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 ...
Don’t you have a cash option in your 401k?
I haven’t glanced at my 401k (Mutual funds) balance in over a month. And I won’t for some time. Still pumping $$ into it at these bargain share prices. As long as you don’t jump off the roller coaster you won’t get hurt! At 45, I will not be jumping off anytime soon. All these shares my contributions (4% fully matched)are buying the past few weeks will be looking sweet in 5-10 years. I’m investing long term, not speculating.
“The markets are clearly panicking due to an Obama’s anti-business SOCIALIST policies!”
I just said that to my husband. I think that is the fear- Obama’s policies will be socialist and extremely detrimental to the already fragile economic state. This will be especially true with a dem-controlled Congress.
Shep Smith had some people on talking about how terrible things looked for the market, and one of his guests was saying it would take a year or two for things to turn around.
The market started tanking and Shep sat there with a straight face and said, “Can you believe this?”
Yes Shep, I can believe it. STHU if all you can do is trash the market 24/7.
Mutual fund redemptions from scared seniors could be causing the problems as well.
Like I said, get the panic over quickly so we can move on.
All of this is foreshadowing the Obama economy that started after the election of ‘06. At that time, businesses and productive citizens (i.e. taxpayers) started preparing for the coming oppressive regulation and high taxation; hence, the reason a vibrant economy had the breaks put on by the Democrats and Media.
The markets are down not because of the Obama-Bush $850 billion bailout, which we were told should have buoyed markets - I didn’t believe it, but the markets knew it was inevitable and factored it in before last Friday; and not because of the manufactured “credit crisis” - and it was manufactured as an “October Surprise” by the Dems along with Paulson, markets saw it coming months ago and factored it in; and not because the rate cut was too small - a intrameeting 50 basis point cut was expected and already factored in yesterday. The real reason is because the markets are convinced that Obama is going to win, and they are preparing for a prolonged economic catastrophe - “The Democrat Effect” - which started in Nov. ‘06 after the election. The beginning was the passage of the increased minimum wage, refusal to make permanent the tiny tax rate cuts of 2001-03, then the continue ignoring of Fannie and Freddie despite repeated government and financial sector warnings.
This one's good as any........
RELAX. HELP is on the way
http://www.google.com/search?hl=en&q=%22Hillary+Clinton+will+become+the+LAST+president+of+the+United+States%22
art cashin was lamenting the other day that we hadnt had the flush.
Maybe this is it.
Someone was opining a few minutes ago on cnbc that this was due to credit swaps, etc. I don’t follow credit swaps so really didn’t know what he was talking about.
“Just how much more change do you think people can stand?”
You ain’t see nothin’ yet.
“The market supposedly closed 10 minutes ago and the average is still dropping. WTF?”
The volume of sell side trades is so high, they can’t settle them prior to close, so they settle for a few minutes after. Only trades coming in prior to 4pm close.
Until we start bulking up on AMMO!!!!.................
IMO< that’s the only strategy that makes sense. What else would you be expected to do, pull out and lock in your losses. No way.
2 weeks ago I bought Ford at $5 thinking I was getting a great deal. :-(
Barack Obama and the Strategy of Manufactured Crisis
would I be bad if I said I was buying bargains?
41% down from its peak of 365 days ago.
If you start such a thread, would you please ping me/add me to your list?
Thanks! :)
“Pain is just weakness leaving the body.”
So sticking a needle in your eye makes you stronger? Try it and get back to us with the results.
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