Dow Continues Historic Slide (down moving below 8,000 close, welcome to Obama's America!)

wsj ^

[maccaca]

Stocks' relentless slide continued Friday, leaving the Dow Jones Industrial Average poised to register the bloodiest weekly drop in its 112-year history. The Dow Jones Industrial Average fell more than 600 points shortly after the opening bell, sliding below the 8000 mark intraday for the first time since April 1, 2003. Blue chips quickly moved off those levels, and at one point managed to climb into positive territory. But in recent trade, the Dow was off about 550 points at around 8010, moving back near its lows for the day. The S&P 500 Index was down about 48 points at around 861, with energy and consumer-discretionary stocks seeing sharp losses. Industrials stocks were also hammered. The Nasdaq Composite Index lost about 73 points to trade around 1571. The Chicago Board Options Exchange Volatility Index surged 15%, climbing above 73 for the first time.

[microgood]

The stock market is a leading indicator, a forecast of what is to come. I think this market reflects a lack of confidence in the present leadership to deal effectively with the crisis and a belief an Obama administration would just make it worse by raising taxes and tariffs.

It could, but the race is so close I cannot imagine they think Obama is a shoe-in yet. This week I think this week is mainly panic selling anyway, buying high and selling low.

[colorado tanker]

What's interesting is that McCain is sailing against some very heavy headwinds and Obama shows a small lead in the polls, but The Chosen One clearly hasn't closed the sale. There are a lot of undecideds and a lot of uncertainty about the polls this cycle.