Archive for December, 2008

The oily dollar — a greased pig in the making

Posted on Dec 06, 2008 by WHC Bassetti.

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We remarked quite some time back that OIL was a sale.  While it is a speculative play the chart says that you can add to the position.  Never do this at home without a stop. 4 or 5%, or a chart signal.

Get ready for 50 cent gasoline.

 

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Dow betwixt and between–betwixt surreal and reality

Posted on Dec 06, 2008 by WHC Bassetti.

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Watching the Dow blast up 250+ points on the day the government announces that the administration (We suppose they did it. Someone must be to blame.) pulverized over 500,000 more jobs leaves us between Lewis Carrol’s mirror and black hole.  We must be in a bull market atmosphere — or a b.s. atmosphere.  1 in 10 mortgages in trouble, a possible 2MM foreclosures — oh well, time to buy and get back to business.  We’re at a loss to imagine who we’re going to sell things to if everyone is out on the corner trying to sell us apples.  Ignore all this.  It’s called economic analysis.  Keep your eye on the chart and be willing to abandon your short positions when the trend changes.  Any probability of that?  Probably not.

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More nitty gritty wave analysis of the Dow

Posted on Dec 01, 2008 by WHC Bassetti.

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December 1 2008 The Dow takes a 7.7% dive.  This is a surprise?  No.  What’s a surprise is the abruptness of the down draft after the up draft of last week.  

Here is where we left the Dow measuring waves on November 14:

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