Mar 02 2009
A funny thing happened to me on the way to the Market
It wasn’t where I left it…
Current DOW JONES INDUSTRIAL AVERAGE: 11:44 AM EASTERN 6,852.98
Update: Current DOW JONES INDUSTRIAL AVERAGE: 5:20 PM EASTERN 6,763.29
As with sky high Oil Prices crashing back down to earth (though, not far enough for me…) the US Stock Market has been plummeting towards earth at breakneck speeds.
The Bears hunger is insatiable; jaws smacking, roaring madly, and claws sweeping wildly at anything in their path and there is NO end in sight…
When we were at 11,000 already down over 3,000 some analyst said, I see the bottom at DOW 6,000. At the time, “WOW, 6,000 that’s another 5,000 down from here—that’s crazy!” Well, we are on the cusp of that number and if I may, I believe we touch 5,000 and change before we stop bleeding. The Market always over-reacts to the extreme one way or the other. I can only speculate at this point that we are oversold at this point, but as long as there is fear and ZERO confidence the Market will reflect it in more losses.
Where is the leadership? Someone to tell us we will get through this versus—the end of the world is upon us…
Global financial factors (this is a Global disaster, not one limited to the USA) are weighing on all of this and this isn’t really considering what raising taxes on the people who have money to spend will do. More not to mention, as snowstorms are pounding the East coast in March, solutions to the Al Gore-science-settled-man-made global warming, including cap and trade which will also stifle growth. Not to mention fixing the much in need Health care system. Not to mention fixing the broken Social Security system. Not to mention the in flow of illegal immigration into an already overburdened system. Not to mention the two wars we’re in the middle of. Not to mention the countries like Iran closing in on the nuclear bomb and North Korea closing in on weapons systems that can reach the US. Not to mention Education. Not to mention the lending and mortgage system that landed us here in the first place… Can anarchy really be far behind?
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Dow industrials fall below 7,000; lowest since ‘97 By Tim Paradis AP
OtherVoices:
The Anchoress: Will the Dow hit 5,000?
by Ed Morrissey Too big to fail: AIG gets another $30 billion
Roger L Simon Obama and the Stock Market: is the media mentally ill?
Cognitive dissonance? Mental imbalance? Slavish idolatry? Or just plain inability to admit you made a mistake? You tell me. Meanwhile, the market goes lower and lower while the media continues its hosannas to BHO. I could just say it’s their futures, but it’s ours too, the selfish creeps.
Victor Davis Hanson Recessional: Conservatives Have Themselves to Blame
by Ed Driscoll Buyers’ Remorse Sets In
With the Dow plunging to new lows, as Glenn Reynolds recently noted, buyers’ remorse on Wall Street is beginning to set in:
By Ignatius Reilly Obama Stock Market Performance: Dow Jones Under Obama
I like your site…. And all the more for your pizza reviews… because we’re all going to be eating a lot of pizza in the near future. (Got any recommendations for LA?)
Know what else has fallen? My face, after seeing that Logan had scraped all the frosting off the cake with his fingers.
“But I thought you said we should get rid of it!”
A slice at a time, buddy, a slice at a time.
iChef Politikos created an interesting post today on The Irascible Chef Recent iRants iRaves. A funny thing happened to me on the way to the Market · Hammer = Power. Sickle = Control… Do We Really Stand a Chance? Birthday Grand Slam! Don’t lay your guilt trip on me…