Posted on 05/26/2010 1:21:20 PM PDT by blam
Markets TANK In Final Moments Of The Day: Here's What You Need To Know
Joe Weisenthal
May 26, 2010, 4:00 PM
After surging by as much as 2% at one point, markets collapsed in the final moments of the day, a session that will prove very dispiriting for the bulls.
But first, the scoreboard:
Dow: -70 (below 10,000!)
S&P 500: -6.2
NASDAQ: -15.07
And now, the key stories.
* Once again, the see-saw market is the story of the day. Stocks were up very big early, following a good overnight session, and then collapsed in the final hour.
* The whole day felt like yesterday, but in reverse.
* Bulls who were hoping that a rising market would become the new norm on days with little news will be sorely disappointed. See 10 key economic indicators that are already rolling over here >
* Once again, Europe had to go and spoil the party. First, there was a report that Greece is already trying to renegotiate its big bailout (specifically, that it's trying to get out of promised pension cuts), and second there was a report that China has put its holdings of Eurozone bonds on review. See everyone who would be saved by the Euro bailout here >
* BP's "Top Kill" began at 2:00 PM ET, though we won't know for awhile whether the attempt to fill the leaking well with mud will work. It could take anywhere from 10 hours to two days to see results.
* New home sales came in well above expectations, providing a nice lift homebuilders early on, but the number is still influenced by the homebuyer tax credit. * The next wave of housing data will provide a nice look at post-hangover information.
[snip]
(Excerpt) Read more at businessinsider.com ...
Towards the end there it was bouncing up and down the 10,000 line like a ping pong ball before finally letting us all know which direction it really wants to go.
I already know Obama is President.
I bet they're in trouble too...it closed below 10k.
Yeah. I think the author must have meant “tanked from the day’s highs”.
I was watching for a while on My.Yahoo and it was downright comical to see it over 10k, then below, then over, then below...
I think we will see a lot of this going forward. Sovereign debt is a web in which most never escape (please refer to Western Civilization for the last 4000 years). Those that crawl in its web will machinate and flail, but the results are always the same.
a. default (countries without a printing press will do this, coming to a Med country near you!)
b. inflate their way out of debt (countries with printing presses ALWAYS do this).
I assume you all know which one we fall under.
LOL...there's something about the stock market today that reminds me a lot of TV Wrestling and NBA basketball...
I know what ppt means ........................as of yesterday
Well, then, you should watch the market all the time for your entertainment because it happens all the time.
I do watch it a lot, and for entertainment. :)
But no, it doesn’t happen all the time. 10k is a special number and it really has not spent a lot of time within ten points of that number.
I actually have been known to stand by a roulette wheel for hours and just watch people gamble. I honestly find it fascinating. It is also very entertaining.
This is a bit overwrought, and being below DJIA 10K isn’t the big story here.
The big story today will go almost unnoticed by the equities hounds.
The German 5-year government bond sale achieved only a 1.1 bid-to-cover while everyone is supposed to be avoiding risk. The last auction, in April, had a 1.5 BTC.
Suddenly, even Bunds don’t look so risk-free.
is that name really necessary?
I’ll take b. over a. when it comes down to the wire.
My read on the finish was rumors about China not buying anymore European debt which spiked the Dollar and broke the Euro. More debt default rumors. I expect the story was planted by some hedge fund, or not. Who knows anymore. How do you value equities when the market can cook off in a couple of days and take what took months to build? The charts are saying that nobody has a clue and nobody can provide leadership. Too bad we spent our wad on insurance and stimulus for dem flunkies we could have some wiggle room here. FUBO
I suspect that a lot of stimulus and bailout money has been used to keep the Dow dog paddling above the 10k. It seems that a lot of buyers have been coming in during the last half hour to pull up final number. But today the calvary did not arrive in time.
LOL. I learned Death Cross today.
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