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 ...
The video in post one is at ...
... and I’ve sent it to many on my mailing list with a note asking them to let me know if they don’t want any more such material.
Need you guess my intentions?
If you had purchased $1,000 of shares in Delta Airlines one year ago, you would have $49.00 today. If you had purchased $1,000 of shares in AIG one year ago, you would have $33.00 today. If you had purchased $1,000 of shares in Lehman Brothers one year ago, you would have $0.00 today. But, if you had purchased $1,000 worth of beer/soda one year ago, drunk all the beer/soda, then turned in the aluminum cans for the recycling refund, you would have received $214.00.Based on the above, the best current investment plan is to drink heavily & recycle. It is called the 401-Keg.
God knows I’m no financial expert. But I think that around December, after the elections are over and with the buying season upon, that things will turn around.
Might be slow but the Dow will rise to slightly above 10,000 by the end of this year.
It’s my story and I’m sticking to it. Yes, still a loss but by then things will start growing; the adjusting will be over.
Except for the first time, a party appears ready to ride a scandal into absolute power over this nation.
This is so frustrating. Not that the market is down. But nobody seems to get that there are only two ways out of a recession: 1) inflation; 2) business tax relieve.
Too bad Bush and McCain flunked econ 101!!!
This could get bad.
After hour trading....
just a little. On Oct 10, 2007 the DJI was 14,015, now it's 8579. That's a 38.8% decline.
(Week of) Aug 26 '29 the dow was at 380, by Nov. 1, 29 it was 245. About a 36% drop in two months.
The week of Aug. 4, 2008, the dow was at 11,734, if it drops to 7510 by the end of the first week in November, it will have dropped about the same percentage, in roughly the same time period. That's only 1070 points, and considering today's drop of 678 points, who would want to bet the farm it won't drop 1,000 more by then.
Might be slow but the Dow will rise to slightly above 10,000 by the end of this year.
It’s my story and I’m sticking to it. Yes, still a loss but by then things will start growing; the adjusting will be over.”
I hope you are right. I know we won't be spending much this “buying season” because we've decided to “delever” just like Wall Street and the rest of the globe. Holding cash and seriously considering gold in case the currency collapses.
Don't know about now, but if Obama wins that will cause a real post-election downdraft.
But this was a lie. Here is the longer historical trend. What we see is that the Greenspan bubble years, the S&P has been overpriced, by a factor of 3 at its peak. So, today's close is below the long term average, but the long term shows that the S&P500 can stay below the long term average for as long as a decade.
After the Obambi capital gains tax increase passes the Congress with an overwhelming majority, 5000.
And after obambi's that 0.7% GDP to the UN for the "poor"....make that a 4,000
Show these two charts to everyone you know. There is no doubt at all--the market is selling off because of Obama.
“What a putz Bozo is.”
Well, the man is a liar and has no loyalty to anything except himself.
Awwww, look for Bush to come out tomorrow and explain "We took a thumpin'"
I just keep wondering if this isn’t some sort of terrorist act. Here we are putting our shampoo into little plastic bags and stripping for the TSA in expectation of another air attack when, all the while, they were wearing Gucci on Wall Street and bombing us from within!
These enemies of America are sooo clever!
Our foounding fathers warned us about a central banking system. Looks like they were right.
AGAIN!!
Not practical today. Use tree sap, the sweeter the better, and fiberglass.
Cramer is a FOOL
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