Skip to comments.Dow Drops Nearly 300 as Jobless Claims Jump
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.
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 ...
There’s that word again.
It has begun.
More naked shorts, yeah!
I believe the next support test will down around 9,000. Because of that, I’m already 100% into bonds (TIPS).
Been hearing that for over a year now.
...And gold is not so hot either!.....
I think we are less than 200 points from where the DOW was at the “Fat Finger” crash.
One can only hope.
One wonders how bad it will be by election day.
PPT will buy after Europe closes.
“I believe the next support test will down around 9,000. Because of that, Im 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.
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.
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.
>> 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.
Imagine Pres. Bush doing exactly what Obama has done. The MSM/liberals would be getting a tree ready for his execution!
I agree there’s plenty of money to be made in this market.
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.
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.
Busy day for the plunge protection folks.
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.
Market Sentiment anyone?
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.
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.
Financial sector drops 2% at open
U.S. stocks down sharply amid global selloff
Auto sector hit on mounting global economic woes
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.
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.
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.
Never saw it a’ commin’. ahhh, nope.
Obama as Urkel or even worse, Stephin Fetchit.
“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.
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.
I am thinking about undeveloped land, $500 to $3,500 an acre, maybe that is the place to be?
All by design...
Good news is oil is down more, too.
Our financial guy rebalanced us last week. Going very conservative.
Diversification is best: half in stocks, half in bonds, half in precious metals, the rest in cash.
Good news is oil is down more, too.
Pump prices are steady.
Reminds me of this:
“Max, you can only sell 100% of anything.”
“And how much of ‘Springtime for Hitler’ have we sold?”
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.
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.
Steady is better than going up.