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US STOCKS-Wall St drops on economic fears
Reuters ^ | June 29, 2010 | Chuch Mikolajczak

Posted on 06/29/2010 12:24:36 PM PDT by madison10

NEW YORK, June 29 (Reuters) - U.S. stocks slid on Tuesday after concerns resurfaced over euro-zone fiscal woes ahead of massive bank repayments to the European Central Bank and a steep drop in consumer confidence unnerved investors.

The S&P 500 briefly tumbled near its 2010 intraday low of 1,040.78, which analysts said could ignite further declines. The index is on track to close at its lowest level since November...

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


TOPICS: Business/Economy; Government; News/Current Events
KEYWORDS: economy; obamanomics; recession; stocks

1 posted on 06/29/2010 12:24:40 PM PDT by madison10
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To: madison10

I think the best description as to why the market is dropping is because traders have lost trust.


2 posted on 06/29/2010 12:25:58 PM PDT by griswold3 ('Regulation and law without enforcement is no law at all)
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To: madison10

Watch for the last half hour plunge.


3 posted on 06/29/2010 12:29:43 PM PDT by jersey117
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To: madison10

I cleaned out most of my positions this morning. Still have three on the hope that there will be a short covering rally that will fail at 10K DOW. Folks, we are looking at a first stop of 9,500, followed by 9,000, 8500, and then 8,000. Break 8,000 and you will take out the lows of 6,500. No sh#t. There is absolutely no trust in this WH, Fed, Treasury and Congress. Keep your powder dry and vote this Nov.


4 posted on 06/29/2010 12:30:30 PM PDT by equalitybeforethelaw
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To: griswold3
I think the best description as to why the market is dropping is because traders have lost trust.

Coming Attractions:

Traders lose trust in the Treasury bond market.
Traders lose trust in the Dollar.
Traders lose trust in the American government.

5 posted on 06/29/2010 12:34:59 PM PDT by OB1kNOb (Celebrities first seek fame...then they seek relevance, only to fail miserably at the latter.)
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To: griswold3
Traders, for the most part, make money on volatility and there's plenty of that.

I think the market is weak because investors have lost faith...and, as a private investor, I wonder what took them so long.

Obama is so bad he makes Carter look like Reagan.

6 posted on 06/29/2010 12:35:01 PM PDT by SonOfDarkSkies (I never saw a wild thing sorry for itself...)
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To: madison10

DOW down 279.


7 posted on 06/29/2010 12:36:15 PM PDT by OB1kNOb (Celebrities first seek fame...then they seek relevance, only to fail miserably at the latter.)
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To: madison10

But Dear Leader says things are getting better!


8 posted on 06/29/2010 12:40:02 PM PDT by BCEagles
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To: madison10

Hope an Change coming to a 401K near you.


9 posted on 06/29/2010 12:47:11 PM PDT by VTenigma
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To: OB1kNOb

DOW down 298. Calling the PPT on line one............


10 posted on 06/29/2010 12:48:51 PM PDT by OB1kNOb (Celebrities first seek fame...then they seek relevance, only to fail miserably at the latter.)
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To: OB1kNOb

-319


11 posted on 06/29/2010 12:49:50 PM PDT by OB1kNOb (Celebrities first seek fame...then they seek relevance, only to fail miserably at the latter.)
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To: OB1kNOb

-325


12 posted on 06/29/2010 12:51:11 PM PDT by OB1kNOb (Celebrities first seek fame...then they seek relevance, only to fail miserably at the latter.)
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To: madison10; All

Bullcrap. Hussein and Bernanke says everything is kicking ass.

Get with the program. The stimulus worked, the healthcare is popular, and cap and trade is awesome.


13 posted on 06/29/2010 12:52:23 PM PDT by Recovering_Democrat
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To: jersey117

And there it is. -320 as of this posting, 11 minutes left on the clock.


14 posted on 06/29/2010 12:52:52 PM PDT by WhistlingPastTheGraveyard (Some men just want to watch the world burn.)
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To: BCEagles

DOWN 317 NOW


15 posted on 06/29/2010 12:53:27 PM PDT by b4its2late (Why does a slight tax increase cost you $200 and a substantial tax cut save you 30 cents?)
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To: OB1kNOb

Look at that chart. Not even a blip up the whole day. That isn't a panic sell off that is a capitulation.
16 posted on 06/29/2010 12:55:08 PM PDT by GonzoGOP (There are millions of paranoid people in the world and they are all out to get me.)
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To: WhistlingPastTheGraveyard

The NASDAQ and S&P are taking a beating as well.


17 posted on 06/29/2010 12:55:54 PM PDT by jersey117
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To: OB1kNOb

-292. Come one PPT !!!


18 posted on 06/29/2010 12:56:20 PM PDT by OB1kNOb (Celebrities first seek fame...then they seek relevance, only to fail miserably at the latter.)
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To: jersey117

Dow
-319.15
9,819.37
-3.15%

Nasdaq
-90.28
2,130.37
-4.07%

S&P 500
-38.60
1,035.97
-3.59%


19 posted on 06/29/2010 12:56:45 PM PDT by library user
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To: OB1kNOb

-285.....PPT in action.........


20 posted on 06/29/2010 12:57:04 PM PDT by OB1kNOb (Celebrities first seek fame...then they seek relevance, only to fail miserably at the latter.)
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To: OB1kNOb

-264........


21 posted on 06/29/2010 12:58:36 PM PDT by OB1kNOb (Celebrities first seek fame...then they seek relevance, only to fail miserably at the latter.)
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To: OB1kNOb

-253


22 posted on 06/29/2010 12:59:22 PM PDT by OB1kNOb (Celebrities first seek fame...then they seek relevance, only to fail miserably at the latter.)
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To: OB1kNOb

I guess we’re going to find out how much money the PPT has left.


23 posted on 06/29/2010 1:01:33 PM PDT by Scott from the Left Coast
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To: OB1kNOb

-270......PPT getting tired........


24 posted on 06/29/2010 1:01:33 PM PDT by OB1kNOb (Celebrities first seek fame...then they seek relevance, only to fail miserably at the latter.)
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To: jersey117

The NASDAQ is flirting with -4%. Brutal.


25 posted on 06/29/2010 1:01:57 PM PDT by WhistlingPastTheGraveyard (Some men just want to watch the world burn.)
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To: OB1kNOb
-270......PPT getting tired........

Maybe they shot their monetary wad keeping the gold price down.

26 posted on 06/29/2010 1:03:06 PM PDT by NeoCaveman ("There is no more money. Period. We are BROKE." - Lurker 5/21/10)
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To: OB1kNOb
-270......PPT getting tired........

Maybe they shot their monetary wad keeping the gold price down.

27 posted on 06/29/2010 1:03:17 PM PDT by NeoCaveman ("There is no more money. Period. We are BROKE." - Lurker 5/21/10)
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To: OB1kNOb

They achieved their goal.... close under 300


28 posted on 06/29/2010 1:03:41 PM PDT by jersey117
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To: OB1kNOb

-267....PPT uses every last ounce of strength to get to the finish line......


29 posted on 06/29/2010 1:04:44 PM PDT by OB1kNOb (Celebrities first seek fame...then they seek relevance, only to fail miserably at the latter.)
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To: OB1kNOb

30 posted on 06/29/2010 1:06:30 PM PDT by OB1kNOb (Celebrities first seek fame...then they seek relevance, only to fail miserably at the latter.)
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To: NeoCaveman
Maybe they shot their monetary wad keeping the gold price down. - yes wonder what they've got planned for Friday NFP.
31 posted on 06/29/2010 1:07:45 PM PDT by Free_at_last_-2001 (A country can survive its fools, but it cannot survive treason from within.)
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To: OB1kNOb

Dow -268.22 -2.65% 9,870.30
Nasdaq -85.47 -3.85% 2,135.18
S&P -33.32 -3.10% 1,041.25


32 posted on 06/29/2010 1:10:07 PM PDT by OB1kNOb (Celebrities first seek fame...then they seek relevance, only to fail miserably at the latter.)
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To: OB1kNOb

S&P closed below 1044, many techies have said once we broke that, look out below.


33 posted on 06/29/2010 1:11:41 PM PDT by NeoCaveman ("There is no more money. Period. We are BROKE." - Lurker 5/21/10)
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To: OB1kNOb
Headline of the day on Drudge.... 'RECOVERY SUMMER' CONTINUES...
34 posted on 06/29/2010 1:12:08 PM PDT by Rational Thought
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To: Free_at_last_-2001
yes wonder what they've got planned for Friday NFP.

If recent Friday's have been any indication, the PPT will be going to Happy Hour a bit early before trading closes.

35 posted on 06/29/2010 1:12:45 PM PDT by OB1kNOb (Celebrities first seek fame...then they seek relevance, only to fail miserably at the latter.)
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To: NeoCaveman
S&P closed below 1044, many techies have said once we broke that, look out below.

Looks like they'll get to test their little theory tomorrow. Better test the safety straps on my chair...........

36 posted on 06/29/2010 1:15:48 PM PDT by OB1kNOb (Celebrities first seek fame...then they seek relevance, only to fail miserably at the latter.)
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To: madison10

The circuit breaker kicked in.


37 posted on 06/29/2010 1:17:14 PM PDT by madison10
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To: madison10

38 posted on 06/29/2010 1:18:50 PM PDT by Fred (We are doomed)
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To: Free_at_last_-2001
yes wonder what they've got planned for Friday NFP.

Nah, the real bad equity stuff hits when the ECB is officially broke and illiquid on Thursday.

39 posted on 06/29/2010 1:19:08 PM PDT by Centurion2000 (If I don't like you, it's most likely your culture or your ideology that pissed me off.)
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To: Rational Thought
Obama: US economy 'strengthening' despite weak data

Just another strengthening downward day in the economy.........

40 posted on 06/29/2010 1:20:07 PM PDT by OB1kNOb (If by "strengthening" Obama means the economy is going down the tubes, then it's strengthening.)
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To: OB1kNOb

Wow, 9810, low going back to November. He’s going to start eating into the ‘rally’.


41 posted on 06/29/2010 1:21:06 PM PDT by BenKenobi (I want to hear more about Sam! Samwise the stouthearted!)
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To: Free_at_last_-2001

Maybe they shot their monetary wad keeping the gold price down. - yes wonder what they’ve got planned for Friday NFP.
************************************************
Friday is day#2 of Spain and the whole of Europe in nuclear meltdown.. liquidity for Spain withdrawn by ECB at close of business on 06/30.


42 posted on 06/29/2010 4:29:12 PM PDT by Neidermeyer
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