Free Republic
Browse · Search
News/Activism
Topics · Post Article

Skip to comments.

DOW Below 6700 10:17AM CDT 6,679.19 Down 196.65 (2.86%)
Yahoo Finance ^ | 3/5/2009 | DOW

Posted on 03/05/2009 8:20:10 AM PST by Dallas59

But like Dear Leader says...We shouldn't worry about the daily "gyrations" of the Stock Market.

(Excerpt) Read more at finance.yahoo.com ...


TOPICS: Business/Economy
KEYWORDS: bho44; bhodjia; dow; obamaeconomy; stockmarket; wallstreet
Navigation: use the links below to view more comments.
first previous 1-20 ... 41-6061-8081-100 ... 181-191 next last
To: scooby321
Kill Citi Bank. It is a Zombie Bank.

I'd rather let it go under now while the USA is still solvent than in a year when we're broke. Dems are talking about "means" testing for social security now... they're going to bleed us dry.

61 posted on 03/05/2009 8:47:38 AM PST by GOPJ (People who can't use the new WH phone system are trying to redesign half the US economy - Brooks)
[ Post Reply | Private Reply | To 50 | View Replies]

To: Dallas59

Boy does this rile me. The 52 week “range” is as high as 13,191.50. Can you believe that? Values cut in half.

Amazing to hear people talking of “inheriting this economic crisis”. How can they continue to say that? Stocks have dropped something near 20% since he’s been in office!!!


62 posted on 03/05/2009 8:47:46 AM PST by justsaynomore
[ Post Reply | Private Reply | To 1 | View Replies]

To: brownsfan

I think Dow 3300 is a probability and Dow sub 1000 a possibility.


63 posted on 03/05/2009 8:48:04 AM PST by bvw
[ Post Reply | Private Reply | To 57 | View Replies]

To: LikeLight; Zeddicus
Z: When you think about it, it was a truly stunning comment.

LL: Many Americans, including many elderly Americans, have suddenly lost more than 50% of their life savings. And to Obama, it's just like a daily tracking poll.

It's shocking how he got so little reaction to that statement. A Republican that out-of-touch would have had his sanity questioned.

64 posted on 03/05/2009 8:49:25 AM PST by 668 - Neighbor of the Beast (American Revolution II -- overdue.)
[ Post Reply | Private Reply | To 52 | View Replies]

To: semantic
It seems like things are really starting to accelerate

Indeed. This 5-day chart was taken at 8 a.m. PST and the market is looking EXTREMELY weak. I say that because when the market gaps, in this case down, it usually goes back up to "fill in the blanks" and then rolls over and continues down. In this case it never made it that far and then gapped down again this morning. Once it breaks that line at about 6700, we've got more free-falling to do.

To get an idea of how far we may go, pick your own level of support from this long-term chart. Anybody who is trying to ride this market out is committing financial suicide.

(That '65-'82 support is at 1000 - ridiculous to think that low but once panic sets it it always overdoes it. At that level, if I have any money left, After Obama, even I would get back in. :-) )

65 posted on 03/05/2009 8:50:14 AM PST by Oatka ("A society of sheep must in time beget a government of wolves." –Bertrand de Jouvenel)
[ Post Reply | Private Reply | To 29 | View Replies]

To: Zeddicus
I can't even talk to my father about politics anymore, he refused to discuss it.

There are none so blind as they who will not see.

I live in a retirement community and most of my neighboirs have lost half their savings. These savings and stocks are generating the income to pay for the month;y fees and living expenses. Not any more.

The losses are real and they hurt deeply.

Zero and Joe the Dumber have a lot of explaining to do.

66 posted on 03/05/2009 8:50:20 AM PST by exit82 (The Obama Cabinet: There was more brainpower on Gilligan's Island.)
[ Post Reply | Private Reply | To 60 | View Replies]

To: Dallas59

6,677.59 at 11:49am
-198.25


67 posted on 03/05/2009 8:51:16 AM PST by 668 - Neighbor of the Beast (American Revolution II -- overdue.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Dallas59

When the unemployment chart looks like the Dow chart THAT is when Obama’s approval tanks.


68 posted on 03/05/2009 8:52:00 AM PST by Anti-Bubba182
[ Post Reply | Private Reply | To 1 | View Replies]

To: justsaynomore
Amazing to hear people talking of “inheriting this economic crisis”. How can they continue to say that? Stocks have dropped something near 20% since he’s been in office!!!

The MSM is the mouthpiece for Dems - and dems don't want the truth out. It's that easy. When Clinton took office and the economy turned great the second month the MSM gave all the credit to Clinton.

If dems totally destroy the economy and we're three years down the road, the MSM will still blame Bush.

The MSM doesn't care what the people think of them - they care about winning "prizes". Fools.

69 posted on 03/05/2009 8:52:36 AM PST by GOPJ (People who can't use the new WH phone system are trying to redesign half the US economy - Brooks)
[ Post Reply | Private Reply | To 62 | View Replies]

To: McGruff

>> Almost time to

PAST time to!


70 posted on 03/05/2009 8:53:47 AM PST by Nervous Tick (Party? I don't have one anymore.)
[ Post Reply | Private Reply | To 53 | View Replies]

To: brownsfan
Everything Obama does seems to be geared toward hurting, not helping the market.

They need to reverse course pronto or we are in deep $hit. Has anyone come out and addressed this yet? Zero and his entire incompetent team need to be run out town.

71 posted on 03/05/2009 8:53:48 AM PST by jersey117
[ Post Reply | Private Reply | To 57 | View Replies]

To: Dallas59

Hey Bozo Obama! Would a 1000 point drop in the dow just be one of the daily girations you are not concerned about?


72 posted on 03/05/2009 8:54:54 AM PST by AngelesCrestHighway
[ Post Reply | Private Reply | To 1 | View Replies]

To: justsaynomore

He inherited a bad economy, but things had stabilized until he was inaugurated. It was all down hill from there.


73 posted on 03/05/2009 8:56:10 AM PST by jersey117
[ Post Reply | Private Reply | To 62 | View Replies]

To: Dallas59

An old man told me last fall it would get to 6500.


74 posted on 03/05/2009 8:56:26 AM PST by Terry Mross (I Hate All Politicians, Republicans Included.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Zeddicus
Show him this essay Denninger just posted up a few minutes ago:

# All pension funds, private and public, are done. If you are receiving one, you won't be. If you think you will in the future, you won't be. PBGC will fail as well. Pension funds will be forced to start eating their "seed corn" within the next 12 months and once that begins there is no way to recover.

# All annuities will be defaulted to the state insurance protection (if any) on them. The state insurance funds will be bankrupted and unable to be replenished. Essentially, all annuities are toast. Expect zero, be ecstatic if you do better. All insurance companies with material exposure to these obligations will go bankrupt, without exception. Some of these firms are dangerously close to this happening right here and now; the rest will die within the next 6-12 months. If you have other insured interests with these firms, be prepared to pay a LOT more with a new company that can't earn anything off investments, and if you have a claim in process at the time it happens, it won't get paid. The probability of you getting "boned" on any transaction with an insurance company is extremely high - I rate this risk in excess of 90%.

# The FDIC will be unable to cover bank failure obligations. They will attempt to do more of what they're doing now (raising insurance rates and doing special assessments) but will fail; the current path has no chance of success. Congress will backstop them (because they must lest shotguns come out) with disastrous results. In short, FDIC backstops will take precedence even over Social Security and Medicare.

# Government debt costs will ramp. This warning has already been issued and is being ignored by President Obama. When (not if) it happens debt-based Federal Funding will disappear. This leads to....

# Tax receipts are cratering and will continue to. I expect total tax receipts to fall to under $1 trillion within the next 12 months. Combined with the impossibility of continued debt issue (rollover will only remain possible at the short duration Treasury has committed to over the last ten years if they cease new issue) a 66% cut in the Federal Budget will become necessary. This will require a complete repudiation of Social Security, Medicare and Medicaid, a 50% cut in the military budget and a 50% across-the-board cut in all other federal programs. That will likely get close.

# Tax-deferred accounts will be seized to fund rollovers of Treasury debt at essentially zero coupon (interest). If you have a 401k, or what's left of it, or an IRA, consider it locked up in Treasuries; it's not yours any more. Count on this happening - it is essentially a certainty.

The time we've all been waiting for appears to have arrived...

75 posted on 03/05/2009 8:56:26 AM PST by semantic
[ Post Reply | Private Reply | To 60 | View Replies]

To: Dallas59

76 posted on 03/05/2009 8:57:13 AM PST by Jimmy Valentine's brother (Homey Sez - Eh, I don’t worry about the market’s “day to day gyrations”)
[ Post Reply | Private Reply | To 1 | View Replies]

To: KarlInOhio

7000 is looking like the good old days...and you’re still in it? Good lord, man, it’s dropping like D. B. Cooper.


77 posted on 03/05/2009 8:58:38 AM PST by 668 - Neighbor of the Beast (American Revolution II -- overdue.)
[ Post Reply | Private Reply | To 14 | View Replies]

To: GOPJ

>>Sucker rally...<<

Yep. I’ve seen two so far. I see a sudden dramatic uptick and figure “someone’s sayin’ something”. Sure enough, there was a White House “everything will be just fine” comment. A few suckers jump in and drive up the price for a half hour or so, then the big boys get out, leaving the suckers with empty bags.

And it continues down.


78 posted on 03/05/2009 8:58:54 AM PST by RobRoy
[ Post Reply | Private Reply | To 48 | View Replies]

To: Dallas59
Just a wee "gyration"...



79 posted on 03/05/2009 8:59:02 AM PST by Redcloak ("Oh, bother!" said Pooh, as he chambered his last round.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Oatka
Denninger is an absolute genius; here are some of his comments made over the last hour or so:


80 posted on 03/05/2009 8:59:07 AM PST by semantic
[ Post Reply | Private Reply | To 65 | View Replies]


Navigation: use the links below to view more comments.
first previous 1-20 ... 41-6061-8081-100 ... 181-191 next last

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
News/Activism
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson