WOW the Stock Market just fell under 10,000

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  • DriftingByTheStorm
    DriftingByTheStorm Posts: 8,684
    Gonzo1977 wrote:
    Oh yes...

    Can't forget our other wonderful export...WAR...BOMBS...DEATH
    QFT
    If I was to smile and I held out my hand
    If I opened it now would you not understand?
  • beachdweller
    beachdweller Posts: 1,532
    mammasan wrote:
    So much for the $700 billion bail out restoring confidence.

    60 minutes had a great segment on the shadow trading that was the underlying reason of the failure, they were trading 60 trillion dollars worth of insurance bonds that they changed the name to, so they weren't regulated as insurance, and so no one was actually required to have capital to back up the insurance. Of course the insurance bonds were issued to talk people into purchasing junk bonds that physists and mathmaticians created and no one understood.

    It's seriously some illegal shit that they many people need to go to jail for.
    "Music, for me, was fucking heroin." eV (nothing Ed has said is more true for me personally than this quote)

    Stop by:
    http://www.facebook.com/group.php?gid=14678777351&ref=mf
  • DriftingByTheStorm
    DriftingByTheStorm Posts: 8,684
    CNBC's Art Cashin (floor trader at the NYSE) now saying floor is expecting a close at the lows of the day.

    Technical trade after rally failed to break trendline from Friday.
    Markets at -728 DOW right now. 9598 is current read.

    Art also said the floor is expecting a major event in Europe over night which would prompt a sharp and significant sell off tomorrow morning at the NYSE, and HOPEFULLY a snap back rally just before lunch.

    But don't hold your breath for any significant up move, imho.

    I think we could lose 2000 points this week, to be honest.
    Although i IMAGINE such downside volatility would prompt emergency Fed action -- ie. rate cut.
    If I was to smile and I held out my hand
    If I opened it now would you not understand?
  • Given to...
    Given to... Wyoming Posts: 5,007
    Just curious, what do you do for a living? Seriously.

    I am in mining/manufacturing (soda ash) and I see layoffs in the not so distant future if thing dont at the very least stabilize.

    DriftingByTheStorm wrote:
    That money is not at work yet.
    The government still has to work to price assets at firms,
    and then get those firms to make offers to them for a sale.

    I have no idea how long that will take, but i would have hoped that someone with authority would be on top of this from the word "jump".

    We'll see.

    Either way, folks you can expect this to remain brutal for a while.
    When i said we were going to 7,500 a while ago, i wasn't joking.
    Sorry for those who thought it was just fearmongering.
    ;)
    "...would you like some forks?" EV 12-02-06
  • Fighting Hellfish
    Fighting Hellfish Posts: 3,175
    I'll have to rummage thru the attic for my "Dow 10,000" hat. I'm guessing there wasn't balloons and champagne this time the Dow hit 10,000. On the plus side, if the Dow goes up 570 points tomorrow, we'll be back to where we were 7 3/4 years ago, when Bush took office. Can you imagine a 2 term president leaving with the DJIA lower than on the day he took office 8 years prior
  • sponger
    sponger Posts: 3,159
    That thing about the Mayan calendar makes a whole lot more sense to me now.
    reigning champion

    http://forums.pearljam.com/showthread.php?t=272825
  • DriftingByTheStorm
    DriftingByTheStorm Posts: 8,684
    sponger wrote:
    That thing about the Mayan calendar makes a whole lot more sense to me now.

    2012 is weird.
    :eek:
    If I was to smile and I held out my hand
    If I opened it now would you not understand?

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