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Stock Market; Record Drop
Tweet Topic Started: Sep 29 2008, 02:33 PM (97 Views)
BTown11 Sep 29 2008, 02:33 PM Post #1
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Down 720 points as we speak. percentage wise about 8% (qualifies as one of the top 10 worst days in the history of the DJI). unbelievable.
Death to Signatures.
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troubleatiu Sep 29 2008, 07:50 PM Post #2
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and overall it's not done. something tells me the rest of this year and well into 2009 is going to be bearish. im still reading 7500 when all is done.
but really are you surprised? seriously, with everything else (price wise) inflated due to the weak dollar does anybody still think the dow was at 14000 due to sound economic principles? is it a stretch to say it was inflated as well? thats what ive been preaching for awhile now. the market WANTS TO COME DOWN. the sooner we bottom out, the sooner we can pick the pieces up and move on. i dont see any other way around it.
if purchasing power has been eroded by half in the last 5 years then inversely couldnt the dow double due to the same forces? or now, couldnt it lose half its "value?"
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"The illegal we do immediately. The unconstitutional takes a little longer."--Henry Kissinger
"What luck for rulers that men do not think."- Adolph Hitler
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HoosierLars Sep 29 2008, 07:53 PM Post #3
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troubleatiu
Sep 29 2008, 07:50 PM
and overall it's not done. something tells me the rest of this year and well into 2009 is going to be bearish. im still reading 7500 when all is done.
but really are you surprised? seriously, with everything else (price wise) inflated due to the weak dollar does anybody still think the dow was at 14000 due to sound economic principles? is it a stretch to say it was inflated as well? thats what ive been preaching for awhile now. the market WANTS TO COME DOWN. the sooner we bottom out, the sooner we can pick the pieces up and move on. i dont see any other way around it.
I don't see how you can see 7500 or any other number at this point. It could be 10,000 or 5000.
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Mr Gray Sep 29 2008, 08:58 PM Post #4
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This drop was as if no deal would be created whatsoever. Now, if Congress gets their stuff together and comes up with a reasonable plan with limited intervention, there will be a massive buyback leading into a bull market for 3-6 months IMO.
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The body knows what fighters don't: how to protect itself. A neck can only twist so far. Twist it just a hair more and the body says, "Hey, I'll take it from here because you obviously don't know what you're doing... Lie down now, rest, and we'll talk about this when you regain your senses." It's called the knockout mechanism.
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HoosierLars Sep 29 2008, 10:20 PM Post #5
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Sep 29 2008, 08:58 PM
This drop was as if no deal would be created whatsoever. Now, if Congress gets their stuff together and comes up with a reasonable plan with limited intervention, there will be a massive buyback leading into a bull market for 3-6 months IMO.
Maybe a sucker's bull market like the one after 911. The psyche of Americans has been damaged again, and this will lead us into another bad recession or worse. We will see a year of more panics, similar to 2002. I'm just glad I didn't bet on us being near the bottom last week.

That said, nobody knows what will happen, and we could get through this better than I expect.
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brumdog44 Sep 29 2008, 11:39 PM Post #6
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aaronk2727
Sep 29 2008, 08:58 PM
This drop was as if no deal would be created whatsoever. Now, if Congress gets their stuff together and comes up with a reasonable plan with limited intervention, there will be a massive buyback leading into a bull market for 3-6 months IMO.
As long as there are day traders who want to earn a quick buck and panic when it doesn't come, huge flucuations are going to happen.
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