Fun Times!
Closing Prices From Yesterday
Yes we have numbers out today, but they don’t matter.
Yesterday
The Dow opened higher and kept sinking all day. The source of the selling seemed to be simply people getting out of the market. They feel the tremors and are taking a profit before the “Big One”.
TODAY
Last night President Obama gave the authorization to the military to use force if necessary in the humanitarian effort to help people in Iraq. What does that mean? As of 11:00pm there have been no reports of anything other than the military dropping aid to those people who need it. In addition the cease fire in the Gaza was interrupted by Hamas launching 2 more missiles into Iraq. That can’t be good.
There have been reports of airstrikes hitting Iraq, but the Pentagon denies it.
Hamas appears not too bright. The score is something like 67 Israelis dead and 3000 from Hama dead. It is pretty close to the Flintstones fighting guys from Star Wars.
At 11:00pm the E-mini futures are down 12 and the VIX is at 18%. Both are likely exaggerations, but if we do open there it will put the SPX below 1,900. It equates to another 80 Dow points which will make the total loss in the Dow at 860 points, or a 5% drop.
If POT were going on right now I would likely be showing some buying of deltas since night moves tend to be exaggerated, the US dropping a couple of bombs in Iraq will only make the pot holes we made earlier bigger, and no one expects a cease-fire in the Gaza to last longer than an episode of Friends.
POT is held each Wednesday night at 7:00pm eastern.
Contract the office at 1- 855 – RWT – 0008 for more details
Too True To Be Funny
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Attorney Stuff
DISCLAIMER (Seriously!)
Trading is almost as much fun as black jack in Vegas, but without all the annoying distractions of free drinks, Broadway shows, gorgeous people with low morals, and free buffets. It also has about the same odds of success, so when you lose all your money you wont have to walk past a smiling pit boss. Even Bruce Wayne lost everything with options in The Dark Knight Rises, and Superman keeps his day job at the DailyPlanet newspaper.
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