It's the ugliest and most deadly market ever seen.Previous historical crashes are just mild and well contained.Investors are creating their own panic button and instill more wounds to themselves.Frustrated and worn out in this agonizing moment of time of doom and gloom,investors might as well stay put with their current position and practise a little bit of yoga to secure a bit of cosmic control over their senses.
I'm also being hit by my index futures trading and my positions are way out-of-the money by nearly 80.0 points.Try to be optimistic as the market after these two weeks of non-stop turmoil will reverse it's trend after Columbus Day before the Dow Index expiry.A lot of short-coverings will take place and later stabilised again.It's always a general trend.Cutting losses is not my option as if you have the funds try opening another position a day before the pivot day of the month that is the 15th.
America in just weeks to come is undergoing the changing of guards.The Federal Reserve & the Treasury Secretary are all need to be sacked as their previous promises of early warning system are just a fantasy.They keep on denying the US is in recession.In this time of vacuum till the the new President take office,seems that their deliberate acts are just to ink their names in the history book.Why choosing the October Crash Anniversary to release all these hidden secrets?
Tracking the Dow on Friday,10/10/08
9:30am:--A 100.0 points gap down with futher 500.0 points slide.
European & Asia-Pacific fear contagion spill-over.
The August trade deficit narrowed to $59.1 billion from $61.2 billion, compared to the expected deficit of $59.0 billion.
10:30am:--Hangman hammer.
September import prices fell 3.0% month-over-month, compared to the expected decline of 2.8%.
11:30am:--The black crows feeding carcass.
Morgan Stanley (MS 9.53, -2.88) and Goldman Sachs (GS 87.72, -14.63) are getting hit especially hard after both of their long-term credit ratings were put on review for a downgrade at Moody's.
12:30pm:--Bears at session MAV.
President Bush is currently giving a speech on the economy. He said the government is acting and will continue to act to restore confidence in the markets.
1:30pm:--Shooting stars at MAV.
Trading volume is heavy -- 932 million shares have already exchanged hands on the NYSE. This marks the highest trading volume at this time since Sept. 19, when the NYSE had its highest trading volume day ever recorded on news the Fed was looking to create an entity to buy distressed assets from financial firms.
2:30pm:--Shooting stars again.
The U.S. stock market is posting sharp losses for the eighth consecutive session as global economic fears sink markets worldwide.
3:30pm:--Bulls spike.
A surge in late-session buying interest,the recovery effort is broad-based, although financial stocks (+5.4%) are seeing the most buying interest.
4:00pm:--Graveyard death sentence again.
The culprits for the week:-
AIG collapse.
Bernanke quoting the prolong financial rout.
Moody's rating review to add salts to the wounds.
Why must they keep all these secrets and then released them on the October Anniversary Crash?Definitely they can do it on a staggered manner if they are sincere enough not to let the Americans investors and the world to suffer.
The stock market finished mixed on Friday, capping off a gruesome week that wiped out $2.4 trillion from the stock market as investors grew fearful about stubbornly tight credit and the prospect of a severe recession.
Treasury Secretary Henry Paulson says the administration will move ahead with a plan to buy stock in financial institutions.