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Hi DavidS:
I'm reading a lot of negative reaction on the stock forums about the government's role in telling a CEO to step down. I think this is a good sample of what a lot of people will be seeing on Monday. We could be around 7400 by the time the day ends.
The stock market goes up when too many people believe the Obama LIES and comes back down when reality sets in. Period. We still have too much Outsourcing of JOBS and too many Foreign Nationals (legal and illegal) displacing US workers from JOBS. We still have 10,000 foreclosures (and rising) every single day and another 600,000 people will be unemployed by this time next month.
The U.S. Economy is IMPLODING through a carefully orchestrated PLAN that works like musical chairs where somebody is always left standing. By September or October of this year the stock market will collapse under the weight of a deteriorating consumer base, falling house prices, failed retailers slashing prices to undercut the competition, failing banks with worthless mortgage-backed security portfolios and failing insurance companies holding the bad paper bag on failed insurance polices to boot.
You guys are moving around chairs on the Titanic that has yet to begin the nosedive to the bottom of the ocean . . .
GL,
Terral
I'm reading a lot of negative reaction on the stock forums about the government's role in telling a CEO to step down. I think this is a good sample of what a lot of people will be seeing on Monday. We could be around 7400 by the time the day ends.
Good call David.
WASHINGTON (AP) -- President Barack Obama declared Monday that General Motors and Chrysler restructuring plans were too little too late, leaving him no choice but to push out GM's chief executive and set a one-month deadline for Chrysler to merge with Italy's Fiat SpA.
Obama, who was stepping into the American industrial sector with a force not seen in generations, also raised the possibility of a controlled bankruptcy to help either or both companies to "restructure quickly and emerge stronger" -- uttering the term that industry and union officials have warned repeatedly could lead to the collapse of an entire domestic industry.
But Obama sought to soften the blow.
"What I am not talking about is a process where a company is broken up, sold off, and no longer exists," Obama said. "And what I am not talking about is having a company stuck in court for years, unable to get out."
As the U.S. economic recession deepened and the auto giants sought more taxpayer money, the president was performing radical surgery.
Underscoring the extent to which the government is now dictating terms to two of the country's iconic corporations -- forcing the departure of Rick Wagoner as CEO of General Motors, Obama bluntly warned the administration may pull the plug on either or both companies.
Dating to his days as a presidential candidate, Obama had been openly critical of the U.S. auto industry, voicing deep dissatisfaction with the way it has done business.
Declaring he would no longer "excuse poor decisions" as the companies tried to survive on "an unending flow of tax dollars," Obama said, "These companies and this industry must ultimately stand on their own, not as wards of the state."
White House moves dramatically on auto industry - Yahoo! Finance
What's a 'controlled bankruptcy'? Is that different from Chap. 11?
I see a buying opportunity today. A lot of securities took a beating today and it looks oversold to me.
I've been playing with micro-caps lately, myself. Smart picks are earning me 10% or more. I just missed out on a 100% pick because I was stuck in a not so liquid stock, but it's ok. That stock itself has already earned me a nice return.
Opportunity abounds if you do your homework.
That's already happening right now. The market is churning out a bottom as we speak.
The market is always a few quarters ahead of the news and things will turn around before you know it. The talking heads won't tell you until they've bought all theirs.
Hi Valerie:
That's already happening right now. The market is churning out a bottom as we speak.
Hardly. The market fundamentals are BROKEN and have been for some time now. There is no stock market bottom, because there is no housing market bottom and the consumer base is being systematically destroyed. The company I work for built a restaurant that is opening today and take a guess how many applications they received for waitresses? 900! The company I worked at for years and years had 350 employees and is now down to about 20. There is no market corridor showing you highs and lows, because the bottom has been kicked out; but far too many people cannot read the writing on the wall.
The market is always a few quarters ahead of the news and things will turn around before you know it. The talking heads won't tell you until they've bought all theirs.
Not this time . . . You guys should listen to Gerald Celente:
[ame="http://www.youtube.com/watch?v=9nJ7LM3iyNg"]This Guy Knows His Stuff[/ame]
GL,
Terral
It's probably got a little to do with the GM situation. Boy I wish GM would make up their mind. One week they're near bankruptcy, the next week they're looking like they're getting healthier. Then they're bankrupt again. This market is being heavily manipulated by the media, it's becoming obvious at this point.
If you look at the charts for the last two months, it looks like we might be setting up for a W pattern. If we touch 7000 by the end of the week, and the trends stay the same, April could be a down month on the way to testing the lows again.
Just an observation.
Good call David.
What's a 'controlled bankruptcy'? Is that different from Chap. 11?
I took that to mean with government oversight and control...?
The company I work for built a restaurant that is opening today and take a guess how many applications they received for waitresses? 900!
i was watching cnbc and a guy believes the dow will fall 5 to 7% before the next rally.
i was watching cnbc and a guy believes the dow will fall 5 to 7% before the next rally.
There you go listening to a random person on CNBC again.
Paulie,
I suspect that technical analysis works especially well when enough people are following that technical technique -- Self fulfilling market prophecies often work that way.
As to the state of the economy (not the market) it's in the tanks. And as long as the people are in the tank, the economy (as I define it at least) isn't going to revive.
Confidence (or the lack of it) drives the market, but honest to god reality inevitably drives the economy no matter how much the FED messes with it, or the mavens tout it.
Paulie,
I suspect that technical analysis works especially well when enough people are following that technical technique -- Self fulfilling market prophecies often work that way.
As to the state of the economy (not the market) it's in the tanks. And as long as the people are in the tank, the economy (as I define it at least) isn't going to revive.
Confidence (or the lack of it) drives the market, but honest to god reality inevitably drives the economy no matter how much the FED messes with it, or the mavens tout it.
