It's just a gut hunch but this bailout stuff is getting a bit old. The Fed buying bad debt isn't a great idea and it's getting to be a little like taking zinc tablets for anemia. (You need iron for that condition for those of you who aren't on Web-MD... It's a wonder that site isn't more like real M.D. offices, you know, it could display "Page Loading" for a 1/2 an hour on your browser and then finally take you to the forum... but I digress. I still state the Federal Government needs to move more aggressively to push banks to refinance loans, not bailout the financial sector. I think this lack of 'tough love' is showing up on wall Street and is keeping investors nervous. I know I'm away from it right now and I'm glad I saw this coming. I don't short but sometimes I really feel I'd like to. In fact, maybe that's what will be in the news later today, that whatever initial rise that happened did so because it shook the shorts out yet again. Pete
Well so far I'm eating crow on this prediction. Google closing the Double-Click deal today has helped that stock and the Nasdaq come up today as well as the Fed news. The Nasdaq did sink from it's early highs but is revisiting them now. Well, still about two-hours left until closing bell but I would have thought the Dow to finish up at about 135 today. Oh well, thanks to the PayPal buyer protection plan, I might be able to get a full refund on that swami hat I bought on eBay. Pete
you do realize you started this thread AFTER we already dropped 20pts on the S&P right? Its one thing to start this early in the day but you already saw the market pull in a good deal.
Hmm, crow's not so bad, as it turns out it tastes a lot like chicken. Well the bad news is was wrong on the results the good news is that this move shook a lot of the shorts out of the market, which I'm glad I wasn't one of them today, and my biggest hope is that it will change the Fed action on the dollar, which I and a lot of people here have been screaming at the top of our lungs is bad policy. I'm concerned neither gold or oil backed off today; in fact they both increased marginally and certainly there were other companies today like Sprint, some health care stocks and even Boeing that were negative. I remember these 400+ point swings from the early 2000's. The days ahead for the market should be really interesting. Oil is certainly fickle. The market did well with oil going up on energy stocks so oil seems to wear both a black and white hat in the market place. I think there will be some news reports of some smaller banks going bust in the near future but that could just lead to mergers and acquisitions, which is usually good for the market. I'm still waiting to see how B of A will do with all the bad debt they inherited from Countrywide. Anyway, I'm definitely getting my money back on that swami hat and I promise I'll spend it in a better place next time. Oops, gotta go, there is a bidding war on a crystal ball at ubid.com! Pete
To the OP - Please stop providing market commentary, especially after you made a blatantly wrong call intraday. Kind Regards, -the vets