dow +500

obama must be a genius!

and just so you all know that i'm no partisan hack, i am very distressed by this paulson-retread TARP proposal.

dude, no more bubble talk it's soooooooo plaaaaaaaaaaaaaaaaaaaaaaaaaaaaayed...

agreed stevef. mkt long overdue for this rally. the farther from s&p 666 we get the more of a chance that was the bottom.. sentiment has clearly changed for now to buying pullins!

> obama must be a genius!

Yes!

Oh wait, we started at 9k.

Whoops.

Bush started at 14000 left us at 7000

NYC10022 a Bush supporter. You look more and more like a moron every day! I didnt think it was possible

+21% in around 2 weeks, not too shabby. maybe its some of the 4 trillion + in cash being put to work that's been sitting on the sidelines. the less people that believe in this move the higher we will go. my guess is that if this mkt pulls back to the dow 7k area you will see some serious cash being put to work

market's going back to 900, then 1000 (possibly). When/if we hit 900-1000, we should plummet in the final wave too 700s before we get back to 900-1000 again, if you follow wave theory.

> Bush started at 14000 left us at 7000

Nope, try again!

I know you just don't have math skills, but you can COUNT right, can't you?

> NYC10022 a Bush supporter.

Hey, whatever lies make you feel better about your RE losses!

> You look more and more like a moron every day! I didnt think it was possible

To be called a moron by the genius who called "BUY" at the absolute peak of the bubble and doesn't know what options are...

Thats about as big a compliment as you can get.

totallyanonymous... what? do you mean 9000?

"market's going back to 900, then 1000 (possibly). When/if we hit 900-1000, we should plummet in the final wave too 700s before we get back to 900-1000 again, if you follow wave theory."

Of course, since everyone and their mother has now been convinced of this - hell, Dr. Howard Dean said "well retest the lows" matter of factly this morning - it might never happen.

Stock market theory pretty clearly shows that once folks recognize the trend, it changes.

Wait a minute, I thought Steve said the market was going to go down?

we just busted through resistance today to the upside boss. you saying we immediately retreat below 800-805 on the s/p? Possible. We could go back to 805, but we see 838-840 for sure before we see 740, imho. Watching support level closely though.

sorry, thought this was yahoofinance fora second.

totallyanonymous is using the S&P 500 as a benchmark, not the Dow Jones Industrial Average (DJIA).

s/p yes-- i'm in SSO right now. double long of the s/p. this rally has serious legs. serious legs, imho. this geithner plan is a flat out no brainer unless barney frank tries to claw back salaries of the hedge fund investors. Even Obama knows how dumb that would be.

The fact that Wall Street likes this plan so much makes me think we are in for more trouble...

define "we". If "we" mans folks who sold at s/p 666, then yes--the trouble is you missed or will miss 300 s/p pts.

hold on to that cheer bart. it will come in handy...

happyrenter
obama must be a genius!

"and just so you all know that i'm no partisan hack, i am very distressed by this paulson-retread TARP proposal."

Just because you dislike the tarp program won't disqualify you from being a partisan hack. But it could be step 1 of the 12 step program ahead of you. Good Luck in your journey....peace.

No, we means the taxpayers that will be taking the majority of the risks to buy overpriced assets from owners that have been propped up by some of our other cash.

malthus---whats your alternative? taxpayers aleady risking every dime they have in their homes and 401ks. If hedgies don't sniff out tis stuff we will never recover, in the stock market or otherwise. Itsa necessary evil. Don't fight it.

The alternative is to take the pain now instead of dragging it out over the next 10 year while subsidizing private parties rewards.

take the pain? th market dropped 60% peak to trough. Ummm, if that ain't pain I dont know what is.

You will.

"s/p yes-- i'm in SSO right now. double long of the s/p. this rally has serious legs. serious legs, imho. this geithner plan is a flat out no brainer unless barney frank tries to claw back salaries of the hedge fund investors. Even Obama knows how dumb that would be."

I shaved down a lot of my SSOs today. I figure 40% jump on some of 'em (I bought pieces on the way down) was enough to take some profits. Can't be too greedy. Have some more left, but cash waiting to pick some more up again if we cross 7k again.

you on yahoo finance board too?

pullback to 805 ispossible for sure but I think we get above 838 then we get to 870s for sure and I'll scale out up there.

Malthus--are you shorting the market here?

I'm certainly not buying now, although I'm sure all of this is good news short term for the financial institutions with a bunch of crap on their balance sheets.

if you're not buying, are you shorting? Yousaid more pain to come. Is that a guess or is there some empirical support for that assertion other than general disbelief f the up move (which is fine--just want to know if youfeel strong enough to put money to work on the short side here---cause I aint, least not for a week or so)

Not really a market timer -- my work doesn't allow me to stay on top of it. But yes, I think there is more pain to come. I hope I am wrong but there is still too many problems working their way through the system.

good luck. there's loads of cash to be made (or lost) in this market.

I don't advise most people to market time, but I had been telling folks to start moving money they won't use for at least 5 years or so into the market when we were in the 6s and low 7s.

I probably did most of that when the articles on Shiller method noting the market as historically cheap. I see an e-mail from me on 3/2 about that.... which was a few days before the (so far) bottom.

And, if I wasn't clear, this is money you don't need for at least 5 years.

patient,

moderation is no virtue. i'm far left, obviously, and proud of it. that's very, very different from being a knee-jerk supporter of everything a left-liberal president does. this tarp proposal is complete crap that will end up enriching the bankers at the expense of the public and do nothing to restructure the financial system for long-term health.

a partisan hack takes position x because one party or another, or one politician or another, takes position x. i'd never, ever do that. i happen to be a far left-liberal by the standards of this country but when i see a stupid policy i call it out no matter who came up with it. why president obama would rehash something from that attrocious corporatist crony hank paulson i can't imagine. it's just terrible.

"that's very, very different from being a knee-jerk supporter of everything a left-liberal president does."

True, but being 100% obama would still be a LOT better than being a 100% knee-jerk supported of democratic party propaganda... (hint, hint)

and democratic party propaganda is to oppose the democratic tarp program? please.

if my views often coincide with those put forth by the democrats (and are often well to the left of them, quite frankly), and essentially always differ from those of republicans, that means i am influenced by democratic propaganda? i couldn't possibly have come to these views through other means?

Not when the propaganda you spewed was directly out of their textbook and 100% incorrect.

it was? can you tell me what page of the textbook?

You'll have to lend me your copy.

i will? usually when you claim that something is 'directly out of' a book, you have access to the book and can show where it comes from. if not, then what basis do you have for saying that it is 'directly out of' the book?

First off, that was a joke. If you really think there is a textbook... wow, you are gullible.

Second, because the things you've said about areas like tax policy are exactly the same as all the other uneducated dems say....

You didn't come up with it yourself (because its not actually logical, and I give you a little more credit than that), its clearly propaganda that was passed on to you.

Add in that you were so adamant about waving the flat, its a pretty classic "bought the hype" attitude.

waving the what?

obviously i know it was a joke. my point is that you claim i am 'directly' spouting someone else's rhetoric, but never identified that rhetoric. you haven't closed your logical loop.

these other apocryphal 'uneducated dems' (apparently you know that these people are uneducated? and apparently you believe i am uneducated since you lump me in with these 'others'? i wonder what you consider an education if not studying math and graduating summa at essentially the premier university in the world. but that's besides the point) apparently say 'exactly the same things' i say. if so, please point that out. i don't want to be plagiarizing anyone--show me who's saying exactly what i say so i can give credit where credit is due.

but what all this points to is that it would be a hell of a lot simpler if you would argue the merits of an issue rather than argue about where people get their opinions,

"obviously i know it was a joke. my point is that you claim i am 'directly' spouting someone else's rhetoric, but never identified that rhetoric. you haven't closed your logical loop."

Uh, yeah I did. Work on the reading comp.

> these other apocryphal 'uneducated dems' (apparently you know that these people are uneducated?

Ignorant or lying... your choice.

> and apparently you believe i am uneducated since you lump me in with these 'others'?

You are definitely uneducated about the matters I am speaking of.

> i wonder what you consider an education if not studying math and graduating summa at essentially the
> premier university in the world.

That you think education ends at college is part of the problem. And, maybe you slept through class, who knows. Maybe you're lying. Maybe you cheated.

The proof is in the pudding. In the issues I've mentioned you are uneducated. That you spout the incorrect information over and over again makes you ignorant as well.

> but that's besides the point

No, that is the point.

> show me who's saying exactly what i say so i can give credit where credit is due.

Turn on NY1 and watch any tax policy protest. You and the Working Family Party go hand in hand, baby! Leticia James might be your mommma!

> but what all this points to is that it would be a hell of a lot simpler if you would argue the
> merits of an issue rather than argue about where people get their opinions,

Hey hypocrite... I did that, gave the facts. And you pulled out insults and your degrees and started whining and complaining. That one is down in black and white.

The merits of the issue were argued, and you became a whiny baby.

petrfitz: "Bush started at 14000 left us at 7000"

Wrong. And Wrong.

On January 22, 2001, the first trading day after Bush was sworn in, the Dow opened at 10,581.90.

On January 16, 2009, the last trading day of Bush's term, the Dow closed at 8,281.22.

Ok, so not exactly an excellent record, but it's not NEARLY as big of a drop as you were claiming.

By the way, all data were taken from Yahoo finance.

Slope, how dare you? What do facts and logic have to do with anything perfitz talks about?

;-)

nice pullback today. this boat is sailing for 900.

petrfitz is just plain dumb