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Stocks plunge anew as retail sales show steep drop

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posted on Oct, 15 2008 @ 03:28 PM
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Stocks plunge anew as retail sales show steep drop


biz.yahoo.com

NEW YORK (AP) -- Despair over the economy sent Wall Street plunging again Wednesday, propelling the Dow Jones industrials down 733 points to their second-largest point loss ever. Stocks fell on a combination of disheartening economic data, including a big drop in retail sales and a Federal Reserve report that said tight credit conditions are hurting businesses across the country.

The government's report that retail sales plunged in September by 1.2 percent -- almost double the 0.7 percent drop analysts expected -- made it clear that consumers are reluctant to spend amid a shaky economy and a punishing stock market.
(visit the link for the full news article)




posted on Oct, 15 2008 @ 03:28 PM
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Another horrible day for the stock markets. What happen? Retil sales literally PLUNGED in september. You can expect more of the same, and probably worse, in terms of expectations falling short.

There will be more days like this one in the future. I know many believe this is all orchastrated, but I believe that this is a silent crisis for the people in power. The status quo is falling apart at the seams and it is as though nothing they do can stop it. They may be power grabbing, but I think they are doing so out of desperation.

biz.yahoo.com
(visit the link for the full news article)



posted on Oct, 15 2008 @ 03:33 PM
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grim,

As usual your comments are well-received by me.

Would you say that my comment on another thread is outrageous?


Monday was a reflection of the Depression Syndrome.

We will see at least one more 'miniature' spike in the coming week or so.

I don't know squat about finance, but i think the market's 'true' value is closer to the 6-6.5K range. After that the curve will flatten and resume modest growth. (yup, I pulled that one out of my butt! - if everyone else can 'guess' so can I.)


I know, I shouldn't have said that .....


[edit on 15-10-2008 by Maxmars]



posted on Oct, 15 2008 @ 03:34 PM
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Ebay is looking pretty ugly. They dropped about 20%. APPL took a slight hit at more than a 5% loss.

MS fell over 16%.
GS fell almost 8%.
JPM fell more than 5%
BAC fell more than 10%
C fell more than 12%
WFC hardly experienced any fall in stocks (less than 1%)

These percentages in the major financial stocks should show you that it was an overall bad day for financials, which is not surprising because monday was an extremely OVERBOUGHT day for the financial market, as was the begining of tuesday. That speculative trading from those two days was bound to see its natural and rather immediate correction.

I'll update more as I find out about the stocks today and what may be in store for them for the rest of the week.



posted on Oct, 15 2008 @ 03:34 PM
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The problem is, none of their Elitist-back-scratching bailouts, nor the media's biased coverage of "how great it is for the economy" are erasing REALITY.

That reality is that hundreds of thousands of people are increasingly LOSING THEIR JOBS, BEING FORECLOSED UPON AND HOMELESS, and the cost of EVERYTHING is outpacing those that still DO have job's incomes.

The spin-factors and corpo-croneyisms can not overcome the REALITY of the back-bone of this nation being broken continually.



posted on Oct, 15 2008 @ 03:34 PM
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Consumer are not spending because the biggest sector of this nations supporters of the economy doesn't have any money to spend.

The morons in our government in their haste to cover up their pimps forgot that this nation is not solely made up with the few wealthy wall street fat rats that are getting all the help tax payer money can buy.

This nation without its majority consumers will not be able to support itself.

The regular majority of consumers are broke and is not bailout in site for them.

When the whores in Washington get the hint that they made a mistake when they gave themselves to big banks and forgot the littler guy is going to be too late.

The American consumer can not afford America anymore.

[edit on 15-10-2008 by marg6043]



posted on Oct, 15 2008 @ 03:38 PM
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reply to post by marg6043
 


Please make sure the PTB read this. You're on target and armed with the truth!

Somehow the celebrities we allow to play 'public servant' missed the part where the director said "Cut!"



posted on Oct, 15 2008 @ 03:38 PM
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reply to post by Maxmars
 


The financial market is like my specialty. I take the most interest in it, and it is the one sector I feel comfortable trading in. In saying that, the boom on monday was a bear ralley, in every aspect of the term.

Anybody that believed we were going to rebound or something was foolish. I still stick to my bottom of 7300-7500. Thats what the numbers and such have indicated. The closer we got to that bottom in the Dow, the more the stocks seemed to be correctly valued.

I need to get more information on the current situation/news to determine how the rest of this week will go (Ive been working a great deal the past two days and need to get up to speed tonight). From the little I have read, I believe tomorrow will be another negative day. By how much I am not sure yet, haven't done enough reading or number crunching.



posted on Oct, 15 2008 @ 03:42 PM
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reply to post by marg6043
 


That is because they are all scared out of their wits about their credit. I should say rather, their credit card debt. So many people are in credit card debt and this crisis has made them painfully aware of the fact that their debt holder could go under. If that happens, things could get real difficult for them. The buyer of their debt could call it in, and if not paid, they could be cut off from credit completely.

At this point I think people are starting to realize the depth of the situation, and are reacting accordingly.

As I have been saying, the 4th quater will be negative growth, for specifically this reason. Credit crisis caused the retail companies to almost come to a grinding hault, not just in ability to get credit, but ability to get people to spend their credit.



posted on Oct, 15 2008 @ 03:47 PM
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reply to post by Maxmars
 


You have been long enough here in ATS to know that we have been pretty good at seen behind the veil of deception.

What the government is betting now and I think is going to back fire, is that the bail out depends on the willingness of our lenders to back that money buying our debt.

But most of our lenders are having problems on their own as global banks are also going down very soon everybody will be on their own.



posted on Oct, 15 2008 @ 03:50 PM
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Can someone more knowledgable than me (which shouldn't be a difficult find) please explain why Ebay beats projections and posts an almost $500 million profit and their stocks tanked the same day?



posted on Oct, 15 2008 @ 03:54 PM
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Originally posted by grimreaper797
As I have been saying, the 4th quater will be negative growth, for specifically this reason. Credit crisis caused the retail companies to almost come to a grinding hault, not just in ability to get credit, but ability to get people to spend their credit.


I find sound logic in your thinking sir.
The only thing I'd like to ask is how much of a bad "holiday season" results do you think will spill over to the Q1 2009?

Kind regards



posted on Oct, 15 2008 @ 03:55 PM
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There is an already existing thread on this topic here.

Please contribute any further comments/questions to the above linked thread.

Thank you.

Thread Closed.



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