Home > Daily Reading on the Financial Markets, Financial Ponzi, investing, Stock Market > Daily Reading of the Financial Markets: 9/22/11

Daily Reading of the Financial Markets: 9/22/11

My note:  Well, bears couldn’t have wished for a better day than 9/21.  With no Fed rescue, we should test (and likely break) the 1100 S&P support, imho.

Oppenheimer’s Brian Belski disagrees, noting that double-digit losses in 3Q have historically led to positive 4Q results.

Toby Connor at Minyanville says the next wave of selling is just beginning.

A lot of charts from Zero Hedge comparing market correlations, with the conclusion that equities have a ways to fall before meeting the downside that credit has priced.

Charts suggest that Brazil and Emerging Markets are likely headed lower according to Chris Kimble.

Gallups says President Obama finally owns the economy.

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  1. September 22, 2011 at 9:50 am

    It’s ugly out there today.

    • September 22, 2011 at 12:41 pm

      Yes. I expect it to get much uglier in the coming weeks/months. It looks like 2008 to me: Dollar spiking, commodities tanking, Treasuries through the rook, emerging markets tanking, copper falling through the floor. We’ll get a good test at S&P 1100.

      I bought a SPY 60 put for 12/2012 a few weeks ago while S&P was flirting with 1200, so that’s my pocket ace. I’m also heavy into EUO, SKF and SH, but not heavy enough to offset big losses today in DBA and some miners. I suspect it’s time to bail on the miners.

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