Yes it was a week to be short. An uneventful 4 days, down 525 points in the Dow.

get out while you still can

i'm serious

Nothing a 525 basis point rate cut won't fix. Maybe they will pay us to borrow money!
I like how they held it over 12800. Just like hockey night is Canada.

Doc,

what make you of the last couple of weeks' action in gold?

I know it's bad karma...but I just can't help myself...

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Got a plane to catch in a few hours. Not gonna be able to have fun here for a week. Have a good one, people.

Hahaha, Krudlow just seriously reiterated my sarcastic comment! I hate that guy. He makes Baghdad Bob look like a serious Journalist.

Considering that we're at some make-or-break support levels, yeah, I'd say so.

Hey bung, when did you exit your longs?

Rumor has it that many traders have eyes on the possible head and shoulders pattern on the Dow Jones Industrial Average...If we fall below the "right shoulder" then all hell might break loose.....I'd expect the boyz to defend that level with vengence...

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We were just in the right shoulder(as usual, smaller/shorter than left);
shruggin' like Atlas now.

Closed my longs on the morning of the 2nd at 2090 NDX 100. I flipped short at that time. I closed half this morning around 2000 on the NDX 100 and then at the close I surrendered the rest. Me happy

Omigod.

I think the crash window starts Monday.....

I have been watching the potential H&S--places the Dow to about 11,250/11,500 area.

Carl Futile is at it again.....

http://carlfutia.blogspot.com/

This morning I bought e-minis at 1437 but a little while ago got stopped out at 1422.

Today's action is, at least in the short run, bearish. I had expected the market to dip briefly to 1435 or so in the e-minis but then rally strong by today's close well above the December 18 low at 1446. Instead, we have seen a wide range down day on the breakout below 1446. This tells me that the cash S&P should continue down to 1390 or so which would put the e-minis near 1400. A drop to 1390 would make the drop from the October top about as long as the drop from the July top to the August low.

There is an outside chance that we will see a bigger drop to 1360 in the cash S&P ( 1370 in the e-minis) which would be a temporary break below the August low at 1370 cash. However I think any such break down will prove to be temporary.

Despite all the bearish action and sentiment we have seen over the past few months I am still convinced that the market will rally to new bull market highs by the end of the first quarter of 2008.

Does anyone really use this guy for trading advise? Ooofaaaa

What crash window is that? Hindenburg...Bradley....1929/1987 crash fractal?

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I am wondering if he even takes his own suggestions seriously

if and when Larry "it's only a flesh wound" Krudlow finally capitulates, I am going tits long stocks.

Don't worry, it will never happen, he never flinched once during '00-02, proclaimed a bottom many times.

Wall street pump monkeys begging for another rate cut. I'm willing to bet that they will get it, again.

Pathetic. If these turds would just let it all go, we could get to the business of building honest busineses rather than the fraud industries we have now.

Ya, I know when it takes 20 bucks to buy a euro and cat food is 200 bucks a 10 pound bag, that douche will try to put a positive spin on it and blame the feds tight .01 rate as to high.

BTW, cat food was over 20 bucks a bag yesterday (8.5 # ) up from 14 not so long ago. It won't be long and I won't be able to afford to eat that!

Good news is I bought 94K of bonds 2 weeks ago.

signed
joe 6 p

GOOG finally broke the 50DMA.

I'd love to see it go to zero and watch the smirks of current and past google employees vanish into deer in the headlights looks of fear.

NEW YORK (CNNMoney.com) -- Word is that President Bush may propose new measures to boost the economy by the time he gives his State of the Union address later this month.

While he has steadfastly maintained that the economy is fundamentally strong, the fact that the president is considering a so-called fiscal stimulus package is an indication that the Administration is getting worried.

****

Has anyone noticed the tactical change since '08 started?

They used to front and center the whole wolf pack after every 10 point drop. Now ... "let me get back to you at the end of the month".

This is the perfect time frame (early-mid January) to manipulate the market down to a lower, more defendable level. An unaccountable President whose party would like to enter the November's election in rebound mode. A highly pissed-off Fed Chief surrounded by a carnival of bozos, many of whom helped create/exacerbate this problem, even before he ever gave his famous "helicopter" speech. A disingenuous Treasury Secretary who has shown himself to be nothing more than a stooge and the latest in a string of Goldman Sachs front men. A newly bearish populace, primed but not quite yet in panic (sell-off) mode.

And 2 completely unknown Wall Street outsiders contending for the presidency. Neither of whom will likely renew Bernanke's invitation.

This ranks with Y2K and 9/11 as an ideal time frame to drop it back sans accountability.

Unless you believe that the Free and Efficient Market Model that has driven this POS to new all-time highs is now, just as freely and just as efficiently, effecting this pullback.

As Lee Whee would say ... we're still in the Entertainment Zone.

Ex-Google Masseuse Becomes Millionaire
By KATIE HAFNER, The New York Times
Posted: 2007-11-13 11:55:38

SAN FRANCISCO, Nov. 11 — Bonnie Brown was fresh from a nasty divorce in 1999, living with her sister and uncertain of her future. On a lark, she answered an ad for an in-house masseuse at Google , then a Silicon Valley start-up with 40 employees. She was offered the part-time job, which started out at $450 a week but included a pile of Google stock options that she figured might never be worth a penny.

After five years of kneading engineers’ backs, Ms. Brown retired, cashing in most of her stock options, which were worth millions of dollars. To her delight, the shares she held onto have continued to balloon in value.

“I’m happy I saved enough stock for a rainy day, and lately it’s been pouring,” said Ms. Brown, 52, who now lives in a 3,000-square-foot house in Nevada, gets her own massages at least once a week and has a private Pilates instructor. She has traveled the world to oversee a charitable foundation she started with her Google wealth and has written a book, still unpublished, “Giigle: How I Got Lucky Massaging Google.”

link

My ouija board, obviously.

Don't worry, I summoned the dead spirit of LeeWhee while I was at it.

One more thing and then I'll be quiet. I didn't see a single word about the nik-me errr correction all day long. waz up wid dat? And when the jobs report comes out, it's like a big surprise when all ya gotta do is look out the window and see all the workers are gone around here. Logic and reason need not apply I guess.

Loaded to the gills long with PM stocks in the WSE Pro Precious Metals Report since. Started with a bunch on 12/21. Added a bunch more on 12/27, and continued adding a few more this week. Of course, that could change at any time, but today's pullback looked OK. Whether it's time to start peeling some off, we'll just have to see. I post the Precious Metals Report each weekday morning before the open.

I will say that the cycle projections on gold itself are higher on a number of time frames, but that's all the detail I can give here.

Goldbugs, and others can get the scoop daily in the WSE Pro Precious Metals Package. Just $39 quarterly. Click here to get in RIGHT NOW!



Peek, I sense that you are missing the significance of what's happening here. This is the forced liquidation I have been forecasting. The pigmen are among those bleeding the worst. This is not going to end any time soon.

By the way, Bernanke's term is 10 years. 8 more to go.

That windsurfing dude has capitulated:

Effective today I will admit that the picture has changed.

Now that the Nasdaq has been crushed under the 200-day and has broken previous lows, the bear is now back.

Trannies were hammered also, the only stocks holding up are many of the IBD Top 100 and commodity sectors.

Hard to say if its going to be more profitable to short the bad sectors or go long the Weimar sectors.

Getting pretty Dover Sole right now. The next 3-5 day dead cat bounce I will eject my longs and start shorting.

Of course, I said this the day before the August lows, and had to change my mind two days later after the Needle Bottom.

But for right now, it is looking bad to worse and I have to follow the tape and go with it. Looks like the high flyer stocks that have held up the best like The Horsemen are going to be ripe candidates for shorting.

No worries Peek. Bendover Bernanke is getting his marching orders from above.

Seems the plug has to be pulled.

The next step is covering up the tracks and scapegoating others.

Unfortunately for that windsurfing dude, shares to short on certain issues may be tough to find and put premiums have skyed up.

I think that windsurfer dude is in for a tough ride.....

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It is not the return on my investment that I am concerned about, its the return of my investment - Will Rogers

I've noticed lately that a few of us have become a bit lax about posting links to the source when reposting third party material.

I realize that everyone here is interested in what Mark has to say, and that's perfectly ok. Just remember that third party material, regardless of where it comes from, is copyrighted, and we should treat it as such.

So remember-

A snippet and a link!

That goes for news, analysis, and quotes from other message boards.

Let's see if this trend channel plays out......

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Even here in the Great White North, we're on 72-hour mental-health-lockdown Britney Watch.

Kunstler's right. Very soon, maybe even this year, the public's going to tire of the outrageous spectacle of the glitterati. It's beyond obscene to contemplate the limitless riches of pusbags like Speirs, who's only identifiable talents would appear to be singing or dancing to songs written by others, fornicating, and making an ass out of herself. How long before the unwashed, unfed, unhoused, un-enfranchised masses decide to eat the rich? Tune into any of these Hollywood infotainment channels and you'll swear we've reached end times.

If I were one of these morans, I'd be trying to stay the hell out of the spotlight, to enjoy my bushels of cash in private before the angry hordes come to get some. If the system is set up to place K-Fed, J-Lo, Diddy and Speirs at the tippity top of the heap, then it can't be much of a system in the first place. Either that, or something's gone way offline.

don't wanna jinx nuthin', so better keep GW in the closet

butt Shirley, a lil' dancin' called for this evenin'

how 'bout that Crapple? what a POS!

don't everyone panic now.

okay... this is something to watch.

Doc-

I think most bears are so used to being taken to the woodshed, they are under the impression that even the violent moves DOWN are being manufactured by the men behind the curtain!

Oh, what a great time it is for those who took the red pill years ago. (or was it the blue pill? I forget.) I think we still have a few months before we know whether or not this really is "it", but this time feels more real than the others. The one thing still holding up is the bond/treasury market, so we'll have to see whether that leads to another "heroic" rebound from the consumer. I suspect not, but in the interest of full disclosure, I have been wrong in the near-term many times before. For the long-term, however, not only has my opinion not ever wavered, it has actually HARDENED over the years- and never more so than now...

I expect conspicuous poverty, the carefully crafted appearance of poverty, to be all the rage, replacing conspicuous consumption, before the societal bottom is in. Those who don't get hip to this, well, they may find themselves walking targets of the disenfranchised.

the ABX indexes have resumed their downward path:

Here's the BBB rated one, zero is in sight for this year.

Who's panicking here? Just about everyone here has made a pile of money the past few weeks. That's because they know how to trade. If you want to know who the real pros are, try paying attention to your fellow posters.

The only ones panicking are the ones holding on to their longs with a death grip. Like most of the so called pros who appear on Crapvision.

There's a reason they call it a death grip.

Those who are selling short and harvesting profits on the way down every so often are enjoying every moment of this.

I'm in a panic to find out how Britney's doing in her "72-hour-mental-lockdown."

FREE BRITNEY!

Her anticipated release at the beginning of the week should justify a searing, blistering, wire-to-wire meltup...

I think the biggest thing to take away from this week was the weakness seems to have spread from just the few and the finaglers into the broader market. The finaglers will probably continue to fall from here but I'm thimkin the easier money will be made shorting the broader measures for the next parczek.

I have no idea what this pic is saying, but it illustrates my point.

I expect the bear market that began in July (internal top) or October (index price peak) to be fully confirmed on Monday.

If they don't, it will just prolong the agony of denial.

I get a kick out of self appointed experts on following the tape who have been buying every little dip since October.

They really rang the bell in October when the indexes made new highs unconfirmed by a whole slew of technical indicators.

Preach on Doc. When the market really begins to crater, switch back to your Bernanke/MAD avatar for a few days--it was funny seeing it in the comment section of markewretch.

The stock market is EVERYTHING to these guys.

People don't understand bonds. People gave up on making anything close to an inflation-adjusted positive return on checking/passbook accounts/CD's long ago. People have to live somewhere, so unless you can't make the payments or need to relocate, the RE bust is no big deal. Credit cards/equity lines were maxed over a year ago for most sheeple.

Stocks represent desperate hopes and dreams, including those of the US Government. Retirement accounts are a multitrillion dollar unrealized asset that the Govt must keep inflated to reap distribution taxes and - increasingly - penalties, as Boomers need to make excess withdrawals to cover the cost of cat food and Sterno. "They" (govt) feel like They have a right to it. They feel its "Their" money.

At some point, They will try to defend the Maginot line. They are the ultimate managers of the masses' retirement accounts. Their vested interest supercedes mine, whether I like it or not. It sucks, but thats the deal. The money ain't been taxed yet. I'd be amazed if Bush doesn't propose some huge non-redemption incentive at The State of the Onion.

The Real Bear Question is whether "this" is "it", the Seven Virgin Bears In Heaven grail. Maybe burst bubbles are like ther predecessors: only visible in a rear-view mirror . I dunno. If it is, the Boy Scout in me is saying this won't just be a digital meltdown. I'm buying some crates of oatmeal, a bunch of wood matches, propane and cans of tuna this weekend. I was thinking about gassing up the family cars until I realized it would be like giving an extra oxygen tank to a guy stranded on the moon. Nitrous would be a much better choice.

And ... holding on to what's left of my bullion since the last time I listened to Prechter.

Slappy, I think this is an accruate representation of what your chart is trying to get across:

Doc, I finally had a reappearance of the ad that is causing the problem. It's from INSWEB, an auto insurance outfit.


Give 'em the big heave ho....