Market Summary – July 18th 2008
Aside from the declines in the technology sector it was a relatively boring day in the markets. Low volume with wild swings throughout the day. On the news front it was quiet as well. Quiet is a relative term as this has been a very news filled week with testimony from Ben Bernanke and Hank Paulson, the Fannie and Freddie fiasco, more losses from the financial institutions, IndyMac, and the ridiculous crusade against the short sellers.
We have some specific questions concerning certain sectors and indices. Over the weekend we will post the latest technical analysis of the indices and address the specific questions as well.
Today the FDIC released the following press release:
FOR IMMEDIATE RELEASE
July 18, 2008Media Contact:
202-898-7192
angray@fdic.govThe Federal Deposit Insurance Corporation (FDIC) has created a Web site that enables depositors at IndyMac Federal Bank, FSB, to verify whether their account is fully insured. The Web site also contains a link to FDIC contact information for customers with further questions about their accounts.
To utilize this service, the depositor must enter the account number to determine the account’s insured status. A depositor with multiple accounts at a failed bank must enter one account number at a time.
The FDIC would encourage customers to utilize this service if they have questions about their deposit status.
I went to the web site mentioned in their statement and I find it interesting that they have it set up with a "drop down" menu for selecting the FDIC seized bank. A drop down menu… hmmmm. I guess the list will grow.
See you over the weekend Rebels..
Hi Fellow Rebels!
I’ve got some topical questions for you all:
Obviously, we are in a bear market and these “bear market rallies” will come and go. My questions are : “How do we know when the next bull market starts? What are the signs? Will the day come when “another last bear market rally” becomes the bull market to everyone’s surprise? Is that how it works?
Thanks!
-D
http://www.portfolio.com/news-markets/top-5/2008/07/18/Financial-Stocks-Rollercoaster
http://www.youtube.com/watch?v=N2Wb_CDCmhU
Hmmmm…. “interesting” links ecklebob.
But, my questions still remain unanswered. Surely there’s a rebel who can advise me?
Thanks!
-D
David
Personally, I look at a weekly view of the $SPX and EMA 17 & EMA 43. I go short when the EMA 17 drops below the EMA 43.
You can search the Market Ticker for Karl’s viewpoint at http://market-ticker.denninger.net/
Chuck and Lisa have posted some of their viewpoints.
Go over to stockcharts.com and design some charts. Weekly or even monthly views average out the day-to-day noise and can show some good trends.
Remember, what worked in the past might not work for today or the future!
Please DYODD and stay nimble.
David,
It seems there has to be a change in the fundamentals of the market. I think the market is forward looking as that goes. The market definitely was ahead of the curve in predicting low oil supplies. And, we were in a down trend for quite some time before the talking heads “declared” a bear market. The technicals are always in the eye of the beholder. It seems to me that the larger trend must be considered. I watch the 200 and 50 day MAs with trend lines for the bigger trend while watching volume, MACD, and slow Stochastic for short term trends. The big trend definitely looks down to me. It also depends on your time horizon. I’m following trends, some 1-3 months and some 1-3 years. Sometimes I look for a hedge or swing trade for a couple of days. Those trades are very different from one another.
David,
I’ll address this question in my weekend summary tomorrow. It is a good question and one we will answer.
David, I am not qualified to answer the questions you put forward. I posted those links because they make interesting weekend “tidbits.” As far as trading goes, I am just tip toeing through the minefield. My personal feeling is if you listen to someone who tells you the next “bull run” has definitely begun, you have listened to a liar. It’ll take a Hell of a trend to go “bull.”
Anyone have change for a… http://news.yahoo.com/s/afp/20080719/bs_afp/zimbabweeconomyinflation_080719174524
Thanks, Eckle. I guess a “one trillion” note is next in Zimbabwe?