Wait until tomorrow morning!
Posted on 08/04/2011 1:38:29 PM PDT by Nachum
The blue chips nose-dived 513 points into correction territory, while the broad S&P 500 shed 4.8%, after anxiety over the economy sent traders racing out stocks and commodities.
Today's Markets
According to preliminary calculations, the Dow Jones Industrial Average fell 513 points, or 4.3%, to 11,384, the S&P 500 tumbled 60.2 points, or 4.8%, to 1,200 and the Nasdaq Composite slid 137 points, or 5.1%, to 2,556. The FOX 50 tumbled 37.5 points, or 4.2%, to 864. Related Video
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Tension on Wall Street was extremely high on Thursday. Traders piled up into Treasury bonds, seen as one of the safest non-cash assets during tumultuous times. Indeed, Treasury yields on 10-year Treasury securities dipped well below 2.5% -- the lowest since November.
"The mood is pervasively negative," said Peter Kenny, managing director at Knight Capital Group. "It would take quite the imagination to come up with a silver bullet" to re-instill confidence in the economy.
(Excerpt) Read more at foxbusiness.com ...
The Govt is selling short to drive buyers to Treasuries and get more money to help the deficit?
Foreign investors pulling the plug because of the dumb debt deal?
How’s all that hopey changy working out for you libs? I think a lot of freepers saw this coming.
Uh, actually the S&P 500 and NASDAQ drops were greater than the DOW’s drop.
Buy low and sell high? That sounds so crazy it just might work!
You are correct though. All too many individual investors do the exact opposite.
“Note to self: Don’t own stocks when President is a communist.”
NO,NO, NO!
This is NOT the currently acceptable, Party/MSNBC-Approved Current truth!
TODAY’S current truth, parotted by Daily KOS all day today, has been this is THE TEA PARTY’S FAULT, for asking for financial Responsibilities!
There is no sarc tag because this isn’t Sarcasm, it’s TRUE....
And I’d be willing to bet worthless American Greenback that this line is repeated tonite on the MSNBC Hate Shows.
Wait until tomorrow morning!
You’re absolutely right. My IRA was never doing that hot for many years, and then in March 2009, at it’s absolute bottom, I made my yearly investment, plus reallocated some of my existing investments. I got a lot of shares for the money invested, a heck of a lot more than if I had invested at the high points of the market. After it went back up, I’ve been way ahead ever since.
Only that is the problem - assuming a rebound. That will only happen if Obama is banished and we get some real-balled Republicans to control all three branches come 2012.
I really don't think that is going to happen.
That’s right and the NASDAQ leads the DOW.
Probably be more excitement tomorrow.
Thats a great tag line. You should get quote of the day.
Why do you think I bought so many dollars?
Housing is really hit and miss, depends on where you are, there’s a large oversupply and deflationary forces pushing prices down long term.
But I agree. I hope it falls all the way to 5k like it should have back in ‘08, and that we don’t get a TARP round 3, and let the market actually nuke all the malinvestments.
Then we can build up from scratch and start making money again.
At times (ok, most times) it's really despairing so many knee-jerk posts blaming Obama, the debt ceiling, or any other economic data for that matter. As you observe, it's got absolutely nothing to do with any fundamental factors. In fact, it's all about the agenda. It's been a long time in the making (98 years to be exact), but we're nearing some kind of transition point.
Now that the debt ceiling has been raised, my guess is the oligarchs are demanding those extra $trillions to be immediately funneled into the markets, or else. Bernanke knows he can't fool people with another round of stealth QE. Nope, this time we-the-people have to literally beg for it; that way he can operate clearly in the open.
At some point when they determine the cries for money-printing have reached a fever pitch, they'll jump back in and send the Dow to over 20k. Of course, in real terms it will be worth far less than 10k a decade ago, but the sheep have proven time & time again that they react only to surface level stimuli.
The % of people who actually understand our debt-as-money system are probably under 1% - and that would still be 3m people. Hmm, make that .001%.
PAY ATTENTION, FOLKS...
The DOW was way Down late yesterday afternoon, and somebody (Geitner?) stepped in and bought a CRAPLOAD of securities in the last hour or so to push it to a slight gain for the day.
After the bloodbaths on the Asian And Euro markets overnight, there was just too much Down pressure for any kind of rescue today.
What can we suppose will happen at the opening tomorrow (Friday) morning?? It could be real ugly!! Or, the Market may be closed??
“I think a lot of freepers saw this coming.”
Anybody with a brain, paying the slightest bit of attention saw this coming...
And that is the problem, isn’t it. How many pay attention, and think, “Oh, it doesn’t effect ME, so I don’t care!”?
Actually it is a very much needed correction.
If 0bama won’t stop borrowing and printing money
...”somebody else” is going to remove it for him.
The market is over inflated, they over did it and now we will have an over correction.
And very unfortunately we don’t have a leader who can handle this.
I would not try to catch a falling knife. Professional trader are in the market.
Is it coincidental that the Federal Reserve Act was enacted in 1913, and the 16th Amendment (income tax) was ratified the same year?
I agree. Great tagline!
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