Dow heads down

Way down so far this morning. The end of the fake bull market and beginning of the bear, or just traders clearing their desks in preparation for a two week vacation? I’m no trader so what do I know, but when we have uncontrolled spending, unemployment at 10% and consumer spending, which traditionally makes up 70% of our GNP, spiralling down and the experts say we’ve hit the bottom and are headed back up, I think to myself, “sell”.

5 Comments

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5 responses to “Dow heads down

  1. shoeless

    All bear markets have corrections, and a 50% retrace (which we have now seen) is not uncommon. Retail sales suck, quite frankly, and the consumer (responsible for 70% of GDP) is tapped out.

    Technically, we have done some damage this morning, trapping 12 days of trading above the open on the S&P. FED announced a continuation of the TALF program this morning as well. Not all is right with the markets at this juncture.

  2. HG

    I wonder how people who read FWIW would vote with their dollars if given the choice to buy the S&P 500 at Friday’s close or Greenwich real estate at the assessor’s value? This is a straight question about relative value…I know you can live in a house, need to live somewhere, assessed values are all over the map, etc. My best guess is that the average assessed value might be the rough equivalent of 1,000 on the S&P 500, so if the market is below 1,000 you go with the stocks.

  3. Anonymous

    summer sell off was delayed this year…….but not really…

  4. out looking in

    Chris

    It’s option expiration week across the developed markets…This is typical shenannigans- bust em (stock index futures), pick up cheap calls, and ramp em later in the week…beware the ides of september, however