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What In The World Is Going On Here?



July 30, 2009 – Comments (7) | RELATED TICKERS: XOM , C , WMT

+165 in the Dow to 9235+?  XOM showing profits dropping 66%.  New jobless claims rise more than expected.  Man 3rd and 4th quarter results can't come any sooner.

I can't wait until the DOW drops back to where it should be in the 8000's or less.  This is ridiculous.

I saw a guy selling his golf clubs and his BMW at a gas station on the grass this morning from work.  Yeah the economy is so great!  CostCo is getting more packed and I try to avoid Walmart as the parking lot is like concert parking. 

Oh yeah and why is Citi up over $3.20 again?  Don't they owe a bunch of money?  I guess that was forgotten too.


7 Comments – Post Your Own

#1) On July 30, 2009 at 11:09 AM, davejh23 (< 20) wrote:

I don't think the move is in reaction to good new...maybe clear signs of USD devaluation in the near term.  I think that's the only thing that could keep things moving up...hyperinflation.  However, I would expect a shock, and strong downward movement before any rally continued.

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#2) On July 30, 2009 at 11:10 AM, caterpillar10 wrote:

end-of-month/short covering/n'stuff

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#3) On July 30, 2009 at 11:27 AM, Sinton4616 (52.83) wrote:

What gives?  Did I miss something?

I've been a contractor working for the US Army in Afghanistan for over two years now.  I've been trying to find a job back in the states for the last 6 months and when I was home last month the only job I was interviewed for was at 1/2 of what I was making before I left.  The interviewer flat out stated that "someone would take the position and would be very grateful for it".

 At the same time friends who thought I was crazy coming over here to pay off bills and get ahead 2 years ago are now emailing me wanting to know if there are any openings over here.

I couldn't believe how bad it was back home until I went on vacation.  In a small town the number of local stores closed or closing.  A lot of people were looking for work or flat out "waiting for the economy to improve so they could move to a better job."  Stories of how employers are taking advantage of workers now because they know there are 10 other people looking for your job.

And yet, the market goes up like this?  I was reading an article on how all recoveries are like a "V" or that this was a V-recovery.  Only question I have is who is fooling who?

Market may go up short term, but without any jobs who is going to buy the goods or services?  How are you going to pay your bills?

 Based on my limited knowlege of the market and my inability to find a decent job back home, I think that this is going to go "South" just as quick as it went "North."   

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#4) On July 30, 2009 at 12:26 PM, ozzfan1317 (70.58) wrote:

Things are bad its just they are slightly better and the market was oversold. I think we are getting close to the end of this recession

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#5) On July 30, 2009 at 12:52 PM, ChannelDunlap (< 20) wrote:

I expected to see a down day too.  I even ran out and bought some SPXU when I saw that the S&P was up over 1% when I woke up, thinking it was a sure thing.  XOM is taking hits?  XOM?  The record-setting earnings machine for the past however long?  This was big news, even to someone as bullish as I usually am.  Unemployment is up again... Baffled by the green numbers.  Only excuse I can think of inflation.

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#6) On July 30, 2009 at 5:34 PM, AmsterdamExpat (99.93) wrote:

Yep, inflation.

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#7) On July 30, 2009 at 5:44 PM, IIcx (< 20) wrote:

see this blog for an interesting look at why this occurred - very interesting video.

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