Posted on 05/19/2010 1:52:38 PM PDT by blam
Stocks End Down Hard AGAIN: Here's What You Need To Know
Joe Weisenthal
May. 19, 2010, 4:00 PM
At one point today, markets were off nearly 2%, so the action was not horrible for bulls. Perhaps the bleeding is stopped momentarily..
But first, the scoreboard:
Dow: -66.65
S&P: -5.8
NASDAQ: -18.9
And now, the key stories:
* For the moment, markets have stopped freaking out about Europe and Germany's boneheaded move to go after short-sellers. The euro has staged an impressive rally. The euro is now nearly at $1.24, which seems high, but remember, $1.25 was thought to be unthinkably low just a few weeks ago
. * Cloture has failed in the financial regulation debate, meaning the debate will continue, and new amendments can come in. This is bad news for Wall Street, since there's still a chance that some harsh amendments can be included.
* Gold fell again to below $1190. A lot of gold-bugs-come-lately are already well under water.
* New mortgage applications fell to a 13-year low in April. Welcome to the homebuyer tax credit hangover.
* The NOAA is warning that once the big oil slick hits the so-called Loop Current, Florida has 10 days until impact.
* Talk of China revaluing the yuan has roared back, though given the fall of the euro this seems unlikely.
* Financial shares finally rallied today. Even Goldman Sachs was up, perhaps on optimism that financial reform will be weak.
[snip]
(Excerpt) Read more at businessinsider.com ...
Does this “Here’s what you need to know” analysis come out daily? It would be a useful read.
The price of oil is going down, the dollar is going up, so it will cost less for gas, I’m liking this so far.....
Often...I don't recall seeing it every day though.
..the day started with John Deere(DE)posting excellent second quarter numbers...often when a blue chipper does that the market takes heart...but the European mess trumps everything...I don’t see our markets stabilizing until Europe does.
Oil going down is good. There seems to be a threshold of energy costs that has bad consequences when breached. There must be something to it, because the anti-human commies keep demanding higher energy prices, and the anti-American thugocracy keeps pushing policies to oblige them.
The other thing I take away from all of this is that finance schemes that create debt to pay off other debts aren’t working. The world needs to dump Socialism. It failed.
How about arresting the culprits like Soros?
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