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post #1 of 13 (permalink) Old 10-09-2008, 12:06 PM Thread Starter
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unHAPPY ANNIVERSARY

Dow's Record Was Year Ago Today



...The Dow is now 35% below its record finish a year ago, on Oct. 9, 2007. It has fallen 15% over the past six trading days.

The inability to rebound after rate cuts by Federal Reserve, the European Central Bank, the Bank of England, the Bank of Canada and other central banks was taken as a sign that it will be hard for stocks to recover from their declines of the past year.

"The attitude today is sort of like the one people have when they call an ambulance," said Art Hogan, chief market strategist at Jefferies & Co. "When the ambulance gets there on time," they are relieved. "Then they stop and think ... right, we need an ambulance."

The broad Standard & Poor's 500-stock index fell 1.1% to 984.94, its lowest close since August 2003 and 37% below its record last October. The financial sector bore the brunt of the late-day selling. It was up heading into the final half-hour of trading but ended down 4%.

Despite the rate cuts and other government moves to address problems in financial markets, "economic news is likely to get worse before it gets better," said Russ Koesterich, chief investment strategist at Barclays Global Investors. "When you address one problem, another one pops up."

Crude oil and other commodities traded lower amid worries about slowing demand due to the weak global economy. Crude futures were off 1.2% at $88.95 a barrel in New York, 39% below the record set July 3.

Extreme intraday volatility in the stock market has been scaring away buyers, traders say. Many point to the Securities and Exchange Commission's ban on short selling of financial stocks -- bets made with borrowed stock that prices will decline -- as one reason for the big swings.

The SEC's move not only took sellers out of the market, traders say, but also buyers who would hedge positions in stocks they own by shorting other stocks. In addition, hedge funds that normally would buy shares as prices fell in order to replace borrowed stock and take profits have been letting those short positions ride because they can't make new bets.

That ban was due to expire at midnight Wednesday and traders will be watching the impact on the market. ...

Today's Markets - WSJ.com

Don't believe everything you think
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post #2 of 13 (permalink) Old 10-09-2008, 12:33 PM
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Looking at the charts, I am trying to find a sector that can be considered UP. Everyone from WMT to JNJ to GM to XOM are down several percent to a bunch.

It is a sad day. That chart simply puts a lot in perspective. So many pension funds and retirement funds are only 2/3 of their previous value. And the folks in the funds can just sit and watch and then plan to work an extra few years to cover this debacle.

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post #3 of 13 (permalink) Old 10-09-2008, 01:00 PM
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Looking at the charts, I am trying to find a sector that can be considered UP. Everyone from WMT to JNJ to GM to XOM are down several percent to a bunch.

It is a sad day. That chart simply puts a lot in perspective. So many pension funds and retirement funds are only 2/3 of their previous value. And the folks in the funds can just sit and watch and then plan to work an extra few years to cover this debacle.
Is there any economic sector which is up ?

Antique furniture retail ?
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post #4 of 13 (permalink) Old 10-09-2008, 01:02 PM Thread Starter
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It is bad, but we tend to see a "bad" every 6-7 years. I recall watching my 403(b) decline by half when the tech bubble burst, but I stayed w/ it and it soon was back and more. Now I'm just going to stay w/ it again and hope for the best. After all, this isn't all that surprising. It's just a different bubble that burst this time. The fear factor may a little worse this time, but not by much.

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post #5 of 13 (permalink) Old 10-09-2008, 01:49 PM
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It is bad, but we tend to see a "bad" every 6-7 years. I recall watching my 403(b) decline by half when the tech bubble burst, but I stayed w/ it and it soon was back and more. Now I'm just going to stay w/ it again and hope for the best. After all, this isn't all that surprising. It's just a different bubble that burst this time. The fear factor may a little worse this time, but not by much.
But the tech bubble was a singular sector that collapsed on itself, mainly due to overvaluation of STOCK. This is a completely different animal. This one is in the foundation, eating concrete.

Yes, it will come back at some point. The problem is that some group of folks will be caught in the compression and not be in a position to recover. During the Tech Bubble folks your age were in your mid 50s. You still had 10 years to let your money work for you prior to retirement and were still able to add money into the kitty from your BEST earnings years to help it grow. With the number of layoffs and age of boomers, there is a LARGE demographic that will not have that recovery period.

At some point it will be expected that Government will cover their ass as they age into poverty. So the costs multiply.

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post #6 of 13 (permalink) Old 10-09-2008, 01:50 PM
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Dow down 600+
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post #7 of 13 (permalink) Old 10-09-2008, 01:53 PM
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Is there any economic sector which is up ?

Antique furniture retail ?
Well, I haven't found it yet. I am considering going into the sign business making "For Lease" and "For Sale" signs. I see a very big market opportunity in that.

Even folks in the staples commodities are having a bad run. And they [Walmart, JNJ, Target, KMart] should be the winners as the shit hits the fan as folks still need to buy socks and toilet paper from somebody.

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post #8 of 13 (permalink) Old 10-09-2008, 01:55 PM
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It is not funny but McDonalds is the only Dow Component stock in the green right now.

TOO LITTLE, TOO LATE.

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post #9 of 13 (permalink) Old 10-09-2008, 02:04 PM
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It is bad, but we tend to see a "bad" every 6-7 years. I recall watching my 403(b) decline by half when the tech bubble burst, but I stayed w/ it and it soon was back and more. Now I'm just going to stay w/ it again and hope for the best. After all, this isn't all that surprising. It's just a different bubble that burst this time. The fear factor may a little worse this time, but not by much.
bad? i thought it was all good? wtf?? you seem as fucking wishy washy as your candidate. god help us all.



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post #10 of 13 (permalink) Old 10-09-2008, 02:10 PM
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