10/09/08 DOW Crashes through 9000

SOURCE

Dow below 9,000 in late afternoon trading

AP updated 3 minutes ago
NEW YORK - Stocks continued downward Thursday as weakness in the financial, energy and health care sectors overshadowed gains by technology issues. In late afternoon trading, the Dow fell below 9,000.

Trading remained volatile, with the major indexes like the Dow Jones industrial average and the Standard & Poor's 500 index bobbing up and down. The Nasdaq composite index, with a bevy of tech stocks, showed more lasting gains because of advances by companies like Intel Corp. and Microsoft Corp.

But worries about General Motors Corp. capped the periodic advances by the Dow and the S&P as investors grew concerned that weakness in U.S. vehicle sales may emerge elsewhere in the world. GM, one of the 30 stocks that make up the Dow industrials, fell $1.14, or 17 percent, to $5.77. The stock fell earlier by as much as 21.7 percent to $5.41, its lowest level since December 1950.

Is this an idicator that the market is heavily over-valued as many pundits have declared?

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[edit on 9/10/2008 by Mirthful Me]

SOURCE

UrbanSurvival.com

Special Update

Landry: Bounce @8,500, Dow to 5,800 Possible ...

Robin's expectations are outlined this way:

"The Chart(*) above is a long term chart that shows that my target for 7400 may be too high. If we get a maximum retracement of 68% then the 5800 range is quite possible. I am confident that one of the targets will be met. The time frame is the most difficult to determine. As always there will be sharp counter trend rallies along the way but keep your eye on the final larger degree target which is much lower than we are today. I have said for several years the idea of buy and hold will cause the greatest pain and loss of confidence in the advisement business that this industry has ever seen once we enter the larger degree correction corresponding to the 1929-1934 decline. We are at that timeframe and many people who rely on their saving in the markets to retire will not be able to retire due to the lack of discipline in the training of advisors toward capital preservation. I believe the next two or three years will prove me right. I hope I am wrong but doubt it. God help us all. As always questions and comments are welcome."

Talking a bit this morning, Landry says the web bot project's October 7th date was pretty close. "You see, the thing that happen was that we flipped over from the glass being half full to the glass being half empty...and today it's maybe 3/4's empty, but we have a long way to go..."


Indeed we do -especially if his 5,800 Dow low is anything near right.

* See SOURCE for Chart

I am not surprised, but then I am mostly out of the game now, long term survival being the most important idea.

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[edit on 9/10/2008 by Mirthful Me]

Man, look at the financials getting creamed on both sides of the border.

Merril and Morgan both off well over 20%.

JK

These last minutes it seems to be free falling. If this goes on the last 30 min we'll have an interesting day once again .

It's really falling fast!!!

[edit on 9-10-2008 by broli]

please somebody explain what this urban survival person is trying to explain for me?

one liner question.

This is crazy!!! Stocks are getting absolutely killed right now...Hold on to your hats!!!

holy crash batman!! this is getting ugly -580!

WOW....-638 11minutes to close

Bottom's dropping out as we hit 4pm EST. The DJI just dipped down to 8625.70. We're looking at 8-9 year lows right now. SOO glad I didn't start my 401K yet (was waiting for what I thought was an inevitable market stabilization)

Bettng that the little bounce right now ends in another after hours decline. Glad I'm not in there.

Are these bounces PPT in action?

Wow, that was really something watch. For about five minutes there, every time I refreshed the browser another 20-30 points were gone.

Originally posted by 2stepsfromtop
Bettng that the little bounce right now ends in another after hours decline. Glad I'm not in there.

Haha you're right, market has closed and it is still going down.

As of 4:00pm EST on djindexes.com, the final damage: down 591.86 to 8666.24. One person in my office started crying today when she realized that her 401K is less than half of what it used to be. Hysterics aside, this sucks on so many levels.

4:03 EST update 8623.37

[edit on 10/9/2008 by CeltAngel]

Just checked and the DOW is 632 points down now, what a brutal finish to the day.

Originally posted by Mainer
Are these bounces PPT in action?

i have no proof, but i think so.

go to the yahoo chart( yahoo chart, and look at the 5 day chart. it looks that way to me. you have short spikes, and then it follows the trend back down.

if you go back to....i think it was march.....of 03, you have a bottom of about 7400, like the OP article stated. if we break that, it will be nuts out thier.

[edit on 9-10-2008 by JSR]

The dow has lost about 40% of its value, since its all time high 1 year ago to the day.

I think it has halted at -678.91 points bringing it on 8579.19 points. Woweeeeeeeeh, that sure was a spectacle to watch!

Looks like the volume was so high near the end that the tape was 5/6 minutes behind. I haven't seen that in a loooooooooong time.

JK

Originally posted by leo123
Looks like the volume was so high near the end that the tape was 5/6 minutes behind. I haven't seen that in a loooooooooong time.

JK

Leo,

Projections for tomorrow? Dip in the morning trading?