Dow down 600 points...think its gonna get worse...

[Doctor_K]

Dow only down 1.5%, NASDAQ up a quarter percentage-point.  Dollar still doing well against the currencies, and better against the Yen. 

One good thing here:  Per-barrell oil now in the upper 70s.  Can't wait to see those results at the retail level!

Please keep hands and feet inside the car at all times, until the roller coaster comes to a complete stop.

[alta]

The old saying is two things drive the market:
Greed and Fear  Fear is definitely driving the market now.  In the near future is a good buying opportunity.

[Doctor_K]

The day started with $790/oz gold, $9.50/oz silver, $880/oz platinum, and $71/bbl oil.  Gasoline futures down to $1.67/gal. 

Dollar doing decently against the Euro and Pound, up against Peso and Loonie.  Interesting standings.

[Driven1]

i think i got real lucky this morning (definitely for the really, really short-term - today maybe - and also for the really long term).  with the DOW down 700 points this morning, i put in my new buy orders.  it then rallied to only being down 30 points.  bunch of computer buying started happening i think.  Dow down 200 points now.

this morning...
picked up CX at 5.50... now 7.10
picked up more PM at 36... now 38
picked up a good amount of CSIQ (thank you bail out package) at 10... now 11

just an update... CX still at 7.50 (had gotten up to $10)
PM at 44.
CSIQ got up to $15 last week.  i waited for it to come back down.  bought more at $10.66 Wed.   it is currently at 12.00.  that stock is down from $20 in jan to $40 in June (yeah, it doubled in a horrible market).  down from $80 last year, btw.  i like their biz and earnings.

[Driven1]

btw - yesterday was a great day for our economic recovery.  forget that the markets were up 4%.  that's irrelevant (just as them being down 3% was today).  more important is that both yesterday and today, the credit libor spread has begun narrowing significantly.  this is extremely important and has been anticipated as a very real sign that all the measures the gov't has been throwing at the economy is finally starting to have impact in a measurably positive way.

[Driven1]

i think i got real lucky this morning (definitely for the really, really short-term - today maybe - and also for the really long term).  with the DOW down 700 points this morning, i put in my new buy orders.  it then rallied to only being down 30 points.  bunch of computer buying started happening i think.  Dow down 200 points now.

this morning...
picked up CX at 5.50... now 7.10
picked up more PM at 36... now 38
picked up a good amount of CSIQ (thank you bail out package) at 10... now 11

just an update... CX still at 7.50 (had gotten up to $10)
PM at 44.
CSIQ got up to $15 last week.  i waited for it to come back down.  bought more at $10.66 Wed.   it is currently at 12.00.  that stock is down from $20 in jan to $40 in June (yeah, it doubled in a horrible market).  down from $80 last year, btw.  i like their biz and earnings.

UPDATE:

CSIQ back at $10.60 again.  i like it.  PM at 41.  i like it. 

[Doctor_K]

http://biz.yahoo.com/ap/081022/dollar.html

Dollar surges vs Canadian dollar, euro, pound
By Erin Conroy, AP Business Writer 
Dollar surges to multi-year highs against the Canadian dollar, euro, pound on recession fears

NEW YORK (AP) -- The dollar surged to multi-year highs against the Canadian dollar, British pound and 15-nation euro Wednesday on anxieties about the deteriorating economies overseas and growing expectations that central banks will cut interest rates.

The euro traded at $1.2842 in early New York trading, down from $1.3133 it bought the day before, as the euro zone exhibits more and more signs of a deep recession. Earlier, the currency bottomed at $1.2736, its lowest point since November 2006.

The British pound slumped more than 5 cents to its lowest level in five years after Bank of England governor Mervyn King hinted at further interest rate cuts to come and warned that the British economy is now likely in recession. The pound slid to $1.6382 from $1.6946, after hitting $1.6201 earlier in the session -- its lowest point since September 2003.

As recently as July, the pound was trading above $2 before lower British interest rate expectations fueled the sharp decline. Around that same time, the euro was trading above $1.60.

...

The dollar has seen support from "safe-haven" buying as investors rush to snap up short-term government debt and sell off positions in emerging-market currencies that they see as less stable, Gilmore said.

"The global deleveraging of markets is forcing a run into the yen and the dollar, which are arguably the two cheap funding currencies from the credit boom," Gilmore said. "I'd be hesitant, however, to assert that somehow the strength of the dollar reflects a global surge in confidence in the U.S. economy and U.S. markets. This is a rally in the U.S. currency that is a sign of stress, not a sign of relief."

The Fed announced Wednesday it will boost the interest rate paid to commercial banks on excess reserves, but investors shifted their focus to worrisome corporate profit forecasts that are raising fears of a deep economic slowdown. The major indexes fell more than 1 percent in late morning trading, including the Dow Jones industrial average, which lost about 250 points. The major European indexes -- Britain's FTSE 100, Germany's DAX and the CAC-40 in France -- all slipped about 4 percent.

The dollar fell to 98.93 Japanese yen from 100.79 yen, but rose to 1.1669 Swiss francs from 1.1507 Swiss francs.

Meantime, from CNNMoney.com:  http://money.cnn.com/data/commodities/index.html
Oil is down to $68.35/bbl, gasoline futures are at $1.58/gal - yippie!
Gold = $735/oz
Silver = $9.46/oz
Platinum = $857/oz

[RiversideGator]

Now is a good time for a European vacation!   

[Driven1]

AMAZING day in the market.  600 points down again!  We touched the lows from Friday, two weeks ago (the following Monday was when the market exploded upwards).  Was it a capitulation?  Nah, I don't think so.  Let's check the volume.  Volume appears to be 25-45% higher than normal.  A nice, panicked sell-off, but I don't think the capitulation we are looking for.

[Driven1]

Nikkei just closed & finished down 5.6% for the day.  S. Korean market finished down over 8% for the day.  I think we have minor down day or minor up day tomorrow here.

[Ocklawaha]

The lack of gold or silver coinage will deny HARD CURRENCY to the common man. This feels like something big is about happen to this world and we're riding it like a mis-guided cannon ball to hell. If we completely crash and burn, I'll give it 7 bloody years until it suddenly clears up.

You KNOW what I'm saying Stephen, without causing an earthquake, what say you?

OCKLAWAHA

[Driven1]

the bottom?

for the last 3 business days now I have heard CNBC and everyone they bring in talking about we may have seen "the bottom" on the S&P & DOW plummeting.  this is a first.  no one had been saying this before now.  the concensus seems to be that if we haven't already hit it, we are literally within "a week or two" (their words, not mine). 

seems the rest of the world is catching up with us now (or catching DOWN with us)....Hong Kong market was down 12% last night...we are up 1.3% right now.  same kind of deal on Friday with us being only down 3% (at one point only being down 1%) and the Nikkei being down like 7 or 8% thursday night.

[RiversideGator]

The best thing is after November 4, the media will have no motivation for talking down the economy (no matter who wins) as they have been for the past 2 years so consumer confidence will begin to rebound either way.

And, if Obama wins, it will soon by "The Best Economy In 50 Years!!" according to the media.   

[Ocklawaha]

The best thing is after November 4, the media will have no motivation for talking down the economy (no matter who wins) as they have been for the past 2 years so consumer confidence will begin to rebound either way.

And, if Obama wins, it will soon by "The Best Economy In 50 Years!!" according to the media.

I'm just going to sit on my Bonds, in the long run they'll be worth more then the USA is lock-stock and barrel, besides mine are backed by REAL gold.

OCKLAWAHA

[RiversideGator]

I own $6000 worth of Confederate bonds also.