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THE MARKET IS GETTING WORSE: NASDAQ Off 3%, Dow off 240, Banks Getting Killed
TBI ^ | 10-3-2011 | Joe Weisenthal

Posted on 10/03/2011 12:03:04 PM PDT by blam

THE MARKET IS GETTING WORSE: NASDAQ Off 3%, Dow off 240, Banks Getting Killed

Joe Weisenthal
Oct. 3, 2011, 2:48 PM

UPDATE AT 2:50:

With a little more than an hour to go, markets are getting killed even more.

The Dow is off about 240. The NASDAQ is down 3^, and the S&P 500 is down 2.6%.

All day has been a continuation and acceleration of the concerns that really got rolling in September, especially on the bank front. Morgan Stanley is down nearly 7%. At rival Goldman Sachs, CDS have hit their highest level since October 2008.

Bank of America is off over 8%.

Meanwhile, the euro is getting crushed, falling below $1.32.

UPDATE: Since our initial post, the market's gotten much worse, with the Dow of over 200+, NASDAQ down 2% 2.4%, and major selling in the bank stocks.

Morgan Stanley, which got killed on Friday, is down about 6% 8%.

Bank of America is off 5%.

Citigroup is off 5%.

Another huge loser today is airline AMR, which is off 38% on bankrupcty rumors.

The market is so revolted by risk right now, that even good economic news (which we got today) is having no positive effect.

(snip)

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


TOPICS: Business/Economy; News/Current Events
KEYWORDS: barackalypsenow; bhoeconomy; democrats; economy; markets; obama; obamadepression; obamageddon; recession; stocks
Click here to see the DJIA trading chart. (I'm not allowed to post it anymore)
1 posted on 10/03/2011 12:03:08 PM PDT by blam
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To: blam

I am going back in at about 10,000.

Anyone else got an opinion?

I bolted at 12,100.


2 posted on 10/03/2011 12:06:06 PM PDT by ConservativeDude
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To: blam
Dow approaching that magic 10,000 mark as it has so many times before.

Will it hit it and bounce like it usually does?

Or will this be the time it submerges?

3 posted on 10/03/2011 12:07:14 PM PDT by E. Pluribus Unum ("Government does not solve problems; it subsidizes them." --Ronald Reagan)
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To: ConservativeDude

“I am going back in at about 10,000.

“Anyone else got an opinion?”

Yes: Stay in cash.

Things may get a lot worse (the Europe situation
still has to shake out).


4 posted on 10/03/2011 12:11:16 PM PDT by CondorFlight (I)
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To: blam
We are living through the Obama Depression. Fourteen thousand people applied for 500 jobs at the new casino in Cleveland, they called over 4,000 in for ‘interviews’.

If you have a job, consider yourself lucky.

5 posted on 10/03/2011 12:11:54 PM PDT by Jim from C-Town (The government is rarely benevolent, often malevolent and never benign!)
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To: blam

Banks Getting Killed, eh?

I suppose any savvy investor would have to realize how squarely they lie in the political crosshairs right now.


6 posted on 10/03/2011 12:13:50 PM PDT by Buckeye McFrog
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To: ConservativeDude

Considering where it was during 2007/2008 you might want to reconsider since we are on the edge of an abyss.


7 posted on 10/03/2011 12:14:35 PM PDT by CSI007
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To: ConservativeDude

The stocks I want to buy are up, or priced too high. It is the stocks nobody wants that are going down.


8 posted on 10/03/2011 12:16:34 PM PDT by proxy_user
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To: blam

It looks like the markets will close at the lows set on August 9th.

Now we will either get a bounce off the lows or October will be its usual gloom and doom for the stock market.


9 posted on 10/03/2011 12:16:34 PM PDT by Presbyterian Reporter
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To: ConservativeDude

10 K seems shaky to me. Looking for a lower number but I’m not sure what that is at the moment. My rather personalized math shows that I should not be getting back in till it dips below 9 K, maybe even 8 k


10 posted on 10/03/2011 12:17:20 PM PDT by taxcontrol
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To: blam

Cemex (CX) sure is cheap (or worthless) right now. Either one is going to make an absolute fortune on that one or lose everything.


11 posted on 10/03/2011 12:22:00 PM PDT by MeneMeneTekelUpharsin (Freedom is the freedom to discipline yourself so others don't have to do it for you.)
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To: blam

Bob Brinker has said “Buy” but I think he drank the koolaid and is trying to manipulate the market into going up for the administration


12 posted on 10/03/2011 12:24:25 PM PDT by yldstrk (My heroes have always been cowboys)
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To: blam

Is anyone investigating Frank and Dodd?


13 posted on 10/03/2011 12:25:57 PM PDT by Paperdoll (I Like Herman Cain!)
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To: blam

I contribute a fair amount above the match on my 401k, and it keeps getting smaller.

Would this be a good time to cut to the bare match minimum, and pay down my mortgage with that money? I’d be making 4.875% on that, (my interest rate), which would beat losing money.


14 posted on 10/03/2011 12:26:37 PM PDT by brownsfan (Aldous Huxley and Mike Judge were right.)
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To: Jim from C-Town

When the only growth industry is Casinos, we are really hosed.


15 posted on 10/03/2011 12:26:49 PM PDT by rbg81
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To: taxcontrol

I don’t disagree, at all.

Maybe 9,500.

That said, if it hits that FAST, then, I think I’m staying put.

October always seems to be a crash month.


16 posted on 10/03/2011 12:30:21 PM PDT by ConservativeDude
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To: ConservativeDude

Mkt on a stairstep lower...will be up days, but steadily lower way lower than 10,000...March ‘09 lows initial target, but could go lower still...

Banks getting killed? Buy FAZ...up 11% today

Europe got you worried? Try EPV or EUO up 4.9% & 2.9 today

Small caps getting smaller? Try some TZA up 13.2% right now

Worried about tech? Get some TYP - up 5.6% today

Think S&P is going lower? Get some SDS, up 4.8 right now

These are all leveraged bear etf’s...


17 posted on 10/03/2011 12:30:34 PM PDT by Former MSM Viewer
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To: blam

Very discouraging news, but not unexpected.


18 posted on 10/03/2011 12:31:29 PM PDT by cvq3842
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To: ConservativeDude

I suggest looking at the momentum, not the numbers. If momentum is downward, you might consider holding out until that reverses...


19 posted on 10/03/2011 12:33:29 PM PDT by the anti-liberal
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To: brownsfan

Personally, I have still been putting in large amounts to 401k, but all cash. (cash match also).

But a few weeks ago, I switched future contributions (not past ones) to a “guaranteed income” fund bonds and whatnot, that has historically done about 4%.

So it seems if you have an investment option that looks like it can hit 4.8%, then good to do that...otherwise, pay down the 4.8% debt. (non-dogmatically submitted, by the way....I don’t have strong feelings about these things...just giving my opinion)


20 posted on 10/03/2011 12:33:42 PM PDT by ConservativeDude
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To: blam

***Bank of America is off over 8%.***

But I’ll bet Buffett is still smiling. He’ll make his money even if the stock goes to zero. Call it the obama put.


21 posted on 10/03/2011 12:34:33 PM PDT by MichaelCorleone (Those who love liberty love Sarah)
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To: ConservativeDude
For sure. And consider the closer we get to Nov 2012, there will be a run up, and if the dude is tossed out of office, it'll go up from there.... So it's the window of opportunity that is the only question.

This admin is doing nothing but hurting business.

22 posted on 10/03/2011 12:37:52 PM PDT by b4its2late ("Pray for Obama. Psalm 109:8")
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To: ConservativeDude
For sure. And consider the closer we get to Nov 2012, there will be a run up, and if the dude is tossed out of office, it'll go up from there.... So it's the window of opportunity that is the only question.

This admin is doing nothing but hurting business.

23 posted on 10/03/2011 12:38:07 PM PDT by b4its2late ("Pray for Obama. Psalm 109:8")
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To: b4its2late

Twice!


24 posted on 10/03/2011 12:39:15 PM PDT by b4its2late ("Pray for Obama. Psalm 109:8")
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To: blam

Cue the 3:30 melt up.


25 posted on 10/03/2011 12:44:51 PM PDT by Jack of all Trades (Hold your face to the light, even though for the moment you do not see.)
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26 posted on 10/03/2011 12:53:26 PM PDT by TheOldLady (FReepmail me to get ON or OFF the ZOT LIGHTNING ping list)
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To: yldstrk

“Bob Brinker has said “Buy” but I think he drank the koolaid and is trying to manipulate the market into going up for the administration”

What political persuasion does Bob tend to be? I know he went off on a caller one time when the caller made reference to the “drive by media”.


27 posted on 10/03/2011 12:56:43 PM PDT by headstamp 2 (Time to move forward not to the center.)
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To: rbg81
When the only growth industry is Casinos, we are really hosed.

Yup. Potterville, not Bedford Falls...
28 posted on 10/03/2011 1:30:26 PM PDT by BikerJoe
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To: ConservativeDude

not before 8000 +/- a few 100 points


29 posted on 10/03/2011 1:33:57 PM PDT by is_is (VP Dad of Sgt. G - My Hero - "Sleep Well America......Your Marines have your Back")
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To: blam

Platinum is now less than 90% the price of gold, when it is typically much more, sometimes double the price of gold.

My “trade of the day” is to swap some gold for some platinum. With the $150 per ounce difference, that might just cover all the transaction costs, and then some. in a few years, you might swap back for gold, and have 50% more gold ounces than you started with.


30 posted on 10/03/2011 1:42:28 PM PDT by Atlas Sneezed (Author of BullionBible.com - Makes You a Precious Metal Expert, Guaranteed.)
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To: Beelzebubba

Warren Buffett invests $5 billion in Bank of America


31 posted on 10/03/2011 1:57:38 PM PDT by scooby321
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To: b4its2late

For sure. And consider the closer we get to Nov 2012, there will be a run up”

Timing is everything, isn’t it?


32 posted on 10/03/2011 2:27:05 PM PDT by ConservativeDude
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To: blam

“Happy days are here again”


33 posted on 10/03/2011 3:47:26 PM PDT by jesseam
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To: MichaelCorleone
Buffet's money in BoA is in preferred stock with a healthy dividend. He's not concerned with the price of common.
34 posted on 10/03/2011 4:59:42 PM PDT by hinckley buzzard
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To: headstamp 2

I think Bob is interested in the party of money


35 posted on 10/03/2011 5:18:29 PM PDT by yldstrk (My heroes have always been cowboys)
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To: ConservativeDude

Yes, it is...


36 posted on 10/04/2011 7:29:14 AM PDT by b4its2late ("Pray for Obama. Psalm 109:8")
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To: hinckley buzzard

“Buffet’s money in BoA is in preferred stock with a healthy dividend. He’s not concerned with the price of common.”

I understand that but my implication was that if Bank of America ever went the way of WorldCom (for example), WB would still collect his money one way or the other, maybe through another bailout or merger or buyout or(God forbid) a nationalization of the whole system.

Anyway, that’s what I was driving at - although I may be off base.


37 posted on 10/05/2011 8:40:48 AM PDT by MichaelCorleone (Those who love liberty love Sarah)
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