Posted on 10/03/2011 12:03:04 PM PDT by blam
THE MARKET IS GETTING WORSE: NASDAQ Off 3%, Dow off 240, Banks Getting Killed
Joe Weisenthal
Oct. 3, 2011, 2:48 PM
UPDATE AT 2:50:
With a little more than an hour to go, markets are getting killed even more.
The Dow is off about 240. The NASDAQ is down 3^, and the S&P 500 is down 2.6%.
All day has been a continuation and acceleration of the concerns that really got rolling in September, especially on the bank front. Morgan Stanley is down nearly 7%. At rival Goldman Sachs, CDS have hit their highest level since October 2008.
Bank of America is off over 8%.
Meanwhile, the euro is getting crushed, falling below $1.32.
UPDATE: Since our initial post, the market's gotten much worse, with the Dow of over 200+, NASDAQ down 2% 2.4%, and major selling in the bank stocks.
Morgan Stanley, which got killed on Friday, is down about 6% 8%.
Bank of America is off 5%.
Citigroup is off 5%.
Another huge loser today is airline AMR, which is off 38% on bankrupcty rumors.
The market is so revolted by risk right now, that even good economic news (which we got today) is having no positive effect.
(snip)
(Excerpt) Read more at businessinsider.com ...
I am going back in at about 10,000.
Anyone else got an opinion?
I bolted at 12,100.
Will it hit it and bounce like it usually does?
Or will this be the time it submerges?
“I am going back in at about 10,000.
“Anyone else got an opinion?”
Yes: Stay in cash.
Things may get a lot worse (the Europe situation
still has to shake out).
If you have a job, consider yourself lucky.
Banks Getting Killed, eh?
I suppose any savvy investor would have to realize how squarely they lie in the political crosshairs right now.
Considering where it was during 2007/2008 you might want to reconsider since we are on the edge of an abyss.
The stocks I want to buy are up, or priced too high. It is the stocks nobody wants that are going down.
It looks like the markets will close at the lows set on August 9th.
Now we will either get a bounce off the lows or October will be its usual gloom and doom for the stock market.
10 K seems shaky to me. Looking for a lower number but I’m not sure what that is at the moment. My rather personalized math shows that I should not be getting back in till it dips below 9 K, maybe even 8 k
Cemex (CX) sure is cheap (or worthless) right now. Either one is going to make an absolute fortune on that one or lose everything.
Bob Brinker has said “Buy” but I think he drank the koolaid and is trying to manipulate the market into going up for the administration
Is anyone investigating Frank and Dodd?
I contribute a fair amount above the match on my 401k, and it keeps getting smaller.
Would this be a good time to cut to the bare match minimum, and pay down my mortgage with that money? I’d be making 4.875% on that, (my interest rate), which would beat losing money.
When the only growth industry is Casinos, we are really hosed.
I don’t disagree, at all.
Maybe 9,500.
That said, if it hits that FAST, then, I think I’m staying put.
October always seems to be a crash month.
Mkt on a stairstep lower...will be up days, but steadily lower way lower than 10,000...March ‘09 lows initial target, but could go lower still...
Banks getting killed? Buy FAZ...up 11% today
Europe got you worried? Try EPV or EUO up 4.9% & 2.9 today
Small caps getting smaller? Try some TZA up 13.2% right now
Worried about tech? Get some TYP - up 5.6% today
Think S&P is going lower? Get some SDS, up 4.8 right now
These are all leveraged bear etf’s...
Very discouraging news, but not unexpected.
I suggest looking at the momentum, not the numbers. If momentum is downward, you might consider holding out until that reverses...
Personally, I have still been putting in large amounts to 401k, but all cash. (cash match also).
But a few weeks ago, I switched future contributions (not past ones) to a “guaranteed income” fund bonds and whatnot, that has historically done about 4%.
So it seems if you have an investment option that looks like it can hit 4.8%, then good to do that...otherwise, pay down the 4.8% debt. (non-dogmatically submitted, by the way....I don’t have strong feelings about these things...just giving my opinion)
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