Wall Street suffers worst February since 1933

Wall Street suffers worst February since 1933

www.theaustralian.news.com.au

US stocks pushed to a bear-market low as an expanded federal rescue of Citigroup and a dividend cut for General Electric hit even more of their share values and the broader market.
Worst February for Wall St since 1933

Pedestrians walk past the New York Stock Exchange. Picture: Bloomberg

In the last day of trading for February, traders did exactly what they had for most of the month, either selling out of or shorting large banking stocks.

Pacing off the session's decline, Citigroup closed down US96 cents, or 39 per cent, at $US1.50, after the US Treasury Department said it is willing to convert up to $US25 billion ($39 billion) of its preferred stock holdings into common stock in a move that would give the Government a 36 per cent share of the giant bank.

Over the last few weeks, concern that banks would need even more capital has weighed on share prices across the sector. And those few traders willing to even play in banking stocks are mostly holding short positions.

According to Data Explorers, a short-selling data research firm based in New York and London, 2.6 per cent of Citigroup is now out on loan, up nearly 38 per cent from just less than two weeks ago.

"I don't plan on buying any banks anytime soon. That industry is going to zero, some winners, some losers," said Keith Walter, a portfolio manager at Artio Global Investors.

With the slide for banking stocks, the Dow Jones Industrial Average closed down 119.15 points, or 1.66 per cent, at 7062.93, marking its lowest point since April of 1997 and surpassing its previous bear market low of 7114.78, hit on Monday. The index lost 302.74 points, or 4.11 per cent, for the week.

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Good morning
well it look like that we could see a bottom of 6000 or lower by Easter now.

regardless what is being said by the powers to be the markets are now in free fall with little or no buyers around things are only going to get much worst.

printing more money will help very short term but we are in this for a very long time.
The days of plenty are well and truely over.
SM

www.theaustralian.news.com.au
(visit the link for the full news article)

Lets explain why the market has dropped so low.
The "people" with all the money, have been dumping it into the market as usual but not buying as usual, selling.
This has been made very attractive to them to do in recent years, via the SEC removing the uptick rule on short selling.
en.wikipedia.org...
So in reality, this is not just a bizarre unrelated unfortunate event.
PEOPLE, are sitting there doing this to the market.
And why would they be doing that, if it wasn't 100% PLANNED?
The markets are being crashed on purpose.
This is not a freak incident.
The thing that makes me sick, is the way the important people, who know exactly what is happening.
Tell cold face LIES to the public and think its ok.

The rule was originally put in place to avoid the perpetration of a financial crime known as a bear raid.

The SEC decides to take away laws to prevent crimes as they choose?

as i have said in my posts latley,HUMPTY DUMPTY SAT ON A WALL ,,, HUMPTY DUMPTY HAD A GREAT FALL ,,,ALL THE KINGS HORSES ,,, AND ALL THE KINGS MEN ,,, COULDENT PUT HUMPTY DUMPTY TOGETHER AGAIN,,,irony

Ummm I dunno what it has to do with nursery rhymes, its to do with criminal corruption of politicians and government officials.
The SEC people work for the big money.
Not for the people, who pay them.