BLACK TUESDAY !!!!!! its here

[NY_HOOD]

MSFT says they are going to be affected by the economy more than they thought.
GOOG downgraded to sell and target lowered to 300.
Stimulous package is passes and the market has nothing possitive to look forward too. the street also has some doubts about ist effect and concerns about the long term impact.
the chart says we will hit the 7600 area today.
reality is kicking in,printing money ai'nt gonna solve the problem.
today's market will be a reflection of these concerns.

 

[bond_trad3r]

Duh, I already created the Black Tuesday thread and Ivan moved it to shit chat.

 

[achilles28]

There's some truth to this.

The Government pumped in 11 Trillion.

We're at the bottom of the range. No dice.

What confidence that kept us from going lower could acquiesce quickly with the prospect of dwindling future bailouts. The fundamentals certainly call for it. Perhaps DOW 4-5K. Oh Gawd.

 

[Ivanovich]

Quote from bond_trad3r:

Duh, I already created the Black Tuesday thread and Ivan moved it to shit chat.

This one had slightly more specific stock related data, so instead of chit chat, I put it in economics as it is generally related to the economy.

But it doesn't belong in trading any more than the other one.

 

[gnome]

Quote from NY_HOOD:

"... Stimulous package is passes and the market has nothing possitive to look forward too. the street also has some doubts about ist effect and concerns about the long term impact.

We've had a 25 year or so consumption bubble financed by excess and negligently irresponsible credit creation/money pump.

We are not merely going to "correct and resume".... this is a "way of life" changer... right at the time the Boomers are about to make their demands upon the social support system.

It's likely going to be a lonnnng way down and a lonnnng time before demand-inspired growth resumes.

 

[libertad]

Just because the Republicans blew it....

Does not mean that the Democrats will correct it....

Things will get "worse" before getting "bad-der"....

 

[texrex2002]

Quote from gnome:


It's likely going to be a lonnnng way down and a lonnnng time before demand-inspired growth resumes.

gnome - still gold and cash? still afraid of both?

thx

 

[bond_trad3r]

Whoa. Where is the PPT? We just plunged.

Bernanke, wake up! You gotta buy index futures to save the free markets and stock_trad3r from blowing up again.

http://www.youtube.com/watch?v=Mk3hmifWLhE

 

[gnome]

Quote from texrex2002:

gnome - still gold and cash? still afraid of both?

thx

Yeah, still afraid of both.

Gold could end up being confiscated (again) or could suffer a big decline later on central bank selling and/or deflationary pressures.

Cash could end up worthless if we get surprised with a "new" unit of money.

I don't believe there is ANY certain safe haven.... but we have to take our chances with the most logical choices...

 

[texrex2002]

Quote from gnome:

Yeah, still afraid of both.

Gold could end up being confiscated (again) or could suffer a big decline later on central bank selling and/or deflationary pressures.

Cash could end up worthless if we get surprised with a "new" unit of money.

I don't believe there is ANY certain safe haven.... but we have to take our chances with the most logical choices...

Regarding potential confiscation, hopefully there's an exemption for coins of numismatic interest if we have that again.

I'm thinking it wouldn't hurt to put on a small position of OLD coins just as major catastrophe insurance.

Only one person was ever prosecuted for illegal hoarding in the 30's to 70's, but some people lost their hoard anyway, since safety deposit box content all goes to the governmnet in a bank failure. I think they are still holding boxes from the '30's today, and have the right to search them.