Market Update

Dropping like the proverbial stone at this point . . . who shot off their mouth . . . Bush . . . . Bernankimpoop . . . Paulson . . .

Or is this just the rich selling off so the market tanks so they can get the stocks on the cheap tomorrow to send the market up by 700 tomorrow only to take more profit on Friday, all while we sit by and watch our collective savings go down the crapper?

Just wondering.

Actually this time the tanking is legitimate. The concerns of a CDO crash dwarf any of the previous writedowns.

And of course manufacturing is bleeding out, as are raw materials, as is oil, and so is gold.

Basically this is a seed correction. Everything will fall in price substantially, only the dollar continues to appreciate. For the American public is a good thing in the long run, as a strong dollar can offset the massive debts accrued to it. But of course, the strong dollar is proving to have a brutal effect on manfacturing exports.

This is therefore a textbook recession. Prices drop, currency strengthens but at the cost of jobs and liquidity is lowered.

Approaching -600 with 20 minutes left. Falling off a damn cliff here at the end of the day.

The Euro took a dump overnight. Don't discount that from the "why" of the markets today.

Yep, dollar strengthening, but not against the Yen.

CDO payouts had to be made. All in dollars, lots of people/companies looking to sell off assets to regain capital.

Euro took a huge hit overnight.

Unfortunately, the triangle wasn't broken, so by Elliot wave theory, we get a small rally then the plunge - unless another stick save can be pulled out of Ben or Hank's wazoo

Originally posted by burdman30ott6
Eh, what the hell... My prediction: We close up 130 points for the day.

Allow me to mock myself with the lyrics from a song...

Originally performed by OZZY OSBOURNE from the song "Dreamer"
I watch the sun go down like everyone of us
I'm hoping that the dawn will bring a sign
A better place for those who will come after us ...
This time

I'm just a dreamer
I dream my life away oh yeah
I'm just a dreamer
Who dreams of better days

Yeah, that prediction worked out real well for me. This sucks! I'm going to just put my Zune on shuffle, pop in my ear buds, jack up the volume on some metal, and bury my face in my work for the rest of the day and pretend everything is sunshine and farts at least until tomorrow.

[edit on 22-10-2008 by burdman30ott6]

PPT bringing back up now. We really need an un-manipulated market...

Originally posted by mythatsabigprobe
reply to post by tylerc25211

 

I think we'll see up to a 700 point loss at some time today, maybe settling up to around -500pts at the close. Just guessing though..

DOW Low:: -692.54
DOW Close: -512.70

Yay I win! Do I get back all the money I lost?

edit/ updated numbers

[edit on 10/22/2008 by mythatsabigprobe]

How about this for well-placed advertising onThe New York Times

Soup anyone?

reply to post by newguyhere2


Wish I could afford Progresso. That's a bit too fancy fer me, it's "condensed" soup for me!

Maybe in the future when I am rich......

Originally posted by WiredPirate
reply to post by newguyhere2

 

Wish I could afford Progresso. That's a bit too fancy fer me, it's "condensed" soup for me!

Maybe in the future when I am rich......

At least it comes from a can. I haven't seen any hard figures recently, but I'd bet that Ramen noodles are experiencing a boom right now.

reply to post by 44soulslayer

Come on, just roll with it. That other thread makes people scan through it for the latest market data.

Theres a nice simple bloomberg graph on this one

Scan through it? The latest data would be the most recent post.

Yes I saw the graph. It would be nice if it were posted in the Official Market Data thread. That is why the thread is there.

Originally posted by stander

I say, it will gain some altitude, but at 3:32 the DJI will descent to the level where it can do without the oxygen canister.

Stander, come here. I need to talk to you.
Look at the pic. No clouds; high visibility.
You said that we're gonna scrape the bottom today at 3:32, right?
How do you explain this, then?



You were full 10 minutes off your prediction! Any explanation?

Ah, well... there's so much going on with the economy and stuff. It's hard to focus.

I understand that. We're all kind of stressed, but missing by 10 minutes may speak of other problems. Look, I don't have any other choice but let you go.

Don't be so hard on the guy.. It did drop through 8500 feet at 3:32 after all, should have been safe to take your oxygen mask off at that point and enjoy the freefall from there.

reply to post by mythatsabigprobe




[edit on 22-10-2008 by tylerc25211]

Market Volatility. You will see major swings of ups and downs.. records broken etc..

Volatility is a sign of fear, sometimes panic and such severe volatility can be seen as a major indicator of a massive financial collapse.. For instance both 1920's and 80's stock crashes suffered volatility, 1929 suffered major volatility..

It does not indicate that this "collapse" is close by any means..

But just know severe volatility is a sign of a very sickly economy.

Originally posted by GoalPoster
Dropping like the proverbial stone at this point . . . who shot off their mouth . . . Bush . . . . Bernankimpoop . . . Paulson . . .

Or is this just the rich selling off so the market tanks so they can get the stocks on the cheap tomorrow to send the market up by 700 tomorrow only to take more profit on Friday, all while we sit by and watch our collective savings go down the crapper?

Just wondering.

Um, it was Wachovia and 21% of the S&P companies lol ..