This is it....

Looks like the stock market is finally going to burst its bubble. What transpired yesterday here and across the globe, i.e., the Nikkei plunge, is signaling the loss of faith of investors in the US market.
Combine that with the beating that the US dollar has endured and the rapid rise of gold...this is it, the big one might be around the corner.
What gets me is that the state-controlled media are tooting their horn stating that everything is peachy and that the key economic indicators are all bright and sunny. Unemployment continues to "drop". Companies have reported "positive" earnings reports...
Hmm..so how come everybody is bugging out? Why all the selling?

We could see a serious bloodbath today and tomorrow. Or maybe not, since the PPT is on stand-by. But there is so much that they can do...eventually, market dynamics WILL get their way.

Hold on...its going to be extremely bumpy...

I know lots of things have been going on, but are we going to see a large correction very soon?

The HangSeng fell 500, the Nikkei fell 500, the Straits Times fell 38...hmm..let's check Europe.

All down. But not by much.

DAX-Frankfurt - 24 but they are recooping their losses.

With W. in power, as awful and pathologically partisan as this may sound, I honestly hope the U.S. economy continues to tank. I am not immune here--things are particularly bad in Seattle--and more important I know that many who have lost their jobs suffer greviously. Yet I truly believe that if the economy vigorously rebounds, thus likely leading to Bush's election, the consequences for the country (world?) will be far more grave. It is not simply that W. is a Republican. I felt none of the same bitter contempt for Bush Sr., and I certainly never hoped for a prolonged recession during his term just to ensure Clinton's election. But God help us if Jr. wins in 2004...

Robert

Bush has managed to bring about many feelings not felt since Nixon was in office.

If the Monkey King wins in 04 we will be in a very bad way, indeed.

How did you hear about Democratic Underground?

And I am not that political to cast economic depression on the USA.

Welcome to the club.

:hi: :hi: :hi: :beer: :grouphug:

eom

While I don't wish for bad things to happen, when this topic comes up at my house it usually leads to a discussion about whether we are so morally bankrupt as a nation that people will be willing to vote for Smirk* based on an improvement in the economy.

Yep, the bear trap is springing shut. Here's a line you'll hear in the presidential debates next year at this time, guaranteed:

"The stock market is down 20% over the past year and 40% since Bush took office."

Skolnick's a nutjob much of the time.

but this one left me with an ominous feeling when i looked it over a few days ago.


Middle Finger News
Clashes & Crashes
Sticking It To The Poobahs
News Hot Enough To Fry Eggs
By Sherman H. Skolnick and Lenny Bloom
SkolnicksReport.com
CloakandDagger.ca
10-18-3



Some people use calendars as mental dartboards. Evidently, Sherman is one of them. In 1987, six months ahead of time, he pointed to Monday, October 19. He had certain friends and relatives with their rear ends parked in Wall Street. So, he told them it was time to get the Hell out. Their responses were insulting.   "Look, you are one of those not college-educated assholes. What do you know about business and finance? You have an MBA or something?"   His retort availed him nothing. "I head a group that for years and years studies the entanglements of Judges and Banks. We call them Banker-Judges. And note, please, we have caused quite a number of them to be sent to prison for bribery."   And they further hurled their verbal bricks. "So what. You are not a known pundit."   On the afternoon of October 19, Sherman was eating a late lunch with a friend, while both were watching tv. "Hey, look at that. Dow-Jones is down 500. "   His friend suggested, "Let's drive down to La Salle Street. Maybe we'll witness them jumping from the windows," said the friend. Sherman shot that down, "Look, following 1929, the major suicides were years and years later, when people ran out of money. Two things now. One, in the new buildings, the windows don't open and the roof access is locked. Second, if one of the losers jumps, it may damage the roof of the car, and our auto insurance would not cover the roof damage."   The Saturday after the 1987 Crash, was a family wedding. He stopped several of them, "Well, did you get your ass out of Wall Street like I suggested?" Some just glared at him, picked up their plate of wedding supper, and moved faraway from him and his wheelchair. But, one started shrieking, "If know-nothings like you would just shut their rotten mouth, we would continue having prosperity."   Thus written off, Sherman answered, "So, if I left the planet, the good times will roll, right?"   After 1987, some just stopped talking to Sherman, the Calendar Man.   In 2003, for months and months, Sherman again pointed to the calendar, and told a few friends and acquaintances. "You see this, these dates in October. This is when the Crash may begin." And the responses, as in 1987, were a put down. "Look my broker is sharp. He says now is the time to buy. He says those uneducated in business and finance, like you, are just plain stupid. "   Thus zeroed out, Sherman replied, "Fine. Buy yourself silly. Hey, don't call me collect from the crooked Bankruptcy Court." http://www.skolnicksreport.com/>www.skolnicksreport.com "Sucker Traps" and "The Bankruptcy Bordello".>   Why do market crashes tend to happen, or at least start, in October? Satanist numerology? Voodoo hexes? The Aristocracy and their "October" hang-up? Blind coincidence?   Historical footnote: Chicago gangster Al Capone became a local hero after the 1929 Crash. He and a team of his gunmen descended on La Salle Street, site of numerous stockbrokers. Armed with submachine guns, Capone's mob pushed their way into brokerage offices. Gruff, he and his pals barked, "Hey, you, here is a list of people waiting outside here. Give these people their money back. Or, we'll make cheese out of you and blow up your joint." At least that was the story that grew up with the Windy City.   As a young man, Sherman lived near the Chicago Mafia enclave of Cicero. Sherman's family bought milk, a gallon at a time, from a brick building dairy, right past the Chicago boundary into Cicero. The milk people were asked, "How come this building has so many holes in the walls?"   The answer, matter-of-a-factly, "This was Capone's headquarters. There was a shoot-out with beer-runners in the corrupt police."   Is a crash soon underway? Stay tuned.   ===================

it hasn't even hit the 50-day average yet or established a downtrend.

Having said that, I have a pretty heavy short position in URPIX and URPSX. Am betting that the correction will occur, just a little late.

Two down gaps in a row is a lot. The early surge today I beleive is just filling the gap. The reversal was strong enough that yesterday's gap may not get filled.

If you look at a long-term chart of the S&P, it looks like the index is forming rounded top. This has been a long up wave, and the market is overdue for a correction.