Posted on 02/04/2010 1:37:04 PM PST by blam
DOW BREAKS BELOW 10,000
Vince Veneziani
Feb. 4, 2010, 4:01 PM
The Dow plunged below 10,000 today, and at 4:00 PM it was at around 9999.84.
But same late ticks appear to have put it over the top.
The NASDAQ: Down 2.75% to 2130 after a 59 point loss.
The S&P 2.75% as well, dropping 30 points to close at 1066.
Crude oil took an enormous haircut of 5.26%, falling to $72.93 a barrel amid the turmoil.
Gold lost $50 to plummet to $1063 an ounce. Silver los nearly 6%, falling to $15.36 an ounce.
Why did everything go sour?
[snip]
(Excerpt) Read more at businessinsider.com ...
It’ll head down further tomorrow no doubt.
But, but, but, the RATS have been saying the market was “recovering”!
"Let me be clear: this isn't about me."
It could, but ending up about 10,000 on a day like today might well be a short-term good sign, especially if the numbers tomorrow are no worse than what people were speculating about today.
Or it could be a very bad day. If we knew that tomorrow would close down 500, it would have done so today.
Scott Brown wins in Mass.
Dollar rallies
Everything else tumbles. It really is quite simple. A company is worth “X” dollars. If x becomes 1/2x (dollar loses value), then the company is now worth 2x. The rally wasn’t because companies were producing more, it was simply because the currency they are based on went down in value.
If you search my posts, you will see I called this prior to the election.
Now, if only I would have followed my own advice, I’d be $10,000 richer today! :-)
Not good.
DC and CONgre$$ still don’t get ‘it’.
“If we knew that tomorrow would close down 500, it would have done so today.”
Now that’s a real head scratcher.
I could not hit sell button fast enough today
Look for a good dive also as those wanting to pay less taxes on profits remove investments in 2010.
Goes from 15% to maybe almost 40% next year?
The dollar jumped quite a bit today... That definitely affects commodities. I guess it could affect stocks as well more buying power?
...too big for a 45 cartridge? ...lipstick from Big Lots?
Fewer dollars today have the same buying power as yesterday.
If a company was worth $10,250 yesterday, the more buying power of the dollar would make the company worth $10,000 today.
Nay Obama will prop it up tomorrow, and wait til Monday before he plunges again. He can’t leave it plunged all weekend, and announce late Friday night how many more banks were closed, as he’s being doing...
“...from Bagdad Bob Gibbs lips.... “unexpected...”
No, this latest drop is Europe, Greece and Spain, the sovereign debt crisis in the former and banks and property developers in the latter. The Spanish market was down 5.5% today.
That is why commodity prices are half their prebubble levels, after going as low as a quarter of their peaks.
Whenever anyone screams "sell" in any speculative market, they are issuing a "buy" order for money. The demand for money is not a constant. Very far from it.
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