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Dow below 8,000 - 1st time since '03

Discussion in 'Political Discussion' started by PatriotsReign, Nov 19, 2008.

  1. PatriotsReign

    PatriotsReign On the Roster

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    Shocking? Not really.

    At this point, are any of us shocked by any of the negative economic news we hear everyday? I'm getting numb to it.

    It would almost be better is if they only put the economic news out once a week to prevent the idiotic panicking that goes on.

    Dow below 8,000 - 1st time since '03

    "Major indexes slide as investors remain nervous about the future of America's auto industry. Grim economic reports weigh on financials.

    NEW YORK (CNNMoney.com) -- Stocks fell hard on Wednesday as a selloff gained momentum near the close and the major indexes tumbled to 5-1/2 year lows.

    The Dow closed below 8,000 for the first time since March 2003 as investor confidence dried up amid ongoing worries about the economy and the future of the auto industry.

    The Dow Jones industrial average (INDU) shed more than 400 points to close down about 5%, according to early tallies. All 30 Dow components ended lower.

    The Standard & Poor's 500 (SPX) index slid 6% to its lowest level since March of 2003. And the Nasdaq composite (COMP) lost 6.5% to settle at its lowest point since April 2003."


    CNNMoney.com Market Report - Nov. 19, 2008
  2. BelichickFan

    BelichickFan B.O. = Fugazi PatsFans.com Supporter

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    #24 Jersey

    I think I mentioned I had a dream a month ago where the Dow hit zero. I watched on TV as it went 5,4,3,2,1,0. And that was it :)

    As I said yesterday I finally gave in and moved 40% to money market/bonds. If we hit 7K or close to it then I'll probably put it back in figuring I could make up some of my losses if I can buy back in with 40% at that low number then just getting back to 10,500 would be a 50% increase.
  3. PatriotsReign

    PatriotsReign On the Roster

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    I said earlier, I'd love for the public corporate model to go away along with Wall Street. They are both models built for self-destruction.
  4. Patsfanin Philly

    Patsfanin Philly Rookie

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    #95 Jersey

    It's all psychology and as you said panic.. all those folks who decided to ( and were told by their broker that ) "it'll come back" watch their 401Ks crash and burn and decide to get out ( at the worst possible time- where were they 9 months ago) further sending the market down. Add in the constant bad economic news and you have one step forward ( a good day on Wall St) followed by 3 bad ones and the obligatory drop on Fridays..... I thought that the bottom would be 7200 the way things are moving, it could be lower.....IIRC the high was 14164 and with todays close at 7990, that's a nearly 44% drop closing in on the threeworst bear markets, the Great Depression, 2000-03 and 1973-74.
    ....

    http://politicalcalculations.blogspot.com/2007/08/five-worst-bear-markets-since-1871.html

    The S&P 500's Five (Six) Worst Bear Markets Since 1871 ▾
    Rank Peak Date Trough Date Peak Trough Drop
    1 September 1929 June 1932 31.3 4.77 -84.8%
    2 August 2000 February 2003 1485.46 837.03 -43.7%
    3 April 1973 December 1974 118.4 67.07 -43.4%
    October 2007 ??? 14164 less than 7990 >43.65%
    4 August 1937 April 1938 16.74 9.89 -40.9%
    5 February 1876 June 1877 4.52 2.73 -39.6%


    If the market drops another 30 points, it will rank as the second worst after the great depression.........
    Last edited: Nov 19, 2008
  5. fleabassist1

    fleabassist1 Rookie

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    #12 Jersey

    What would happen if we hit 5,000 tomorrow? What would happen if we hit zero? What would happen if we bailed out every single company and individual in america? What would happen if we stopped spending all money elsewhere in the world? What would happen if we spent all our money elsewhere?
  6. Wildo7

    Wildo7 Totally Full of It

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    Time for bed.
  7. BelichickFan

    BelichickFan B.O. = Fugazi PatsFans.com Supporter

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    #24 Jersey

    That won't happen, at some point the ratios of value and profit become attractive again. The problem is that no-one is confident in profit and earnings so they don't know what that point it.
  8. fleabassist1

    fleabassist1 Rookie

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    #12 Jersey

    Funny! Do you have another?
  9. fleabassist1

    fleabassist1 Rookie

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    #12 Jersey

    Yeah - I get that. It was more of a sarcastic post then anything :)
  10. Wildo7

    Wildo7 Totally Full of It

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    keep posting, they should come easy.
  11. fleabassist1

    fleabassist1 Rookie

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    #12 Jersey

    I don't know how, my posts are always perfect/correct and NEVER absolutely ever making fun of anything or sarcastic in any way.
  12. Wildo7

    Wildo7 Totally Full of It

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    cool, keep up the good work then.
  13. PatriotsReign

    PatriotsReign On the Roster

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    I remember we discussed this months ago. Wall Street has historically been incredibly good at "pricing in" certain economic factors. But THIS economy is just too unpredictable. Every time I see the news, someone is saying "such & such is now forecasted to be worse than previously expected".

    I heard that tonight on Fox news and I just shake my head. You think maybe we should just stop trying to have any expectations and take this one day at a time BF?
  14. BelichickFan

    BelichickFan B.O. = Fugazi PatsFans.com Supporter

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    #24 Jersey

    That's why I put 40% out of the market about 600 points ago. I need to get some certainty and I now only have 60% at risk. As I said, though, if it drops another 1,000 then I'll have to put the 40% back in and I might make up some loses buying in at such a crazy low point.

    But for now I'm happy to be 40% out and am kind of wishing I was 60% out.
  15. PatriotsReign

    PatriotsReign On the Roster

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    Good move....can't see it any other way BF...in 3 months, you may be wishing you were 80% out:rolleyes:
  16. Lifer

    Lifer Banned

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    You know whose fault this all is, dont you?

    Thats right! Once again, its the Homosexuals!!!!!!!!!!

    * this will date me, but does anyone remember Mel Brooks on Hollywood Squares? His every answer to every question was "Tony Martin"

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