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Post FOMC Update
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Post FOMC Update

by The MoleSeptember 16, 2008

Don’t ask me why the market is pushing UP after keeping the benchmark rate at 2%. However what I DO know is that I’m backing up the truck as soon as I see a top here. Have no fear – the bears are here 😉

Favorite victims for today:

DRIV, LDSH, CMI, TGI, USG, PFCB, SCHN, CVH, BDC, PEG, KO, WTI, DRYS, EXM, MON, MOS, POT, NUE, FAST, DF, CF, TRA, CMP, MA, DF, FWLT, IOC, FPL, VOD, PC, STR


About The Author
The Mole
Mole created Evil Speculator amidst the chaos of the financial crisis in early August of 2008. His vision for Evil Speculator is a refuge of reason, hands-on trading knowledge, and inspiration for traders of all ages and stripes. You can follow him and his nefarious schemes at various social media waterholes below.
  • Lawrence_Chiu

    Are these longs or shorts?

    Thanks

  • toad37

    Thanks for the update Molecool!!

  • toad37

    they are shorts.

  • Duuuuuude

    The market would have seen a cut in the rate as a sign that things in the economy are deteriorating. The fact that the fed felt it did not need to cut the rate probably signaled that the economy is stronger than the market was expecting, given futures was indicating there would be at least a quarter point cut. Therefore, the market rallied.

  • molecool

    People are interpreting this based on what the market is doing, that's all. Doesn't change our outlook. Market is going to tank and that in a BIG way.

  • humbledukes

    I would be careful with the commodities for a couple of weeks. I think that we rally oil and commodity names until the next leg down.

    Full disclosure – Long SU calls

  • C.C. Rider

    Failing resistance at 11,080 speaks volumes.Short at will over 11k

  • toad37

    think we get a short squeeze on AIG news? I have a feel we get a short lived one (at least I hope we do :))

  • blues

    Maybe too many people betting short for a FED rate no change… so when it actually happend, market doing some house cleaning of shorts before next fall? or 1170 is it for this run… 1170 50% rtetrace from 2000 low

  • JIGSAW

    perhaps Moons target of a turn on Friday or Monday may play out to the downside now

  • C.C. Rider

    Just a hunch we close lower.

  • tradertom

    Well said.

  • molecool

    Yawwn…. please wake me up once that b.s. rally is over.

  • molecool

    At least one bear is keeping his nerves.

    1+

  • MyLifeMyTrade

    I loaded my truck heading into close. We might see a small bounce tomorrow… but I can live with it.

  • mikeslc

    MOS was my biggest gainer today!
    Probably sell it EOD tomorrow. I am thinking friday is a good day for WM to close its doors and take the market down.
    S&P at 950, here we come.

  • http://moontrader.wordpress.com/ Moontrader

    I'm totally with you, guys, and you might like my thought for today:

    http://moontrader.wordpress.com

    I'm showing two charts: SPY and Dow Jones Financial Sector. One went below July's low, while the other didn't. If this is a crisis in the financial sector, what is that supposed to mean?

  • angelo10

    Well, as of a few minutes ago a report is circulating, where the Govt. might consider conservatorship for AIG..last $2.11…SP down 16.25 from the close, @1201.00

  • Lawrence_Chiu

    Are these longs or shorts?

    Thanks

  • toad 3,7

    Thanks for the update Molecool!!

  • toad 3,7

    they are shorts.

  • Duuuuuude

    The market would have seen a cut in the rate as a sign that things in the economy are deteriorating. The fact that the fed felt it did not need to cut the rate probably signaled that the economy is stronger than the market was expecting, given futures was indicating there would be at least a quarter point cut. Therefore, the market rallied.

  • http://evilspeculator.com molecool

    People are interpreting this based on what the market is doing, that's all. Doesn't change our outlook. Market is going to tank and that in a BIG way.

  • humbledukes

    I would be careful with the commodities for a couple of weeks. I think that we rally oil and commodity names until the next leg down.

    Full disclosure – Long SU calls

  • C.C. Rider

    Failing resistance at 11,080 speaks volumes.Short at will over 11k

  • toad 3,7

    think we get a short squeeze on AIG news? I have a feel we get a short lived one (at least I hope we do :))

  • blues

    Maybe too many people betting short for a FED rate no change… so when it actually happend, market doing some house cleaning of shorts before next fall? or 1170 is it for this run… 1170 50% rtetrace from 2000 low

  • Jigsaw

    perhaps Moons target of a turn on Friday or Monday may play out to the downside now

  • C.C. Rider

    Just a hunch we close lower.

  • TraderTamas

    Well said.

  • http://evilspeculator.com molecool

    Yawwn…. please wake me up once that b.s. rally is over.

  • http://evilspeculator.com molecool

    At least one bear is keeping his nerves.

    1+

  • http://www.mylifemytrade.com MyLifeMyTrade

    I loaded my truck heading into close. We might see a small bounce tomorrow… but I can live with it.

  • mikeslc

    MOS was my biggest gainer today!
    Probably sell it EOD tomorrow. I am thinking friday is a good day for WM to close its doors and take the market down.
    S&P at 950, here we come.

  • http://moontrader.wordpress.com/ Moontrader

    I'm totally with you, guys, and you might like my thought for today:

    http://moontrader.wordpress.com

    I'm showing two charts: SPY and Dow Jones Financial Sector. One went below July's low, while the other didn't. If this is a crisis in the financial sector, what is that supposed to mean?

  • angelo10

    Well, as of a few minutes ago a report is circulating, where the Govt. might consider conservatorship for AIG..last $2.11…SP down 16.25 from the close, @1201.00