Posted on 07/02/2008 5:46:56 PM PDT by TigerLikesRooster
Dow Jones becomes a bear market
A bear market is commonly defined as one that is 20% below its peak
The Dow Jones Industrial Average closed more than 20% below its October 2007 peak on Wednesday, meaning it is officially a bear market.
The blue-chip index fell 166.8 points or 1.46% to 11,215.5, which is 21.0% below its 14,198.1 close on 11 October.
The biggest drag on the index was General Motors, which fell below $10 a share for the first time since September 1954.
The S&P 500 index closed just shy of 20% below its peak levels.
(Excerpt) Read more at news.bbc.co.uk ...
Ping!
Buy Buy Buy...
right when all the clowns are freaking out you buy?
Fibonacci support at 11,500 has failed. The next retracement will take the Dow down to about 10,000. If that holds, buy. Otherwise, if that fails, the next retracement level will be 7500.
This goes to show that the frantic denials by selected FReepers will not keep the market from dropping.
Okay, how about $1000 worth of GM stock? Anyone? :)
Where I live, the only time I’d ever need to use gasoline again would be on a roadtrip.
That car would get me everywhere I usually go on electricity alone.
Fibonacci support at 11,500 has failed.
What percentage level is 11,500?
The electric grid can barely supply the air conditioners when we have a real hot summer. If half the homes plugged in a car each night could the grid support it?
Just wait until you see your electric bills!
Speaking of electric cars, and the higher electric bill it takes to charge the batteries, what about the batteries? They don’t have a long life, are expensive to replace, and what do you do with the used ones, of which there will be thousands.....
Everything is building toward the French model of nuclear electric generation, and thank God Almighty for it!
foreign money will take advantage of the cheap dollar and get in before it gets below 10,000.
Of course, there are lots of fib levels depending where you start counting from. But it's looking dire. About time for a violent but futile "rally of hope".
There are a lot a reasons why the market is down. I read and listen to a lot of financial news and I do not hear anyone talking much about the effect the election has and will have on the market. I do not think the market is looking forward to President Barry with a Democrat congress and I doubt if it has much more enthusiasm toward McCain and a Democrat congress. I can see the Dow breaking below 10k and when it 14k less than a year ago, that would be a heck of a downside move.
I think this car is a great idea, but I suspect that its costs are going to be much greater than what people are hoping for. Does anyone have a link to a third-party analysis of the projected costs of this vehicle?
Plus, the US power grid will melt down (literally) as a result of electric car owners plugging in every night, unless the infrastructure is upgraded to some multiple of its current capacity. I haven't read of any plans to do this.
Pretty expensve toilet paper you've got there.
I’m not necessarily buying, but it’s tempting. GM has around $40 in cash per share, and its business outside of North America is profitable. If they can figure out a way to stop bleeding money in the domestic business, the stock could easily double or triple from the current level.
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.