Posted on 03/12/2009 4:26:34 AM PDT by TigerLikesRooster
Futures point to lower Wall Street open
By Barbara Kollmeyer, MarketWatch
Last update: 5:52 a.m. EDT March 12, 2009
MADRID (MarketWatch) -- U.S. stock futures were heading south on Wall Street Thursday, with stocks overseas lower on the view a sustained turnaround for stocks can't be called yet, while Genentech agreed to a buyout worth $48.6 billion from Roche.
S&P 500 futures fell 5.1 points to 715.40 and Nasdaq 100 futures fell 6.5 points to 1,125. Dow industrial futures fell 45 points to 6,869.
U.S. stocks eked out their first back-to-back gains since early February Wednesday after JPMorgan Chase Chief Executive Jamie Dimon became the latest to express confidence in his institution's profitability and downplay nationalization fears. The Dow Jones Industrial Average closed up 3.8 points, the S&P 500 rose 1.76 points and the Nasdaq tacked on 13.36 points. Those skeptical about the strong rally Tuesday, which marked the best gains for the Dow and S&P since November, were seeing signs of weakness in the skittish market.
"The U.S. and to a lesser degree Europe did exceptionally well to hang on to Tuesday's monster gains yesterday, which to all intents and purposes was just an overdue bear squeeze rally from a market that was also dramatically oversold on a technical basis," said David Buick, market analyst with BGC Partners, who noted that volumes were pretty low on Wednesday.
(Excerpt) Read more at marketwatch.com ...
Ping!
suckers rally as I said Tuesday. No fundamentals have changed, except to have gotten worse.
I guess I should sell my Citi Group share now......I need a cup of coffee.
Buy and hold, strategy of old.
Mark-to-market will be compromised and the markets will explode to the upside forming another huge bubble. Then, that one will burst and we’ll see the greatest financial collapse in recorded history second only to the wipeout incurred in the great flood. Mene Mene Tekel Upharsin posted this on 3-12-2009.
There will be sucker rallies as usual, but way too many investors have bailed out of the USA and now hold stocks in China, India, even Russia. With the Obama administration in charge, they have no other choice.
There is simply no future growth in sight here, while World production will go to China, India, etc,.
With a projected GDP of 5.3% (down 2.5%) at the end of this year, (I believe it will be below 5%) how on earth will there be a “market compromise” (What ever the heck that is.)
That’s what I’m hoping for. I transferred half my 401K into a money market fund last August. The other half has gotten completely hosed. I’ll be going all in on U.S. treasuries, but at this point, it looks like the best choice.
Not sure what to do when those go south.
I shorted the wole market in Jan. 08. Best move I ever made.
That scenario you describe has already happened. Sucker rallies will continue to suck out the rest of the hosts blood, but for the most part, the US interests are in deep deep trouble. Particularly the treasuries/Bond market.
With all the borrowed money this incompetent President and his mentally retarded Cabinet has committed this country to, Treasuries are one of the very worst things to be in right now. Run away inflation is just around the corner as soon as the tax increases kick in.
Before it is over, the stock market will be at zero. Along with that so will be everyone’s pension fund, 401K, and the government.obama and his desciples will continue to print worthless paper “money” by the trillions. obama and ACORN, along with his deciples did not win anything November 4, 2008. America lost. America lost everything. It hasn’t happemed yet, but the mechanism has been set in motion and hour by hour our way of life is being destroyed. Thanks again to the obama voters.
Treasuries won’t even be safe over the long term because all the debt we’re taking on is bound to hit them.
bookmark
I've been arguing with myself all week about that. Buffet is all for removing it from accounting, and he's a real smart money guy, but I see it as jerking numbers around to hide the fact the underpinnings of some banks are just sand.
Another smart guy once said, "It isn't a loss until you sell it."
Maybe he's right.
Retail sales were better than expected for Feb. That is a bright spot. And the financials, which have taken the largest hit, will probably continue to do decently unless there’s some news which dooms them. People are starting to see that not all the financial companies are in trouble and are investing in those that are sound. That is a help, because without support for financials, the market cannot improve markedly.
I do think today will be a down day, but probably not a plunge.
Institutional investors are still holding their powder. Keep an eye out, because when those investors start to put money back into equities, it might signal an end to the extreme volatility and the prices will climb.
Most of the plunge was due to credit contraction especially in Europe. Once that eases the market will stabilize and rise. Individual investors here are not really relevant.
Yes, it is entirely feasible, but also a frightening development, although many would not understand the ‘frightening’ part.
Looks like the market is going to be neutral today. Went up a hair but isn’t doing anything now.
The Great Carnac predicts a 240 point rise
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