SPY has broken all support - market crash imminent

[rock34748]

Quote from piezoe:

The support levels have already been mentioned, and in addition there is some minor support around 650 in the S&P.

... Going into the present-day "Greenspan" recession, however, the country was already on its financial knees after 35 years of the government's coffers being raided by the "defense" industry and consequent years of unwise and unwarranted military adventurism; thus the US spent 7.5 times or more per capita on its military than other developed nations.

... Now, as the much maligned Rev. Wright has noted, America's Chickens have come Home to Roost. We are not experiencing a deep recession, we are experiencing a financial disaster of our own making.

Political rant... ignored.
But I view the coffers being raided as accurate. It's just that I believe the left wing congress, Clinton... (oh wait now I'm ranting...)

The overall point about over spending our way to wealth not working is spot on. But, we all have opinions on what portions were spent appropriately (National Security) and what portions were inappropriate (most welfare oriented programs.)

Good trading.

 

[Bigpipn]

Quote from stock_trad3r:
stock_trad3r


Registered: Jun 2006
Posts: 89880000


01-20-12 08:19 PM

There is no reason to be in this depression. The 30 handle sell off today in the spooz was no big deal. We surged 5 handles higher to close at 409.

futures are up, buy all dips, spooz 1400 by 2014

w3rd

Who knew predicting the future would be this easy?

 

[piezoe]

Quote from rock34748:

Political rant... ignored.
But I view the coffers being raided as accurate. It's just that I believe the left wing congress, Clinton... (oh wait now I'm ranting...)

The overall point about over spending our way to wealth not working is spot on. But, we all have opinions on what portions were spent appropriately (National Security) and what portions were inappropriate (most welfare oriented programs.)

Good trading.

Rock, thanks for reading my post and understanding it correctly. Whether we agree on everything is not so important as whether we communicate clearly and do our best to extract the truth from rhetoric. Though we may believe that welfare programs in the form of a handout are, except in emergencies to mitigate untoward human suffering, counterproductive and lead to dependence rather than independence, I would note, however, that the amounts spent by the US on welfare have generally been dwarfed by military and medical spending. Thus even if we made deep cuts in welfare spending it would hardly be noticed on the bottom line. Nevertheless, the value and virtue of welfare spending is certainly a topic worth debating, not because of the cost but because of the potential for damage when done inappropriately.

If we are going to bring our expenditures into line with our income we have no choice but to consider first the areas of greatest cost.

 

[bkveen3]

Our greatest debt liabilities of the present and future are social programs. Believe me they make the Iraq war look like a three day vacation. Check out how much we owe the baby boomers. Long live the welfare state! We all know it has done so much good for America.

 

[stock_trad3r]

I wonder how many n00bs shorted yesterday? lol

 

[S2007S]

Quote from stock_trad3r:

I wonder how many n00bs shorted yesterday? lol

Calm down a 50 point "RALLY" in the market is nothing, dont worry the shorts will make money. The SPX will be trading at new lows sometime over the next few weeks, maybe even sooner.

 

[stock_trad3r]

Quote from S2007S:

Calm down a 50 point "RALLY" in the market is nothing, dont worry the shorts will make money. The SPX will be trading at new lows sometime over the next few weeks, maybe even sooner.

we *could* end the day up 300 on the dow. We have the volume and a lot of short sellers have tight stops and know deep in their minds that the economy isn't as bad as the propagandists would have you beleive.

 

[stock_trad3r]

Welfare is public schools, health care being available to all citizens even if they can't afford to pay and have no insurance, unemployment benefits, food stamps, and actual welfare.

 

[Adobian]

UYG ETF is onsale for one day only. You have an hour from now.

 

[S2007S]

Quote from Adobian:

UYG ETF is onsale for one day only. You have an hour from now.

Ill wait and buy it for $2.50.


Its up 20% right now, if anything today is a day you SELL, not buy. Doesnt anyone understand that its days when the markets are down is when you buy....