[quote=syong,May 31 2010, 09:28 PM]
Next week would be interesting. Both Asia and Europe will have two trading sessions in advance before NYSE. Hopefully, they won't tank 'coz I have gone long.

[/quote]

why no market today?

[/quote]


Memorial Day

Wowww...looks like tonight's gonna open in the red quite badly.

At 10pm, if the US manufacturing data is crappier than expected, there goes another -200 points most probably! Brace yourselves ppl and enjoy SHORTING!!!!!!!!!!!!!!!!!

It's going to be pretty choppy week but I'll buy the dip.

Anyone catching BP ? Google shows PE of 5.99. Is this correct ?

This post has been edited by GregPG01: Jun 1 2010, 10:44 PM

Got stop out of TNA, earned $15 only..

It's close enough but since they've failed to cap that leak, I think BP PE will be revised based on potential loss of earnings and lawsuits. So far, they've burnt already near US 1bil in cleaning up and trying to stop that leak - still no success. It is estimated three to four times worse than Exxon Valdez. All their earnings will be wiped out and turned into loss for the next decade.

Loss till next decade ? Wow. Thanks for the info man.

I think the oil majors (including BP) carry insurance against these kinds of events.
You might want to look into that.
The big worry is criminal proceedings rather than civil suits by the ambulance-chasers and the government agencies in the US.

I'm just projecting intermediate case. It took Exxon 15-20 years to settle all the lawsuits.
Worst case isn't here yet.

I just saw the live pictures of the Oil spill over Gulf on its darkened marshes. If BP will take another two months to drill another relief well, that whole toxic area is going to be twice the size of Malaysia. BP will be sued till bankruptcy not including potential banned from United States.

Closing update
Dow 10024.02 -112.61 -1.11%
Nasdaq 2222.33 -34.71 -1.54%
S&P 500 1070.71 -18.70 -1.72%

Market made a U turn and sell into close. My longs got kicked out as we dived below SP 1080.

Stupid BP dragging down all the Oil and Material stocks.

Next trading session isn't going to be pretty if we don't hold off the bottom
that we had last week - SP 1040. Will try again at that level.


This post has been edited by danmooncake: Jun 2 2010, 06:43 AM

It is very hard to play in this week market.

Easily get stop out because it swing between gain and loss.

Trailing stop won't able to gain much, too..

The swing will kill stop at both sides..

If you don't put a stop, you will be eaten up sometimes.

10k cannot be broken, yet cannot go up..

Stay sidelines until direction is clear..

low volumn, so market is basically controlled by momo, so better stay out or only grab a little..

I also don't see any direction for long term too..

I only can play one day trades per day, not able to fight this swing, unless only earn/loss $10 per day.

There are many issues affecting DOW, all continentals also got one..

have to wait for another bear signal before we can short..
Unless europe crisis can be solved, long will have limited upswing space..

The volatility now is high esp. on intraday. Both sides are losing because of lack of direction and volume.
Open green turns red (kills bulls), open red turns green (kills bears). It is computers versus computers now. Yes, the best course of action now is to stay at sidelines for now for those who can't day trade.

Aye, I'm in O&G industry, and mind you the figures they published is fake. 10-12,000 drums/boe a day? Its more like 50K barrels a day. Its laughable to read their claim.


Yeah, like last nite, opening green, mid day bull/bear fighting and close -112pts.

We got a bounce back up tonight. Give me a close near 1090, the bulls will have conviction.

Looks like the Oil and Energy are slowly crawling back up.. but BP still under water from
yesterday punishment (big gap between 38 and 43).

Closing update
Dow 10249.54 +225.52 +2.25%
Nasdaq 2281.07 +58.74 +2.64%
S&P 500 1098.38 +27.67 +2.58%

The market give it back.. and a bit more.

What a teaser, huh?

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Added on June 3, 2010, 9:22 pmGood evening all,

Tonight, May ADP (private sector) numbers came in below expectation (55k vs. 65k) but the April numbers revised upwards (65k vs. 32k) big time. Tomorrow, the big number for unemployment will come out.

Watch SP, if can close above 1105, this will be good for the bulls.

This post has been edited by danmooncake: Jun 3 2010, 09:23 PM

Wow, market behaving like a mad bull despite not so awesome ADP and jobless claims results! Go go go?

Bull trap 101?

Closing update:
Dow 10255.28 +5.74 +0.06%
Nasdaq 2303.03 +21.96 +0.96%
S&P 500 1102.83 +4.45 +0.41%

As expected, last chance for shorts cover today before the big number to be released tonight.
I hope it is not a bull trap.. I'm bullish now and I want to see it all the way to SP 1170 or at least 1150 first.

At this level, I think the floor at SP 1044 (Feb low) should hold.

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Added on June 4, 2010, 8:34 pmFriday 8:30pm

US job numbers = 9.7% better than expected BUT the private sector has smaller gains..
Market going down at first reaction.

This post has been edited by danmooncake: Jun 4 2010, 08:34 PM

this is called buy the rumours, sell the news..

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Added on June 4, 2010, 8:59 pmEurope stocks dropped like crazy now.. the hungary problem appears..

looks like 3 digits today..

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Added on June 4, 2010, 9:00 pmMay tonight we see 4 digit for DOW again?

what do you think?

This post has been edited by epalbee3: Jun 4 2010, 09:00 PM

I think it is possible to see Dow dips below 10K. The futures look bleak, SP will open 1080 or below.

US jobs 9.7% is better than last month (9.9%) but as we all know, US cares more about private sector jobs than govt jobs.
US census added 411K jobs out of total 431k for non-farm. Private sector only added about
41k last month. In a few months, all of these census jobs will be gone.

looks like non-farm payroll is worse than expected

Yes but it is the ratio of govt versus private sector payroll that is more important here.

The market expects to see a much larger growth for private sector jobs. The problem here is private sector
jobs aren't increasing or they're increasing very slowly.

Take a look at HP, they announced on Monday that they will lay off 9000 employees to reduce cost and restructure.

10k DOW broken..