Posted on 05/31/2013 1:31:14 PM PDT by blam
STOCKS CRATER, DOW FALLS 208 POINTS: Here's What You Need To Know
Sam Ro
May 31, 2013, 4:00 PM
Things got really ugly during the last few minutes of the trading session.
First the scoreboard:
Dow: 15,115, -208.9 pts, -1.3%
S&P 500: 1,630, -23.6 pts, -1.4%
NASDAQ: 3,455, -35.3 pts, -1.0%
And now the top stories:
The April personal income and spending report was disappointing. Income was flat, which was worse than the modest 0.1% gain expected by economists. Spending unexpectedly fell by 0.2%. "Despite surging prices for homes and equities, consumer spending is contracting," said economic bear Lakshman Achuthan as he reiterated his recession call. "Quite simply, the wealth effect is rendered moot by languishing incomes."
"The 0.2% m/m decline in the nominal value of US monthly consumption in April is not quite as bad as is looks, since it partly reflects the drop back in gasoline prices," said Capital Economics' Paul Ashworth offering a bit of optimism. "Overall, a sobering report for those expecting GDP growth to accelerate sharply." But there was also some good news today. The Chicago PMI report surged to 58.7 in May from 49.0 last month. Economists were looking for a reading of 50.0. Consumer confidence jumped to 84.5 in May from 76.4 in April. Economists were looking for a reading of 83.7.
(Excerpt) Read more at businessinsider.com ...
People finally waking up and selling Treasury bonds, prices falling and rates rising, money going into somewhat safer harbors - self-correcting, but after how long......
OK...you’re right; sometimes my thinking is in retirement too!
I'm too old for an IRA, think I could get a Roth but don't want to go that route. I've been investing my own wth one of those online brokers. I think we have a few more days of selloffs which will drive the market down further. I watched the buyers trying to get control to get the prices back up but they just couldn't get enough traction. I think some are out or sitting it out.
Every fiat currency in history has failed. Every. Single. One.
I suppose that is true. My son would talk about it a lot.
200 points should not be that big a deal but it's been going on for about 4 days now for me with my particular mix. I'm new at this and don't know nor want to short, use options, was doing ok before the big bull market set in, not sure why.
I don't understand why so many are selling off today when all week they could have been selling off at higher profits. Maybe they didn't see it coming. Some could be speculator buyers but today only a few (usually) small run ups would have made that worthwhile if buying larger lots.
Now the big ones on my list, and a lot are missing, were all down at closing: BAC, GE, CSCO, MSFT, PFE, T, JPM, BA, AXP, PG, HPQ. There are more I watch that were down at closing as well. Of the first-mentioned, only INTC closed up 0.29%.
More were up part of the day but the last hour was wild, it usually is but stakes higher today.
You only have ONE 'jumping-window'? What kind of prepping is that?
I’m going to Texas for July 1-5...then I’m just staying home like normal.
Don’t look for any follow-through to the downside on Monday. In fact, if it opens within 20 points of this level, I’ll be a buyer.
I’ve seen this pattern before; the most recent one I can recall is that day that that Beppo guy did better in the Italian election than anybody thought he would. There’s a difference between lots of sellers and no buyers — this was the latter case.
Texas is a good destination in my opinion. I didn’t have that great State in mind while posting the rant. Did some growing up there. My own current State (CO) and others like it are what I was talking about. It’ll all come out in the wash of the default process, though. After enough layoffs of troublemakers, we might be able to make the political and economic difference to make more of this country freer and richer again.
We actually have a negative GDP. All the stimulus money the Feds are pumping amounts to much more than 2.4% of GDP.
That’s just a day-trade BTW. I think the top is in, especially based on a recent thread by one of my “favorite” FR posters, who is a 100% reliable indicator in these matters.
Smart move.
You only have ONE ‘jumping-window’? What kind of prepping is that?
Hey, it’s a bunker. That’s the highest one I got. :-D
Great comment on the “jumping window,” but don’t ever really let a bad day get you down. You have to stay around and watch the show with us. After the unskilled idiots in charge finish their job of making themselves and many of the rest of us poorer, we’ll have the opportunity to rebuild the productivity and decency of a great country.
It’s a great time to develop technical skills and learn more about engineering.
I dont care, all my money is in tulip futures.
Smart move.
Tulips are a dead end. You want the new Monsanto GM Dandelion seeds that are impervious to herbicides.
Or Daffodils. The are prettier.
That’s my plan. It’s gonna burn. I just want to see how well the Phoenix rises from the ashes. It’s why I left Seattle and bought my small farm in central KY in 2011. ;-)
No, here's what you need to know: Stocks go up and down. They are supposed to. Don't try to predict or even lead; rather, learn to react. We haven't had a 10% correction in about four years. We are due. We want it to happen and when it does, then we want to buy when people panic and sell at the market lows, and then sell at the market highs when we hear our peeps giving finacial advise at cocktail parties, but don't know the difference between the stock market and a fish market.
Interesting. Thanks for posting, blam.
Music to listen to and a video to watch this thread by...
http://www.youtube.com/watch?v=qAkbRHCt60E
(I’ve been out of the market for several years)
Good. I’ve seen the pictures you posted from time to time. Beautiful place, and it reminds me of living in the Midwest. It’s a little tougher getting small agricultural, energy and other projects started at about 9,200 feet on the Rockies here, but all will be doable. The temperature is a little over 20 Fahrenheit here right now, and it’s a little windy.
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