Market Update: September 29th, 2008
September 29, 2008 – 4:01 pmSorry for not posting some articles but I have been very busy and the internet has been down at my residence. As I type this I am sitting in a lobby with very slow wireless internet access.
What an absolute positively INCREDIBLE two weeks of volatile trading it has been with today being the most significant of all. I mean are you kidding? Electronic sell orders for equities did not settle until around 3:15-3:16 PM CST. WHAT THE #$&^!?!?! 15 whole minutes of sell orders that had to go through? Really? Even though I am a bear in this current market and have sold off alot of my long positions to convert to purchasing puts, I am rocked to the absolute core. Every single imaginable feeling is inside of me right with the most evident one being fear. On a day where the 700 billion dollar bill did not get passed and the the Dow Jones Industrial Average plummets 777 points, can you think of what would happen if a bill ended up not EVER being passed? I am in absolute awe and I feel like boofing all over the floor. Pretty sure that dollar menu at Mcdonald’s will be the two dollar menu…..
Look at some of these charts. Just WOW.
First is Celgene (CELG), a company I purchased puts on last week. I ended up getting stopped out for a small loss yesterday (DOH! as Homer Simpson would say) and look at the move it had today. With the huge downturn it had today, take a close look at the chart. This is a FIVE minute candlestick pattern for the intraday chart of Celgene. The volume and range for Celgene was kept in check until 2:25 CST. Volume stayed below 80,000 until this point and then cracked 109,000 for the 2:25-2:30 candle. I purposely hovered my pointed over the 2:55-3:00 O’clock candle and you can see the stacks on the left hand side of the picture. THE VOLUME WAS 400,000 in FIVE minutes. The stock price went from $63.65 at 2:25 PM and closed at $56 in FIVE minutes. Incredible.
Second, look at Chicago Mercantile Exchange Group (CME). Same this as before with Celgene, this is a FIVE minute candlestik pattern chart. Do the math for the move it had in the last five minutes of trading.
God bless you all and thanks for reading. The second coming of the great depression is near.
-Justin Moon, Senior writer for Marketchasers.com