Posted on 07/16/2010 7:24:29 AM PDT by blam
Markets Are Getting Hammered Right Now, NASDAQ Now Down Nearly 2.0%
Gregory White
Jul. 16, 2010, 10:12 AM
All major U.S. indices are down significantly this morning, even though banks posted strong earnings this morning. Concerns seem to be centering around the lack of lending by those banks, which implies that the broader recovery will continue to remain sluggish.
Dow down 1.73% S&P 500 down 1.91% The NASDAQ now down 1.97%:
Notably, the CAC 40 in France is really struggling today, down 2.57%. French banks Credit Agricole, Societe Generale, and BNP Paribas are dragging the CAC down.
Credit Agricole down 3.42% Societe Generale down 3.03% BNP Paribas down 2.34%
[snip]
(Excerpt) Read more at businessinsider.com ...
I have no doubt that they’re bleating “but it’s off the lows of the day!” over at CNBC more often than Mel Gibson was using the F-word in those tapes.
But the well is fixed
But I saw last night that the NIKKEI was getting hammered, and Europe was down this morning. China seems to done alright overnight, though.
PPT run out of cash?
The Euro and the Pound are hammering the dollar too. When I was in Europe 4 weeks ago, the Euro was at $1.22 and the Pound at $1.43. Today, they are $1.295 and $1.533 respectively. Gold is down $18 and Silver down $0.50.
Barry just gave a halting prevaricating update of the Gulf situation (on his way to Maine I guess)
My take- the leak is not capped. and the obamas can’t wait to tear into some lobsta and blueberry pie
yay me- got into the NASDAQ for one day and reaped the high, then got out the next day
Anyone playing or paying any serious attention to the market is a sucker.
The markets are now computer driven with guys like Soros at the wheel.
They make the markets do as they want, and laugh all the way to the bank.
As I have posted before, It is no longer your father’s stock market.
As long as the DJIA stays over 10K nobody on main street is going to care. When the DJIA was under 10K was when Obama had problems. It isn’t that 10K is anything special in the real world. But as a physiological touch stone it is critical. If the DJIA is under 10K Obama’s claims that the economy is getting better are so false that even the Kool Aid drinkers see it. That’s why Soros and the PPT always jump in and prop up the market when it gets to that level.
I think Soros and company are likely in possession of real-time trading information, meaning they simply have a nifty little prediction engine.
The plays seem to me to change so much from day-to-day that it is reminiscent of watching a craps table being worked by a hot shooter partnered with someone good at calculating odds while working the bets. And if you don’t watch him, he’ll snake a little of everyone’s money off the table every time he claims his own chips.
Computers do make it all easier.
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