I was sure someone would have posted a thread on this by now (I am probably just overlooking it), but what do you guys think caused the near ~400 point rally in the last hour of trading? People really just refusing to settle for a Dow < 10,000? I for one did not see such a sharp turnaround coming. I was expecting the Dow to end down ~600 for the day. Do you think this positive momentum carries over to tomorrow morning, or are we heading back down the slippery slope?
I dunno. Maybe open market operations gone awry.
Big money shorts covering at the end of the day. Dow will tank tomorrow as well and we might see a repeat of the last hour again.
louisvillegrad Wrote: ------------------------------------------------------- > Big money shorts covering at the end of the day. > Dow will tank tomorrow as well and we might see a > repeat of the last hour again. Exactly, day traders covering and closing out their positions.
yeah- I was wondering the same thing. Looked for news as to why AAPL gained 10 points in the last hour but none exists. I’ve decided there is no longer any reason involved.
There is no rationality in the market anymore . It has become a pure day trading gambling den. Fundamentals, technicals dont mean crap.
louisvillegrad Wrote: ------------------------------------------------------- > There is no rationality in the market anymore . It > has become a pure day trading gambling den. > Fundamentals, technicals dont mean crap. Not agreeing or disagreeing, just a follow-up question for you: If you believe this is the case–that day traders are simply rolling dice here–at what point, if any, do you believe the day traders finally realize they’d be better off taking their chances at the roulette table than trying to game a sinking market?
This isn’t day traders. This is a response to Fed actions and the feeling that the Fed is stepping in big to bolster credit markets.
^^As soon as daytrading firms quit spamming craigslist advertising 100 to 1 intraday leverage to attract unemployed mortgage brokers.
JoeyDVivre Wrote: ------------------------------------------------------- > This isn’t day traders. This is a response to Fed > actions and the feeling that the Fed is stepping > in big to bolster credit markets. Yup…Fed to make unsecured loans…Hail Mary Full of Grace…
This is only a so called “dead cat bounce”, expect market go down again in this week. Dow will test its new low in two weeks.
Yeah there will be lots of dead cat bounces all the way to 6000?
Louisvillegrad, what makes you think it’s going to 6000? Your gut? Technical Analysis? Please explain. We’re all financial geniuses here so don’t hold back.
Thats is from the Roubini and Peter Schiff train of thought. Maybe thats a bit of an exaggeration since they are Doctors of Doom and Gloom but I dont really see what the next bubble is to prop this thing up. If we are really lucky it will hover around this level for a while.
For some reason I like this… it’s like when my football team is down 14 points in the 4th… makes life exciting. I can’t wait to see what tomorrow brings, good or bad, it will definitely be interesting.
Yeah except when this team loses entire families are ruined.
such is life
Florida_Gator Wrote: ------------------------------------------------------- > For some reason I like this… it’s like when my > football team is down 14 points in the 4th… > makes life exciting. I can’t wait to see what > tomorrow brings, good or bad, it will definitely > be interesting. I know exactly what you mean. I have what I would consider an almost perverse intellectual fascination with what is going on. It’s a strange feeling that winds up being sorta like a bizarre ambivalence–not wanting to see my country’s (hemisphere’s?, world’s?) economy go up in flames, yet being endlessly amazed at just how bad the situation continues to get, and what crisis tomorrow will bring. Things I would have previously considered unthinkable now suddenly seems possible, if not even probable. Definitely a landmark era in our lives.