Author Topic: Wall Street plunges, continuing devastating losses (Read 1399 times)

Hugo Chavez · « **on:** October 10, 2008, 06:52:56 AM »

NEW YORK - The devastating selling continues on Wall Street, with investors again dumping stocks in early trading. The Dow Jones industrials, already down 2,271 points in seven sessions, are down more than 300 after dropping as much as 696.

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The major indexes are fluctuating sharply as some computer-driven "buy" orders kick in, but investors are selling heavily as markets around the world panic because credit markets remain frozen and pose a threat to the global economy.

The Dow is off 317 at the 8,261 level. The Standard & Poor's 500 index is down more than 4 percent, and the Nasdaq composite is down nearly 3 percent.

http://news.yahoo.com/s/ap/20081010/ap_on_bi_st_ma_re/wall_street

big L dawg · « **Reply #1 on:** October 10, 2008, 07:03:03 AM »

lookin grim my friend..

Neurotoxin · « **Reply #2 on:** October 10, 2008, 07:10:23 AM »

you know what makes me sick ? EVERYONE on WS knew this meltdown was coming......and now they act surprised.

if you guys only knew half the truth....

NT

Hugo Chavez · « **Reply #3 on:** October 10, 2008, 07:24:20 AM »

Quote from: Neurotoxin on October 10, 2008, 07:10:23 AM

you know what makes me sick ? EVERYONE on WS knew this meltdown was coming......and now they act surprised.

if you guys only knew half the truth....

NT

I've been hearing quit a bit on that, but please, fill us in on the rest!!!!!!!!!!!!! I'm busting my ass researching like hell on all of this so I would love to hear all the dirt. Post in your thread or here or I can merge this with your thread...

w8tlftr · « **Reply #4 on:** October 10, 2008, 07:40:40 AM »

Quote from: Hugo Chavez on October 10, 2008, 07:24:20 AM

I've been hearing quit a bit on that, but please, fill us in on the rest!!!!!!!!!!!!! I'm busting my ass researching like hell on all of this so I would love to hear all the dirt. Post in your thread or here or I can merge this with your thread...

Ahem.... World Bank Under Cyber Siege in 'Unprecedented Crisis'

http://www.foxnews.com/story/0,2933,435681,00.html

The World Bank Group's computer network — one of the largest repositories of sensitive data about the economies of every nation — has been raided repeatedly by outsiders for more than a year, FOX News has learned.

It is still not known how much information was stolen. But sources inside the bank confirm that servers in the institution's highly-restricted treasury unit were deeply penetrated with spy software last April. Invaders also had full access to the rest of the bank's network for nearly a month in June and July.

My apologies to the anti-fox folks but I'm not seeing this reported anywhere else (yet).

Hugo Chavez · « **Reply #5 on:** October 10, 2008, 07:55:05 AM »

Quote from: w8tlftr on October 10, 2008, 07:40:40 AM

Ahem.... World Bank Under Cyber Siege in 'Unprecedented Crisis'

http://www.foxnews.com/story/0,2933,435681,00.html

The World Bank Group's computer network — one of the largest repositories of sensitive data about the economies of every nation — has been raided repeatedly by outsiders for more than a year, FOX News has learned.

It is still not known how much information was stolen. But sources inside the bank confirm that servers in the institution's highly-restricted treasury unit were deeply penetrated with spy software last April. Invaders also had full access to the rest of the bank's network for nearly a month in June and July.

My apologies to the anti-fox folks but I'm not seeing this reported anywhere else (yet).

Fox isn't banned here... This is interesting, WTF? So what is the implication with this?

pedro01 · « **Reply #6 on:** October 10, 2008, 08:04:23 AM »

yawn....

DOW low of the day so far - 7895.97. High of the day - 8668.39.

All of that action was in the first hour. Yesterdays close was 8579 - so this headline could just as easily have been - wall street jumps 100 points.

It's absolutely pointless looking at this every minute. Look at the end of the day before you make a judgement. Quite often, a multi-day drop followed with a day where the losses are made up is a sign of capitulation/exhaustion of the down trend.

What do I know though ? It's only 11am in New York right now.

Bindare_Dundat · « **Reply #7 on:** October 10, 2008, 08:07:46 AM »

Quote from: pedro01 on October 10, 2008, 08:04:23 AM

yawn....

DOW low of the day so far - 7895.97. High of the day - 8668.39.

All of that action was in the first hour. Yesterdays close was 8579 - so this headline could just as easily have been - wall street jumps 100 points.

It's absolutely pointless looking at this every minute. Look at the end of the day before you make a judgement. Quite often, a multi-day drop followed with a day where the losses are made up is a sign of capitulation/exhaustion of the down trend.

What do I know though ? It's only 11am in New York right now.

ok pedro.

Hugo Chavez · « **Reply #8 on:** October 10, 2008, 08:08:38 AM »

Quote from: pedro01 on October 10, 2008, 08:04:23 AM

yawn....

DOW low of the day so far - 7895.97. High of the day - 8668.39.

All of that action was in the first hour. Yesterdays close was 8579 - so this headline could just as easily have been - wall street jumps 100 points.

It's absolutely pointless looking at this every minute. Look at the end of the day before you make a judgement. Quite often, a multi-day drop followed with a day where the losses are made up is a sign of capitulation/exhaustion of the down trend.

What do I know though ? It's only 11am in New York right now.

That's a yawn for you

Hello clueless.... Nobody looked at anything minute by minute, this was the first opening headlines delivered. The next you'll hear is probably at the close, hope that helps

pedro01 · « **Reply #9 on:** October 10, 2008, 08:22:33 AM »

Exactly my point Hugo - this information is worthless.

It's value as news is somewhere between Britney's last leg wax & the number of hair plugs it would take to pull 10 years off McCain.

I am watching this as I type - it's on my other screen. We could see a nice rebound today but the signals aren't quite there yet. For sure, i'm not pulling the trigger quite yet.

Top right hand box - there's your big 'plunge' - 2nd bar from the right.

Very possibly exhaustion of the downtrend. Then again, it's way to early to start jumping up & down over the days action.

Hugo Chavez · « **Reply #10 on:** October 10, 2008, 08:26:39 AM »

Quote from: pedro01 on October 10, 2008, 08:22:33 AM

Exactly my point Hugo - this information is worthless.

It's value as news is somewhere between Britney's last leg wax & the number of hair plugs it would take to pull 10 years off McCain.

I am watching this as I type - it's on my other screen. We could see a nice rebound today but the signals aren't quite there yet. For sure, i'm not pulling the trigger quite yet.

Top right hand box - there's your big 'plunge' - 2nd bar from the right.

Very possibly exhaustion of the downtrend. Then again, it's way to early to start jumping up & down over the days action.

I didn't make your point

If you're trying to say there is no worth in mentioning the opening news upon day after day of huge falls, you're dead ass wrong...

pedro01 · « **Reply #11 on:** October 10, 2008, 08:36:10 AM »

Pray tell Hugo - what is the value exactly in this news ?

Do you really think that an hour-by-hour or minute-by-minute account of the movement of the Dow is of any value to anyone ?

Do you feel it has predictive value in some way ? What does it actually tell you other than number of points lost by the Dow ?

Hugo Chavez · « **Reply #12 on:** October 10, 2008, 08:40:07 AM »

Quote from: pedro01 on October 10, 2008, 08:36:10 AM

Pray tell Hugo - what is the value exactly in this news ?

Do you really think that an hour-by-hour or minute-by-minute account of the movement of the Dow is of any value to anyone ?

Do you feel it has predictive value in some way ? What does it actually tell you other than number of points lost by the Dow ?

I guess you're also saying the media is stupid as fuck for reporting it... Oh, when did I do an hour by hour or are you just making shit up... yup, that's what you're doing

I did no such thing.

stormshadow · « **Reply #13 on:** October 10, 2008, 09:00:30 AM »

Hugo just wants to feel involved, give him a break.

Hugo Chavez · « **Reply #14 on:** October 10, 2008, 09:01:29 AM »

Quote from: stormshadow on October 10, 2008, 09:00:30 AM

Hugo just wants to feel involved, give him a break.

pedro01 · « **Reply #15 on:** October 10, 2008, 09:04:22 AM »

Yes Hugo - I do think the media are stupid as fuck for reporting it, especially with words like

"NEW YORK - The devastating selling continues on Wall Street, with investors again dumping stocks in early trading."

Fact is - it went down but then rebounded. Somebody's cup was seriously half full this morning.

What happened in that first hour is that sellers were more aggresively selling their stocks than buyers were buying them - hence the price drop. The interesting thing is that also in that first hour, the buyers became more aggressive for the first time in a while which is why the first hour closed well up on its lows.

This has a lot of people looking for a stall, small rally or even a reversal.

Seriously though - it is way too soon to draw any conclusions from that hours trading.

That's why I think it's nothing more than media sensationalism. A single trade means nothing, a minutes trades mean a bit more, an hours trades mean a bit more but you have to see what happens at the end of the day before you start taking meaning from the price action on a macro scale.

BTW - I got in long on ESI at 11:39 at 66.47 and sold out 75% of my position at 11:48 at 68.16.

It's not all doom & gloom, there's plenty of upside here.

MuscleMcMannus · « **Reply #16 on:** October 10, 2008, 09:10:16 AM »

Quote from: pedro01 on October 10, 2008, 09:04:22 AM

Yes Hugo - I do think the media are stupid as fuck for reporting it, especially with words like

"NEW YORK - The devastating selling continues on Wall Street, with investors again dumping stocks in early trading."

Fact is - it went down but then rebounded. Somebody's cup was seriously half full this morning.

What happened in that first hour is that sellers were more aggresively selling their stocks than buyers were buying them - hence the price drop. The interesting thing is that also in that first hour, the buyers became more aggressive for the first time in a while which is why the first hour closed well up on its lows.

This has a lot of people looking for a stall, small rally or even a reversal.

Seriously though - it is way too soon to draw any conclusions from that hours trading.

That's why I think it's nothing more than media sensationalism. A single trade means nothing, a minutes trades mean a bit more, an hours trades mean a bit more but you have to see what happens at the end of the day before you start taking meaning from the price action on a macro scale.

BTW - I got in long on ESI at 11:39 at 66.47 and sold out 75% of my position at 11:48 at 68.16.

It's not all doom & gloom, there's plenty of upside here.

Haha keep drinking the kool aid buddy! What's the upside? A great time to buy? LMAO! We'll see 7000 by Xmas no doubt about it. The stock market ceased being any type of indicator of the overall well being of the U.S. economy decades ago. It's a casino, nothing more nothing less. Regardless of the stock market we have other major problems with our economy. The stock market isn't even a good indicator of corporate health anymore.

Hugo Chavez · « **Reply #17 on:** October 10, 2008, 09:12:27 AM »

ok Pedro

pedro01 · « **Reply #18 on:** October 10, 2008, 09:19:59 AM »

Quote from: MuscleMcMannus on October 10, 2008, 09:10:16 AM

Haha keep drinking the kool aid buddy! What's the upside? A great time to buy? LMAO! We'll see 7000 by Xmas no doubt about it. The stock market ceased being any type of indicator of the overall well being of the U.S. economy decades ago. It's a casino, nothing more nothing less. Regardless of the stock market we have other major problems with our economy. The stock market isn't even a good indicator of corporate health anymore.

I don't think you are wrong in anything but your interpretation of what I am saying.

It's certainly not a good time to buy & hold BUT there is nothing wrong with making money on a retracement.

Nothing goes down in a straight line. Exhaustion of a trend does not mean the trend will reverse. When this thing finds a bottom, there is no reason it won't just rack around there for months.

No-one can predict what the market will do next but you can react to what the market is doing & pull some $$$ out of it. As we speak ESI is up $5 of the day, I took a small slice of that. Is this not upside ?

MuscleMcMannus · « **Reply #19 on:** October 10, 2008, 10:17:36 AM »

Ok I agree. But the average investor is looking more long term. What's stupid is NO ONE has lost anything unless they actually sold stocks. I mean hell. I'm only 29. I've a good 30 years ahead of me to invest. You damn right I'll be buying up some stock when everything settles.

w8tlftr · « **Reply #20 on:** October 10, 2008, 10:59:51 AM »

Quote from: Hugo Chavez on October 10, 2008, 07:55:05 AM

Fox isn't banned here... This is interesting, WTF? So what is the implication with this?

Someone has had access to a whole shitload of financial data and critical information for quite a while now.

This information was deliberately kept from the public. I find it VERY interesting that this is just now coming out with the world economy taking a monster ass fucking.

I want to know who's behind it. Who stands to gain from all this and who is profiting from this clusterfuck we're all in?

Hugo Chavez · « **Reply #21 on:** October 10, 2008, 11:20:37 AM »

Quote from: w8tlftr on October 10, 2008, 10:59:51 AM

Someone has had access to a whole shitload of financial data and critical information for quite a while now.

This information was deliberately kept from the public. I find it VERY interesting that this is just now coming out with the world economy taking a monster ass fucking.

I want to know who's behind it. Who stands to gain from all this and who is profiting from this clusterfuck we're all in?

good questions... we need more info on this, there is a huge CT here of the real kind.

Hugo Chavez · « **Reply #22 on:** October 10, 2008, 11:27:02 AM »

this is a special update just for Pedro

Dow down 527 as stocks extend devastating decline
http://news.yahoo.com/s/ap/20081010/ap_on_bi_st_ma_re/wall_street

I think he said something about wanting to be informed minute by minute, sorry for the late update Pedro!!!

pedro01 · « **Reply #23 on:** October 10, 2008, 06:00:26 PM »

Thanks for the update Hugo

Thanks for proving my point again.

On the day, the Dow was down just under 120 points. That's hardly a crash now is it ?

In the above daily chart - the last red bar is the yesterday trading. The solid part of the bar shows the open & the close. The 'line' or 'shadow' of the bar shows the range for the day. Look at the other bars on the chart before last week - yesterdays difference between open & close is actually quite small.

As I said - the first hour showed signs of exhaustion of the downtrend and this was played out with the insignificant drop on the day by the close.

Now - barring any devastating news this weekend, either in the US or abroad, I reckon with a following wind, that we could see some minor gains on Monday.

Bindare_Dundat · « **Reply #24 on:** October 10, 2008, 06:04:33 PM »

Quote from: pedro01 on October 10, 2008, 06:00:26 PM

Thanks for the update Hugo

Thanks for proving my point again.

On the day, the Dow was down just under 120 points. That's hardly a crash now is it ?

In the above daily chart - the last red bar is the yesterday trading. The solid part of the bar shows the open & the close. The 'line' or 'shadow' of the bar shows the range for the day. Look at the other bars on the chart before last week - yesterdays difference between open & close is actually quite small.

As I said - the first hour showed signs of exhaustion of the downtrend and this was played out with the insignificant drop on the day by the close.

Now - barring any devastating news this weekend, either in the US or abroad, I reckon with a following wind, that we could see some minor gains on Monday.

I'll try and pretend everything is ok. Thanks pedro, you proved your point.