Posted on 11/14/2007 2:40:11 PM PST by shrinkermd
The Dow Jones Industrial Average, which was up 60 points at its intraday high, ended down 76.08 points, or 0.6%, at 13231.01. The declined marked an unimpressive followup to Tuesday's delirious 319.54-point rally and served as a reminder of the previous four-day selloff.
Traders said Wednesday's selling demonstrated that investors still harbor deep fears about how several aspects of the U.S. economy will shape up in the months ahead, especially consumer spending, which boosts many companies' profits.
One troubling sign for everyday Americans resurfaced Wednesday. Crude oil, which fell in each of the last two sessions, took off again on supply concerns.
Traders placed bets anticipating that weekly inventory data due out Thursday will show falling U.S. stockpiles of petroleum and fuels refined from it. Also, hopes for a rise in crude output from the Organization of Petroleum Exporting Countries cooled.
Oil futures for December delivery soared $2.92, or 3.2% to $94.09 a barrel on the New York Mercantile Exchange. Such rallies historically lead to higher pump prices, which can prompt consumers to divert spending away from other goods and services throughout the economy.
Investors and Wall Street pros are also still hashing through a steady stream of new information about bad mortgage bets at major banks. The debacle has undermined the financial sector -- a key driver of the broader stock market -- and weakened local real-estate markets across the country that in recent years had come to represent a significant share of many Americans' net worth.
(Excerpt) Read more at online.wsj.com ...
The OPEC ministers said, “Hey, there’s plenty of oil to go around. We don’t need to raise output.”
The also “wondered” why prices are so high.
I hate to agree with my enemy.
“Happiness is being long puts”
But not for long!
We seem to be starting wave 5 of C from the July peak. Once it finishes, a move to new highs is very likely.
Well... do you have any shot puts to spare??? (I assumed you were athletic)
Those "long puts" are too pricey unless you buy way far out of the money...
The market dropped off right at the end suddenly. It was not a huge move compared to some. Maybe somebody sneezed and a flu panic appeared.
Never enough! Obviously not as much as you!
SPX puts on a strike of 1400 have a substantial open interst of 109,698!!! (SXZWT asking only $.30 with volume at nearly 16,000)
So is that were you're at???
Surprisingly, I followed quite a bit of what you wrote right off the bat, but I have an appointment now and will have to quiz you later, if that's ok. You've obviously experienced far more than I!!!
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