Dow Jones down again

Originally posted by Nonchalant
The global financial system WILL collapse completely despite the best attempts to prevent it happening..

Heres what will happen:

1. ALL debt will be completely wiped
2. Everyone will be given an amount of money to start again (for some this will be a windfall, for others it will be a pittance compared to what they have now)

A fresh start?

Sounds good count me in.

Remember Katrina when they gave all the survivors free debit cards?

Or Iraq when they handed out bundles of $100 bills to the natives?

Or the tax stimulous giveaway?

They must have been conducting social experiments to see how the money would be redistributed.

What amount of money do you think they will credit to our accounts?

[edit on 14-10-2008 by In nothing we trust]

Commodities will be a buy once they go down because of government intervention and the stronger dollar. But that will not last for very long.

Oh man! And I was so hoping the positive attitude would last till next week, so I could get some cheap(er) gold stocked when I get back from my vacation. Bah. Oh well. Business as usual I guess.

Cheers!

I'm starting to think that the market is unable to stay in tho positive.. It seems like every time it goes up, its fighting its hardest to stay there, then the inevitable, it drops into negative again.. I saw a little while ago the Dow was at +.48 Thats what I call weak.

Originally posted by KaginD
I'm starting to think that the market is unable to stay in tho positive.. It seems like every time it goes up, its fighting its hardest to stay there, then the inevitable, it drops into negative again.. I saw a little while ago the Dow was at +.48

Thats what I call weak.

You're right that it's unable to stay in the positive. At the moment it's down 382 to just 8042. The S&P is also down to just 811.

I can't believe no-one's commented here for over a month now, while it's been dropping lower and lower. Is everyone just too shocked to comment?

Dow Jones drops almost 5% today
8,008.43 -416.32 -4.94%
(20 min before final bell)

[edit on 19-11-2008 by warrenb]

make that

7,992.26 -432.49 -5.13%
with under 10 min to go

[edit on 19-11-2008 by warrenb]

Well, the bell rang a minute ago, and we broke the 8,000 barrier.

Closed -426.91 (-5.07%) to land us at 7,997.68.


[edit on 11/19/2008 by Unit541]

reply to post by Unit541


the lowest it hit was back in September I believe, at 7,773.71

New low on the S&P 500.

reply to post by warrenb


No, that intraday low was in October. September's levels were downright celebratory compared to what we saw today. This might be a really bad omen, what we just witnessed. I'd have expected the PPT to at least try to keep the Dow from breaking the 8,000 point floor. They either didn't try (let's hope) or weren't able to offset the sell offs (which is very possible as I just saw that 15 minutes after the closing bell, after hours trading is already down another 125 points). If all the auto-buy computer programs are reset tonight to take this all into account and are bumped down to a much lower threshold before their automatic buy protocols kick in, tomorrow might be a very, very bad day.

It's getting almost impossible to see any light at the end of this tunnel.

Originally posted by burdman30ott6
It's getting almost impossible to see any light at the end of this tunnel.

I see a light alright, but it's a train.

reply to post by Unit541


I don't even see a train. At least that would indicate a swift, relatively painless death followed by the cool, loving embrace of death.

BTW, anyone who can answer this feel free, did we just see the beginning of Citi going under today? The credit default swaps for them went nuts today and were apparently a big ticket item in the market. Are they the next target? Correct me if I am wrong in this belief, but wouldn't a colapse of Citi basically be the straw that breaks the camel's back, opening up the floodgates on the derivative market and jamming a pin into that bubble?