wkly

GOOG - May see around 375, and pending the market move from the easing credit market, around 410 is a possability.

daily

wkly

GS - Seems like 140 is a possability, but unlikely. 120 or so seems more reasonable.

JPM - A price level from 46 to 50 may be seen.

MA - The low 170s (around 174) seems to be a top line resistence during this credit market crunch equity decline. Because 174 was a resistance during a time of abnormal markets, it may trade higher, maybe the 20 daily SMA (high 170s/low 180) or the 5 wkly SMA.

PBR - May trade in the band of 25-35 for the time being.

The stocks I purchased are severely discounted, with the exception of maybe JPM.

I will post charts, indicating trading ranges for the stocks I purchased, and will trade aroud these ranges.

The fundamentalist in me will refuse to sell at these prices. 

But I started buying… annoyed in that I do not know if my JPM order got filled, and I am watching it rocket!

I am annoyed because… Paulson was given the green light, and we have still yet to see some action with the 700B!

Get your ass moving Paulson! Get the credit market GOING!!!!!!  The more they wait, the more likely hood we will bypass a recession and enter a DEPRESSION.

MEMO to Paulson, as if ur Goldman Sachs ass needs it, get your ass moving!

I am still waiting on my limit orders…

PBR - 25.50

JPM - 36 (although I may lower it to 32-34 pending tomorrows Lehman CDS event)

MA - 148

GS - sold the put, but will enter more common stock pending the CDS event tomorrow

GOOG - entered a position today.

The only, and I mean only, positive thing I noticed today was the strength of GE’s call options.  For the stock to be down -7%, the calls really barely moved. But will probably mean nothing, as it will probably take an ass-beating tomorrow.

IMO, the short play on the financials is over. The Fed sees the problem, and will attack the problem.

The Treasury may take a dilutive equity position, but not one that would bring the stock crashing down.  IMO, it will give it a boost from the current levels.

This is one of the reasons I am leaning toward GS common at or below 100. I do not think 85 will be broked downward during this downleg.

PS… Thanks Tom for pointing out the Put action.  I may sell a (just one) Oct 90 GS Put, and pending the trading action, take common stock if I do not think the put will get exercised. (It is a small position because I still do not trust this market.)

The chartist in me tells me the markets should see a bounce from here, given the valuations, rapid decline and subtle strength I pointed out a few posts ago.

When dealing with forced selling and a bruised credit market… valuations, charts and logic are obviously irrelevant.

Will this signal a techincal rally… I wish, but ultimately a sign of health in the credit markets will signal the equities to rally.

PS… if GS breaches 100 I will play the common for a potential market pop. And my limit orders on the previous post have not changed. (Playing equities right now is a play that the credit market will get better.)

Too inexpensive to ignore. The market is now at a severe discount due to the troubles in the credit market.  Stocks have value, the market players are ignoring this value.

Playing common because I do not want to deal with time decay, as I do not know when the credit markets will start to act normal (which will have an immediate effect on stock prices, pushing them upward).

PS… with the Fed Commercial Loan help, there should now be no question to GE’s insolvency… there is no threat now.

I usually short the hell of the markets when the time is right (as I was actively shorting the SPY through out the last 10 months), but being short at the current level is just too risky. Valuations do not merit such a play here.

IMO, any money manager stating things are overvalued is talking out of their ass, and simply playing the trend/momentum.

All we can do is wait for the credit markets to start functioning again, then the market can be traded on the merits of the economy (and not on the merits of a bruised system). 

In the mean time, the market is going down quicker than a $5 whore. (Sorry for the crudeness, but I need to make myself laugh and hope others laughed at it too )

The set up here points to a bounce. Wish I could say I took advantage. All I did was increase my GE position. The markets should begin to rally here, but no worries, it will re-test current lows.

Despite my short-term positive opinion, the market will not experience a normal trading environment until the credit market starts turning back to normal. Once there is some normal behavior in the Credit markets I will be more confident trading the market/stocks.

LOL (…still waiting for the happy ending…)