Posted on 11/05/2008 3:48:11 PM PST by Ernest_at_the_Beach
The market was widely expected to give back some gains after a runup that lifted the Standard & Poor's 500 index more than 18 percent and that gave the Dow its best weekly advance in 34 years; moreover, many analysts had warned that Wall Street faced more turbulence after two months of devastating losses.
But investors lost their recent confidence about the economy and began dumping stocks again.
"The market has really gotten ahead of itself, and falsely priced in that this recession wasn't going to be as prolonged as thought," said Ryan Larson, head of equity trading at Voyageur Asset Management, a subsidiary of RBC Dain Rauscher. "Regardless of who won the White House, these problems are not going away."
"We're in a really bad recession, period," he said. "People are locking in profits and realizing we're not out of the woods."
Beyond broad economic concerns, worries about the financial sector intensified after Goldman Sachs Group Inc. began to notify about 3,200 employees globally that they have been lost their jobs as part of a broader plan to slash 10 percent of the investment bank's work force, a person familiar with the situation said. The cuts were first reported last month. Goldman fell 8 percent, while other financial names also fell; Citigroup Inc. dropped 14 percent.
Commodities stocks also fell after steelmaker ArcelorMittal said it would slash production because of weakening demand.
(Excerpt) Read more at biz.yahoo.com ...
fyi
The new turd-in-chief better call down fire from the sky to distract his deluded worshippers.
Wall Street hung on, hoping for a McCain victory and a better climate for business.Wall Street had their hope dashed just like the rest of us. The Left hates business. Watch as our unemployment numbers skyrocket.
Totally expected.
The markets react to US Marxism
Surprise, a marxist in the white house is bad for business.
Please remember, Wall Street was one of the BIGGEST contributors to Obama......guess they should be careful about what they asked for.
–Phelps Adams
People should be thinking about getting out, it will turbulent from now to Christmas but before the end of the year there will be much less money in the markets overall.
Gee, such a shocker: AP doing their part to deflect the blame for today's market drop on the election of BHO yesterday. How do they know investors are "looking past" his election? I believe the market dropped BECAUSE he was elected. Socialism and free markets don't mix well.
This kind of crap is going to get VERY old, VERY fast. We hafta toughen up, it is going to be a LONG 4 years, people. Ugh.
Notice to All Employees
As of November 5, 2008, when President Obama is officially elected into office, our company will instill a few new policies which are in keeping with his new, inspiring issues of change and fairness:
1. All salespeople will be pooling their sales commissions into a common pool that will be divided equally between all of you. This will serve to give those of you who are underachieving a “fair shake.”
2. All hourly employees will be pooling their wages, including overtime, into a common pool, dividing it equally amongst yourselves. This will help those who are “too busy for overtime” to reap the rewards from those who have more spare time and can work extra hours.
3. All top management will now be referred to as “the government.” We will not participate in this “pooling” experience because the law doesn’t apply to us.
4. The “government” will give eloquent speeches to all employees every week, encouraging its workers to continue to work hard “for the good of all.”
5. The employees will be thrilled with these new policies because it’s “good to spread the wealth.” Those of you who have underachieved will finally get an opportunity; those of you who have worked hard and had success will feel more “patriotic.”
6. The last few people who were hired should clean out their desks. Don’t feel bad though, because President Obama will give you free healthcare, free handouts, free oil for heating your home, free food stamps, and he’ll let you stay in your home for as long as you want even if you can’t pay your mortgage. If you appeal directly to our democratic congress, you might even get a free flat screen TV and a coupon for free haircuts (shouldn’t all Americans be entitled to nice looking hair?) !!!
If for any reason you are not happy with the new policies, you may want to think about your vote on November 4th.
I was expecting a pullback today, but it was larger than I expected. That suggests that tomorrow may be down, too, because it’s an outside red candle on the chart:
http://stockcharts.com/h-sc/ui?s=$dji&p=D&yr=0&mn=4&dy=0&id=p24903662436
It also reversed the point & figure charts from bullish to bearish, according to someone I heard from earlier today.
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