Someone help!!! The bear is eating the market and its participants. Today is just further evidence of a full blown bear market, and the recession isn't even yet officially underway. The short sale ban in financial stocks has ended, and that appears to have allowed some acceleration to the selling. Below are today's unofficial closing bell levels:
DJIA 8,598.14 (-659.96; -7.13%)
NASDAQ 1,645.12 (-95.21; -5.47%)
S&P500 911.41 (-73.53; -7.47%)
10YR T-Bond 3.8360% (+0.121%)
Here are five horrible retail sales figures showing no turnaround at these retailers.
Brunswick Corporation (NYSE: BC) accelerated layoffs and forecast losses for the year today. Shares were down 19% at $8.05 right before the close to 18-year lows.
Alcoa Inc. (NYSE: AA) missed earnings estimates and was put on S&P credit watch "negative" after the severity of the miss. Alcoa was down almost 14% at $12.67 immediately before the close.
General Motors Corp. (NYSE: GM) was available to be short-sold yet again, and S&P put it on negative credit outlook today. Shares went to lows not seen since 1950 from back when cars cost something like $3,000.00 brand new. GM probably made more per car then, too. GM was down 30% at $4.79 immediately before the close.
Morgan Stanley (NYSE: MS) fell yet again on fears that its Japanese financing isn't going to come through and as short sellers pounced on the stock. Shares were down 24% at $12.51 right before the close.
General Electric Co. (NYSE: GE) fell 6% to $19.38 immediately before the close ahead of Friday morning's earnings report. It is impossible to expect anything great.



Reader Comments (Page 1 of 1)
10-09-2008 @ 5:05PM
Po Campo said...
As I watched the best buying oppurtunity in my adult life unfold before me today, I got a strange feeling....
10-09-2008 @ 9:35PM
Wayne said...
I understand the Real Estate market and greed along with "whore"ndous lending have caused a correction in the market roughly 15 months ago. My questions is how much of this "panic and fear" has been caused by 24/7 media blitz? With many news networks turning to tabloid journalism and sensationalizing this debacle, it's no wonder our trading markets and our country have gone down the drain.