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Dow Drops Nearly 300 as Jobless Claims Jump
CNBC.com ^ | 05/20/10 | Staff

Posted on 05/20/2010 7:45:07 AM PDT by OldDeckHand

Stocks fell sharply Thursday after an unexpected spike in jobless claims and as global jitters pushed the dollar higher.

-snip-

The Dow Jones Industrial Average was down nearly 300 points, or almost 3 percent, and the CBOE volatility index, widely considered the best gauge of fear in the market, spiked more than 20 percent to above 43, its highest level in over a year.

(Excerpt) Read more at cnbc.com ...


TOPICS: Breaking News; Business/Economy; Government; Politics/Elections
KEYWORDS: bho44; bhodjia; bhoeconomy; business; cboe; cboevolatility; crash; cwiiping; djindustrialaverage; dncincharge; dow; dowjones; economy; industrialaverage; investing; investments; markets; obama; obamaincharge; obamasfault; prep; preparedness; preppers; preps; stockmarket; stocks; survival; taxcheatincharge; teotwawki; undocumentedincharge; unemployment; unexpected; volatility; wallstreet
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Ruh-roh.
1 posted on 05/20/2010 7:45:08 AM PDT by OldDeckHand
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To: OldDeckHand

“unexpected”


2 posted on 05/20/2010 7:45:58 AM PDT by CarWashMan
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To: CarWashMan

There’s that word again.


3 posted on 05/20/2010 7:46:26 AM PDT by rightwingintelligentsia (Forcing one person to pay for the irresponsibility of another is NOT social justice.)
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To: OldDeckHand

It has begun.


4 posted on 05/20/2010 7:46:49 AM PDT by JimBobWay
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To: OldDeckHand

More naked shorts, yeah!


5 posted on 05/20/2010 7:47:34 AM PDT by allmost
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To: OldDeckHand

I believe the next support test will down around 9,000. Because of that, I’m already 100% into bonds (TIPS).


6 posted on 05/20/2010 7:48:04 AM PDT by taxcontrol
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To: JimBobWay

Been hearing that for over a year now.


7 posted on 05/20/2010 7:48:22 AM PDT by Siena Dreaming
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To: allmost
Does this mean there will be a massive exodus back to mexico
8 posted on 05/20/2010 7:48:38 AM PDT by shadeaud ("If you can't beat them, arrange to have them beaten." -- George Carlin)
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To: OldDeckHand

...And gold is not so hot either!.....


9 posted on 05/20/2010 7:49:00 AM PDT by AngelesCrestHighway
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To: OldDeckHand

I think we are less than 200 points from where the DOW was at the “Fat Finger” crash.


10 posted on 05/20/2010 7:49:37 AM PDT by NavyCanDo
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To: shadeaud

One can only hope.


11 posted on 05/20/2010 7:50:01 AM PDT by allmost
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To: OldDeckHand

http://www.google.com/finance?client=ob&q=INDEXDJX:DJI


12 posted on 05/20/2010 7:50:25 AM PDT by kcvl
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To: CarWashMan

13 posted on 05/20/2010 7:50:38 AM PDT by KeyLargo
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To: OldDeckHand

One wonders how bad it will be by election day.


14 posted on 05/20/2010 7:50:57 AM PDT by Grunthor (Faster than the speed of smell.)
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To: NavyCanDo

PPT will buy after Europe closes.


15 posted on 05/20/2010 7:51:22 AM PDT by screaminsunshine
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To: taxcontrol

“I believe the next support test will down around 9,000. Because of that, I’m already 100% into bonds (TIPS).”

I would advise you be careful about being 100% in bonds. US T-Bonds will be good until the Euro finishes its collapse because we are the world’s reserve currency. But after reality catches up w/Europe, we are next. The first failed bond auction is where the crash really begins. Could be 2 weeks or 10 years. I don’t know. Just be careful about having all your eggs in one basket.


16 posted on 05/20/2010 7:51:38 AM PDT by ChinaThreat (3)
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To: Grunthor
Dems will do what they can to artificially pump it up by election day - even if the “pumping” is the final bankruptcy straw...
17 posted on 05/20/2010 7:52:20 AM PDT by GOPJ (Americans..speak of capitalism's glories(rather)than of socialism's greatness. Elena Kagan (thesis))
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To: taxcontrol

My mom lost a lot of her retirement back in ‘08 and since then moved everything into gold and money markets.

Me? I’m stuffing my mattress.


18 posted on 05/20/2010 7:52:22 AM PDT by Grunthor (Faster than the speed of smell.)
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To: JimBobWay
It has begun.

We've been hearing this every time the dow drops by more than 100 pts.

It seems to follow a weird pattern lately of dropping huge and then slowly creeping back up.  A few days ago it dropped almost 400 and by close it was at +30.

The bottom will fall, I agree, but it still seems to be consistently floating around the 15000 level.

19 posted on 05/20/2010 7:52:28 AM PDT by softwarecreator (Obama is America’s Katrina)
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To: OldDeckHand
Relax comrades. According to the 0bamabot Businessweek, 0bama has a “hot hand” and 0bamanomics is working just fine, because the stock market is on a winning streak.



20 posted on 05/20/2010 7:53:18 AM PDT by SmokingJoe
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To: shadeaud

>> a massive exodus back to mexico

Probably... but greenbacks, not wetbacks.

That is, YOUR greenbacks will flow in government benefits to wetbacks who will then “exodus” them to Mejico.

Que lastima!


21 posted on 05/20/2010 7:53:23 AM PDT by Nervous Tick (Eat more spinach! Make Green Jobs for America!)
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To: KeyLargo
And all that stimulus money and bailouts really helped too! /s

Imagine Pres. Bush doing exactly what Obama has done. The MSM/liberals would be getting a tree ready for his execution!

22 posted on 05/20/2010 7:53:27 AM PDT by kcvl
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To: Siena Dreaming

I agree there’s plenty of money to be made in this market.


23 posted on 05/20/2010 7:53:37 AM PDT by Kartographer (".. we mutually pledge to each other our lives, our fortunes, and our sacred honor.")
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To: Grunthor

I have such mixed feelings about the economy between now and election day. On one hand, I’m hoping it’s a continuous disaster so we can sweep away the socialists in DC. On the other hand, it’s gonna hurt a lot of people.

Oh well; no pain, no gain.


24 posted on 05/20/2010 7:53:56 AM PDT by henkster (A broken government does not merit full faith and credit.)
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To: Grunthor
"My mom lost a lot of her retirement back in ‘08 and since then moved everything into gold and money markets."

I'm into shells and anything shiny - it paid for Manhattan once before and it very well may again.

Also, booze. Lots and lots of booze.

25 posted on 05/20/2010 7:54:23 AM PDT by OldDeckHand
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To: OldDeckHand

Busy day for the plunge protection folks.


26 posted on 05/20/2010 7:54:27 AM PDT by Raycpa
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To: NavyCanDo

27 posted on 05/20/2010 7:55:06 AM PDT by KeyLargo
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To: OldDeckHand

This whole idea of a “recovery” is completely false.

Our country is NOT recovering.

We are moving from a recession to a depression.

We are in fact IN A DEPRESSION>

The numbers the government puts out about various recovery aspects are lies or at best artificially inflated to make it appear the administration is doing a good job.

What I am surprised about is that the stock market is not down 1000 points.


28 posted on 05/20/2010 7:55:13 AM PDT by Ev Reeman
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To: OldDeckHand
How do you feel America! to have the President of Mexico berate and belittle American law and culture from the White House? In full concurrance with the stooping Presidente of the United States!!!

Market Sentiment anyone?

29 posted on 05/20/2010 7:55:21 AM PDT by Broker (Stranger in a very strange land.)
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To: SmokingJoe

ROFLMAO! That cover ranks right up there in the irony category with Bambi getting advice from Tiger Woods on the cover of that golf magazine, right after his bulging di*k exposure.


30 posted on 05/20/2010 7:55:29 AM PDT by Nervous Tick (Eat more spinach! Make Green Jobs for America!)
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To: AngelesCrestHighway
“...And gold is not so hot either!.....”

Glenn Beck explained the Safety Relief valve “TIPS” imposed by the government that attracts a lot of the people who would normally buy Gold during a bear market to by TIPS instead. This he said is the reason Gold is not rising as fast as it should. But in time it will when the dollar crashes.

31 posted on 05/20/2010 7:55:30 AM PDT by NavyCanDo
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To: OldDeckHand

Financial sector drops 2% at open

U.S. stocks down sharply amid global selloff

Auto sector hit on mounting global economic woes

http://www.marketwatch.com/story/financial-sector-drops-2-at-open-2010-05-20


32 posted on 05/20/2010 7:56:28 AM PDT by kcvl
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To: Broker

Mexico’s president has called the people of the United States racists and Obummer did not dispute it so in effect Obama thinks that all Americans are racists and that America is a thoroughly bad and evil country.


33 posted on 05/20/2010 7:57:12 AM PDT by Ev Reeman
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To: SmokingJoe
"Relax comrades. According to the 0bamabot Businessweek, 0bama has a “hot hand” and 0bamanomics is working just fine, because the stock market is on a winning streak."

Someday, books will be written about the shameless cheer-leading by the press for their man. That is to say if we actually are aloud to have books in the future. If Cuba & Venezuela are examples, I'm not so confident.

34 posted on 05/20/2010 7:57:33 AM PDT by OldDeckHand
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To: ChinaThreat

I TOTALLY understand and agree.

The problem is... the mechanics of my 401K offerings restrict me to a choice of mutual funds. I am not allowed to directly invest in stocks, bonds or commodities. If I were, I would have been in silver / gold a long time ago. I cant even hold 100% cash. So the safest offering I have at the moment are TIPS. I am considering a move to a different company so that may change here in the next month or two.

Also, to your point, once the Euro drops to parity, then there will be a number of things that will have to be reevaluated but I don’t believe that will happen in the next 60 to 90 days. However, when it does - time to rethink strategy.


35 posted on 05/20/2010 7:57:52 AM PDT by taxcontrol
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To: CarWashMan

Never saw it a’ commin’. ahhh, nope.


36 posted on 05/20/2010 7:59:27 AM PDT by dasboot (Down: up. Up: down.)
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To: KeyLargo

Obama as Urkel or even worse, Stephin Fetchit.


37 posted on 05/20/2010 8:00:39 AM PDT by Ev Reeman
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To: taxcontrol

“I believe the next support test will down around 9,000. Because of that, I’m already 100% into bonds (TIPS).”

I actually did the same thing a week ago today. Everybody I talked to about it thought I was crazy including the person who handles my account. I’d gone in a few weeks prior and was talked out of it but I wasn’t going to swayed this time around.


38 posted on 05/20/2010 8:01:36 AM PDT by Hayride
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To: OldDeckHand

There is also the options expiration events this week. Today is the last trading day for some of the May index options ... and tomorrow is the last trading day for all the May stock options. There can be lots of volatility when big players are rolling their positions to the next month.


39 posted on 05/20/2010 8:01:39 AM PDT by dartuser ("Palin 2012 ... nothing else will do.")
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To: AngelesCrestHighway

I am thinking about undeveloped land, $500 to $3,500 an acre, maybe that is the place to be?


40 posted on 05/20/2010 8:01:50 AM PDT by 2001convSVT ("Hand out pocket Constitutions to everyone you can")
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To: OldDeckHand

Hopey changy...

All by design...


41 posted on 05/20/2010 8:02:37 AM PDT by Crim (The Obama Doctrine : A doctrine based on complete ignorance,applied with extreme incompitence..)
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To: OldDeckHand

Good news is oil is down more, too.


42 posted on 05/20/2010 8:02:40 AM PDT by ilovesarah2012
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To: taxcontrol

Our financial guy rebalanced us last week. Going very conservative.


43 posted on 05/20/2010 8:05:27 AM PDT by KYGrandma (The sun shines bright on my old Kentucky home......)
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To: Hayride
I actually did the same thing a week ago today.

Diversification is best: half in stocks, half in bonds, half in precious metals, the rest in cash.

;)

44 posted on 05/20/2010 8:06:26 AM PDT by kevao
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To: ilovesarah2012

Good news is oil is down more, too.

But,

Pump prices are steady.


45 posted on 05/20/2010 8:06:55 AM PDT by stevecmd
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To: kevao

Reminds me of this:

“Max, you can only sell 100% of anything.”

“And how much of ‘Springtime for Hitler’ have we sold?”

“26,000%”


46 posted on 05/20/2010 8:09:04 AM PDT by Ev Reeman
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To: kevao

Everyone is running home to the dollar, hence its strengthening. America still is the bastion of security despite what Obama is trying to make it.


47 posted on 05/20/2010 8:09:08 AM PDT by gas_dr (Trial lawyers AND POLITICIANS are Endangering Every Patient in America)
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To: ChinaThreat
Considering the following assumptions:
  1. Stock market collapse as a result of poor economy.
  2. Bond Market collapse as a result of corporate and municipal defaults.
  3. Devaluation by the Fed of the Dollar. and;
  4. Confiscation of Gold by the Obama administration.
Where should someone invest their 401(k) funds?
48 posted on 05/20/2010 8:09:16 AM PDT by CharacterCounts (November 4, 2008 - the day America drank the Kool-Aid)
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To: taxcontrol

I sold off a chunk of my stock holdings in April. I wish I could say I was being smart, but actually I was just plain lucky — I simply needed to re-allocate my assets to reflect a change in my investment objectives.


49 posted on 05/20/2010 8:09:16 AM PDT by Alberta's Child ("Let the Eastern bastards freeze in the dark.")
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To: stevecmd

Steady is better than going up.


50 posted on 05/20/2010 8:10:06 AM PDT by ilovesarah2012
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