The Market Is About To Plunge (Day 7, Vol. 6)
Selected comments from the last posts of the Market Is About To Decline series. I brought back comments that were: factually correct, entertaining, posed a good question or were downright moronic. Remember that I'm keeping a file with all the stupid comments for later use when the S&P is traded with a much lower first digit.
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Retailers like WMT, TGT, and KSS did not participate today. Consumer spending drives the U.S. market. If this were a sustainable bull market, the largest retail companies would be leading at new-high levels. Oil and gold were leaders today. We are 38% above the 666 bottom. The largest depression-era bear rally was +45%. 965.7 will get us there if the psychology can last that long.
+1 to this comment.
This whole thing is just bizarre. Especially BAC who went up over 15% after we just found out they needed 34 billion! Last night all the BAC holders thought they were screwed and it seemed assured that the markets would fall especially BAC. It is as if the market is in some sort of upside down world or something.
Yep. Makes me angry. Goldman Sachs is making record trading profits. No surprise. They'll make even bigger profits when they send us crashing again.
There has been talk about manipulation going on and after today there does not seem like there can be any doubt about that. The fundamentals don't support this nonsense but it is a matter of how long they can or want to hold it up.
This isn't actually uncommon. When bad news is treated as good news(and we've had ONLY bad news recently), the market rises for awhile and then suddenly it breaks--just as when a fever breaks and people suddenly gain their senses back--the market will regain a sense of reality and pull off another Nov '08 style plunge.
Yes, i'm in short position of BAC, Long position on FAZ/SRS [. . .]God americans are stupid!
You will make money, and yes, Americans are, by and large, retarded.
WFC jumped when it was annouced that they needed a cash infusion as well.
The worse your business is, the better your stock does. This is the exact opposite of a normal healthy bull market. The laggards (of fundamentals) are leading in price. Never lasts.
I guess I'm a sheep that made a KILLING on SIRI and have now made my money back that I lost last year.
Normally breaking even isn't considered a "KILLING".
GMX- I would love to see you eat some humble pie. A big fat slice of it.
Well that's too bad cause I have no reason to do so at this juncture. If the S&P is at 1,000 at the end of the year, we'll revisit this thread.Of course, when it hits 6xx, you'll be long gone with your propellerhead cap and your foolish commentary and I'll still be here chillin in the top 10.
Did the market plunge 60% from its peak? Yes.
Is American business worth 60% less than it was in 2007? No.
Was American business overpriced by at least 60% in 2007? Of course! Probably more than that!
Keep tuned to the blog as this series is forced to continue as the bulls shrugged off a triplet of disasterous economic stories to keep bidding stocks higher.