Dow 2007

[lurkerlurker]

I hope the Fed keep their noses out. They shouldn't intervene above 13,200, if at all. That gives us bears enough time to profit. I doubt they will even intervene all that aggressively. The market is always right, even when governments try to manipulate it, as Normal Lamont found out to his cost. Soros still made his $1bn, we still left the ERM. Raising rates and borrowing $15bn to support the pound didn't help. I doubt the PPT can do much in this environment. Traders are paying more attention to Goldman than Uncle Sam.

Just some ramblings...

 

[2468steve]

I hope the Fed keep their noses out. They shouldn't intervene above 13,200, if at all. That gives us bears enough time to profit. I doubt they will even intervene all that aggressively. The market is always right, even when governments try to manipulate it, as Normal Lamont found out to his cost. Soros still made his $1bn, we still left the ERM. Raising rates and borrowing $15bn to support the pound didn't help. I doubt the PPT can do much in this environment. Traders are paying more attention to Goldman than Uncle Sam.

Just some ramblings...

LL,
not sure if you're aware but the Fed(or PPT) don't intervene directly...instead they make liquidity(cash) avaliable through repo agreements with various banks...Morgan,Goldman etc...these guys then go to market on Fed's behalf so to speak...you can check how many dollars the Fed are throwing into the system here....

http://www.newyorkfed.org/markets/omo/dmm/temp.cfm

This also explains how the scheme works...

http://www.newyorkfed.org/aboutthefed/fedpoint/fed04.html

 

[lurkerlurker]

I can't trade this. I can't even get a live order book - this must be some sort of record volume. My opentick feed is about 3 minutes behind the market, and the CBOT.com live book is borked. I'm not trading this without T&S and order book. I've just lost a few hundred, leaving me up around +40 pips on the day.

 

[lurkerlurker]

I'm really not comfortable with this level of activity. I think I will get burned sooner or later. I need to reduce my size, and perhaps consider taking a break. I'm overtrading, most of it instinctively. I can't see a trend - I just "know" to keep selling 550 for as long as it holds....

 

[Hook Shot]

HS,
this is not rowdy then....I'd like to come to one of your parties !!..

You are always invited.....
Naaaaaaaaagh rowdy is like down 400-600 ... this is "relatively" tame generally people feel they can cope Hopefully we get a snap ... put some fear back into the game

 

[lurkerlurker]

Looks like you were right!

US Fed reportedly injects 24 bln usd to calm markets
Thu Aug 9 15:18:00 2007


WASHINGTON (Thomson Financial) - The US Federal Reserve has reportedly injected 24 bln usd into financial markets this morning, higher than the 15 bln usd markets had expected.

'This in turn suggests that funding issues in the US are running near normal which also suggests that the funds rate will likely tend to move lower over the course of the session. The market appears to be appreciating the benign implications with treasury prices now coming off the boil,' said Kenneth Logan at Thomson IFR Markets says

There was no statement from the Fed or indication of any to come but in the past it has said it would stand ready to inject liquidity if needed during periods of Wall Street turmoil.

[email protected]

dem/wash/ss

COPYRIGHT

Copyright AFX News Limited 2007. All rights reserved.

The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.

Copyright ) 2000-2007, Thomson Financial. All rights reserved. Thomson Financial LLC and its affiliates are referred to below as .Tho mson..


Staying out of this. What happened to the "free market" anyway? You don't get them short selling in an irrational bull market, so why are they giving out free cash so folk can buy in a bear market?

 

[lurkerlurker]

I bought the break of 580, covered it +30, reversed at 611, and covered that at 555. Done quite well out of those two trades, and am considering stopping here. It has been a long day. If I have to put up with more data feeds going down at various times....

 

[2468steve]

Looks like you were right!




Staying out of this. What happened to the "free market" anyway? You don't get them short selling in an irrational bull market, so why are they giving out free cash so folk can buy in a bear market?

repos agreements do work in reverse also...they can be 3 day, 10 day etc which means that the 24blln will have to be given back to Fed once the markets settle down ...of course Morgan,Goldman etc can sell assets gradually so as not to destabilize markets....

ECB done similar thing also today...I suspect a few EU banks are in deep poo poo..

http://www.bloomberg.com/apps/news?pid=20601087&sid=a8PM3DfGxMnU&refer=home

 

[lurkerlurker]

Steve, if you look at your source from earlier, you will see that this is a 1 day repo apparently. Does that mean banks will need to sell $20bn into the markets by tomorrow?

 

[2468steve]

Steve, if you look at your source from earlier, you will see that this is a 1 day repo apparently. Does that mean banks will need to sell $20bn into the markets by tomorrow?

yes....but there's nothing stopping Fed issuing 40bn tomorrow so nett +20bn....

 

[lurkerlurker]

Is anyone trading this, and if so what adjustments have you made to your regular trading strategy to compensate for this highly unusual day?

I'm still sticking around, because I want in on the 350 point swing in one direction. This will happen at some point today...

 

[brutusdog]

The Fed just might possibly have to step in this afternoon..... if it gets really rowdy.
So you're probly okay for a bit .....

you enjoying this HS?

 

[lurkerlurker]

This is turning out to be a good day, but I am getting very very tired right now and tempted to call it a night. I'm frightened to do this right now, because I'll miss the 300 point move in one direction.

Also, I'm getting in and out of the market about 30 times a day now. Mostly I am taking short day trades off the 5m again, but augmenting those with position trades. Also, I use Atilla's Price and MA cross with MACD Support system to keep me on the right side of the trend for my short term trades, which seems to have improved my profitability.

 

[Ziff]

This is turning out to be a good day, but I am getting very very tired right now and tempted to call it a night. I'm frightened to do this right now, because I'll miss the 300 point move in one direction.

Also, I'm getting in and out of the market about 30 times a day now. Mostly I am taking short day trades off the 5m again, but augmenting those with position trades. Also, I use Atilla's Price and MA cross with MACD Support system to keep me on the right side of the trend for my short term trades, which seems to have improved my profitability.

Whens this 300 point move coming ? :cheesy:

 

[Hook Shot]

you enjoying this HS?

Oh Aye ... but it's all gone a bit quiet ........i'm falling asleep here....
My whole being has now acclimatised to this frenetic pace ....I just want more and more...... like in Oliver Twist ... :cheesy:

 

[firewalker99]

13650 cash as predicted two days ago... easy hit today and I'm reading a close of 13653 ... I guess I wasn't that far off

would've made for nice position trade though... 450 points in two days

and in turn the perfect entry for a short!

It feels the less time I have to look at the charts, the more predictable the market has become! For sure the odds were for a down day today...

 

[firewalker99]

Whens this 300 point move coming ? :cheesy:

it has already happened (almost)
imo the huge volume peak exactly one hour after the open clearly indicated a short... leave that open and you would've had +200 already. with 30 minutes to go I doubt that'll turn into a +300 but I definitely chose the wrong month to pause trading

 

[2468steve]

QUOTE OF THE DAY
'We are not quite at the panic stage yet, but this is beyond jitters.'
— Martin Slaney, GFT Global


no s**t sherlock

 

[firewalker99]

Whens this 300 point move coming ? :cheesy:

exactly 300 points from the HoD at the ring of the bell

 

[Kevin21]

i'm love it when the market is uncertain