Wall Street on the SBR network

[SBR_John]

Wall Street on the SBR network

Kind of catchy right??

We are looking at a flat open today. The PPI report on inflation comes out this morning but should be over looked good or bad.

Walmart misses expectations and that's not a good sign for consumer spending looking forward. I'd look for the market to fade and trade into the red but flat overall.

One idea in here is buying Bank of America (BAC) at $48.5 for a conservative long term play. Beaten down a little in here but a good pick up. Pays a fat 5.3% dividend.

[jjgold]

Look for market to rally late in the week starting on thursday around 10:00AM

[oldmanTED]

John,I would hold off on B of A.The mortgage crisis is affecting the bank sector.I would hold off atleast until 2008. Good luck in all your investments.

[SBR_John]

John,I would hold off on B of A.The mortgage crisis is affecting the bank sector.I would hold off atleast until 2008. Good luck in all your investments.

Thats exactly why to buy. Buy when there is blood in the streets. Although this crisis may just be a little red paint in the street.

Good to see you around Ted.

[mavs1978]

if the market continues to lose the vol it has shown in recent weeks we should do better for a while.. i still think last weeks high of 1510 is going to be tough to get through and their will be another shoe to drop this fall..

as far as b of a is concerned its hard to ignore that yield.. howver the folks i talk to that know alot about the sector say that between bac ... C and jpm that JPM is by the best, and the best run of the 3 companys..

[SBR_John]

We did get a firm open but that did not last. Currently down 80 and trying to hold. Good action. Light selling and a orderly retreat. Setting up good, I think we will make a strong run at positive ground.

[ShamsWoof10]

Buy when there is blood in the streets.

No blood in the streets yet.. Not really even red paint.. AT LEAST NOT YET...

[DrunkenLullaby]

Good post Shams! I've kinda been wondering where we stand on sub-primes still lingering, but was too busy looking at Carling Cup games to research it. That graph says it all.

[ShamsWoof10]

Good post Shams! I've kinda been wondering where we stand on sub-primes still lingering, but was too busy looking at Carling Cup games to research it. That graph says it all.

Thanks DL...

I am "guessing" the credit crunch, as they have been calling it, will be like this or maybe even worse...

[SBR_John]

Stocks were sold hard with all 30 Dow stocks ending in the red. And again for the 4th day, selling picked up in the last 15 minutes. We could be a little short term over sold. I'd expect a down open tomorrow. Could get a rally going if the am if all is relatively calm.

[HAPPY BOY]

Holy Guacamole!!! tuff day Johnny, bought some more large, mid small and foriegn mutuals. Fvck it Ill keep dipping a little at a time, if it goes down tomorrow Ill buy a little more. evetually this should pay!

[Dark Horse]

DJII (INDICATIVE DOW JONES INDUSTRIAL AVERAGE) is down to 12,950 already.

[The Indicative Dow Jones Industrial Average is calculated using traded prices of all 30 Dow-component stocks on the Deutsche Börse's electronic trading platform, XETRA. The term “indicative” refers to the expectation that this calculation will provide investors with a sense of the level at which the Dow Jones Industrial Average will open as trading gets under way in the United States.]

[jjgold]

Any guy trading stocks eventually gets chewed a live unless your on the trading floor.

[DrunkenLullaby]

All I ever needed to know about investing, I learned from Yukon Cornelius & Burl Ives:

[HAPPY BOY]

Wow Wow Wow, how low can u go It's fvcking dow jones limbo time!

[SBR_John]

Quite a sell off this week. I'm getting mauled in here on long term holdings.

Its knife catching to try to call a bottom. But I think its close. So far, this mini bear market has been weak every afternoon and into the close. I think a good tradeable rally will be there when we can see a decent afternoon and a strong close. Didnt get it today. Two days left in the August option. May get it tomorrow.

[Dark Horse]

Counting the waves. Got the 7th one picked out on my horizon. Got out with Dow at 13,915, so coming back in with a lot more shares. (Prefer to focus on next big wave instead of exact bottom. Makes little difference if it goes from 12,000 to 12,500 or from 13,500 to 14,000).

[Dark Horse]

The DJII is down to below 12,750 (6:06 AM ET).

[Dark Horse]

DJII below 12,700

[capitalist pig]

Im still prediciting S&Ps next stop is around 1250, yesterday it busted through key support. May not happen before Sept, but its on its way now.

May see some capitulation today though, but dont be fooled, there is more carnage to come. Markets may even turn and close positive today, but it wont mean anything. JMO

Later

[jjgold]

Mid Sept on we should see a decent rally, be careful now and not jump in. The bottom is not here yet.

[SBR_John]

May be a lot of forced selling in here with hedge fund spreads unwinding and margin calls in general.

I've been piecing together a position in SPY the SnP 500 index. I bought at 140 and 139 and its currently at 138.25. I will make the final buy try at 138. I'm sure this market is going higher and pretty sure it will start today or tomorrow. We will see.

[capitalist pig]

The hedge fund mess is going to be here for awhile. If you put in a sell order today on some hedge funds, it wont execute till Sept!You have to get in line to sell, LOL.

Most of fools who thought they would get richer in these funds, never bothered to read/understand they cant just sell the shares in a days notice.

No mercy here for the people who chased the hedge fund bubble.Sept 15th will be a very smart day to buy stocks in general, many hedge funds will have to liquidate that day.

later

[Pedro]

I'm sure this market is going higher and pretty sure it will start today or tomorrow. We will see.

Can you elaborate on why you think this might be?

You seem pretty confident but ou haven't really given reasons for doing so.

This is the way I see it.

Stocks go where economy goes.
Economy goes where housing goes.
Housing is going down the crapper.
---------------------------------
= Economy is going down the crapper.
= Stocks are going down the crapper.

Of course, this whole housing mess may take a while to play out but I don't see why anyone should be really bullish on stocks and/or the economy.

Pedro

[SBR_John]

STANDARD & POORS DEPOSITARY (SPY) Stock Quote
CUSIP #: 78462F103
Last Trade Time: 12:35
Quote as of: 08/16/2007 12:35 PM ET Chart | News | Profile
Last Price 138.64(THM)
Bid 138.62(-)
Bid Size 111
Ask 138.63(-)
Ask Size 9

Last Trade Size
100
Total Daily Volume 231,224,549

I wonder what the volume record is for a single stock? This guy is at a quarter billion shares traded and we have'nt even made it to lunch.

[SBR_John]

Pedro,
Longer term you are probably right. I'm looking at the market for a trade in here.

The SPY has rallied hard off the 137.30 low to 140 on 370 million shares. But the bloody pm awaits which is the real test. IMO when/if we can push through the pm flat or higher it will signal the selling is drying up.

[Dark Horse]

Final hour of trading. Spectacular as always.

This was the perfect day to sell short. Everybody knew the market would come down.

[Dark Horse]

Low at 3:12 ET was 12,559, down 302 pts. Amazingly, Dow turns positive (!) in the final 48 minutes of trading and closes down just 15 or so pts. If 70 pts is a touchdown, that's four TD's in the closing minutes...

Maria is all giggly on MSNBC, but these types of swings aren't good at all.

[SBR_John]

Yea Maria rocks.

We find got the rally I was looking for. Im margined to the hilt buying IWM and SPY + some Aug calls on them to boot. Even the buys made lower Im holding thinking this will set off a global rally that will spill over into our opening tomorrow. If we cant open positive tomorrow Im gonna shoot myself. On second thought, I'll just shoot JJ.

[jjgold]

Look for an early rally and then fade by days end, Fridays the big boys sell off late.

[Dark Horse]

Early rally? DJII is back down to 12,726 at this moment. Way below the Dow's closing price.

Asia markets down as well, so no global rally.

[SBR_John]

Wham!!!

The Fed comes to the party with a rate cut and the fireworks goes off with a broad based 220 point rally.

I've sold all short term stuff at this point. But even up 200+ this market hardly seems extended. It wouldnt shock me to see an even bigger gain.

[SBR_John]

Still up +172 with huge gains made on the group that had been beaten to death, the banks, lenders and brokers.

High volume on option expiration day and anything is possible from here. I'd be leaning toward higher prices. A true gamblers play would be to buy Aug calls on the ususal 2 hour pre close dip and ride that into the close.

[Dark Horse]

Wham!!!

The Fed comes to the party with a rate cut and the fireworks goes off with a broad based 220 point rally.

Not too happy about that kind of manipulation, but I guess we had it coming. Maria just mentioned this is only the third time ever that the Dow has opened 300 pts up.

Final hour in progress.

[SBR_John]

Quater hour to go and the Dow +250.

Sitting on my hands in here. Not much of an entry point as we did not see the afternoon drop. Looks like we close steady which will probably be good for Monday's open.