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Well seeing that the .gov really only has their hand in AIG,GM,FM,FM,42% of Citi.. although it really shouldnt be like that, it really isnt that bad IMO that is.
But Id rather have that 100x over than see everything just totally drop and the USA is no longer the USA but part of the NAU or something - or in a lesser scenario just chaos in the streets, no electricity etc..
Hopefully the ends justify the means
Originally posted by stander
Originally posted by DaddyBare
So the DOW is at 8,121.12 and falling, -42.48 right now on the live tracker... Any bets on if today will be the day the DOW drops below the 8,000 mark?
It will end where it started. Lunch hour belching . . .
Originally posted by GreenBicMan
reply to post by Hastobemoretolife
Be prepared to pull your hair out
I have been doing this for 10+ hours a day literally for months
Programming is one part..
Making money in volatile - trending - volatile-volatile-trending markets is another
Also, if you are holding positions overnight or not etc. and the gain/decay that ensues from doing so...
I have close to 1,200,000 lines now of excel information in various forms... what software are you using?
JP Morgan's vice chairman says a recovery is near.
Originally posted by Rockpuck
reply to post by RetinoidReceptor
I too don't really see why an Aluminum producer is the barometer for the economy? Really doesn't make much sense, when you take into account the vast majority of the economy has nothing to do with Aluminum.
As for JPM saying recovery around the corner, I have just one thing to say:
Why would anyone listen to a company that helped create the mess we are in?
I wonder how long the DOW can go staying between 8000-9000.
More at Links...
Global stocks struggle after yen surge
SINGAPORE (Reuters) - Japanese stocks fell on Thursday after the yen spiked to a five-month high against the dollar overnight, with investors seeking to trim riskier bets amid growing concerns about the health of the global economy.
Doubts about the prospects for a swift and strong recovery also weighed on oil prices, which tumbled more than 4 percent on Wednesday, but other Asian stock markets steadied after a late rally on Wall Street.
As the confidence in recovery shown in the second quarter further evaporated, money found its way into government bond markets. U.S. Treasury prices shot up sharply after a $19 billion auction of 10-year debt met surprisingly strong demand, and two-year Japanese government bond yields fell to a 3- year low.
"As optimism over the outlook for the global economy had gone too far, such a view has been fading. It will take a while before we see the economy recover," said Akitsugu Bandou, a senior economist at Okasan Securities.
Long-awaited correction confronts Wall Street
NEW YORK (Reuters) - Wall Street's spring surge looks to be wilting in the heat, judging by the emergence of bearish chart patterns, anemic trading volumes and rising volatility.
For two months U.S. equities have defied expectations for a correction, but charts show that major averages are finally on the cusp of their first significant pullback since the start of the March rally due to worries about economic growth.
"This is a start of a correction," said John Kosar, market technician and president of Asbury Research in Chicago.
"The market has decided that for now the October 2007 cyclical downtrend is still in play. It doesn't mean we have to go back under the lows, although that is possible."
CIT urges FDIC on issue of guaranteed debt
July 9 (Reuters) - CIT Group Inc (CIT.N), a commercial U.S. lender struggling to finance its business, is pressing U.S. regulators to allow it to issue government-backed bonds to allay concerns over its financial health, the Financial Times reported on its website late on Wednesday.
CIT converted to a bank holding company in the fourth quarter of 2008 to qualify for U.S. government funds, but it has been unable to issue government-backed debt as the Federal Deposit Insurance Corp (FDIC) has yet to approve its application.
The FT cited people close to the situation as saying CIT, which has about $75 billion in assets, had already drastically cut lending, but warned that without the FDIC's assistance the company might be forced to ask the Treasury and the Federal Reserve for help.
A former government official familiar with the situation told the paper CIT and the regulators were meeting almost every week but it was not clear why the FDIC had not yet approved the application.
BofA, JPMorgan move cardholders to variable rates
NEW YORK, July 8 (Reuters) - Bank of America Corp (BAC.N) and JPMorgan Chase & Co (JPM.N) are switching some customers who have fixed-rate credit cards to potentially higher variable rates, acting before a new law takes effect that limits what card issuers can charge.
The largest U.S. banks, which are also the largest card issuers, plan to tie more cardholders' rates to the prime rate, a benchmark that is traditionally 3 percentage points above the Federal Reserve's key lending rate, the federal funds rate.
China confirms Rio Tinto staff arrests
SYDNEY/BEIJING (Reuters) - China confirmed on Thursday the arrest of an Australian mining executive and three others on spying allegations, in a case that has rattled currency markets and raised questions about China-Australia relations.
The four employees of miner Rio Tinto were arrested on charges of stealing state secrets, the official Xinhua news agency said, citing Shanghai state security authorities.
"The case was being investigated according to law," Xinhua said. It gave no further details.