Posted on 10/10/2002 3:35:13 PM PDT by rohry
Market WrapUp for the Week
Thursday, October 10, 2002 Bear Markets Rally In other news today, S&Ps Investment Policy Committee pointed out that October is labeled the bottoming month for good reason; since 1946, eight of the 24 market declines of 10% or more for the S&P 500 ended in October. Does that mean well see the bottom before this month is over? I wouldnt bet on it, but maybe just a short-term bottom will be reached. Another steep leg down in this market is in the cards. Could it start tomorrow? On tap tomorrow will be some much anticipated economic releases as the Producer Price Index (PPI), Retail Sales, and the Consumer Sentiment figures will be released. Expectations of a weakening consumer could be either verified or nullified with tomorrows data. The Consumer Sentiment indicator as conducted by the University of Michigan is expected to fall to 85.5 from a level of 86.1 in September. Confirmation of these figures will come from the measure of retail sales, which are expected to decrease 0.9% in September, reversing last months 0.8% gain. Auto sales were weak in September and will certainly dampen total sales. Llisten carefully to the way the news is reported as many outlets will report the figures with Auto Sales stripped out. Volume was heavier-than-usual at 2.03 billion on the NYSE and 1.81 billion on the Nasdaq Stock Market. Market breadth was marginally positive, with winners beating losers by 20 to 12 on the NYSE and by 21 to 13 on the Nasdaq. Overseas Markets Asian stocks fell, with the Nikkei 225 Stock Average on course for its worst week in almost two years. Exporters such as Fanuc Ltd. and Samsung Electronics Co. slid after a U.S. share tumble increased concern demand will wane. The Nikkei lost 1.2% to 8439.62. The average lost 6.5% so far this week, its biggest decline since the five days ended Dec. 22, 2000. Bond Market © Copyright Scott Middleton, October 10, 2002 |
My credit union has been doing auto refinancing for some years now as a way to drum up business. Normally the credit union member will get a better interest rate than he had before. Evidently: if the members credit is good they can refinance at a higher rate for a longer period of time as well.
My sarcastic shot at Scott's last column, wherein he drew half a dozen little orange circles around that (down) day's recovery points, and described them as obvious points of intervention by the government's "Plunge Protection Team" to avert ultimate disaster.
Why, without the RPT's efforts today, we might well have had a 600 point rise in the Dow...
Exactly.
RPT, why have you foresaken me?
Perhaps they've been hibernating.
Actually, I don't discount the existence of the PPT either.
I just think it's silly to discern their shadowy influence in every trading ripple.
....I know exactly what you're talking about here...it's the old fable of the grasshopper and the ant all over again...the problem is there's a hell of a lot of those grasshoppers out there and they got the vote....I expect they'll find a way to avoid eating a meal at the table of consequences.....
Good luck to everybody, especially us ants!
Stonewalls
I'm finally convinced that the market is on drugs.
D-D-Dad???
:^)
RPT, why have you foresaken me?
<booming_echo_voice=on>Be patient, ye of little faith. We had to sucker some fresh meat into the scheme.<booming_echo_voice=off>
...and the lurkers return to the shadows (or is that because the "one-day miracle" is finally starting to be universally-recognized as a bear trap?).
Think positive...they can't take away accumulated money. They can tax the interest as much as they want, but that principal stays.
Here's a thought. People buy and hold stock when they feel confident and secure about the future. Catching Osama (which I really thought would've happened long ago), toppling Saddam, doing something about the ridiculous immigration situation, putting the corporate crooks in jail, discovering a way to solve the water or oil depletion problems are all examples of the kind of things that could cause a confidence in the future euphoria.
But, think about it. Many people have lost a large chunk of their retirement savings. They don't feel safe. A lot of formerly trusted groups (bosses, the Church, education) have let them down. Their jobs are in jeopardy, or many have had to accept lower paying ones. The government message is to "spend for the economy". I really think a lot of the spending and loss in the stock market is due to a perception of the future that isn't confident.
Have you ever read "THE DEMOCRATS' (SECRET) PLAN FOR AMERICA" by Neal Boortz?
Here is an exerpt:
Tax your pension funds
This idea first received serious consideration in the early Clintonista years. As soon as the Republicans took control of the Congress the idea disappeared. Right now its being secretly incubated by Democrats to be hatched when they regain control. The idea is simple. There are trillions of dollars out there in various private pension and 401K plans. All of these trillions of dollars are earning interest for (gasp!) private investors and individuals and not for the government! To make matters worse most of these private pension and 401K plans are owned by the evil, hated upper income earners.
The secret plan? A one-time 15% tax on the outstanding balance of all private pension and 401K retirement plans. This money would be paid into the general fund of the federal government and used to fund various social programs for low and middle-income earners.
Is this a dangerous plan for Democrats? Not really. The plan would take money chiefly from those who earn enough money to actually pay income taxes and contribute to pension plans. These people do not make up the core of Democratic voters.
Tax your pension contributions also
After the Democrats levy their 15% tax on the outstanding balance of all pension and 401K plans, they intend to follow up with a tax on all future contributions to these plans. The theory is that rich people shouldnt be allowed to contribute that money to these plans tax free when poor people dont have that opportunity.
For more go to: http://www.boortz.com/demsecrets.htm
I'D LOVE TO CHANGE THE WORLD
Ten Years After Everywhere is freaks and hairies
Dykes and fairies, tell me where is sanity
Tax the rich, feed the poor
Till there are no rich no more
I'd love to change the world
But I don't know what to do
So I'll leave it up to you
Population keeps on breeding
Nation bleeding, still more feeding economy
Life is funny, skies are sunny
Bees make honey, who needs money, Monopoly
I'd love to change the world
But I don't know what to do
So I'll leave it up to you
World pollution, there's no solution
Institution, electrocution
Just black and white, rich or poor
Them and us, stop the war
I'd love to change the world
But I don't know what to do
So I'll leave it up to you
---------
Any plan like that would be truely the end of any semblence of our economic system. And the sad thing is, I could almost see people accepting something like that, if it didn't effect their pensions.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.