Correct me if I'm wrong - but the stock market NOT crash today

[LynneSin]

I swear everyone was screaming it would tank today and yet if I'm reading it right we're up 60pts. Mind you we have a ways to go to get back to the 'good old days' but it's nice to know it kinda held it's own today despite everything that happened yesterday.

[w4rma]

1. It's because the big 3 may be getting bailed out with some of that $700B allocated for the financial

industry.

[HereSince1628]

13. Yes the Plunge Protection Team mumbled something about helping the Big 3

and it forestalled a drop.

They essentially gave Wall St a promise for a hamburger tomorrow, if they wouldn't sell until next Tuesday.

We'll see if Whimpy is still hungry next week.

[RUMMYisFROSTED]

2. *

[LynneSin]

3. No silly, I realize that it wasn't any great victory

it's just nice that it didn't tank either.

[louis-t]

17. (Sigh) I miss going to the casino.

Not in the budget anymore.

[Idealism]

4. The White House leaked info about possibily

using TARP money to give them a bridge loan.

They leaked this information out right before the opening bell on Wall Street today, the DOW futures were down before that 300 points, with GM down about 35% at opening and Ford down 24%. Chrysler is privately owned and thus isn't traded.

[Deja Q]

5. Nor was election 2008 canceled... or election 2006 canceled... or election 2004 canceled...

A few other things have been proven wrong too.

[JuniperLea]

6. This volatility actually shows it's not holding its own and hasn't hit the support level yet...

I'm really sick of the media saying crap like "the stock market gained despite blah blah blah" or "in reaction to blah blah blah, the market tanked." It's all bullshit. We are on the same wild ride for the same reasons it has been for months and months. The stock market has been overinflated for a very long time. The volatility will not stop until the market corrects. Once the market has corrected, the volatility will cease, and we will experience very slow, but very steady gains. This up and down crap of 10 to 30% a day is misleading, and there's no one reason for it. Don't let the media fool you.

[lapfog_1]

7. Early this morning, before market open

Bush admin put the story out that some of the TARP funds would be used to do the bailout (which does not require any Senate action).

That story boosted the market.

[kirby]

8. Because King Henry stepped in...

It looks like the Treasury will bail out the Big 3 using the TARP. They will buy them a few months until the next Congress confronts the same viability issues.

[Malikshah]

9. Yes. Some will be a bit red-faced as they come out of their

bunkers or walk off the Ark.

I swear that if I panicked every time the "Let's all collectively soil ourselves" Brigade starts their monthly the End is Near Parade, I'd have no stomach lining, hair, or teeth (all that gnashing, you know, wears on the enamel) left.

1) Things are rotten
2) Things will get better
3) How and when they get better is all a matter of perception, outlook, and a grasp of reality.

Most importantly....

Life is *not* a gaping, black hole from which nothing escapes.

So, no, I'm not going to recycle sponge water, make my own bread with old bits of dry wall, kitty litter, and spit, or begin to fill my freezer to rat jerky.

:)

[GrizzlyMan]

12. You ever get the impression some don't want it to get better?

I sure do. Lot of hysteria addicts here these days. Many seem to covet the struggle.

[kirby]

21. Yes I notice, but crisis is also opportunity...

There are some 'anarchy' types that post here (not me). But, I think we have fundamental problems in the country and this is an opportunity to solve them. Simply applying band-aids or bailouts only delays the work that is truly needed to reform things. I think a lot of people realize the public in general only 'wake up and smell the coffee' when their wallet/purse is hurting. If things are fixed in perception only, the status quo will return without the needed reforms.

[Malikshah]

23. Opportunity yes. Reform yes. Collectively breaking out in

assholes and shitting ourselves to death? No.

[Malikshah]

22. So true. We all folks who like to look on the not-so-bright side of life

The Debbie Downers in our midst.

Had a friend once in college who always played one-upsmanship with tales of woe. It got to the point that after she left the room following her latest tale of trials and tribulations we'd look at each other and say "And then their head exploded"

:)

[GrizzlyMan]

10. It could crash again soon but......

I have to admit I got a chuckle checking out the numbers this morning after reading all the arm chair DU economists last night hitting the panic button. I'm convinced some here are hopelessly addicted to hysteria. They need it to get through the day.

[BelgianMadCow]

11. You're right

but Paul Krugman said all indicators point back to the Great Depression - and that he wasn't relying much on the DOW, since he basically thought that indicator went apeshit.

So better follow the Baltic Dry Shipping index :shrug:

[ipfilter]

15. The BDI is some scary shite right now.

[BelgianMadCow]

18. from the wikipedia entry on Baltic Dry Index

Impact of 2008 financial crisis

On 21 May 2008 the index reached its record high level since its introduction in 1998, reaching 11,793 points. Half a year later, on 5 December 2008, the index had dropped by 94%, to 663 points, the lowest since 1986.<8> These low rates move dangerously close to the combined operating costs of vessels, fuel, and crews.<9><10>

By the end of 2008, shipping times had been already increased by reduced speeds to save fuel consumption, but lack of credit meant the disappearance of letters of credit, historically required to load cargoes for departure at ports. Debt load of future ship construction was also a problem for the companies, with several major bankruptcies and implications for shipyards.<11><12> This, combined with the collapsing price of raw commodities created a perfect storm for the world's marine commerce. Cheaper fuel was no longer able to offset this situation and global letters of credit are beyond the powers of the Federal Reserve.

more:
http://en.wikipedia.org/wiki/Baltic_Dry_Index

[Joanne98]

14. That because the WH hinted at over-riding the Senate on the bailout.

Just wait until MONDAY!

[MazeRat7]

16. The futures did indeed look grim last night, Asia took a hit this morning,

but the "story" that the "Big-3 were too big to fail", kept it from getting worse. That said, we still are up about 1000 pts on the DOW from previous lows and about 2500 pts below where we were a year ago.


It's going to be a long and slow recovery, provided we actually recover.

I hope so, I'm damn near broke at this point.

Peace,
MZr7

[kickysnana]

19. As far as I know no Rapture either. n/t

[readmoreoften]

20. Yeah, it didn't crash on "hopes" of a bailout. The problem must not be so grim after all.

Irrational behavior in the US markets must be a sign of recovery when the markets go up. Especially if about 100% of the news is grim and getting grimmer. Like the other day when the market rallied after it was finally admitted that we were in a recession and the worst numbers in 34 years came in. Gotta love market manipulation.

[NNN0LHI]

24. The eat em, drink em, smoke em sector usually hangs tough even in hard times

Have you checked Campbell Soup stock recently?

Don

[rucky]

25. Harry f-ing Reid said it would tank.

"There's too much difference between the two sides," said Senate Majority Leader Harry Reid, D-Nev. "I dread looking at Wall Street tomorrow. It's not going to be a pleasant sight."

http://www.marketwatch.com/News/Story/Story.aspx?guid={01358784-ABDC-4333-8C55-2FA96BB138AE}

Way to keep your cool, Harry.