Sooooooooooooo, how bout those Jets? Another day in that happy place called the stock market. I believe it was one of the worst days since 1929 and the worse month since the 1930's, or something depressing like that. It started off poorly and just continued to accelerate to the downside. It really hit the skids when Meredith Whitney, the Goddess of Doom showed up on CNBC. Ned Reilly is only a guest on up 500 point days so he can call another bottom.
Up/Down volume was 80 to 1 negative on the NYSE, that's 1.6 billion negative to 20 million shares positive. That is one of the worse volume ratios you will ever see. Ever.
I know I promised some charts on the consumer goods stocks, which I think are about to start their own bear market but I'm in between a few things and will probably wait until tomorrow. Look at HNZ, CPB and KFT though, for starters. In another group, MOS,POT, and AGU just look ready to completely implode.
I'm looking for last months lows to be completely shattered and a possible move to 6500. I traded SMN,SDS, CPB and SKF all day and will probably be in those same names tomorrow. I actually kept a little SKF overnight at my own peril, not something I like to do but I think a very cold wind is about to blow.
Monday, December 1, 2008
And the Cascade Resumes
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About Me
- upsidetrader
- I am a former hedge fund manager, broker and capital markets dude who now trades for his own account. I love what I do. I will try to post some stocks and an occasional chart that looks attractive for entry.I will also try to point out the idiocy of conventional wisdom and the lack of value added by the mainstream financial media. These postings should not be viewed as recommendations.
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