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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 ...
***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.
This admin is doing nothing but hurting business.
This admin is doing nothing but hurting business.
Twice!
Cue the 3:30 melt up.
“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”.
not before 8000 +/- a few 100 points
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.
Warren Buffett invests $5 billion in Bank of America
For sure. And consider the closer we get to Nov 2012, there will be a run up”
Timing is everything, isn’t it?
“Happy days are here again”
I think Bob is interested in the party of money
Yes, it is...
“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.
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