wow, some things never cease to amaze me.
last week, the dow dropped 770 points on news that the $700B bill had been shot down in Congress.
today, the market was up almost 300 points at one point today, but fell over 200 points on news that the Congress passed the $700B bill.
jesus, make up your mind! obviously a lot of the movement is fueled on rumors and speculation (its the sizzle, not the steak that moves much of the time), however this really does defy logic.
the bill that the public and market so obviously wanted passed (as evidenced by market moves) gets passed finally, and the response is almost as defensive as the news that the bill was shot down.
ugh. hurry up weekend.
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I think we are going to see MANY peaks and valleys before it settles.
Going to be interesting to see WHERE it is going into the weekend.
Dark Gray Monday anybody? -
the major move will come monday, up or down. I think today is more about unwinding long positions heading into the weekend. I expect the fed and the major players to be in phone conversations and major coordinated buying taking place monday. they have to prop up the market now or the government and markets lose all credibility. so long as the foreign banks dont sell into this i think you'll see a major rally
azfinfanmang likes this. -
i think adam is on to something... might see a mild rally on Monday when people have had time to digest the news and re-assess where they're at in their portfolios, where the market is headed, etc...
people shouldn't lose sight of the fact that the actual physical effects of this bill won't be felt for months... :up: -
I think we will see a couple of Hedge Funds die soon.
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a lot of hedge funds had $$ tied up in firms like Bear Stearns, Lehman Brothers, Goldman, Merrill, etc.... that was money that in some cases (Bear, Lehman) cannot be recovered. it is dead & gone money.
many hedge funds had some sort of position in these investment banks. even with the $700B bailout bill, it rescues some of the bad and distressed debt, but does not refund investment money to investors.
i think you'll see a lot of banks go under in the coming months as well, albeit none as large as WM.azfinfanmang likes this. -
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http://www.nytimes.com/2008/10/02/b...?_r=2&pagewanted=1&em&oref=slogin&oref=slogin
:up:azfinfanmang likes this. -
and now the Dow is down 150 points for the day, just before close.
we tend to end down on Fridays, but i'd be lying if i said i didn't expect a positive move today with that bill being passed. -
This would be hilarious if it weren't so scary. Up a few hundred before the bill, and down 150 at the end of the day.
Did someone cut off the cable on Wall St.?
:chuckle: Next week will be very interesting.azfinfanmang likes this. -
I wouldnt be too concerned over today's move. The big story will be Monday. People have to digest the international lay of the land. Noone wanted to be long going into the weekend. We may tank bigtime if people feel things are going to get worse. Then again there should be a concerted effort to prop up the market on Monday. We'll see which one wins Monday, fear or manipulation
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in other interesting/weird news, AAPL drops 3% on rumors that Steve Jobs was ill.
that's right, that he was ill.
talk about just REE-diculous investors. -
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Jobs and his (deteriorating) health has been an ongoing saga.. Apple is Steve Jobs, and without him, the future may not be so bright.
adamprez2003 likes this. -
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vt_dolfan Season Ticket Holder Club Member
Well....just doing some reading...
But Im not so optomistic that we will see anything good happen on Moday....
One of the biggest things will have to play out before we see a swing up or down....and that is what price the Govt is going to pay for these toxic Mortgages....theres varying oppinions on what we should pay....one the Street sees this....then youll see some movement...
One of the more important charts to look at though...isnt the DOW...its the TED Spread...this is the barometer of risk in the credit market....from what I have read...in a normal market...the TED is usually around 30....
The higher it gets...the more degree of risk in the credit market....today it opened at 3.61...and closed at 3.87....it actually got worse.
Keep an eye on this chart...
Bloomberg.com: Investment Tools -
Below 10,000
below 9,900
Now Jim Cramer says
Jim Cramer: Time to get out of stocks - Today Technology & Money - MSNBC.com -
Geez, I would have lost alot of money if I listened to Cramer...:lol::no:finswin56 likes this. -
This afternoon should be interesting. Let's see if they can prop up the DOW. If not we may be headed for 8000 which is the next base of support on the DOW
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seems the weakness in european banking is causing a complete meltdown. i would bet that we're trying to prop up the markets but the selling is just too overwhelming. a short term play of going long the yen vs the euro looks like the best play for the next few days
FiN.in.RI likes this. -
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This market is out of its freaking mind.
We were just down 800+ points an hour ago. Now we're making a push back to 10,000.
I don't get it. Did Paulson just announce another wasted 1$T :rolleyes: -
The afternoon bounce I was expecting came a bit later than I thought it would. Thought it would be 2 pm instead they waited for 3 pm lol. shake the rest of the people out lol. Only two reasons I can think of for that
1) the Fed stepped in and infused the market with liquidity buying up everything
2) people must have heard that Europe will soon get its act together and announce the european equivalent of their bailout for their ailing banks
either one or both happend monday. i'll try to find out tmw exactly what was the force behind the moveFiN.in.RI likes this. -
finally getting some positive movements now...
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Damn, so close. I'm blaming Paulson for speaking out loud of the reality that some companies won't be able to be saved even with the bailout :lol:
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and i spoke to soon, the dow closed down 191 points, even after it was announced that home sales were UP 7.4% in August.... largest jump in over a year. Usually that news would send the Dow UP 300+ points... ugh. -
Market: Hurray!!! A 50 bip rate cut! :party:
Martet an hour later: It should have been a whole point! :tantrum:FiN.in.RI, Ludacris and texasPHINSfan like this. -
Bernanke just sounds so defeated when he speaks. That has such a huge impact on the psychology of the market (which is essentially more impactful at this stage than a firms fundamentals), does he not realize this? He needs to be more positive or at least act more in control even if it's a broadfaced and outright lie.texasPHINSfan likes this. -
Nuts. Madness.
Opening nearly -700 points and back to even within a half hour. Don't know if anyone else was watching one of the business channels, but it was pretty cool seeing the relief, cheering, and whistling. We're back down around 100, but we may finally have seen capitulation. -
DOW is up an incredible 600pts, that is amazing, and in some ways disconcerting, too much volatility in the market at the moment.
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It's nice to see an apparent bottom in place, but there's going to be some ugly days ahead. This 600 should help shield us what will likely be ugly retail sales numbers and a dismal outlook seen through the Beige Book this week.
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