The Stock market 10/10/08 - Why 10 is a bad number

Discussion in 'Economy' started by DavidS, Oct 10, 2008.

  1. DavidS
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    DavidS Anti-Tea Party Member

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    Hang Seing - Down 1121.31
    Nikkei 225 - Down 878.44
    BSE 30 - Down 643.36

    Euorpean stocks are set to open 5 to 8% down.

    There are three things, in which any one of them on their own could spark a sell off.

    The day after Yom Kippur in a bear market is hisotrically a terrible day
    A Friday is almost always a day to either say "I stayed in too long, it's time to sell."
    And it's October. Some of the world's worst crashes have happened in October.

    A Friday, after Yom Kippur in October.

    Dow futures down 211.

    It's going to get ugly today, folks. There's a great chance that they will halt trading on the floor today.

    It's going to be a bad day. A very bad day.
     
  2. elvis
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    elvis BANNED Supporting Member

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    my socialist cousin's mouth is watering with every day the Dow has a triple-digit loss. He keeps telling me to read the manifesto. Judas Maude.
     
  3. DavidS
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    DavidS Anti-Tea Party Member

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    Europe's stocks are scary. Italy's market is down over 1100 points.

    Major World Indices - Yahoo! Finance
     
  4. NOBama
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    NOBama Senior Member

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    Play of the day (IMO) SKF. I jumped back in yesterday @ 152.50. Other than that, I'm holding a couple short positions. Not planning on holding anything beyond closing bell.

    Futures
     
  5. editec
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    editec Mr. Forgot-it-All

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    Now would be a really good time for MCain to start insisting that we ought to privatize social security, don't you think?


    Come on Republicans, tell us again how much better people will be when they can put their retirement into the stock market.

    People I'm talking to with 401Ks are telling me they've lost half their retirement nesteggs in the last few weeks.
     
  6. NOBama
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    NOBama Senior Member

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    You hit the nail right on the head: Nest egg. There’s no such thing as a nest egg, at least not in the stock market. I feel sorry, no empathy, for all the people who bought into that crap. I’m glad I never bought into it. I’ve always believed that there is no Big Brother, that nobody cares more about the welfare of my family then me and, that we live in a world where it’s every man for himself. I can’t tell you how many times I’ve been chastised for that, even scorned once by an employer.

    Social security? I won’t even go there. I’ve always believed the system would be broke by the time I could benefit from it.
     
  7. DavidS
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    DavidS Anti-Tea Party Member

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    That idea is DEAD in the water.

    No one should be talking about tax cuts right now, either. The average American family will receive about $50 less in taxes under both plans. The only people who will receive breaks are the rich under McCain's plan and his plan will add to the federal defecit so much so that we may need yet another place in the national debt calculator. 10 quadrillion!

    That was BEFORE October. People in November, right before election day, will get their 401k statements and it will be ugly if October continues the way it is.
     
  8. DavidS
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    DavidS Anti-Tea Party Member

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    Holy shit. Dow futures are down 350 points. This is going to be nasty. The DOW only needs to go down 850 points for the circuit breaker to hit.
     
  9. dilloduck
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    dilloduck Diamond Member

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    Hey--at least everyones social security is all safe in that lock box ! :smoke:
     
  10. Sunni Man
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    Sunni Man Diamond Member

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    So glad I am a Muslim.

    We don't get involved in Wall Street and the Stock Market.

    It is basically a form of gambling and usury, which is forbidden in Islam.
     

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