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In a message dated 3/5/04 12:08:51 PM Eastern Standard Time, mr.ira@xxxxxxxxxxxxx writes:
The government still claims that there is no inflation. Gas prices are $2.50 per Gal. here. Almost everything that is purchased is transported by truck. That cost will also be on the rise.
Housing costs continue to rise. Just down the road in Palo Alto the average home cost is $985,000. Health care costs and other insurance costs are skyrocketing as is the commodity index. How much longer can the government ignore what is happening?
Low interest rates have not created new jobs here, but India and other foreign countries are having a boon. We are shipping our jobs overseas where the service and manufacturing costs are far less. I have to admit, so is the quality of service provided by the overseas support.
Just some thoughts. Ira.\
This will continue to happen because it has little effect on the "Haves." Their petrol bill going from $50 a tank to $70 a tank on their SUV is barely worth discussing re: the household finances. They work for companies that pay their health insurance, or at least the bulk of it, and the large house they own has doubled in value the past 5 years. Life is good!
However, for the poor "have nots", they will continue to suffer regarding the above. Their meager earnings continue to get eaten away by the massive inflationary spiral going on. There is no one truly representing them in the media because they are mostly affiliated with one party. If rolls were reversed, and a democratic president was in office with the same things going on, you know darn well the Republicans would be holding congressional hearings, having investigations left and right regarding everything that is going on in the energy markets, Bush and Cheney's connections to Haliburton and the massive energy manipulation play that is going on etc.
I'm not trying to be political here, but thats the reality. There is absolutely no direction, no vision, no goal, no leadership within the democratic party. No one is raising any stink about what is going on, you hear nothing about it in the media and it literally borders on the criminal.
I am not politically affiliated one way or the other and I love low taxes. The above is simply my perceptions.
----- Original Message -----
From: EarlA
To: realtraders@xxxxxxxxxxxxxxx
Sent: Friday, March 05, 2004 7:42 AM
Subject: Re: [RT] sp500/nasdaq top
Fascinating market action ... SPX has rallied to 1162.99 (within my target range) while the price of the June 1150 puts I hold (and had orders for more) has also rallied. This suggests that the market is putting in a blow-off. Had to short emini since it looks like they won't fill my put order.
I assume that this rally is all about the perceived notion that the Fed won't raise rates so the market can party longer. Not a thought to the fact that continued employment problems will lead to reduced consumption and other (economic and political) fall-out from reduced consumer confidence. Foreign currencies are rallying hard which means even higher energy prices are in the cards.
Earl
----- Original Message -----
From: EarlA
To: realtraders@xxxxxxxxxxxxxxx
Sent: Friday, March 05, 2004 6:11 AM
Subject: Re: [RT] sp500/nasdaq top
SPX is very close to long standing target range of 1060-1073 which includes: 50% retracement to ATH, 200% expansion of Oct02-Mar03 swing, and Dec01-Mar02 triple top.
I closed out long emini position just ahead of Thursday's close leaving in place a SPX put established on Wednesday. I also have orders working to add to put position on any rally from monthly Employment Lie. During the past couple of weeks I've closed out all trading positions in stocks and now hold significant cash position. I still like energy stocks and hold core positions to which I will add during any correction in equities.
There should be good support in the 1015+- area which includes the 38% retracement to the Mar03 low and the Jun-Jul03 highs. If this area holds, then another run to higher highs (1250+-) could be in the cards. On a fundamental basis, the market is richly priced and risks are strongly to the downside should the public lose its taste for speculation.
Earl
----- Original Message -----
From: profitok
To: astrofin@xxxxxxxxxxxxxxx ; realtraders@xxxxxxxxxxxxxxx
Cc: Yacov Twena ; vincent ; U. Stuart-Auslander@xxxx Net (E-mail) ; Slawek (E-mail) ; Ronald McEwan ; Ron Miller (E-mail) ; panda2222@xxxxxxxxxxxxx ; ntt-list@xxxxxxxxxxxxxxx ; Ned Markson (E-mail) ; Mike Burk ; Kate (E-mail) ; Jseaton357@xxxxxxx ; Gocycles@xxxxxxx ; Elizabeth (E-mail) ; doroty.h ; Dom Perrino ; Dan C (E-mail) ; Cyclesman (E-mail)
Sent: Thursday, March 04, 2004 9:43 PM
Subject: [RT] sp500/nasdaq top
Most likely 3/5/04 should be a top for a while
get out of longs and if you have long term gains consider writing calls
most likely next is 1050 on sp
if I am wrong, the max upside is only 10-15 sp points
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