Dow down 227.55 points

So far, down about 250.

I have seen it bounce from -200 to -250 all day.

Bad, of course, but not end of the world stuff.

That is NOT a bad thing folks!!!

reply to post by OpenYourHead


Except Saudi never said they were not selling in Dollars... seriously people, do your own research!

The decision effects contracts for future oil sales, the main ETF on wall street... has nothing to do with the currency....

reply to post by wakinup13


I believe to much is at stake to let the dollar fail... to much of the worlds markets and market values are based on the dollar... Sure a lot of people would love to see a country neutral currency replace the dollar as the prime reserve note...but it's not something we can do over night...

Despite all their bluster that's why China is buying up Dollars... we're their biggest customer... Japan is in the same boat a falling dollar makes their goods and services to expensive to sell here...

Would I buy dollars right now? as long as stocks keep falling it's a safe place knowing returns will be small... better than taking a major hit investing in CIT who we know is about to file for chapter 11... so much for their bail out right???

[edit on 30-10-2009 by DaddyBare]

Market goes down, dollar goes up.

Dollar goes down, market goes up.

I'm not at all worried about a 200 point drop in the dow. In fact, I've been buying today -- because good stocks are on sale today. Hopefully it rallies tomorrow, but if it doesn't I'll most likely be buying again.

reply to post by Zosynspiracy


That is the way it should be if is not with the manipulations thanks to the billions of TARP money running around int he Markets.

Also even before the TARP money cash infusions were already running rampant, so the total of over a trillion dollars of liquidity can not be ignored.

It was a time when the markets were driven by consumer spending on loans and credit, right now is on TARP money and companies cutting jobs to make profits margins.

How long can the Markets survived with this alone.

reply to post by marg6043


Big Star for you.. I'd give you 20 more if I could...

TO add to what she said...

Billionaire George Soros, speaking today at a lecture organized by the Central European University in Budapest, said a “bloodletting” may be coming for leveraged buyouts and commercial real estate.

“The American consumer will no longer be able to serve as the motor for the world economy,” said Soros, 79.

A prime example of just how bad real life is there is this

WL Ross was among a group of firms that agreed Oct. 6 to buy $4.5 billion of Corus Bankshares Inc.’s real estate. Starwood Capital Group LLC and TPG led the group to buy the assets of the Chicago-based lender, which was seized by federal regulators Sept. 11 after its investments in construction loans for condominiums went bad.

In 2007, Ross ventured into the declining residential property market, winning an auction for the home-loan servicing unit of Melville, New York-based American Home Mortgage Investment Corp. He agreed to pay between $435 million and $500 million for the right to collect payments and maintain escrow on about $45.3 billion of home mortgages.

No one missed the part where he He agreed to pay between $435 million and $500 millon for assets worth around 45.3 billion right? if you did go back and read it again...

Your TARP money is all that's holding up the markets right now. most of the retail investors left the market after the March panic sell-off



[edit on 30-10-2009 by DaddyBare]

reply to post by DaddyBare


And the same to you my friend, you rock, I am just the student, you are the teacher.

By the way with the NYSE now closed for the weekend it looks like the total damage done was:
Market Summary
Symbol Last Change
Dow 9,712.73 -249.85 -2.51%
Nasdaq 2,045.11 -52.44 -2.50%
S&P 500 1,036.18 -29.93 -2.81%
10 Yr Bond(%) 3.3920% -0.1090
Oil 77.05 -2.82 -3.53%
Gold 1,039.70 -6.70 -0.64%

Could have been a lot worse ya know

reply to post by mrmonsoon


After about a 44% run up since March it is normal to see people sell off some stock to take profit. Not a big deal.

After a run like this it is normal to see a bit of a correction so I would not be surprised to see the DOW in the 8500 range before the end of this year. Doesn't mean there is a panic, it just means people have made a lot of money in the market since March and they are cashing out.

Originally posted by Kaytagg
Market goes down, dollar goes up.

Dollar goes down, market goes up.

I'm not at all worried about a 200 point drop in the dow. In fact, I've been buying today -- because good stocks are on sale today. Hopefully it rallies tomorrow, but if it doesn't I'll most likely be buying again.

Hmmmm....
Good luck with that.

Originally posted by Erasurehead
reply to post by mrmonsoon

 

After about a 44% run up since March it is normal to see people sell off some stock to take profit. Not a big deal.

After a run like this it is normal to see a bit of a correction so I would not be surprised to see the DOW in the 8500 range before the end of this year. Doesn't mean there is a panic, it just means people have made a lot of money in the market since March and they are cashing out.

Yes, and no. Yes, they are cashing out - but who are 'they'? Also, what part of the economy is healthy enough to support any type of sell-off? Oh, I get it... 'they' will sell off, then 'they' will have money to buy things which will trickle down through the rest of the economy which will make us all employed and prosperous again. Gotchya.

Unemployment at 10%* but who cares. USA does not manufacture anything, imports/exports are dried up and nobody can afford to go further into debt to support a consumer economy.

Take your head out of the sand and admit that this sell-off is not just natural profit taking. If you look at it without taking any context into consideration your assessment is fine. If you take into consideration that the market is propped up on TARP toothpicks (and more) then it looks a bit more bleak. There are still TONS of toxic assets out there, commercial real-estate is about to implode, residential foreclosures are still piling up and nobody outside of financial, healthcare and defense has job security.

Now, is this down week the beginning of the next leg down? It is too early to tell. I will tell you what though, we hit 8500 and we are going to continue down pretty quickly and sharply to something in the 6k range before we hit 10k again. Unless...

For the USA to pull out of this they need either a new technology/invention to create a new industry, or a big freakin war. Well, we have been playing the war card for awhile now and it is not working like it used to - so let's hope some new tech comes out soon.

(oh, depopulation works in place of wars and new tech but a little trickier to implement)

[edit on 30-10-2009 by nydsdan]

the Dow took a large drop yesterday too, its gona come down sooner or later because the economy is pretty much screwed despite what the mainstream tell you.

Originally posted by Rockpuck
Except Saudi never said they were not selling in Dollars... seriously people, do your own research!

The decision effects contracts for future oil sales, the main ETF on wall street... has nothing to do with the currency....

Hi RP. I haven't been around ATS that long...certainly not the veteran you are bud , but even I remember when denying ignorance was a priority here....researched info , restraint of tongue & pen , etc-etc. For example , when confronted by the hysteria and mis-info expressed in opening page of this thread , I actually hurled my secret decoder ring into the arroyo next door (retrieved it later though It seems CT's (yes , I B one) have a tendency to climb the mountain , when they could simply step over the mole-hill.

If people really want to understand this development , maybe study commodities market fundamentals , and read this Platts research document. It should tell you all you need to know about WTI as a failed pricing mechanism...and why the new benchmark.

Anyway....

Right RP , a mole-hill...no collapsing dollar off this event.

The increasing irrelevance of NYMEX WTI futures (underlying commodity; sweet West Texas intermediate crude) , as an accurate benchmark for pricing global oil has been a hot topic for quite sometime...most especially since severe price distortions began appearing in December 08 , i.e. inverted spreads..and..contango in a market that normally functions in moderate backwardation. Remember , reliable price discovery , a key function of futures markets , is essential to efficient upstream market performance.

At issue is the antiquated infrastructure/landlocked storage at the Cushing OK facility , and the fact that in today's market , most of the oil produced , traded , and consumed , both in the US and globally , is of the heavier/sour varieties.....

Exhibit A -

[atsimg]http://files.abovetopsecret.com/images/member/18339db520a5.jpg[/atsimg]


Yuk!

By the way , wasting no time , the CME responded today...

Nymex follows Saudi sour crude endorsement with new contracts


[edit on 30-10-2009 by OBE1]

Anybody else find it funny that the very next day after the announcement for the "new" socialised errr national health care bill that the stocks drop over 240 points? I get the impression that Wallstreets not impressed with its direction.

Originally posted by mrmonsoon
Ok, 200 points is not the end of the world.

It "IS" a bad sign to be almost 230 by about 10 am pacific standard time.
Yahoo

Please people, don't try to match this to the october 25, no 26, no, 27, no, 28, no 29, no 30th doom.

ah come on how bout matching it with this headline

www.reuters.com...

Stocks tumble on recovery jitters, financials

I guess the 24 dollar question is what will happen today in the market.

Will it recover or continue it's slide?

reply to post by mrmonsoon


I think you could make a lot more than $24 if you knew that question I'm going to say that it will end the day flat after going up in early trade.

reply to post by Jacob08


Currently, dow is up 125 points (1.2%)

No signs, yet, of black monday.