NY4Ever 4 Ever

[Karel]

NY4Ever's Market Outlook and Stock Picks thread.

Courtesy of the management.

Regards,

Karel

[Websman]

NY4Ever's Market Outlook and Stock Picks thread.

Courtesy of the management.

Regards,

Karel

Congrats NY! Looking forward to you insight.

[stenzrob]

Use it wisely, NY.
Having your own thread is a real benefit - this way you only get ignored on one thread instead of multiple threads. The Voice Of Experience.
But seriously, looking forward to following and discussing your market commentary in a coherent thread.

[NY4Ever]

French President Jacques Chirac on Thursday said that France would be ready to use nuclear weapons against any state which launched a terrorist attack against it. >>

I guess that is an open invitation for Israel to nuke Iran. The cats out of the bag.

Nice rally in the markets today ahead of option expiration tomorrow. Oil is 66.35 as of this writing. What to watch today if you are trading: Dow must close over 10900. Now up 54 at 10909. Nasdaq leading the charge today up 31. Don't be greedy if you are trading. Oil could submarine this rally.

[NY4Ever]

Nice rally in the markets today ahead of option expiration tomorrow. Oil is 66.35 as of this writing. What to watch today if you are trading: Dow must close over 10900. Now up 54 at 10909. Nasdaq leading the charge today up 31. Don't be greedy if you are trading. Oil could submarine this rally.>>

Dow failed to close over 10900 yesterday which was a negative. Another negative affecting stocks today is bin Laden as traders may be raising cash for the weekend. The Dow currently is down 48 and under 10850. Option expiration is also a factor. What to watch: Dow must rally back over 10850 and stay above that level for at least 30 minutes for stocks to have any chance of closing strong today. Next support 10800 - 10820.

[NY4Ever]

Dow 10800 support was penetrated like a hot knife through butter. We are witnessing a meltdown today would could end up as a black Friday. Unless the Dow can rally back convincingly over 10800 it is going to be a long day.
Oil and bin Laden are the major factors in this decline. Traders cashing in their chips ahead of the weekend. Stay tuned. Stay cautious.

[NY4Ever]

There is another and possibly more important reason for this meltdown. One has to go back to 1962 and JKK's confrontation with U.S. Steel. That confrontation resulted in a 25% drop in the Dow. Wall Street doesn't like the gov't meddling in private enterprise.
It is daja vu all over again with GOOG.

[NY4Ever]

Just to keep in mind, the 200 DMA for the Dow is at 10540. BTW, the decline in 1962 began in early Feb I believe with most of the damage by Memorial Day. Market didn't recover until the Cuban Missile Crisis. The Dow fell from 735 to 525. IBM fell from 600 to 300. I was there.

[Runner]

Ya think the damage has been done or do we face another selling program during this last hour?

[NY4Ever]

Anything is possible, but I wouldn't bet on a last hour rally.

[Runner]

The dow is looking like a wounded puppy…lol

[NY4Ever]

The only hope is for the Dow is to hold 10700. Intra-day low is 10700.53. If we penetrate 10700 with conviction, the Dow and the other two major indices could close at their lows for the day.

[NY4Ever]

The worst scenario for Monday would be for stocks to open higher. We need panic by the small investor on the opening. That would be a buy signal very short term for traders. Too much damage was done Friday to expect anything more than a technical bounce as the Dow is likely headed toward its 200 DMA at 10540 and the sooner the better. In the meantime, sell the rallies.
The Fed meets Jan. 31st followed by a treasury re-funding announcement on Feb. 1st of 3 yr. 10 yr. and 30 yr. maturities. Oil over 70 could be the catalyst for the Dow reaching 10540 this week.

[NY4Ever]

Too much damage was done Friday to expect anything more than a technical bounce as the Dow is likely headed toward its 200 DMA at 10540 and the sooner the better. In the meantime, sell the rallies.>>

No change in opinion. Traders trying to close the Dow over 10700. Stay tuned. Stay cautious.

[Websman]

Too much damage was done Friday to expect anything more than a technical bounce as the Dow is likely headed toward its 200 DMA at 10540 and the sooner the better. In the meantime, sell the rallies.>>

No change in opinion. Traders trying to close the Dow over 10700. Stay tuned. Stay cautious.

Nuclear war is imminent...