US Stocks Tumble After S&P Cuts Greece, Portugal; DJIA Off 128

Marketwatch ^ | 4/27/2010 | Donna Kardos

[SeekAndFind]

The P.I.I.G.S are starting to squeal one by one.

My bet is one of the ‘I’s in the acronym survive ( i.e. Ireland ).

[Deo volente]

[Psycho_Bunny]

If S&P or Moody were credible, the US wouldn’t have a AAA rating.

[SeattleBruce]

Dow off 213 and is below 11,000. Also S & P 500 is below key 1200 level.

[SeattleBruce]

“unconventional” = Bailout $$?

[maryz]

I wondered about that -- but bailout $$ isn't "earnings" in any sense -- should be listed with bribe money (is that a line item anywhere?)! Maybe accountants and stock analysts just need some new vocabulary; the "conventional" just ain't doin' it . . . ;-)

[ding_dong_daddy_from_dumas]

Dow off 213 and is below 11,000. Also S & P 500 is below key 1200 level.

I wonder if this is related to Lindsey Graham threatening to drop crap and trade? Some of the megabanks were hoping to make money on the CCX.

[TexasFreeper2009]

socialism only works until you run out of other peoples money.

The socialist dominoes are about to start falling world wide.

And make no mistake it will be children and minorities hardest hit.

[sickoflibs]

banking reform?

[ding_dong_daddy_from_dumas]

banking reform?

Deform.

[ding_dong_daddy_from_dumas]

banking reform?

Deform.

[manc]

the only way for the MSM to actually report anything on bozo truth fully is if the get hit in their own pocket and see their 401k’s and retirements go down

sad to say but it’s the only way I see the corrupted media reporting fairly

[screaminsunshine]

Thwy are socialists and are certain that Obozo will bail them out.

[!1776!]

Oil down slightly (expectations for continued recession...)

More than likely that price change was based on currency fluctuations - increasing dollar strength typically results in lower oil prices.

As you note - copper is the interesting one to watch. Silver is another. Commodities such as these - which have vastly more industrial uses than gold, are more valuable indicators of industrial activity, though I think they are a bit slower to respond to global demand than what can or should occur from a Greek debt downgrade (non-professional opinion). And as always - the variation in dollar strength has to be factored in...

My guess - today's news Greece, Portugal, congress looking for more blood money, etc., were just an excuse for profit taking after months of low volume trade driving prices up more quickly than appropriate. None of the news today should have been unexpected.

There is always money to be made...

[dools007]

Why leave the DOW out? Has no value anymore except as another propaganda tool for The Marxist Onada.