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"I think that this market has dispelled any expectations of normal," said Alan Gayle, senior investment strategist at RidgeWorth Investments. "[A]fter a very strong five-day performance it’s not surprising to see some softness in the market but the aggressiveness of the selloff took a lot of people by surprise."
Originally posted by stander
The obvious question is whether the 7.7% drop was a prequel to more substantial blood letting that could take place tomorrow, Dec. 2.
Since there is no shame in being wrong these days, the new oil/Dow formula predicts the Dow to lose 4.3% tomorrow. That means exactly 4.30%. That's weird . . .
The market's crystal ball is broken
Investors' views of the short- and long-term outlooks are wildly at odds. The uncertainty is causing chaos and creating buying opportunities.
Originally posted by all2human
There is no reason the Market did what it did today,it should have dumped Royaly,i am just baffled
"I guess a lot of people feel all the bad news is built in," Dave Rovelli, managing director of US equities for Canaccord Adams, said on CNBC. "It's nice to see these stocks rally on bad news."
Senate's failure to reach an agreement on the auto bailout package looks set to drive markets lower Friday and that could most certainly mean a bankrupt General Motors. There is also economic news that is expected to ring in a negative tone before the bell. Retail sales for November are forecast to be down 2 percent when they are reported at 8:30 a.m.
U.S. stocks begin lower as auto bailout hits wall in Senate
NEW YORK (MarketWatch) - U.S. stocks slid at Friday's start after plans for a rescue of the auto industry fell apart in the Senate, intensifying worries that additional layoffs would deepen the recession.
The Dow Jones Industrial Average ($INDU: 8,565.09, -196.33, -2.2%) fell 189.25 points to 8,375.84.
The S&P 500 ($SPX: 861.88, -11.71, -1.3%) declined 19.7 points to 853.89, and the Nasdaq Composite (COMP: 1,500.13, -7.75, -0.5%) dropped 19.68 points to 1,488.2.
Friday's trading action was topsy-turvy: Stocks had opened lower, dragged down by the Senate's rejection of the $14 billion auto bailout and news of a $50 billion fraud scheme on Wall Street. Stocks pared their losses after the Treasury said it was willing to jump in to help prop up auto makers until Congress reconvenes and President Bush said he would consider using TARP funds to help bail out auto makers. Though, the market lost some ground after UAW President Ron Gettelfinger blamed the Senate GOP for the collapse of the deal.