Friday, October 10, 2008

Starting to Smell Like a Blowoff

I don't know if we get the blowoff day today, but the futures are indicating a huge gap down in the markets this morning, which might lead to a sharp enough, catastrophic enough dump during the day for a potential blowoff.

GE posted in-line earnings, but the market is only focused on the collapse of the Asian markets overnight. And of course Asia dumped because of the U.S. markets.....so the global meltdown continues.....

It could be that the Dow drops to numbers beginning with a 7 today, we shall see.....However this shakes out today, I would really like to see the markets hold the line fairly soon, otherwise I don't like to even think about the consequences.....

Another day, another wild ride, so strap on your seat belts again.....
Posted by at

8 comments:

  1. GarrettOctober 10, 2008 at 6:41 AM

    I hope that this is the blowoff that your talking about. I had to leave VC early for work so I didn't get to hear what we would be looking for. Any thoughts would be appreciated. I sure hope this is the bottom.

    ReplyDelete
  2. GaryOctober 10, 2008 at 6:58 AM

    Dwight,

    I just bought Oct 35 calls on the QQQQ'S.

    ReplyDelete
  3. claudiaOctober 10, 2008 at 7:11 AM

    does this activity look like today is the day?

    ReplyDelete
  4. LaurieOctober 10, 2008 at 7:16 AM

    Was that it? the bottom? I didn't feel the earth move!

    Good luck with the Qs, Gary!

    ReplyDelete
  5. JoeOctober 10, 2008 at 9:26 AM

    What another great day!

    Not buying calls just yet, but looking into them..

    Joe

    ReplyDelete
  6. LaurieOctober 10, 2008 at 12:08 PM

    Hey everyone -
    I don't want to be a wet blanket, but I thought the following document on circuit breakers might be good to see.

    http://www.cboe.com/common/FOURTHQUARTERCB2008.pdf

    Hope your trades are going well. I made 21% profit on a SPY Nov 85 put. Check out the VIX at almost 77!

    ReplyDelete
  7. GaryOctober 11, 2008 at 11:36 AM

    Dwight,

    I was wondering what sector(s) you think will lead the rally back up? Ole Jimmy says financial's usually lead , but who knows who's going to be left? I was thinking of some OTM GS 2010 LEAP's maybe when volatility subsides as an investment? Your insight is always appreciated.

    Thanks,

    Gary

    ReplyDelete
  8. JoeOctober 12, 2008 at 4:20 PM

    Hope everyone had a good weekend. But I'm ready to get back to it. Futures up 250 on the dow as of 7:20et. We'll see what happens tomorrow!

    Joe

    ReplyDelete

Subscribe to: Post Comments (Atom)