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another wow from me. never thought we would have seen 9000. 8000, 7000.... going going going
Preview of tomorrow happening right now in Asia:
http://www.cnbc.com/id/27106905
Asia Gets Hammered, Nikkei Plummets 10% - Bloodbath in Asia as Markets Freefall
Topics:Asia Market Week | Market Wrap | Stock Market | Malaysia | Singapore | China | Shanghai Stock Exchange | South Korea | Australia | Australia & New Zealand | Hang Seng | Nikkei
By CNBC.com | 09 Oct 2008 | 08:24 PM ET
It feels like 1997 all over again in Asia. Japan down 10 percent, Australia down 7 percent and South Korea down 8 percent as markets around the world are gripped by recession fears. And the selling continues this grim Friday session.
The morning bloodbath in Asia follows Wall Street's 7 percent plunge Thursday, finishing below the key 9,000 level for its seventh straight day of losses, as coordinated interest rate cuts by the world's leading central banks did little to thaw the credit freeze and lift confidence in the financial sector.
The yen jumped to a three-year high against the euro and gained 3 percent against the battered Australian dollar as investors panicked about the sell-off in global stocks despite the array of official efforts to unfreeze credit markets.
The euro [$$EURJPY 134.03 -1.64 (-1.21%)] slid to a low of 133.60 yen before trimming losses to 134.32 yen in hectic and volatile trade, down about 1 percent from late U.S. trade. The dollar [JPY-TN 98.7 -0.95 (-0.95%)] hit a six-month low of 98.50 yen, while the Australian dollar [$$AUDJPY 65.66 -2.32 (-3.41%)] shed more than 3 percent to a low of 65.93 yen. Crude oil prices [[email protected] 83.88 -2.71 (-3.13%) ] fell below $85 a barrel -- their lowest level in a year on fears of lower demand.
Japan's Nikkei 225 Average [JP;N225 8246.28 -911.21 (-9.95%) ] sank over 10 percent after U.S. stocks plummeted on fears about a global recession, while the firm yen added to the pain. Banks were ask only and many blue chips had yet to start moving. Traders are expecting the index to drop further.
Australian shares plunged over 7 percent to a fresh three-year low. The benchmark S&P/ASX 200 Index was down over 280 points, its lowest ebb since June 2005. Stocks fell across the board, including miners such as heavyweight BHP Billiton's despite a rebound in industrial metal prices overnight on Thursday. Banks worst hit with both Macquarie Group and Babcock & Brown down by double digits.
Seoul shares slid over 8 percent. Volatility in futures prices prompted the Korea Exchange to suspend program selling on the main board for five minutes, just after trade started. Kookmin Financial Group returning to the main board after restructuring itself to a holding company, opened at 48,150 won and then moved to 41,100 won. Shinhan Financial was down almost 10 percent.
Any opinions on investing in AIG.
Was roughly $24 3 weeks ago and now pretty cheap. Could it see a rise in the future?
ohhhhhh shiiiiiiiiiiiiiiiiiit
http://money.cnn.com/data/world_markets/
Yah, the news here in Tokyo is like all about the stock market. Went down 10% in the first hour of trading this morning!
All because of the last hour of the DOW in today's trading.
| quote: |
| Originally posted by epic007 Any opinions on investing in AIG. Was roughly $24 3 weeks ago and now pretty cheap. Could it see a rise in the future? |
I would stay away from most financials in this market, besides BofA JPM and maybe Wells Fargo... many of the speculative names are a pure gamble. Nobody knows what's on their balance sheets.
I'd buy companies that have low debt, good growth rates, and low PEG/PE multiples. For example, LDK solar is BEATING their numbers and RAISING guidance as most other stocks arn't in this bear market... yet they are trading at a P/E to Growth ratio of 0.17 (which is very undervalued).
here comes socialism...
http://biz.yahoo.com/ap/081010/lehm...aults.html?.v=7
AP
US to take stake in banks, first since Depression
Friday October 10, 7:36 pm ET
By Jeannine Aversa, AP Economics Writer
WASHINGTON (AP) -- The government will buy an ownership stake in a broad array of American banks for the first time since the Great Depression, Treasury Secretary Henry Paulson said late Friday, announcing the historic step after stock markets jolted still lower around the world despite all efforts to slow the selling stampede.
936pt rally today, biggest one-day gain since 1933. 
we've finally reached the bottom folks, BUY BUY BUY! 
| quote: |
| Originally posted by djGT 936pt rally today, biggest one-day gain since 1933. we've finally reached the bottom folks, BUY BUY BUY! |
good article and even better metaphoric photo
http://www.portfolio.com/news-marke...ll-Streets-Boom
The End
by Michael Lewis Nov 11 2008
my stocks are getting murdered and i have no more cash, now I'm going to have to sit and wait a long time before I can pull out at a profit or just even.
if you are in cash though now is a good time to cherry pick some srsly beaten up stocks - you may just have to wait quite a while to see really good returns.
(God the best of breed, incredibly cheap stock list is sooo big :< )
i can't believe BAC dipped at 14.88.
| quote: |
| Originally posted by djGT i can't believe BAC dipped at 14.88. |
I came across this rather frightening article this morning.
| quote: |
| Celente Predicts Revolution, Food Riots, Tax Rebellions By 2012 The man who predicted the 1987 stock market crash and the fall of the Soviet Union is now forecasting revolution in America, food riots and tax rebellions - all within four years, while cautioning that putting food on the table will be a more pressing concern than buying Christmas gifts by 2012. Gerald Celente, the CEO of Trends Research Institute, is renowned for his accuracy in predicting future world and economic events, which will send a chill down your spine considering what he told Fox News this week. Celente says that by 2012 America will become an undeveloped nation, that there will be a revolution marked by food riots, squatter rebellions, tax revolts and job marches, and that holidays will be more about obtaining food, not gifts. �We�re going to see the end of the retail Christmas�.we�re going to see a fundamental shift take place�.putting food on the table is going to be more important that putting gifts under the Christmas tree,� said Celente, adding that the situation would be �worse than the great depression�. �America�s going to go through a transition the likes of which no one is prepared for,� said Celente, noting that people�s refusal to acknowledge that America was even in a recession highlights how big a problem denial is in being ready for the true scale of the crisis. Celente says that by 2012 America will become an undeveloped nation, that there will be a revolution marked by food riots, squatter rebellions, tax revolts and job marches, and that holidays will be more about obtaining food, not gifts. Celente, who successfully predicted the 1997 Asian Currency Crisis, the subprime mortgage collapse and the massive devaluation of the U.S. dollar, told UPI in November last year that the following year would be known as �The Panic of 2008,� adding that �giants (would) tumble to their deaths,� which is exactly what we have witnessed with the collapse of Lehman Brothers, Bear Stearns and others. He also said that the dollar would eventually be devalued by as much as 90 per cent. The consequence of what we have seen unfold this year would lead to a lowering in living standards, Celente predicted a year ago, which is also being borne out by plummeting retail sales figures. The prospect of revolution was a concept echoed by a British Ministry of Defence report last year, which predicted that within 30 years, the growing gap between the super rich and the middle class, along with an urban underclass threatening social order would mean, �The world�s middle classes might unite, using access to knowledge, resources and skills to shape transnational processes in their own class interest,� and that, �The middle classes could become a revolutionary class.� In a separate recent interview, Celente went further on the subject of revolution in America. �There will be a revolution in this country,� he said. �It�s not going to come yet, but it�s going to come down the line and we�re going to see a third party and this was the catalyst for it: the takeover of Washington, D. C., in broad daylight by Wall Street in this bloodless coup. And it will happen as conditions continue to worsen.� �The first thing to do is organize with tax revolts. That�s going to be the big one because people can�t afford to pay more school tax, property tax, any kind of tax. You�re going to start seeing those kinds of protests start to develop.� �It�s going to be very bleak. Very sad. And there is going to be a lot of homeless, the likes of which we have never seen before. Tent cities are already sprouting up around the country and we�re going to see many more.� �We�re going to start seeing huge areas of vacant real estate and squatters living in them as well. It�s going to be a picture the likes of which Americans are not going to be used to. It�s going to come as a shock and with it, there�s going to be a lot of crime. And the crime is going to be a lot worse than it was before because in the last 1929 Depression, people�s minds weren�t wrecked on all these modern drugs � over-the-counter drugs, or crystal meth or whatever it might be. So, you have a huge underclass of very desperate people with their minds chemically blown beyond anybody�s comprehension.� |
| quote: |
| Originally posted by Electrophile I came across this rather frightening article this morning. http://www.infowars.com/?p=5938 |
If people dont start getting their shit together and start saving; there will be a lot more of modern fear mongering going on.
You know I am sick of this type of crap. We are such a great hardworking nation.
We should be investing in innovation at home, ways to produce natural based fuel,clean energy.. we've been on the same path since the 40s or 50's. With the technology today I could drive a car powered by vegetable oil, but powers that be would rather work on smogging cars to make sure they pass some wild interpretation of "clean"
History lesson A. Lincoln quote" If you always look for the bad in people you are sure to find it"
The uneducated,uninformed, and the greedy will continue to hammer these talking points and start believing their own sustinance shit.
http://macedoniaonline.eu/content/view/4457/49/
| quote: |
| Originally posted by djGT Scary stuff! Just like the DOW which fell below 8K today. |
I think we have much further down to go. Looking at the chart, the next major support is at 7200 on the DOW and below that is near 6300. We could see 5000-6000 level in 2009.
I'm glad i got out of my 401k last year when the DOW was at 1300. So my account never went into the negative. I think my sister lost nearly 40% or $120k.
| quote: |
| Originally posted by groovedaddy21 I think we have much further down to go. Looking at the chart, the next major support is at 7200 on the DOW and below that is near 6300. We could see 5000-6000 level in 2009. I'm glad i got out of my 401k last year when the DOW was at 1300. So my account never went into the negative. I think my sister lost nearly 40% or $120k. |
| quote: |
| Originally posted by MikeLord I'll also be sure to only use what i read from "public" websites that is government controlled as my only sources. not saying that its not possible we might be in one but we are a good ways away from even coming close to one (recession). You must be one of those conspiracy theory guys... why don't you show us how smart you are and show us your own data and research. you will probably have a different opinion then this stupid stock market scare BS that is going on right now. |
| quote: |
| Originally posted by djjoshuaallen I think alot of investors are bracing for an Obama administration. The markets have done nothing but dive since he took office |
| quote: |
| Originally posted by R!CH if this is the case, then the investors you speak of are incredibly stupid. however, the fall of the dow has nothing to do with these idiots or obama (ps he takes office on jan 20). it has to do with the real economy. if you've been following this real economy since election day, aggregate demand in this country and around the world has tanked affecting every sector of the economy from manufacturing to shipping to enterprise software and the banking that supports them all. in the port of oakland, shipping has dropped 25% in the last quarter. in the port of long beach, there's 21 acres of unsellable cars collecting dust. around the country dozens of companies have laid off hundreds of thousands of employees in the last 6 months. citigroup just cut another 53,000 jobs on monday. most state and local governments are facing massive deficits because their sales tax projects weren't even close. every economist worth his salt has said this recession is due to get worse regardless of who is/was elected. to say obama has any effect on this current economy is incredibly shortsighted. |
HSBC has now shed about 800 jobs in Buffalo - but this was not because they are struggling, in fact they were one of the least affected high street banks from their wise decision not to follow all the other banks into the subprime market.
Apparently they shed the jobs from their mortgage sector, specifically the broker division as they now want to only offer self financed (HSBC funds) mortgages. Their mortgages used to be provided mainly by freddie and fannie, and some are now saying this is because HSBC thinks F&M has more serious problems to come.
| quote: |
| Originally posted by R!CH around the country dozens of companies have laid off hundreds of thousands of employees in the last 6 months. citigroup just cut another 53,000 jobs on monday. |
| quote: |
| Originally posted by djGT Scary stuff! |
Well this should be posted here too - Credit to miss Julia for this post:
I wanted to give everyone a heads up that if you tend to give gift cards around the holidays, you need to be careful that the cards will be honored after the holidays. Stores that are planning to close after Christmas are still selling the cards through the holidays even though the cards will be worthless January 1. There is no law preventing them from doing this. On the contrary, it is referred to as 'Bankruptcy Planning). Below is a partial list of stores that you need to be cautious about :
Circuit City (filed Chapter 11)
Ann Taylor- 117 stores nationwide closing
Lane Bryant, Fashion Bug and Catherine's to close 150 stores nationwide
Eddie Bauer to close stores 27 stores and more after January
Cache will close all stores
Talbots closing down specialty stores
J. Jill closing all stores (owned by Talbots)
Pacific Sunwear (also owned by Talbots)
GAP closing 85 stores
Footlocker closing 140 stores more to close after January
Wickes Furniture closing down
Levitz closing down remaining stores
Bombay closing remaining stores
Zales closing down 82 stores and 105 after January
Whitehall closing all stores
Piercing Pagoda closing all stores
Disney closing 98 stores and will close more after January.
Home Depot closing 15 stores 1 in NJ ( New Brunswick )
Macys to close 9 stores after January
Linens and Things closing all stores
Movie Galley Closing all stores
Pep Boys Closing 33 stores
Sprint/Nextel closing 133 stores
JC Penney closing a number of stores after January
Ethan Allen closing down 12 stores.
Wilson Leather closing down all stores
Sharper Image closing down all stor~s
K B Toys closing 356 stores
Loews to close down some stores
Dillard's to close some stores
For more info. and validity check this out!
http://www.snopes.com/politics/busi...oreclosings.asp
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