Dow Closes below 13000 today. Down 167 points. NDQ -40, S&P -19.8

[CAwireman]

Finished out almost flat (DOW – 15, NASDAQ down – .7, and S&P up +4.5.)

Helps to keep the market from careening off a cliff….

HiggyBaby

[one_muggle]

radelow

We might be heading for a really bad day. To summarize

1. Asian markets tanked
2. Dollar continues to suck
3. Countrywide had to borrow $11.5 billion from banks to fund operations
4. Housing starts lowest since 1997
5. Unemployment is up 6000 unexpectedly

Great.

Just to followup on your list of pain, as of lunch time in Tokyo:
1. Yup (~-1percent)
2. Nope? (see below)
3. Yup
4. Yup
5. Amgen news–ring around the whitecollar jobs–too bad it’s a bullseye.
Grrrreat…

For the dollar, it appears to be up versus the Euro, but down versus the Yen. My understanding is that the Euro simply sucked more than the dollar…true?

Amgen job loss in Thousand Oaks (LA)
http://www.venturacountystar.com/news/2007/aug/16/falling-sales-hurt-biotech-company-amgen-to-cut/

I think this is sad for everyone (except employed wanna-be home buyers in thousand oaks, I guess). I kind of like small science/tech companies, and drugs to boot. I wonder if they give out prozac as part of the severance.

Fun day on the markets. Anyone want to start a thread for tomorrow’s predictions?

[img_assist|nid=4362|title=Dollar|desc=|link=node|align=center|width=466|height=350]
-one muggle

[one_muggle]

radelow

We might be heading for a really bad day. To summarize

1. Asian markets tanked
2. Dollar continues to suck
3. Countrywide had to borrow $11.5 billion from banks to fund operations
4. Housing starts lowest since 1997
5. Unemployment is up 6000 unexpectedly

Great.

Just to followup on your list of pain, as of lunch time in Tokyo:
1. Yup (~-1percent)
2. Nope? (see below)
3. Yup
4. Yup
5. Amgen news–ring around the whitecollar jobs–too bad it’s a bullseye.
Grrrreat…

For the dollar, it appears to be up versus the Euro, but down versus the Yen. My understanding is that the Euro simply sucked more than the dollar…true?

Amgen job loss in Thousand Oaks (LA)
http://www.venturacountystar.com/news/2007/aug/16/falling-sales-hurt-biotech-company-amgen-to-cut/

I think this is sad for everyone (except employed wanna-be home buyers in thousand oaks, I guess). I kind of like small science/tech companies, and drugs to boot. I wonder if they give out prozac as part of the severance.

Fun day on the markets. Anyone want to start a thread for tomorrow’s predictions?

[img_assist|nid=4362|title=Dollar|desc=|link=node|align=center|width=466|height=350]
-one muggle

[one_muggle]

radelow

We might be heading for a really bad day. To summarize

1. Asian markets tanked
2. Dollar continues to suck
3. Countrywide had to borrow $11.5 billion from banks to fund operations
4. Housing starts lowest since 1997
5. Unemployment is up 6000 unexpectedly

Great.

Just to followup on your list of pain, as of lunch time in Tokyo:
1. Yup (~-1percent)
2. Nope? (see below)
3. Yup
4. Yup
5. Amgen news–ring around the whitecollar jobs–too bad it’s a bullseye.
Grrrreat…

For the dollar, it appears to be up versus the Euro, but down versus the Yen. My understanding is that the Euro simply sucked more than the dollar…true?

Amgen job loss in Thousand Oaks (LA)
http://www.venturacountystar.com/news/2007/aug/16/falling-sales-hurt-biotech-company-amgen-to-cut/

I think this is sad for everyone (except employed wanna-be home buyers in thousand oaks, I guess). I kind of like small science/tech companies, and drugs to boot. I wonder if they give out prozac as part of the severance.

Fun day on the markets. Anyone want to start a thread for tomorrow’s predictions?

[img_assist|nid=4362|title=Dollar|desc=|link=node|align=center|width=466|height=350]
-one muggle

[capeman]

Nikkei is down 650 or 4%. I hope people are ready for some smelly stuff to hit the fan tomorrow.

now -800… gulp!

[capeman]

Nikkei is down 650 or 4%. I hope people are ready for some smelly stuff to hit the fan tomorrow.

now -800… gulp!

[capeman]

Nikkei is down 650 or 4%. I hope people are ready for some smelly stuff to hit the fan tomorrow.

now -800… gulp!

[drunkle]

capeman:

how do you take a long term short position? ie., cfc, how do you “ride it down”?

[drunkle]

capeman:

how do you take a long term short position? ie., cfc, how do you “ride it down”?

[drunkle]

capeman:

how do you take a long term short position? ie., cfc, how do you “ride it down”?

[davelj]

Friday’s going to be interesting. We had such a crazy final-hour rally at the end of today that we could actually rally going into the weekend.

On the other hand, lots of traders will be thinking, “There’s a better chance of net bad news coming out over the weekend than net good news, therefore I should lighten up on risk.”

As usual, I have no idea which one’s going to have a greater impact on trading on Friday. Asia’s totally sh*ting the bed, so it’ll be… interesting.

I ain’t no trader man, but as a bear these last few weeks have been fun to watch.

[davelj]

Friday’s going to be interesting. We had such a crazy final-hour rally at the end of today that we could actually rally going into the weekend.

On the other hand, lots of traders will be thinking, “There’s a better chance of net bad news coming out over the weekend than net good news, therefore I should lighten up on risk.”

As usual, I have no idea which one’s going to have a greater impact on trading on Friday. Asia’s totally sh*ting the bed, so it’ll be… interesting.

I ain’t no trader man, but as a bear these last few weeks have been fun to watch.

[davelj]

Friday’s going to be interesting. We had such a crazy final-hour rally at the end of today that we could actually rally going into the weekend.

On the other hand, lots of traders will be thinking, “There’s a better chance of net bad news coming out over the weekend than net good news, therefore I should lighten up on risk.”

As usual, I have no idea which one’s going to have a greater impact on trading on Friday. Asia’s totally sh*ting the bed, so it’ll be… interesting.

I ain’t no trader man, but as a bear these last few weeks have been fun to watch.

[capeman]

I’m not one to actually go short shares of a company due to the risk and playing with only my lunch money and its gains. I go with some long PUTs say CFC or KBH January 08 puts and you can give yourself a lot of time to watch your speculation play out. The longer PUTs will cost you more due to the time value added into them but they can be a bit safer with short term volatility. Even WAY out-of-the-money puts can get you some good profits. I dropped my KBH Jan 08 $10 puts a bit ago because they were stagnating in my account. They have 5x’ed in the last week or so and they are still way out-of-the-money

If you happen to be In-the-money when the PUT expires I believe you become Short the stock automatically. CFC puts have been doing great and I may have the luck of riding them to oblivion. BSC puts were a great play about two weeks ago but there is now a lot of IV “Implied Volatility” cost in the puts that make them less appealing.

[capeman]

I’m not one to actually go short shares of a company due to the risk and playing with only my lunch money and its gains. I go with some long PUTs say CFC or KBH January 08 puts and you can give yourself a lot of time to watch your speculation play out. The longer PUTs will cost you more due to the time value added into them but they can be a bit safer with short term volatility. Even WAY out-of-the-money puts can get you some good profits. I dropped my KBH Jan 08 $10 puts a bit ago because they were stagnating in my account. They have 5x’ed in the last week or so and they are still way out-of-the-money

If you happen to be In-the-money when the PUT expires I believe you become Short the stock automatically. CFC puts have been doing great and I may have the luck of riding them to oblivion. BSC puts were a great play about two weeks ago but there is now a lot of IV “Implied Volatility” cost in the puts that make them less appealing.

[Author]

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