The Wall Street Collapse has become a conspiracy movie. Peak oil and the scary movie.

http://www.apple.com/trailers/independent/collapse/

http://www.youtube.com/watch?v=WAyHIOg5aHk

Another red day looming:

The unemployment rate rose from 9.8 to 10.2 percent in October, and nonfarm
payroll employment continued to decline (-190,000), the U.S. Bureau of Labor
Statistics reported today. The largest job losses over the month were in con-
struction, manufacturing, and retail trade.

Over five thousand years ago, Moses said to the children of Israel “
pick up your shovel, mount your asses and camels, and I will lead
you to the promised land”.

Nearly 75 years ago, Roosevelt said, ” Lay down your shovels, sit on
your ass, and light up a camel, this is the promised land”.

Now Obama has stolen your shovel, taxed your ass, raised the price of
camels, and mortgaged the promised land.

A witty respondent over on a MarketWatch thread.

How true?!

Please keep your political views to yourself.  Or start a new topic but this is NOT the place.

willrob - 06 November 2009 08:50 AM

Another red day looming:

The unemployment rate rose from 9.8 to 10.2 percent in October, and nonfarm
payroll employment continued to decline (-190,000), the U.S. Bureau of Labor
Statistics reported today. The largest job losses over the month were in con-
struction, manufacturing, and retail trade.

AAPL is +pos right now. And I thought we were going to hell in a handbasket. So much for rational markets.

I second Gtrplyr response. Let’s keep politics in a separate thread.

Some traders are talking head and shoulders pattern with us building the right shoulder so there will be some selling pressure once that “shoulder is built.”  Talking SPX not aapl.

runedge - 06 November 2009 09:48 AM

Some traders are talking head and shoulders pattern with us building the right shoulder so there will be some selling pressure once that “shoulder is built.”  Talking SPX not aapl.

That’s what they said in Jun.  S&P did decline after the right shoulder was formed but recovered after hitting the neckline.  For current H&S, right shoulder is around 1080 and neckline is around 1020.

Mace - 06 November 2009 10:18 AM

runedge - 06 November 2009 09:48 AM

Some traders are talking head and shoulders pattern with us building the right shoulder so there will be some selling pressure once that “shoulder is built.”  Talking SPX not aapl.

That’s what they said in Jun.  S&P did decline after the right shoulder was formed but recovered after hitting the neckline.  For current H&S, right shoulder is around 1080 and neckline is around 1020.

Agreed but it will bring some selling pressure.  As long as sellers don’t overwhelm buyers then the trend is up but it will get air time and it will bring in selling pressure.  Based on econ data I say we have a better chance of staying up versus the last time this pattern developed when things were less clear economically.

Current conditions: 10:34 AM
AAPL @ 193.27 with 4,524,857 shares traded.
APVKT November 200 call biggest volume @ 6,789 Volume today. currently $1.61
APVWS November 195 Put biggest volume @ 4,579 Volume today. currently $5.10

awcabot - 06 November 2009 09:38 AM

I second Gtrplyr response. Let’s keep politics in a separate thread.

I personally think an occasional “political post” in the intraday thread is welcome. It shows what investors thought at the moment.

FWIW:

RADICAL ISLAM IS VERY, VERY BAD!

Good Morning Boys and Girls

Quick post before heading out the door early today.

The sponge bought a few more shares yesterday and then again this morning.  I have been buying in small amounts.

I think the correction is behind us and we could tread water for a bit here.  Once we start getting some positive news about the Christmas quarter we will be off to the races again.

The unemployment number was bad, but like someone mentioned before, the good news preceding it soften the blow.

WS expects profits and most companies did not disappoint.  I think Apple will continue to do well.

Good Luck to all

artman1033 - 06 November 2009 10:47 AM

awcabot - 06 November 2009 09:38 AM

I second Gtrplyr response. Let’s keep politics in a separate thread.

I personally think an occasional “political post” in the intraday thread is welcome. It shows what investors thought at the moment.

FWIW:

RADICAL ISLAM IS VERY, VERY BAD!

I feel radical anything (eg. Christianity, Hindu etc.) is bad regardless; they are just too far outside of the norm.

AFB member P.E.D. has a link to photos of the new Apple store on Broadway. Once again Apple shows the whole world they are not participating in the recession.

Where is the 73.94 PE on AAPL (+400!!) that AMZN has?

Which company is growing faster?

AAPL!

Which company has a former HEDGE FUND manager as CEO?

AMZN!!

Enough said!

Weird market reaction to the bad employment numbers this morning. As Rick Santelli said - we might need 11% unemployment to get the Dow to 11,000. 

Edit: So in order to get to a new all time high on the Dow (around 14,000 or so), we might have to have half of our working population on the street and applying for unemployment benefits. Exciting prospects.