Posted on 06/07/2010 1:08:02 PM PDT by blam
Markets Fall Hard AGAIN: Here's What You Need To Know
Joe Weisenthal
Jun. 7, 2010, 4:00 PM
Another day, another disappointment for the markets. This one was particularly bitter, because after last night's overseas losses, US bulls actually were putting together a run in early action.
But first, here's the scoreboard:
Dow: -120
S&P 500: -15
NASDAQ: -46
And now, the big story of the day:
* It's getting harder and harder to argue that we're not in a new bear market. The default is to sell. When there's no huge news folks are selling. Even when world leaders seem to have their act together (Hungary getting in line, the G20, etc.) the market is selling off.
* The big news in the US today was the launch of the much-anticipated iPhone 4. You can follow our complete coverage of it here.
* In the financial space, the day was characterized by news that Goldman Sachs (GS) got into a spat with the Financial Crisis Inquiry Commission, which accused the Wall Street bank of dropping too many documents on it, and forcing the panel to play "Where's Waldo." The stock fell 3% today. Overall, the financial index, as measured by the XLF fell about 2%.
* In line with the global austerity trend, Germany released its new budget. Learn more about it here.
[snip]
(Excerpt) Read more at businessinsider.com ...
Look out 9000, here we come!
The only thing people need to know is the economy will continue to tank so long as there is a flaming socialist in the White House and flaming socialists controlling Congress.
Look out 9000, here we come!
___________________________________________________
On our way to 6000.
Escalating Gov’t debt at all levels, higher taxes, and anti-freedom of property sentiments from the highest levels of Gov’t will make for a very bad stock market.
Considering what’s going on, the market got off easy today.
It’ll be an interesting week.
The whole market recovery was so like the one in 1930 that it really boggles the mind.
All global economic indicators are bad. China is on the precipice. Europe is about to go. This will get worse before it gets better.
Another end-of-day sell off. I look forward to your daily commentary after the market close. Thanks for the info!
3800 by late November.
Gawd I hope not!
I have found this website to be a very useful source of information on the economy, gold, and silver.
http://goldismoney.info/forums/
BTW, gold and silver up 2% today.
Obama: “Score!!”
Actually, silver up 4.77% today!
Yup, very possible.
4800 before end of summer.
There is nothing, no force in the world, including unlimited printing press time, that can fix this mangled market (with the possible exception of the death of every government official and central banker on earth).
Sorry, I disagree. The market is an inexact reflection of private companies ability to make a profit. Obama and his minions are a huge threat, but I believe that the creativity of the market will prove to be a more powerful force. Oh, and after we sell a boatload of 30 year treasuries on the 10th of this month you’ll start to see better news and less of a “flight to safety”...by coincidence, of course.
Sure it was in parenthesis’, but thanks for pointing out the bright side.
That got my nipples hard.
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