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Stocks sold off from the opening bell and continued sliding as the session wore on. The economic news and the official declaration of the recession added to the selling, but the market was already primed for a selloff after last week's run, analysts said.
December 1, 2008 3:53 PM EST
On CNBC, outspoken Oppenheimer banking analyst Meredith Whitney said consumer credit is the next shoe to drop. She said $1 trillion in consumer credit liquidity could be pulled.
On Citi (NYSE: C), Whitney said it may not have seen the worst even after the generous government rescue plan.
Originally posted by BostonBill99
I just watched Laszlo Birinyi on MSNBC say "the market has bottomed". Aside from the fact he speaks like he is heavily medicated, IMHO he is a total moron. The market is headed for the basement and we haven't seen the worst yet!
Originally posted by cpdaman
but one must remember alot of money is being shuffled into the U.S bond market and bond prices are increasing as yields fall to there lowest levels
stock market = 9 trillion bond market = 30 trillion
making money in the bond market is "risk free" right now...
The Fed could buy Treasury notes and bonds or agency bonds in a bid to drive yields lower and "spur aggregate demand," Bernanke said. Many analysts refer to such a policy as "quantitative easing," because the Fed would target a specific amount of money to flood into the economy.
Originally posted by mybigunit
Ill make it very simple. Bottom will be around DOW 4000 and gold within the next two years will be at least $10,000 per oz.