto -2.2% vs -0.6%; the longest string of declines since records began in 1992.
Barclays plans to raise capital without giving existing investors first call on new stock. The right of pre-emption.
Credit Suisse also did so last month. Both wooing big investors with securities paying as much as 14% interest.
Without pre-emption, companies shares are traded as if they were in a casino.
Offerings to new shareholders dilute the voting rights and claims on future profits that some existing shareholders have held for decades.
Shareholder rights... Rich Wagoner has run the world's largest automaker into the ground for the past 8 years, presiding over $73 billion in losses beginning in 2005.
He has proven beyond a shadow of a doubt, that he and his team are clueless blue blood imbeciles.
Isn't it about time this pack of mismanaging idiots were shown the gallows, er, I mean the door?
The market hit new multi year lows again, do not be fooled by any spin or head fakes...
grim reality is setting in and this market will continue to make new lows for the next year or more.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
Support: DJIA 7945 (4650DMA); SP500 820 (5600DMA); NAZ 1430 (5700DMA); NDX 1110 (5400DMA)
SP500 911, gap down 904, rise 916, collapse to close 869. NDX 1240, gap down 1209, rise 1235, collapse to close 1176.
FRI: Unemployment 6.5% highest since 1994; unemployed over 10 million; highest in 25 years. Grim economic reality will take this market down to new depths.
MON: AIG $24.5 billion Q3 loss; China $586 billion bailout, by year end 100K factories will have closed. Starbucks Q4 net income -94%.
TUE: What will you do? due to imminent insolvency Fed waives 30 day wait for American Express to covert to bank holding company.
WEN: Home values fell 9.7% in Q3, the 7th consecutive decline, as 30% of sellers sold at a loss. Treasury $139 billion guarantee for GECC debt.
THU: Initial Claims +32K at 516K; a 7 year high as long term unemployment exceeds 3.8 million.
Federal deficit in the first month of fiscal 2009 climbed to a record $237.2 billion exceeding all of last years deficit spending.
FRI: Export Prices ex-ag. Oct -1.2%; Import Prices ex-oil Oct -0.9%; Business Sales Sep -2%;
Retail Sales Oct -1.3% vs -1.2%; ex-auto -2.2% vs -0.6%; the longest string of declines since records began in 1992.
Barclays plans to raise capital without giving existing investors first call on new stock. The right of pre-emption.
Credit Suisse also did so last month. Both wooing big investors with securities paying as much as 14% interest.
Without pre-emption, companies shares are traded as if they were in a casino.
Offerings to new shareholders dilute the voting rights and claims on future profits that some existing shareholders have held for decades.
Shareholder rights... Rich Wagoner has run the world's largest automaker into the ground for the past 8 years, presiding over $73 billion in losses beginning in 2005.
He has proven beyond a shadow of a doubt, that he and his team are clueless blue blood imbeciles.
Isn't it about time this pack of mismanaging idiots were shown the gallows, er, I mean the door?
The market hit new multi year lows again, do not be fooled by any spin or head fakes...
grim reality is setting in and this market will continue to make new lows for the next year or more.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
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