Posted on 10/13/2008 1:04:53 PM PDT by NYC Republican
Stocks rallied Monday afternoon, with the Dow up over 800 points during the session, as investors bet that the worst of the credit crisis is over, following a series of global initiatives announced over the last few days. The Dow Jones industrial average (INDU) gained as much as 814 points and over 9% before pulling back a bit. The advance was the largest ever during a session on a point basis.
(Excerpt) Read more at money.cnn.com ...
Obama campaign is not going to like this.
nice change of pace
The NYSE has become little more than a crap shoot
I love how they’re crediting the rise to socializing banking. Morons.
I would have preferred several days of 100pts up... but I’ll take this... Major Schadenfraude (sp) to those that panicked and sold... They’re the only ones who really lost... They listened to the MSM and Dems talking down the economy, all in the name of bringing down the GOP and electing Zero, and got burned... Hopefully there’s more to come.
Dead cat bounce?
IBTDCBC
(In before the Dead Cat Bounce comments)
Nope.
I think it’s a Morgan Stanley/Mitsubishi bounce. MS was on the brink. The fact that the deal went through saved the markets.
It always has been except the cr#p is just larger now
And somewhere, 0bama is dumping a brick
oh the dem’s will find a way to spin to their advantage....
I’m sure glad I kept my money in......have to admit it was tempting to bail.....
The stock market has ALWAYS been your local casino with better PR.
I for one would like to see it up or down about 50 points on light trading soon. Ho hum would be nice.
It’ll be interesting to see the next few days. Will it yo-yo? Will it keep going up? Will it drop again? This is a bizarre market right now.
RE: “The NYSE has become little more than a crap shoot”
Exactly. As for today’s big “bounce” back — time will tell — I think this is little more than a sucker’s rally.
The MSM will just credit this as the result of the news that Obama got out of bed this morning.
-PJ
Probably. They are too stupid to realize that this has nothing to do with the rats’ failure of bailout plan. If McCain is smart, he’ll come forward with a tax goody for investors and retirees to keep the rally going.
I want my $900 billion back.
Gee, world governments tax citizens 2-3 trillion dollars and gives it to existing corporations, at the expense of young and unborn children that will have to pay the debt.
Private profits for a few, socialized debts for the many.
The productive worker of the world has nothing to lose, but their taxes, workers of the world unite!
1000 points = 2 or 3% rise in the polls for McCain.
This could be a very good sign.
The market has bounced huge off of the September 2001 low of 8062.34, which it touched on Friday.
The stock market is a forward looking instrument and, of course, the election is less than a month away.
The theory I have is that it is preparing for a McCain/Palin win, which will lead to a huge rally.
The recent massive drop was, in terms of physics, a foreshadowing of the upcoming rally.
It would be analogous to being on a trampoline and how far you stretch it to the downside before you release and bounce in the air.
The market just plunged the trampoline to incredible depths.
Just a theory that I have, but, I hope it is correct.
The only downside to the rally is that the market is running up hard before the election in a reverse trampoline scenario which would prepare it for a massive drop if barry wins.
Another week, another record.
I know some Democrats who are upset. A) they know what this will do for their Party’s chances in November and B) they’d hoped to profit in the short term (but their calls to BUY came to their services THIS week). HA ha.
Weekend “day traders” need to think twice.
I’d write you a check but banks are looking at taking a 2 week “holiday”.
You know the difference between a recession and a depression?
A recession is when you’re out of work.
A depression is when I’M out of work.
Or a market convulsion.
Very possible
Wow, I hope you’re correct. Tomorrow will be very telling
More like a dead cow bounce. As CNBC ironically noted, this was the largest point gain ever and the largest percentage gain since 1933. There is a reason for this, extreme volatility and large point gains are symptoms of a bear market. Whether it gains or loses by large amounts on any given day, rest assured the trend line will be leading down. The immediate crisis on Wall Street was caused by the halt in interbank lending. Anyone putting money in this type of market are not investing, they are gambling. If anyone here is operating under the illusion that all is well, I would advice that you take this as an opportunity to liquidate any equities. The massive gain only puts us “up” back where we were last Wednsday. Rest assured that as more economic data comes in reporting the deepening recession and company reports expressing lower sales that all of todays gains will be surrendered, and then some.
(in best Maxwell Smart voice) missed it by THAT much
Interestingly, I sold two mutual funds before last week. Since then, both funds have dropped about 5%. And wouldn't you know it, both of them dropped today as well. Strange. Saved myself some money by getting out.
Unfortunately, I missed out on the fun today. I don't have a trade acct, and was mistakenly under the impression the DOW wasn't trading today. I was all set to set up a trade account today, and tomorrow I was gonna buy some JNJ. Oh well. I only wanted to spend about 1200, so I only lost out on about 100 bucks.
Be interesting to see what happens tomorrow. Had I been in the market today, and seen my JNJ stocks gain, I'd be selling tomorrow morning. We're still headed for a nasty recession. This was just a bounce back from the panic. The real economy is going to be ugly for a while regardless. I'm going to keep my cash on the sidelines til next year. I was gonna put a little back in because a good day today was predictable. Just didn't get my ducks in a row in time.
Odd that the Post Office is closed on Columbus Day but not the market. How about banks? And they are considering a 2 week “holiday”.
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