House Republicans Reject Package, Dow Falls Over 700 Pts

[drogulus]

     Has anyone bought stock in the last few days? It seems like a good time to go bargain hunting. 

[ezodisy]

I disagree. Dow collapsed nearly 400pts in the final 30 minutes of trading to close about 9200, a number it had tried 3 times to break through earlier in the day after reaching a morning low of 9120. I thought it would have to retest this figure and futures are just about to approach it. There will be many chances to buy in the next 6 to 12 months, now is not the time, unless you wish to daytrade, for which it's a dream.

[Lethevich]

     Has anyone bought stock in the last few days? It seems like a good time to go bargain hunting. 

Hehe, I had a friend buy me some UK bank stocks yesterday given how they had a) hit almost rock bottom, and b) how it was apparent that the government could not afford to let them fail. I'm hoping they'll go up nicely in the next decade or so.

[ezodisy]

Do you know which bank(s)? If HBOS, it closed up 24% with an intraday high somewhere around 40. Most of the rest were in red.

By the way, hedge funds are still able to short banks. Sharecrazy published an article about it this morning but the FSA have forced them to take it down. Basically the funds have been able to short the FTSE and buy back all constituents except banks. Naturally those who have performed this apparently not-as-hard-as-it-sounds task have made a fortune.

[Lethevich]

Do you know which bank(s)? If HBOS, it closed up 24% with an intraday high somewhere around 40. Most of the rest were in red.

HBOS was the highest I spent, due to how far it had fallen. It wasn't big amounts though, as I am not a big gambler. I see them as having a pretty good chance of working out, but if not, it's only £200 down the drain. Nothing ventured, etc

[ezodisy]

well there's a lot of doubt about whether the merger with Lloyds will actually take place, which would probably result in a price target of 0 for HBOS. Anyway, you should get your friend to sell and buy Dragon Oil (DGO). Turkmenistan, it's the future, where our children will want to go for vacation 

[adamdavid80]

Strangely, all three of my local musicshops - a small downtown shop called rebel rebel (that specializes in rock, especially vintage vinyl, and dance imports) the used classical place Academy, and Virgin Mega-Store - were busy as hell today. 

When the world is running down, music is the opiate of the masses?

[ezodisy]

Dow fell from 9100 - 8600 within 60 minutes. S&P were not particularly wise in announcing that they might downgrade GM -- great timing in the afternoon guys.  Anyway this should fall further in the coming days and weeks, probably below 8000, as quite firm support appears to have been smashed through. Once the stock market panic abates, then most likely it'll be "main street's" turn to capitulate and things will be getting a lot worse in the future with the $700b bailout doing very little to help, I think.

[PerfectWagnerite]

Strangely, all three of my local musicshops - a small downtown shop called rebel rebel (that specializes in rock, especially vintage vinyl, and dance imports) the used classical place Academy, and Virgin Mega-Store - were busy as hell today. 

When the world is running down, music is the opiate of the masses?

Virgin Mega Store? I didn't know people still buy cds there as they are so overpriced. I go to J & R, probably the cheapest place to get new cds in the City.

On a related note, I thought the economy is bad and that people are getting laid off. So why is it that this week traffic in NY has just been horrendous. I take the Grand Central Parkway to the Bronx via the Triborough Bridge every morning and this past week it has been a parking lot pretty much, especially at the last ext (31st Street) where everybody and their grandmothers want to exit.

Dow fell from 9100 - 8600 within 60 minutes. S&P were not particularly wise in announcing that they might downgrade GM -- great timing in the afternoon guys. 

I don't think S & P time their press releases according to market conditions. They just announce whatever they have on hand. It's unfortunate for GM but even the dumbest people see it coming. But can we just get it over with? We all know that in the next year or two Ford or GM or both are going to go belly-up, like we need S&P to tell us.

[drogulus]

I disagree. Dow collapsed nearly 400pts in the final 30 minutes of trading to close about 9200, a number it had tried 3 times to break through earlier in the day after reaching a morning low of 9120. I thought it would have to retest this figure and futures are just about to approach it. There will be many chances to buy in the next 6 to 12 months, now is not the time, unless you wish to daytrade, for which it's a dream.

     I didn't mean buy generally, just look for bargains.

     Since you buy when prices are low, isn't this a good time?
     

Hehe, I had a friend buy me some UK bank stocks yesterday given how they had a) hit almost rock bottom, and b) how it was apparent that the government could not afford to let them fail. I'm hoping they'll go up nicely in the next decade or so.

     

     

[adamdavid80]

     Has anyone bought stock in the last few days? It seems like a good time to go bargain hunting. 

Wow!  With this kind of foresight, you should be the CEO of a rapidly failing investment bank!!!   

Virgin Mega Store? I didn't know people still buy cds there as they are so overpriced. I go to J & R, probably the cheapest place to get new cds in the City.

Virgin in Union is going out of biz, so classical - as is jazz and world -  is all 35% off...got me a couple of GREAT box sets at very reasonable prices!

[karlhenning]

     I didn't mean buy generally, just look for bargains.

Yes, indeed;  I was only ever in the Virgin Mega-Store (when it was still there on Mass Ave & Newbury St) on bargain hunts.  Made a killing, too.

[karlhenning]

Virgin in Union is going out of biz, so classical - as is jazz and world -  is all 35% off...got me a couple of GREAT box sets at very reasonable prices!

Very nice!

[bhodges]

Virgin in Union is going out of biz, so classical - as is jazz and world -  is all 35% off...got me a couple of GREAT box sets at very reasonable prices!

Yikes...too bad (if not unexpected).  Thanks for the heads-up...I'll go down and pick up some things myself. 

--Bruce

[adamdavid80]

Yikes...too bad (if not unexpected).  Thanks for the heads-up...I'll go down and pick up some things myself. 

--Bruce

Don't you DARE grab the Bach Sacred Cantatas box...THAT'S MINE!!!!!!!!   

[bhodges]

Don't you DARE grab the Bach Sacred Cantatas box...THAT'S MINE!!!!!!!!   

Gee, I hadn't really considered it, but now that I know it's a highly desirable item...  



--Bruce

[drogulus]

Wow!  With this kind of foresight, you should be the CEO of a rapidly failing investment bank!!!   

     In the present circumstance the prices of good stocks are depressed along with the bad. That's why people buy when others sell at fire sale prices. This is a fire, and it's also a sale. And yes, it is foresight. That's how it works. Those who panic sell to those who don't.

[(poco) Sforzando]

Don't you DARE grab the Bach Sacred Cantatas box...THAT'S MINE!!!!!!!!   

Which version?

[adamdavid80]

Which version?

Whatever.  Apparently Bruce is on his way to the register already. 

DAMN YOU HODGES!!!!!!!!!!   

[adamdavid80]

     In the present circumstance the prices of good stocks are depressed along with the bad. That's why people buy when others sell at fire sale prices. This is a fire, and it's also a sale. And yes, it is foresight. That's how it works. Those who panic sell to those who don't.

(I was referring to the fact that you'd written that post yesterday.  As you essentially say, the concept is buy low, sell high.  Therefore, if you bought stocks this morning, before the dow fell 700 pts today, then you've - for now, best case scenario - lost money on the investment, and would've been better off waiting.  So, no, that's not foresight.  That's, at the least, paying too much, and, at the most, a bad investment that will only become revealed with time).

Those who think they know the game buy from those who know to get out.   

In seriousness, do you believe we've touched bottom?  I frankly am amazed it's gotten this low, this fast.  It honestly seemed incapable of going down beyond 10,000.