Discussion in 'Stock Market' started by NOBama, Dec 9, 2008.
Futures are only up 32. I remember a while ago when stocks fell below 8000 they spiked up. I think the same thing will happen here... when stocks hit 9000, they will sell.
As a stand-alone indicator, futures don't carry much weight, IMO. The Auto bailout combined with last nights overseas market activity will carry the day, barring negative news. Wall St will be seeing $ today in anticipation of the big 3 getting 15B$ from our empty coffers.
Tomorrow night, after hours, might be a good time to go long in 1 or 2 of the short ETF's though. I'll be watching... If sentiment doesn't turn Thursday or Friday, I think we'll see a pull back next week.
The auto bailout is NOT a done deal. Republican Senator from Nevada has threatened to fillibuster the bill because he is absolutely 100% against this bill. The United States government isn't just loaning the Big 3 money, they're NATIONALIZING them. There are a lot of Republican Senators opposed to this. And they outnumber the Democrats because Clinton and Biden aren't participating.
You're preaching to the choir here. I for one am dead set against this bailout. GM needs to go Chapter 11 and reorganize then, the other 2, in succession. I dont see this thing NOT getting passed, even if it means Clinton and Biden coming back to vote, if necessary. Although, I think Biden has already resigned his seat, so I dont know what kind of voodoo theyll come up with to skirt that little issue.
The market is up 9 of the past 11 days and is extremely overbought. It wouldn't be a surprise if we fell over the next few days then rallied. However, bad news is being bought. Texas Instruments, National Semiconductor and a few other chip companies reported bad news and their stocks are up today. That's telling me there is more upside to come.
Sold a few of my long positions today, what short etfs would you recommend?
Not a recommendation but, some of that I trade on depending on circumstances are:
Here's a list (there are others): Leveraged ETFs - Complete ETF List
Not all US auto-makers are doing badly. In fact, Ford is healthy and isn't taking a dime from our government. If that is the case, the CEO deserves whatever compensation the board gives him.
I repeat, FORD is doing fine.
I sold Fords for a year. I know their cars. They're GOOD cars. When they replaced the crappy Escort with the Focus, they made a GREAT move. When they re-designed the Explorer to have 4-wheel independent suspension, they made a GREAT move. When they did the exact same thing with the Expedition, they made a GREAT move. When they replaced the Taurus with the Five Hundred... eh. A blunder. But the Ford Fusion is selling very well. As is the Ford Edge, the Ford Flex and they're coming out with a new coupe soon. The re-designed Mustang is a hit and the all new F-150 - again a GOOD move. You can compare head to head any Ford vehicle today to any other US vehicle in the same class, and Ford will beat it outright.
It's GM and Chrysler that are in dire straits. I doubt Chrysler is going to be around in a year from now.
Stocks are down nearly 200 points. Watch what happens in the last 30-60 minutes of trading. If we're still down like this, we'll be down over 300 points today.
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