Posted on 06/04/2010 1:14:38 PM PDT by blam
MARKETS RIPPED APART: Here's What You Need To Know
Joe Weisenthal
Jun. 4, 2010, 4:00 PM
Image: www.cr.nps.gov
Following two straight up days, it looked like the panic might be out of this market. Nope, not even close. Fresh Euro panics combined with signs fo weakness in the US to savage markets.
But first, the scoreboard:
Dow: -324, down 3.16%
S&P 500: -38, down 3.44%
NASDAQ: -84, down 3.64%
And now, the top stories:
* The panic really got started pre-market, when a rumor started spreading that SocGen was facing a big derivatives loss. The euro plunged, even though the rumor was never confirmed. Combined with the market's newfound source of panic, Hungary, things were already looking bad early in the day. See: 12 signs the bull market over >
* The second thing to club this market was the jobs report, which came in WAY worse than expectations. There's still virtually no private sector job creation. By all accounts, the jobs recovery seems to have plateaued.
* The LMRP is on the Deepwater Horizon gusher, but there's no indication yet that it's working significantly. BP has expressed some optimism that it will work, but nobody will feel confident about that for some time. See 10 companies that will get savaged if the Gulf of Mexico gets shut down >
* The action in the commodities space was simply horrendous. Copper and palladium, two industrial metals we've been focusing on closely were savaged. Gold however did rally. See evidence deflation is spreading across the economy >
* As a politician, Barack Obama is in a total tailspin. The jobs situation made things worse. Earlier this week he appeared to tip a strong report, but it came in week. Then when he spoke this...
[snip]
(Excerpt) Read more at businessinsider.com ...
McCartney may start criticizing him?
Pray for America
Oilbama sounding foolish is the rule, not the exception.
Gee I thought maybe wall street wasn’t believing the Obama Administrations’ hype anymore...
Where’s the 11 million jobs Obama?
These charts look pretty bad!
Good thing we fixed this kind of thing from happening again. < /sarc >
Wow! He does look demonic in that picture!
Monday Morning Massacre?....................
It has been obvious to us from the get-go that Obama has no business being President. We can only hope enough people now realize what a disaster this man is and vote Republican in November. Every dimoKKKRAT seat should be in play.
“...By all accounts, the jobs recovery seems to have plateaued...”
-
The job recovery has plateaued?
Job recovery?
What job recovery?
Nothing I see in the real world indicates there is any job recovery.
I call B.S. on the whole thing.
Geezus......damn, just damn.
We’re soooo effed.
“Every dimoKKKRAT seat should be in play.’
From Speaker of the House to dog catcher, from sea to shining sea!
He sounds foolish because he, and his entire administration, IS foolish.
This “Business Insider” thread every day is a joke. These guys haven’t the first clue what the hell is going on.
After 2 days of touting the markets “getting it” and being ready for a long term surge, it collapses and we now here the idea the pessimism was over wasn’t even close.
Nobody with half a brain would attempt to call a short or even medium term trend in these markets, given all the unknowns out there.
These “pundits” write so they can see their names in print and maybe get face time on TV.
There was huge volume on the selloff too.
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.