Indeed. The S&P closed below the former lows of 741 Friday. The market could well plunge next week a la 1987.
The budget, IMHO, with it’s vendetta against the wealthy was the final nail in the stock market’s coffin.
A black monday scenario is somethign I considered entirely possible, but there is a small chance of that happening. Due to the already excessively prolonged decline - a rally has to happen first.
I am thinking if it DOES do that, then it actually might be a good cleansing move for the market as it will leave a ton of people including my 401k completely wiped.
It closed at 735.09 Friday.
I read one guy say that if it closes below 740 monday, he's heading for the hills.
The market could well plunge next week a la 1987.
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Date Close Decrease Percent
10/19/1987 1738.74 508.00 22.61
1987 will seem like a good time. It is so easy and profitable to short the market these days...
The more money the obambinuts throw into this fire, the hotter it will get, the farther it will spread and
the more it will burn.
Folks are considering this weekend whether they should leave their money in the market and wait for the bounce, or cut their losses at 50 percent and pull the rest out monday.
Once they learn that it will take 10 years to get back to where they where a year ago, it will be an easy decision and we could see a one day 20 percent drop tuesday.
down to 5600.
Watch for obambinuts to try and close the markets.
We should be deleriously happy ~ overjoyed ~ leaping into the air.