***Official*** 2008 Stock Market Thread

[BlahBlahYouToo]

Originally posted by: ivan2
imo this bailout is weak, you don't go with a small amount and see if it works, it needs to end the crunch on the spot or it's going to start rolling again like Buffet's snowball...

that's what they said about the interest rate cuts.
stop with the itty bitty quarter point cuts and drop a big full point cut. we ended up in the same place anyway.

 

[Special K]

Wow, the S&P and NASDAQ are both down 6% right now. I figured it would be a huge rally from here on out since the passage of the Emergency Economic Stabilization Act of 2008 is imminent.

 

[newb111]

Originally posted by: Special K
Wow, the S&P and NASDAQ are both down 6% right now. I figured it would be a huge rally from here on out since the passage of the Emergency Economic Stabilization Act of 2008 is imminent.

The passage failed in the house.

 

[Special K]

Originally posted by: newb111

Originally posted by: Special K
Wow, the S&P and NASDAQ are both down 6% right now. I figured it would be a huge rally from here on out since the passage of the Emergency Economic Stabilization Act of 2008 is imminent.

The passage failed in the house.

It says they are debating it now. I don't see why it wouldn't eventually end up passing at this point.

 

[newb111]

Originally posted by: Special K

Originally posted by: newb111

Originally posted by: Special K
Wow, the S&P and NASDAQ are both down 6% right now. I figured it would be a huge rally from here on out since the passage of the Emergency Economic Stabilization Act of 2008 is imminent.

The passage failed in the house.

It says they are debating it now. I don't see why it wouldn't eventually end up passing at this point.

1:45 pm : The House of Representatives failed to pass the Emergency Economic Stabilization Act., getting 202 votes compared to the 218 needed. There are eight votes left to be counted.

The S&P 500 tumbles, down more 7%DJ30 -680.49 NASDAQ -146.48 SP500 -87.02 NASDAQ Adv/Vol/Dec 559/1.32 bln/2310 NYSE Adv/Vol/Dec 181/685 mln/2652

 

[rise]

they picked up one vote anyway. we'll see if enough can be persuaded to change to "yea"

 

[Special K]

Originally posted by: newb111

Originally posted by: Special K

Originally posted by: newb111

Originally posted by: Special K
Wow, the S&P and NASDAQ are both down 6% right now. I figured it would be a huge rally from here on out since the passage of the Emergency Economic Stabilization Act of 2008 is imminent.

The passage failed in the house.

It says they are debating it now. I don't see why it wouldn't eventually end up passing at this point.

1:45 pm : The House of Representatives failed to pass the Emergency Economic Stabilization Act., getting 202 votes compared to the 218 needed. There are eight votes left to be counted.

The S&P 500 tumbles, down more 7%DJ30 -680.49 NASDAQ -146.48 SP500 -87.02 NASDAQ Adv/Vol/Dec 559/1.32 bln/2310 NYSE Adv/Vol/Dec 181/685 mln/2652

Ah, OK. CNN Money hadn't updated their headlines when I checked the stock indexes.

So what happens to the bill now?

 

[Azurik]

Originally posted by: rise
they picked up one vote anyway. we'll see if enough can be persuaded to change to "yea"

The act failed. They don't have enough remaining votes to win even if they all vote yes.

 

[Casawi]

Wow ... just wow.

 

[BlahBlahYouToo]

Originally posted by: Azurik

Originally posted by: rise
they picked up one vote anyway. we'll see if enough can be persuaded to change to "yea"

The act failed. They don't have enough remaining votes to win even if they all vote yes.

nope. they stalled it. they are still in deliberation.

 

[ivan2]

ill see them deliberate when citigroup goes belly up.

 

[AUMM]

ouch

 

[JohnCU]

Originally posted by: BlahBlahYouToo

Originally posted by: Azurik

Originally posted by: rise
they picked up one vote anyway. we'll see if enough can be persuaded to change to "yea"

The act failed. They don't have enough remaining votes to win even if they all vote yes.

nope. they stalled it. they are still in deliberation.

it failed

 

[ponyo]

Watch the Volatility Index. That's the key. If it spikes 70s like it did couple times during the dotcom crash, buy some stocks for rebound trade on Turnaround Tuesday. Until then, enjoy the fireworks and wait until you see the fear in their eyes.

 

[freegeeks]

Originally posted by: Azurik

Originally posted by: rise
they picked up one vote anyway. we'll see if enough can be persuaded to change to "yea"

The act failed. They don't have enough remaining votes to win even if they all vote yes.

today was already a disaster on European markets, I can not imagine what the effect is going to be tomorrow

In Belgium, the govt. already partially nationalized our biggest bank (Fortis) over the weekend. For the moment the cabinet is in meeting for a bailout plan for another big Belgian-French bank (Dexia)

lot's of people are worried here and the govt. is trying to avoid a run on the banks. Belgian checking and saving accounts are normally insured by the govt. for 20.000 euro. To avoid panic the govt. released a statement that they will guarantee ANY amount of savings on normal checking and savings account

I lost already 7k euro in the stock market

 

[rise]

Originally posted by: JohnCU

Originally posted by: BlahBlahYouToo

Originally posted by: Azurik

Originally posted by: rise
they picked up one vote anyway. we'll see if enough can be persuaded to change to "yea"

The act failed. They don't have enough remaining votes to win even if they all vote yes.

nope. they stalled it. they are still in deliberation.

it failed

 

[waggy]

shocked it failed.

 

[ponyo]

Originally posted by: waggy
shocked it failed.

I don't think it would've mattered IMO.

 

[BlahBlahYouToo]

Originally posted by: JohnCU

Originally posted by: BlahBlahYouToo

Originally posted by: Azurik

Originally posted by: rise
they picked up one vote anyway. we'll see if enough can be persuaded to change to "yea"

The act failed. They don't have enough remaining votes to win even if they all vote yes.

nope. they stalled it. they are still in deliberation.

it failed

yes, now it did.

 

[ponyo]

Get your shopping list ready.

 

[BlahBlahYouToo]

apparently they are attempting a re-vote later on, but not today.

 

[ponyo]

So they ban shorting. Yet WaMu and Wachovia go under. So are shorts to blame?

 

[BlahBlahYouToo]

Originally posted by: Naustica
So they ban shorting. Yet WaMu and Wachovia go under. So are shorts to blame?

shorting stocks was never the reason for the bank failures and the current economic mess.
it was a bandaid attempt to limit the damage.

 

[mcmilljb]

Originally posted by: Naustica
So they ban shorting. Yet WaMu and Wachovia go under. So are shorts to blame?

Nope, but I do think some naked short selling contributed to lower prices. In the end, bad mortgages did in most of the failed financials.

 

[ponyo]

If shorting was allowed, it would help on days like today. Shorts would buy to cover on days like today limiting the decline and even igniting real buying. Right now, no one is buying and everyone is selling.

Great job SEC!