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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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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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To: taxcontrol

Thats good you are aware. I luckily have a guaranteed annuity through my 403b. But bonds are the only other option. I want to get out of my 403b all together and get into a post-tax IRA with better investment options, but my employer does not allow conversions unless you leave the company. I was so pissed i was seeing red. I have to leave my job in order to access to MY money.

You may want to consider looking at a post-tax retirement plan. Because you can bet your ass taxes are going up by the time you retire unless its in the next year. I believe there is a special provision that will allow you to split the tax burden over two years:

http://www.bankrate.com/finance/retirement/7-steps-to-a-2010-roth-ira-conversion-1.aspx

That would also open you up to finding a Roth IRA with better investment options. I’m not sure precious metals are a good buy right now. I may end up regretting that statement but Gold and Silver and Platinum are extremely high right now. But i have friends that are calling for gold at $2000 or $3000 in the next few years.

The fact of the matter is, there are no rational and safe investments right now, even cash and gold. I’m beginning to think durables, food and ammunition might be the best bet. But i can’t see in the future.

p.s.- I am not a financial advisor so please don’t base your retirement planning on my advice. Just some friendly suggestions.


51 posted on 05/20/2010 8:11:02 AM PDT by ChinaThreat (3)
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To: Ev Reeman

LOL! One of the best movies. Ever.


52 posted on 05/20/2010 8:11:29 AM PDT by kevao
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To: 2001convSVT

Everytime I read the financial news my thoughts inevitably turn to planting. The last few days I’ve been thinking...hmmm...maybe buy some cleared property, plant a whole bunch of fruit trees and nut trees on it.


53 posted on 05/20/2010 8:11:42 AM PDT by Claud
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To: gas_dr

The Euro is collapsing like a house of cards with an anvil dropped on top of it.

Greece continues its profligacy as does Europe. Germany is a sucker for Greek debt just like China is a sucker for American debt.


54 posted on 05/20/2010 8:12:10 AM PDT by Ev Reeman
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To: henkster
On the other hand, it’s gonna hurt a lot of people.

Be prepared to help your extended family and a few others. Plant a garden if you can. Winter squash has the highest food value and will be getting ripe just about the time it's most needed.

55 posted on 05/20/2010 8:12:32 AM PDT by nina0113
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To: softwarecreator
I am terrible at the markets. However my IQ is relatively high. (163+ one one scale) My strength is(was) in pattern recognition. If I had to guess I would say that based on the graphs, unless someone intervenes, the Dow is going to drop big, very soon.

Bottom out around 9K (+ or - a couple of hundred)then start going up and down again from there.

I'm most likely wrong...that's why I don't play the markets, LOL!

prisoner6

56 posted on 05/20/2010 8:12:36 AM PDT by prisoner6 (Right Wing Nuts are holding The Constitution together as the Loose Screws of The Left come undone!)
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To: 2001convSVT

Possible....It’s hard to say, at least you can pitch a tent on it when all hell breaks loose.


57 posted on 05/20/2010 8:14:10 AM PDT by AngelesCrestHighway
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To: OldDeckHand

A realistic average for the Dow Jones Industrials would be about 5000-6000.


58 posted on 05/20/2010 8:14:23 AM PDT by AEMILIUS PAULUS (It is a shame that when these people give a riot)
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To: OldDeckHand
Dow Drops Nearly 300 as Jobless Claims Jump

TIMBER!!!!!


59 posted on 05/20/2010 8:15:45 AM PDT by massmike (...So this is what happens when OJ's jury elects the president....)
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To: Grunthor

Probably bad enough to “suspend” the elections.


60 posted on 05/20/2010 8:15:49 AM PDT by AEMILIUS PAULUS (It is a shame that when these people give a riot)
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