Market recap: A wave of red ink washed over the final trading hour, triggered by a downbeat...


Market recap: A wave of red ink washed over the final trading hour, triggered by a downbeat Fitch report on U.S. bank exposure to Europe. UniCredit's request for more access to ECB borrowing spotlighted Italy's funding concerns, Bank of England said Europe’s economy is worsening, and crude oil's pop above $102 sparked new recession fears. NYSE decliners led advancers three to one.
Comments (25)
  • wyostocks
    , contributor
    Comments (9113) | Send Message
     
    I always have to laugh when these events occur.
    What is "new" in any of the items mentioned in the above SA post that wasn't known yesterday? Nothing.........
    So then, why did this "news" trigger a selloff?
    The selloff was an excuse for the big boys to trigger the program trading to catch the market short footed again.
    No wonder the "little guy" doesn't trade this market.
    16 Nov 2011, 04:19 PM Reply Like
  • untrusting investor
    , contributor
    Comments (9903) | Send Message
     
    Agreed, the market is just a casino. Moved daily by HFT's, algos, prop desks, and large day traders. Is it any wonder the outflow to bond funds over the last 4 years has been steadily pulling retail and IRA money out of equities and equity mutual funds?
    16 Nov 2011, 04:24 PM Reply Like
  • Sleestakk
    , contributor
    Comments (127) | Send Message
     
    Yet the pumpers keep coming on pushing people to go long this market. Heck, it is dangerous shorting it too. A market meant to milk every investor dollar in a perpetual hyper arbitrage generation field.
    16 Nov 2011, 05:33 PM Reply Like
  • American in Paris
    , contributor
    Comments (5495) | Send Message
     
    I think you are a paranoid. You breath conspiracy theories.
    16 Nov 2011, 05:35 PM Reply Like
  • sshoshara
    , contributor
    Comments (5) | Send Message
     
    I do not think paranoia has anything to do with it. Market manipulation by those who have the buying power is a fact and is not new. Small investors like me have to always read between the lines and try not to fall victims to such practices.
    16 Nov 2011, 06:31 PM Reply Like
  • marketman54
    , contributor
    Comments (822) | Send Message
     
    I agree wyostocks that the big boys control the market but I gotta tell you that these last 10 weeks have been a dream for me! I have been riding the wave long or short.

     

    Look at the leveraged ETF's the last 30 to 45 minutes of the day. From the week the market dropped 600 points to today at 3:30pm, you can make a bundle with FAZ or FAS, ERY or ERX, TAZ or TNA, you pick the leveraged etf and watch it fly when there is a big buy or sell into the close.

     

    You don't have to catch the whole ride to be happy, you just have to get a piece of it. So get up to the crap table and pick the hot roller and ride!!!!

     

    I love this market!! I will be betting the big shorts from her on in because Europe is gonna fail big time, then Japan and then the good old USA!

     

    Yep I said it: $15 trillion short term debt plus fannie/freddie/FHA and sally/post office/amtrak/military... 18 million unemployed, food stamps, unemployment, subsidized housing......
    a scared government that won't quit spending and won't make cuts, total lack of leadership, total lack of fiscal/economic/energy and immigration policies!!! Need I say more.

     

    WE ARE SCREWED!
    16 Nov 2011, 10:50 PM Reply Like
  • FrankTrades
    , contributor
    Comments (103) | Send Message
     
    Only charts integrate data in a way that provides useful information. The rest is stories.
    16 Nov 2011, 11:26 PM Reply Like
  • DagnyTaggart
    , contributor
    Comments (486) | Send Message
     
    Crude didn't pop. Just the spread between WTI and global oil prices contracted because the Conoco pipeline from the Gulf to Cushing, Oklahoma is (finally) set to be reversed. Millions of barrels of Canadian oil that previously could not be transported to market in a cost effective way just came online. WTI is more expensive only because it can be used instead of sitting in storage awaiting transport.
    16 Nov 2011, 04:21 PM Reply Like
  • wyostocks
    , contributor
    Comments (9113) | Send Message
     
    So much for the big crack spreads the refiners enjoyed.
    16 Nov 2011, 04:22 PM Reply Like
  • screamin187
    , contributor
    Comments (294) | Send Message
     
    The market did what it was supposed to do, down on bad news. That is a change of character, usually we have been rallying on bad news and rallying on good news.
    16 Nov 2011, 04:30 PM Reply Like
  • Caladesi Kid
    , contributor
    Comments (186) | Send Message
     
    Simply reversing the flow in one pipeline is the cause of all this movement in oil? Really? Why wasn't this done long ago? Seems stunningly obvious, what am I missing? Keep in mind, there is still the granting of permission from our enlightened political leadership.
    16 Nov 2011, 04:32 PM Reply Like
  • torahislife
    , contributor
    Comments (400) | Send Message
     
    Just passed mid-month with no Santa Claus rally yet. The hopium crowd will eventually grapple with economic realities. Hopium withdrawl to begin very soon with a cure happening somehwere below the 2009 lows.
    16 Nov 2011, 04:50 PM Reply Like
  • American in Paris
    , contributor
    Comments (5495) | Send Message
     
    Well, I am not sure you are in touch with reality. The economy grew 2.5% annualized in the third quarter and the fourth quarter will probably 3%.
    16 Nov 2011, 05:36 PM Reply Like
  • Dividend Player
    , contributor
    Comments (360) | Send Message
     
    "3%" - what are you smoking?
    16 Nov 2011, 09:25 PM Reply Like
  • torahislife
    , contributor
    Comments (400) | Send Message
     
    Poor guy has been smoking hopium. See what I mean?
    17 Nov 2011, 11:03 AM Reply Like
  • Sleestakk
    , contributor
    Comments (127) | Send Message
     
    Where is the Santa Claus Rally? Isn't it due?

     

    Or could October been the result of massive short covering and HFT/Prop Desks?

     

    Ultra thin volume, huge gaps, strange market swings disconnected from headlines at times only to blast in one direction or another on seemingly irrelevant data points.

     

    I am bearish sentiment these days and even I thought the market should pop on the CPI and Housing data today.

     

    As for Italy, most investors don't understand that Monti IS A BAD CHOICE for leading Italy. He is extremely far left. So if you are bullish on financials because you think he will do something postive to appease the Germans all I can say is HAHAHAHA.

     

    If Italy gets its act together it will be despite this farce of a government. I imagine 10 year bond yields will have to hit 7.5% again to push things that direction.
    16 Nov 2011, 05:43 PM Reply Like
  • Matthew Davis
    , contributor
    Comments (4738) | Send Message
     
    We have more oil being tapped than ever before yet the price is rising? Same manipulation maggots that got us up $4 gallon gas a few years ago. How can we discover the largest oil reserves in our nations history and then bid up oil to skyrocketing prices, its counter intuitive.

     

    I hate investing, but I have been learning about it and doing it because there isn't any other way to make a buck anymore. Can't use a savings account, can't buy a house, CDs are a joke, money markets too.

     

    Just got to make sure the stock has a decent yield and buy at a decent price, which I might say has been very difficult to pinpoint and entry price.
    16 Nov 2011, 05:44 PM Reply Like
  • Sleestakk
    , contributor
    Comments (127) | Send Message
     
    Even more difficult than Entry price is Exit price.

     

    Just be wary of most financials. I think they are in purgatory for a while and I am tired of the pumpers duping people into thinking they are a good bet. Many of the banks have limited options to generating earnings and just want to dump their shares onto the unsuspecting retail investors. Otherwise, I have been long Energy, Utilties, LQD, TLT, IAU and PHYS for tail risk like money printing, and EUO for shorting the euro.
    16 Nov 2011, 05:51 PM Reply Like
  • Matthew Davis
    , contributor
    Comments (4738) | Send Message
     
    I had IAU and sold it on the 3% up swing. I sold it because I can't stand investing anything that yields nothing. Gold is the next bubble, it will pop eventually. They hock gold on TV as if it will never go down in value, sounds familiar, how's your mortgage that was supposed to be 100% higher in value after you bought it? (rhetorical)
    16 Nov 2011, 06:54 PM Reply Like
  • sshoshara
    , contributor
    Comments (5) | Send Message
     
    I am a small investor about to retire in less than a year. I am using my pension and accumulated 401K funds. I watch the market closely as I cannot afford to lose what I have saved for my retirement.
    16 Nov 2011, 06:32 PM Reply Like
  • jamesbwood
    , contributor
    Comments (306) | Send Message
     
    Protect yourself mate:

     

    Stop loss orders or
    Options or
    Cash or
    ???

     

    We live in interesting times.
    16 Nov 2011, 10:40 PM Reply Like
  • RomeRome
    , contributor
    Comments (166) | Send Message
     
    I am also a small time investor but still working and thi market to me gives me a lot of pops to make money. I like it, hopes it stays like thiis for a year
    16 Nov 2011, 07:02 PM Reply Like
  • Matthew Davis
    , contributor
    Comments (4738) | Send Message
     
    *rolls eyes* yeah right.
    16 Nov 2011, 07:07 PM Reply Like
  • k19a51
    , contributor
    Comments (21) | Send Message
     
    Same here, RomeRome. If the market keeps doing this for a year, I am going to be one rich SOB.
    The only scary part is that it seems just a little too easy to play these swings. That fear is what keeps me from going "all in" every time it tanks.
    16 Nov 2011, 07:48 PM Reply Like
  • SA reader
    , contributor
    Comments (176) | Send Message
     
    I think it's more b/c of the resignation of Borges. If he goes it means the EFSF may be in trouble.
    16 Nov 2011, 10:18 PM Reply Like
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