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MARKET BLOODBATH GETTING WORSE: Earnings Coming In Ugly
TBI ^ | 10-23-2012 | Joe Weisenthal

Posted on 10/23/2012 6:25:28 AM PDT by blam

UPDATE: MARKET BLOODBATH GETTING WORSE: Earnings Coming In Ugly

Joe Weisenthal
October 23, 2012

You can get a full roundup of what's happening in markets this morning here, but the basic gist is: Markets tumbling everywhere, lots of weak earnings.

First, the markets: Dow futures are off about 130 155, and the major indices are all down a little over 1%.

It's ugly in Europe as well. Germany is down 1.4%. Spain is down 1.1%. Italy is down 1%.

As for the micro, there are lots of ugly earnings this morning.

Dow Component DuPont is down 6% after a big whiff. 3M also cut its outlook. The stock is also off a few percent. There were also ugly reports in the UK, as luxury goods maker Mulberry announced an earnings warnings.

Then there's also the fact that there are hints that Bernanke won't stand for re-appointment in 2014.

So far, today isn't a disaster -- markets fall 1% all the time -- and this just gets us back to where we were yesterday during the day. Still, a squishy day.

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


TOPICS: News/Current Events
KEYWORDS: djia; earnings; investing; markets
Bloodbath?

Don't think so...at least not yet.

We'll see.

1 posted on 10/23/2012 6:25:38 AM PDT by blam
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To: blam

2 posted on 10/23/2012 6:27:11 AM PDT by blam
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To: blam

Met with my financial adviser last night. My accounts are up 19+% for the year.

So all you people that pulled out in fear, HAHAHAHA! Losers!

I’ll still be in for the Romney rally in November.


3 posted on 10/23/2012 6:28:31 AM PDT by TheRhinelander
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To: blam

Smart investors sold before the quarterly reports from business came in, and a dismal lot they are. This market is based on nothing but Bernanke’s funny money, and the wise investor should get out before the stock bubble bursts.


4 posted on 10/23/2012 6:32:46 AM PDT by txrefugee
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To: blam
Then there's also the fact that there are hints that Bernanke won't stand for re-appointment in 2014.

That alone should send the markets thru the roof.......in a sane world........

5 posted on 10/23/2012 6:34:11 AM PDT by Red Badger (Why yes, that was crude and uncalled for......That's why I said it..............)
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To: blam

6 posted on 10/23/2012 6:34:27 AM PDT by concerned about politics ("Get thee behind me, Liberal")
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To: concerned about politics

Down 155 at the open.


7 posted on 10/23/2012 6:36:00 AM PDT by John W (Viva Cristo Rey!)
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To: blam

(MSNBC headline) More proof that Corporate fat cats want Obama to fail or something.


8 posted on 10/23/2012 6:36:23 AM PDT by Sir Napsalot (Pravda + Useful Idiots = CCCP; JournOList + Useful Idiots = DopeyChangey!)
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To: blam
MARKET BLOODBATH GETTING WORSE: Earnings Coming In Ugly

No Bloodbath .... yet. But

If 0bama steals the election, hang on.

9 posted on 10/23/2012 6:37:48 AM PDT by The Sons of Liberty ("Get that evil, foreign, muslim, usurping, gay commie bastard out of MY White House!" FUBO!)
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To: Sir Napsalot

Wall Street (Investors) usually rally around if Romney (Republicans) showed sign(s) of winning.

No?


10 posted on 10/23/2012 6:38:38 AM PDT by Sir Napsalot (Pravda + Useful Idiots = CCCP; JournOList + Useful Idiots = DopeyChangey!)
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To: blam

The DJIA is down 166 as I post.

11 posted on 10/23/2012 6:39:43 AM PDT by blam
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To: blam

It looks like a lot of companies are holding back layoff announcements until after the election


12 posted on 10/23/2012 6:40:05 AM PDT by GeronL (http://asspos.blogspot.com)
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To: GeronL
Green Shoots
13 posted on 10/23/2012 6:43:35 AM PDT by blam
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To: blam
DJIA, minus 187
14 posted on 10/23/2012 6:46:51 AM PDT by blam
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To: GeronL

Not DuPont.


15 posted on 10/23/2012 6:49:12 AM PDT by John W (Viva Cristo Rey!)
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To: GeronL
It looks like a lot of companies are holding back layoff announcements until after the election

It's the uncertainty. The election is still too close to call.
If Oboma wins, massive layoffs will hit us immediately, because of obomacare and taxmageddon. If Romney wins, expect a small level of hiring that gets better over time.
Right now, people are waiting to find out if they're going to have to go Galt or not. They're not going to keep busting their humps every day just so the democrat base can leech away everything they've ever worked for. It isn't worth it.

16 posted on 10/23/2012 6:49:34 AM PDT by concerned about politics ("Get thee behind me, Liberal")
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To: blam

Big gap. sweet. Out and ready to buy the bottom let it drop.


17 posted on 10/23/2012 6:50:58 AM PDT by Gasshog
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To: blam
DJIA 13160.62 -185.27‎ (-1.39%‎)
Oct 23 9:46am ET

We are now in the 9:30 Eastern short covering plateau. Watch around 10:00 Eastern. If it stays level or goes up then no bloodbath. If it heads down again after the short positions have been covered then you can start talking about a bloodbath.
18 posted on 10/23/2012 6:51:30 AM 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: John W
Still going down....

19 posted on 10/23/2012 6:52:07 AM PDT by concerned about politics ("Get thee behind me, Liberal")
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To: blam

200 ema look for support.


20 posted on 10/23/2012 6:53:26 AM PDT by Gasshog
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To: blam
this is good news ... obamanomics says the worse the economy the lower the gas prices

.

21 posted on 10/23/2012 6:55:21 AM PDT by Elle Bee
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To: Red Badger

Or Down. As a previous poster noted, the Market is mostly up the last 4 years on funny money.

No one prints better than Bernanke.


22 posted on 10/23/2012 7:17:51 AM PDT by desertfreedom765
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To: GonzoGOP

Seems to be trying to inch down further here as of 10:15 ET.


23 posted on 10/23/2012 7:20:38 AM PDT by John W (Viva Cristo Rey!)
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To: blam

Durable goods were down 13.5% last months and BLS admitted that the drop in unemployment was due to the increase of “involuntary part time” workers. So this is just the latest in an ongoing pattern over the last couple/few months.


24 posted on 10/23/2012 7:27:40 AM PDT by tanknetter
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To: John W

Down 222 now.


25 posted on 10/23/2012 7:30:24 AM PDT by John W (Viva Cristo Rey!)
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To: GonzoGOP

So, what do you think of what we’re seeing at this hour?


26 posted on 10/23/2012 7:32:01 AM PDT by John W (Viva Cristo Rey!)
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To: John W

Wow, if this continues obummer might want to throw in the towel early.


27 posted on 10/23/2012 7:32:37 AM PDT by catfish1957 (My dream for hope and change is to see the punk POTUS in prison for treason)
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To: John W
It has definitely come off the plateau on the down side. Worse the selling is nice and steady. This isn't a panic that will bounce back in an hour, people want out of the market and are cashing out their positions.

This doesn't have the look of a bloodbath. More of a slow capitulation. On the up side the company I worked for released record earning yesterday. So there are some winners out there and this may just be a repositioning prior to the election.
28 posted on 10/23/2012 7:34:44 AM 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: catfish1957
Wow, if this continues obummer might want to throw in the towel early.

As long as it stays above 1100 he can say the market is better off than it was when he came into office. It would take a week of bad days to get us to that level. I'm not saying it couldn't get there, but with all of the funny money the fed has pumped into the market it isn't going to get there in one day.
29 posted on 10/23/2012 7:50:29 AM 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: catfish1957
The DJIA is down 256 as I post
30 posted on 10/23/2012 8:45:02 AM PDT by blam
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To: blam

Down 245 nearing the close.


31 posted on 10/23/2012 12:51:06 PM PDT by John W (Viva Cristo Rey!)
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To: John W

The PPT still has 10 minutes to work with.


32 posted on 10/23/2012 12:53:35 PM PDT by central_va ( I won't be reconstructed and I do not give a damn.)
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To: central_va

The DJIA closed down 243.


33 posted on 10/23/2012 1:27:23 PM PDT by blam
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To: blam

I had to look this thread up to make my comment for the record.

Obama started the game of jiggering numbers to bring about a political goal, a press cycle of a trend in his favor.

What we have learned is that it is a great game and others can play as well. That would be boards of directors and captains of industry as players. They are vigorously playing the game and their numbers are earnings reports.

What we have seen are earnings reports of less than projected or expected and a resultant decrease in market averages. Like the unemployment numbers, earnings figures will be adjusted upwards in following periods to make it all right and truthful.

But for the short term, the Obama adjustments are tempered or even overcome by the markets decline on the poor earnings reports.


34 posted on 10/25/2012 6:44:10 AM PDT by bert ((K.E. N.P. N.C. +12 ..... Present failure and impending death yield irrational action))
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