Stocks Waste Little time To Take Out Recent Lows
September 18, 2008
It pays to be sitting on the sidelines and avoiding the carnage on Wall Street. There is absolutely no need to step into these muddy waters we call the stock market. I do not have anything in my favor, odds are against me as hedge funds and other large market participants are vulnerable to redemptions and margin calls. Good looking charts continue to be sold, New Lows hammer New highs, and VIX is not showing enough fear for a bottom. My stock scans for longs continue to look horrible and the number of stocks continue to fall. The horizon looks too dark to step into the market, cash is king and the sidelines is where I’ll be staying.
Enjoy
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Stocks Waste Little time To Take Out Recent Lows
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Reuters Business- Alcoa to slash 13,500 jobs and cut productionNEW YORK (Reuters) - Aluminum producer Alcoa Inc said on Tuesday it will curtail metal production by about 18 percent and cut some 15,200 jobs to save cash and reduce costs as it seeks to counter the impact of the global economic downturn.
- Stocks rise on stimulus plan hopesNEW YORK (Reuters) - Stocks gained on Tuesday on the increased likelihood of a government stimulus package after the release of minutes from the last Federal Reserve policy meeting painted a dismal picture of the U.S. economy.
- Home sales tumble to 7-year lowWASHINGTON (Reuters) - Pending sales of existing U.S. homes dropped to a seven-year low in November, data showed on Tuesday, as rising job losses and a deepening economic recession kept potential house buyers on the sidelines.
- Alcoa to slash 13,500 jobs and cut production
- Market Watch
- After Hours: Alcoa shares slump in wake of cost-cutting plan; F5 surgesShares of Alcoa Inc. drop as the aluminum giant outlines aggressive cost-cutting plans that will include job losses for more than 13,000 workers.
- Financial Stocks: Morgan Stanley, American Capital among big gainers in financialsShares of Morgan Stanley continue their strong start to the year as U.S. financial stocks reverse the previous session's losses.
- Airline Stocks: Airlines rise on broad market gains, cheaper oil pricesBroad market gains and a drop in oil prices lifted airline stocks Tuesday, with further support coming from higher revenue last month at Continental Airlines despite lower travel demand.
- Apple makes final appearance at MacworldApple Inc. begins its swan song at the Macworld Expo with the absence of Chief Executive Steve Jobs hanging over the proceedings, as the company unveils changes in pricing and copy protections for songs available through its iTunes store.
- Democrats introduce bill to let judges adjust bankruptcy termsA Democratic plan to change bankruptcy law so judges could adjust the terms of mortgages is officially back.
- After Hours: Alcoa shares slump in wake of cost-cutting plan; F5 surges