We closed down 390, broke 8000 intraday on friday. Monday is to obvious, tuesday is a possiblility but Weds or Thursday could be the day we "crash" in the sense of the new erra. Of course it will not be a 1929 situation. However, when greeni made is speach back in 98/99 on the Buble....the dow was at 6000. THe forces that be are calling for a 7500 base on the Dow, which leads me to belive we will fall lower than that. Could the Nasdaq touch 1000 or break it this week? Nikkie is down 2% sitting at 5 year lows. Of course we could bleed for the next year, or we can move down a few 1000 points in the next few days and really try to put a true bottom... Only time will tell, but i will not leave my trading screens all week, not even to take a piss. er
correction, it was 96 on greenis first Exhuberance speeck and the Dow was mid 6000. And of course i would have a empty jug next to me this week, just in case...
Oh my god we are all going to loose our shirts in the market monday. I am calling my broker before the open and selling everything. I can't take this pain anymore. With my proceeds of the sale I am buying residential housing.
trade555 - your so funny . If i see one more interview with some dumb ass who thinks that real estate is the place to go i will throw a brick at the TV. O yea same goes for capitulation and the word vigilance . The 2 most over used words in 2002 . Shit I want the market to free fall , more shares I can buy on the cheap cheap .
My take on another October 87 that I previously posted: Regarding the October 87 crash, I believe most crashes take place due to a snow ball effect of profit taking, or due to the most unlikely events (ie. 9/11), mutual fund redemption not being an unlikely event as they occur all the time albeit in various waves. In October 87, the market was up 20% on the year when it crashed. And it was after a 5 year bull run of 150%. In contrast, we're virtually at a 5 year low and already down more than 20% on the year. Wheres the profit? Most people are numb by now. Look at SUNW, everyone was saying how "cheap" it was at 10. And everyone held on thru the pain. AOL. "Cheap" at 28. People hold on mindlessly. Whos to say they wont do the same when it slowly gets cut in half again. The ones with the itchy trigger finger are those with profits. But we're already down so much.
without some major event this week that we have not forseen ... tell ya what ... if cisco comes out this week and says it committed major accounting fraud for the last 5 yrs on tuesday and if the united states or europe is attacked in a major way by the forces of evil as we regard them on wed. I will give you credit for a timely crash alert tonight.
Tokyo Stocks Score Turnaround by Midday July 21, 2002 10:40:00 PM ET "Bears later scrambled to cover shorts." It's going to be interesting!....... Hope everyone makes LOTS of mullah!
Nobody has mentioned why '87 happened in the first place. Once the market started crashing a portfolio insurance company (LOR) was forced to sell futures to make up for the losses in equities. The problem was that their model was flawed, and it just became a snowball effect. That won't happen again.