SPX chart update

1/29/09

It is so wonderful!! It is so predictable!! It is very amazing!! If you ever read my post on 27th one, you know I was not bullish about yesterday rally. It is another bulls trap again!! Good luck to all!

Are Your Banks Broke???

1/29/09

The following resource from Time Magazine:

Looks at the TARP, and does some quick number crunching.

Since the Tarp was jammed through in October, Treasury has invested $165 billion into the nation’s eight largest banks.

Those same financial firms are now worth $418 billion less than they were four months ago. CBO calculates the taxpayer’s preferred shares are worth $20 billion less.

The government’s annualized rate of return on its investment in the nation’s largest banks is -1,096%.

As Time snarkily notes, even Bernie Madoff only lost 100%!

My Comment: See! Now you all know why I said the previous $700 Billion Bailout Plan did not work at all. Privatize the Gains by Wall Streets Rich people, but socialize the loss to us(Taxpayers). We are doomed!! Our government is always wasting our hard earn money into their own peggy bank. Even the so called new government plan is going to work nothing good. Let see the new jerk crown in Treasury how to play around our second half of bailout money. Also, if they are going to create "Bad Bank" to buy worthless garbage. I say here, the total cost would come up at least $2 to $4 Trillion. Yes, $2-$4 Trillion garbage. WTF. I am sorry to say that.....We are going doomed!! Even government printing machines are not fast enough to print out US dollar bills to cover all the mess. Why buy Garbage?! Why not use it for creating more jobs in our nations. Help the poorers...etc. Good luck to America!!

As the Title said "Are Your Banks Broke??" The Banks here now is our government.

Internal Condition of recent days market action

1/28/09

This is assessment of stock market recent days condition. Today morning breakup rally is still strong with financial and banking stocks boosting( short covering ). However, it needs to see if this strength can carry on toward closing. I will try post more later today.

Do not mixed up with December House Sales up number is good

1/26/09

After having its biggest month-over-month decline in ten years from October to November, existing home sales had their biggest month-over-month increase since January 2002 from November to December. And as shown in the table at right, the 6.5% increase was the best December reading for sales over the last decade. Unfortunately, the December existing home sales number of 4.74 million was also the second lowest over the last ten years, behind November's horrific reading of 4.45 million. At least December was better than November!

My comment: See! Do you realize how to analysis the information?! Yes, the % is up from Nov. to Dec. However, the total number of house sales is still in deep downtrend. So, unless it has performed 6 months in a row in growth. There is nothing bullish about yet.

Range Trading Still

1/26/09

This is kind of the 4th inside range trading days in a row. The longer market stay range trading. The more volatile market would breakup or breakdown. Do not heavy trade on either side until market perform us the valid trend.

The 3rd inside day so far

1/25/09

Last few trading days were ended inside day in technical term. So, watch out for breakout upward or downward. If it goes down, retest low of 2008 is in check.

Anyway, I wish everyone has prosperous Chinese New Year of Ox. Will this year would be like "Ox Market"?!