coolhand's Account Talk

[coolhand]

From Mark Young on Trader's Talk...this does not give me a warm fuzzy:

"Stock futures surge after coordinated rate cuts from Fed, ECB, others"

I had to react to this. I've got about ZERO faith in Ben's approach. This action seems to indicate that in his head it's somehow better to have a smaller cut, later, with other govts. getting on board than having a larger cut earlier.

The credit markets are in true crisis and it's rolling down hill fast. The weakness in the stock market is irrelevant, it's feeding the panic.

Weeks ago, it was clear that a cut was indeed warranted and called for but he waits until things are frozen up. I mean, the long bond has been screaming, "NO INFLATION, YOU DOLTS!" since August.

He just has no clue. Way too much belief in government and nowhere near enough understanding of the interconnectedness of the markets.

The coordinated action has merit but it's too little too late.

Further, this won't have the longer term effect that we might hope for because the decline isn't about Fed tightening policies, it's about liquidity.

So, while this is good news, it's too little, too late, and indicates a Fed that is decidedly NOT up to snuff. AG manufactured bottoms at a whim if he was worried. BB doesn't even know when to be worried, nor care that there is a bottom.

Basically, we're on our own, and I'm honked off that I have been playing it like we were dealing with AG when I knew from the last time that we had a piker on our hands.

[coolhand]

I'm out. 100% G. They win.

Fact is, there is no credibility with the Fed or Treasury. Folks are pissed about the bailout and shananigans with CEOs, Corruption, no accountability in the system, etc.

There will be better plays down the road even if we stabilize for a bit. I firmly believe we'll be going lower as time passes.

100% for 10/9

[coolhand]

Change of heart. I cancelled my request. May regret it, but I hated this decision anyway. I don't usually waffle like this. Looking for some ST relief and then out.

[presskh]

Originally Posted by coolhand

Change of heart. I cancelled my request. May regret it, but I hated this decision anyway. I don't usually waffle like this. Looking for some ST relief and then out.

I feel exactly as you do, Coolhand. Much uncertainty.

[Silverbird]

As I said on another thread, measure twice, cut once; Even better Fivetears answer:

Originally Posted by Fivetears

Measure twice AND double-check which side of the line the sawblade is on.

If you don't feel comfortable with a big move, don't do it; you made the right decision to cancel.

[coolhand]

Originally Posted by Silverbird

As I said on another thread, measure twice, cut once; Even better Fivetears answer:

If you don't feel comfortable with a big move, don't do it; you made the right decision to cancel.

That's a good way to look at it. Thanks.

15 minutes after I made that decision, my wife called me. She told me she got laid off along with 75% of the rest of the staff she worked with. When it rains, it pours.

[Silverbird]

Originally Posted by coolhand

that's a good way to look at it. Thanks.

15 minutes after i made that decision, my wife called me. She told me she got laid off along with 75% of the rest of the staff she worked with. When it rains, it pours.

ouch.

[presskh]

Originally Posted by coolhand

That's a good way to look at it. Thanks.

15 minutes after I made that decision, my wife called me. She told me she got laid off along with 75% of the rest of the staff she worked with. When it rains, it pours.

Sorry to hear that Coolhand. I was going to bail from 50% G to 100% G fund also, but cancelled it at the last minute. I have to think there is a rally hiding somewhere - at least let's hope so. I'm pretty much breaking even for the year, so I'm not hurting like some others - what an awful year!

[coolhand]

Originally Posted by presskh

Sorry to hear that Coolhand. I was going to bail from 50% G to 100% G fund also, but cancelled it at the last minute. I have to think there is a rally hiding somewhere - at least let's hope so. I'm pretty much breaking even for the year, so I'm not hurting like some others - what an awful year!

Fortunately we don't rely on her income to pay the bills. But it's an adjustment in any event.

There has to be a rally eventually and Silverbird used some good analogies to go with it. I watch a number of traders around the web and not all of them are singing the same tune, which makes for difficult decision making. Moreso in extreme circumstances. Most of the time I'm able to keep my emotion in check, but this market has me taking notice.

[coolhand]

Things looked on track to finally begin a rally, but the sell-off at the end was not a good thing. I got a buy on up volume as the downside moves were on low volume, but that sell-off is troublesome.

The Fed is losing control (or maybe lost control). While AG has his fair share of detractors he would never have let things get this far out of hand.

[Birchtree]

I managed to buy nine stocks today and they all closed lower from my entry price - but they were all much lower from August so I'm happy. I need to continue to buy myself into happiness. Good to see you around these parts - pull up a chair and stay awhile we can use your insights.

[coolhand]

Originally Posted by Birchtree

I managed to buy nine stocks today and they all closed lower from my entry price - but they were all much lower from August so I'm happy. I need to continue to buy myself into happiness. Good to see you around these parts - pull up a chair and stay awhile we can use your insights.

This is definitely a buyers market for long term share holders. I wouldn't worry about price too much either at this point.

Good to hear from you BT. Been awhile.