Posted on 10/09/2008 12:59:03 PM PDT by Red Badger
The Dow Jones industrials fell under 9,000 this afternoon for the first time since the summer of 2003 as investor confidence that markets would stabilize appeared to collapse. At 3:40 p.m. ET, the blue chips were down 641 points, or 6.9%, to 8,617. The Standard & Poor's 500 Index was off 74 points, or 7.5% to 911. The Nasdaq Composite Index was down 94 points, or 5.4%, to 1,646. The S&P fell under a closely monitored support level of 960. A support level is important because it is supposed to trigger new buying. At those levels, the crash of 2008 has left the Dow 39% below its record close of 14,164.53 and the S&P 500 down 41% from its record close of 1,565.15. Ironically, both records were set exactly one year ago today.
(Excerpt) Read more at articles.moneycentral.msn.com ...
I can't even bring myself to view mine with Fidelity..........I am so F'kd
401(K)?!? Mine’s like a 200.5(E/F). Good thing I never relied on this and SS for retirement......C
Heavy volume. Even with electronic trading it takes a while to get everything computed.
It would be very, very unwise to pick a bottom now but often heavy volume on the downside indicates capitulation.
Looks like we need another rescue.What do you think? $750 Billion? Let’s not be pikers. Let’s go for $1 Trillion!
That’s my husband’s theory too.
People will get change alright-that’s ALL they’ll be left with; the kind that jingles in your pocket.
Same here, I had 100% of my 401K in bonds, couldn't figure out why a "safe as a mother's arms" investment was losing money over the six months I've been in my company's plan. I switched over to the money market fund about a week or so ago, glad I did that. At least my principal is safe from everything except inflation.
What a double whammy it would be to have to deal with falling fund values and inflation at the same time!
“American’s wanted ‘CHANGE’! So, in 2006 they voted in a Democratic Congress and yes—we got ‘CHANGE’ allright.”
An excellent point. Too bad the Republicans are too stupid to even TRY and make that argument.
I agree. The market is way oversold. Remember the short selling ban expired today so the vultures were out in force. Soros, Buffet and the rest of the Socialist elites probably made a fortune.
I still own some funds and I will just let them ride. I have done this before and have come out OK. Right now, I am mostly in cash and sitting on the side lines waiting for the bottom. This time I am going to do more active trading and less long term investing.
I’m definitely NOT voting for Ros-Lehtinen, a Republican who first voted against, then for the bailout.
Thank you! Unlike Rush, I think Republicans should share some of the blame for this mess. But Dems deserve most of it.
McCain-Feingold squelched the soap box.
Acorn is stealing the ballot box
About time to reach for that last box....
This couldn’t be better for Obama!
Take socialistic liberal members of Congress, stir them with George Soros and you get CHAOS in the market and victory for Marxist Obama.
I smell a rat!
See Barney Frank and Chris Dodd.
“My 401(k) is dying and the dems are to blame!..............”
Your 401k is self directed, unless you gave control to the Democrats. Sounds like you choose not to steer.
Their campaign really needs a full-time staffer to lurk on FR. There are great ad ideas and talking points all over the place here.
:-)
So, where is the government keeping their hands off the market this time?
You get your bid. Down 678 today.
Don’t know why, but that made me bust out laughing. Thanx, cuz I sure needed it!!
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.