Crimson Red Sports

FYI.

We all thought the president was intentionally trying to drive America off the cliff with his healthcare legislation. This guy was not even warming up yet,- back then. Now the democrats have lost our AAA credit rating (now down to WTF--lol) for the first time in our country's history. Our credit worthiness stood the test through the "Great Depression" and WWII. It held up during Vietnam, Jimmy Carter, and 9/11. But it was no match for Obama, Reid, and Pelosi. 

The market is already down -257 points today.

Oil free falling-- heck--we were giving the stuff away a week ago. >:( Something needs to be done about these speculators.

Correction, now down -282.

-305 now.

Now I wish I was the guy running around with all the bling (gold) on. I wonder if it is too late to buy those heritage seed packets?

Gold is over $1,700.

I told a guy the other day I thought we may see $2000 before it heads the other way.

You may see it by dark.

You have to give them credit (Obama and co.)-- they have accomplished what the WTC terrorist only dreamed of.

Awaiting a statement from BHO. What can he say to make things better? Fire Geithner? Maybe. But other than that, with their limited understanding of how markets work and how they react to government intrusion, he is liable to make things worse. He is bowing to his political advisors that say, "You have to say something". For those of you that voted this guy into office, we tried to tell you so!.

Down -414 now. We are about to go under 11,000.

As the trading day concludes the market should show a slight gain toward todays open. I'm not going to spell the whole thing out but trust me, this is due to traders scrambling to cover short positions, not anything that BHO had to say. The White House knows this,-- and that explains the delay in today's presser. Tonight they will be all over MSNBC saying BHO calmed the markets and stopped a crash. Imagine people so politically driven that their big concern today is not your $401k turning into a $201k, but rather, how they can score political points. I try not to HATE but they are making it difficult.

2chronicles 7:14 would help but then when those who don't believe in Leadership you destine to failure. I applaud Gov. Rick Perry we sure need more of that kind of leadership. RTR!

BHO is blaming The Tea Party. What a joke.  >:(

I heard someone on FOX say before the press conference that no way will he come out pointing blame, maybe Bret Baier? El wrongo!

(http://idms.foxbusiness.com/charts/v2/quote/quote.chart?SYMBOL_US=I:DJI&TIME_SPAN=1D)

Bingo. Thanks. That upward spike (aat 3:30EDT) is people covering their short positions.

I dont know that much about it, but I do know it tends to rebound a bit just before closing, I will take your word for it.

I was watching Fox for a little while today.  But then they had one of those segments with a panel of experts come on there.  Once they started bickering back and forth and interrupting each other I turned it off.  I have no idea what they were saying.  They talk over each other and you can't hear anybody.  That is the worst format for a news show that I can imagine.  Who wants to turn on the TV to hear a bunch of know it alls arguing with each other?  I think this trend all started on Cross Fire years ago on CNN.  Now it seems like there is one of those segments on just about every news show.  The sad part is that people must like to watch these guys being rude, inconsiderate, and disrespectful to each other, otherwise they wouldn't put it on TV.

When did this country become so uncivil?  I happen to have a very good friend who is completely the opposite of me on most major issues of politics and religion.  We discuss subjects all the time where we are completely opposed to each other.  In fact we couldn't be more opposed on most topics.  However we have never once gotten into a heated argument in the over 15 years that I have known him.  Not one time.  Sure we disagree, but it is always in a conversational tone, and we allow the other person a chance to say what is on their mind and make their points without constant interruption.  Then we make our own counter points using facts, logic, and reasoning, all in a respectful way.  This back and forth moves the discussion forward, and although we are still usually in total disagreement to each other at the end of the conversation, we now have a much better understanding and respect for the counter position.  Occasionally we even come to some sort of agreement.

So why can't they do that in Washington?

The left WILL NOT admit they are wrong.

dropped again, -600 @ 9 minutes before close

No politician will admit they are wrong about anything.  In fact very few people will.  But even if you won't admit it, you can at least acknowledge the possibility in your own mind and take that into consideration in the future.  But these guys will ride the plane until it augers in, when any reasonable person would bail out of a mistake before they crash and burn.  It is their arrogance that keeps them from admitting a mistake and making a course correction.

 :afraid:

Not as bad as I had feared when I started this thread, so ...

-633 (5%) is pretty bad. Now we wait for tomorrow.  :pullhair:

AWWWW shoot if everybody was like me and broke just scratching for food and money to pay bills they wouldn't have to worry about any of that rich stuff and moosing money. RTR!

Don't mean to insult you or anyone elso but here is the simplistic explanation of "short" selling:

Let's start with 1 share of xyz tomorrow morning. I feel that XYZ is going to drop.  It opens the day at $100. I "borrow" the stock and sell it-- I now have $100 (cash) but owe you 1 share of XYZ. During the day the price of XYZ drops. It continues to fall until we are getting close to the closing bell. I buy a share of XYZ which is now only worth $60 a share. I now have 1 share of XYZ and $40 cash. I give you back the share of XYZ and pocket the $40, less the cost of trading and capital gains tax.

But the larger point I was making is that huge amts. of stock were sold short and then in order to "pay back", traders had to go back and buy the stocks they sold earlier in the session. This causes a market "uptick" towards the end of the session. Obama and the adoring media will try to tell people tonight that the "uptick" was due to his press conference, and say he is a great leader, but the saavy BAMAWV post readers on CRS will know better. LOL  

I'm not disputing the uptick was caused by people buying to cover their short sells, but it seems to me like they would just let this one ride for a little while.  I don't see the market rebounding much any time soon.  These guys that are buying to cover think the market is going to stabilize and they want to cover the short sells now instead of holding on to them and taking a chance on a rebound.  They got a pretty good bang for their buck today, so why risk a rebound when the additionally profit is likely to be negligible in comparison to the additional risk?  Plus they don't want to be left holding the bag overnight just in case some breaking good news (real or fake spin) happens tonight.  Just thinking out loud and trying to understand what is going on with the market.

I copied/pasted this for an brief explanation:


Anyway, day traders generally close (me too) each afternoon.

You a day trader WV?

I have 1 Scwab account that I keep a few thousand in for gambling, and make no mistake, that is what it is. This is just a little hobby or game and in no way reflects my long term investment strategy, goals, and portfolio profile. Just for fun. "Day Traders" make a living at it, or try to make a living at it.

A lot of day trading in the commodities market.   

I made a living doing it for about 6 months.  I had just sold a company I started and was taking some time off before I looked for my next job.  I got bored after a little while, so I started with an initial investment of 2K just for fun.  Once I built it up to about 5K I took out my initial investment.  At that point I could lose it all and walk away clean.

I turned that 2K into about 60K at the peak.  I made 10K on my best day.  I lost 20K on my worst day, when my stock was suddenly delisted because of shenanigans going on with the board of directors of the company.  I ended up with about a 40K profit by the time I got out at the start of the Clinton recession.  It was an interesting 6 months to say the least.  My wife would come home and cringe when she came into my office to find out how I did that day.  I think she freaked out more the day I made 10K than the days I lost money.

Gambling is a perfect description of it.

The market has been open for 30 minutes and it is up +111 so far. Hopefully we can gain some of yesterday's loses back today.

Awwww,, don't you think the market will go back up and we will move on to the next day? I almost see the Govt. dropping S&P from our boards. Our Govt. still controls how everybody else in the world does. Hey we do they do, if we don't they don't what is the worry somebody is going to find a solution, lol. RTR!

The market is losing ground after being up all morning. It is only up +28 for the day. It was +240 before lunch.

I am sorry for talking to you like a little kid,--I had no idea you knew trading. I did the exact same-- played with a couple thou, then took out MY money when I got ahead. I don't have the time to sit and stare at it all day long. I played with setting alarms but never worked on it hard enough. You have to watch it close to get the turns tight. RTR for SC

The market rebounded +430 today. It made back about 2/3 of yesterday's loses.

Apology not necessary.  I'm certainly not an expert.

You are exactly right about having to sit in front of your computer and watch it all day.  On the day I lost the 20K, I would have lost it all if I hadn't been watching it closely.  Apparently some people got word that the stock was going to be delisted after the market closed.  These people, whoever they were, started selling like crazy.  The bottom fell out in a hurry, but I had no idea why.  I had a limit sell order that I was watching when I saw the price start to drop.  I changed my order a couple of times to lower the asking price, but by the time I could get the change submitted, the price had already fallen below my new asking price.  I had no idea what was going on, but after a couple of minutes I changed it to a market sell and just got what I could.  Fortunately it went through.  A few minutes after that, the exchange froze the stock because the price was dropping so quickly.  Then at the end of the day they announced that it was going to be delisted.

The next morning it was on the OTC for fractions of a penny per share.  The guys that went out to lunch that day and weren't sitting there when it happened lost everything they had invested.  Also, the crazy guys who put in a low-ball bid order and went to play golf or something got a really big surprise when they got home to find that not only did their bid order go through, the price dropped well below their offer and was now basically worthless.  I never understood those guys with the low ball bids.  The only way the order is going to go through is if something really bad happens to the stock, in which case you have no idea where it is going to bottom out at.

I felt cheated after that.  Whoever those people were that knew before everyone else had a huge advantage.  Probably insiders with the company or something.  Any way, if the news had been kept quite until after the end of the day, I would have made money that day because I always cashed out around 3:30.

You need ice water running through your veins in order to do that full time as your only source of income.  It was a fun time though.  I had other money coming in, so that made it a little less stressful.  But not much.

I guess those guys that covered their short sells at 3:30 yesterday knew what they were doing after all.  I always cashed out too because I could sleep a lot easier that night not having to worry about what might happen to the company before the market opened the next day.

I'd always start watching about 7am each morning. Day trading for fun is great, but you'll find most guys have a wife with a good job or as you said, a second income as backup.

Not day trading but my big play was a biotech stock (DNDN). I spent a couple years, away from home drilling, just to make more $$ for DNDN stock. I did not get a second (mort) on the house, but I know a couple guys that did. I had a MSU MBA drilling counterpart buddy that put me on it.  They had/have a prostate cancer drug (Provenge) that showed clinical testing sucess in treatment of LATE stage prostate cancer. I know more about the FDA and drug approval regulations/procedures than many experts. I starting buying it at $2.00. (my first 10,000). It peaked in May around $50-55. But look at the last 5yrs. --what a ride!

Nice!

I sold a couple times. Then bought again when the price established itself. When a news flash about Dendreon meeting with FDA approval committee would hit the internet the price would jump from $5 to $28 and by close be settled back at around $7. So if you were not paying attention... This happened once every 9 months or so, but you had to be watching.

Sweet!

It looks like we are in for another wild day in the stock market. It is already down -324.

-437 now.

Some see doom and gloom, others an opportunity for bargain hunting.

The market closes -520 today.  :(

What was the final numbers were they over 10,000? RTR!

The DOW closed at 10,720 which was down -520 for the day.

 :D well my next question is what did we do before the market? Hey maybe our grandkids better learn to plow a mule again. Grow a garden, oppss a computer won't grow a garden. They are going to have to work,  like the people did farming back in the 40's and 50's if it keeps going. RTR!

The market is doing good today. It is up +400 so far. Hopefully we will gain back of loses from Monday and Wednesday.