Posted on 10/09/2008 12:59:03 PM PDT by Red Badger
The Dow Jones industrials fell under 9,000 this afternoon for the first time since the summer of 2003 as investor confidence that markets would stabilize appeared to collapse. At 3:40 p.m. ET, the blue chips were down 641 points, or 6.9%, to 8,617. The Standard & Poor's 500 Index was off 74 points, or 7.5% to 911. The Nasdaq Composite Index was down 94 points, or 5.4%, to 1,646. The S&P fell under a closely monitored support level of 960. A support level is important because it is supposed to trigger new buying. At those levels, the crash of 2008 has left the Dow 39% below its record close of 14,164.53 and the S&P 500 down 41% from its record close of 1,565.15. Ironically, both records were set exactly one year ago today.
(Excerpt) Read more at articles.moneycentral.msn.com ...
This is the “Obama Drop” - the credit crisis triggered this, but the additional weakness has to do with Obambi’s threats to raise Cap Gains Taxes and raise taxes on businesses.
It’s no wonder that people don’t want to be invested in stock when a MARXIST appears to be taking over.
Throw in margin calls for traders and you’ll see end-of-day forced liquidations
I’m an options trader so I’ve seen this time and time again.
When I used to trade equities I had been forcibly liquidated many times late in the day when I didn’t wire in funds to cover my margin call. This all comes to pass.
The meltdown was designed to take the Republicans out. The vote fraud is back up in case the Republicans survive
If Oboma wins, they'll call him God, and there will be socialist peace in the land. If he looses, they'll scream voter fraud and start a civil war ("racism" and not counting "valid" ACORN absentees) until the nation surrenders and hands the presidency to Oboma to put a stop to it.
Either way, they want Oboma in. There's too much invested in him to fail. There's too many international players who need him - and not the kind that'll work in Americas best interest. They've been grooming this guy all his life for this day.
The funny / sad thing is this will just bring Obambi even more support.
The American people have got to punish that evil Bush fellow after all.
Small(er) CG hit now vs. HUGE CG hit under Obama-ism later.
and when will Obama get questioned why his bailout bill doesn’t seem to be working?
(401K)/(dims) = 201K
not that i am aware of.....
But I don't know what else to do but ride it out. I really loathe the thought of selling out and losing half my assets. Just keep going in to work every day, paying the bills, taking care of the folks, and putting off retirement a few more years...:-(
Dick Gephardt used to say that for every 100 pt drop, the Dems picked up a seat in the house. It’s utterly BS that Obama is riding this market freefall. He is offering nothing but big government and high taxes - an economy KILLER.
Underlying your pension are investments, typically in the markets. So the question is, what hit will the pension fund take, and will they survive to meet their obligation. I am not trying to scare you, but you may want to do some research on who is running it. Unless it is with Uncle-Sugar....
So does a hurricane, but it leaves destruction and grief in its wake......
I told folks here two weeks ago I figured a firm bottom was 7500 or so like in may 2000.
that was before this yellow brick road bailout
I told a co-worker that I thought the bottom was around 8,000. He thought I was insane to think it would go so low. I might have been too conservative.
John McCain is the leader of the Republican party and needs to defend them with very hard hitting ads that shows the democrats blocking the fix. 1 minutes ads that say at the end, I am John McCain and I approve this message. Get out in front of this John!
The higher the polls read for Oboma, the more the markets will be selling off. The market knows how dangerous it will be with a totalitarian left wing government.
Demand it back from whom? It hasn't been spent yet.
Is this something that Soros and his one world government people can pull off?
Is this the October Surprise?
When I left to ride my bike earlier this afternoon, the market was down less than 100. It was down over 500 when I came back. Do you see a correlation between my bike riding and the market?
Demand the blank check back that we just handed over. Before it gets spent.
I think that $700B was designed to get us through the upcoming election cycle, but I’m not sure it will make it. I’m hoping for massive “throw the bums out” sentiment at the polls.
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