How 'bout that stock market?

Not to get political here, but wtf did the Dow go down 5% :eek:the biggest drop ever after an election...

Is there a political component in it? My bias has me say yes...
Of course Obamamedia flips it as "taking gains.." - well is it?

Can you only imagine if McCain had it, "Market hates McCain! Depression incoming!" ..and when Palin was picked.. and shit hit the fan on Fannie Mae.. "Market hates Palin pick.."


Don't want to derail this excellent thread - just curious!
 
slownsxt said:
Not to get political here, but wtf did the Dow go down 5% :eek:the biggest drop ever after an election...

Is there a political component in it? My bias has me say yes...
Of course Obamamedia flips it as "taking gains.." - well is it?

Can you only imagine if McCain had it, "Market hates McCain! Depression incoming!" ..and when Palin was picked.. and shit hit the fan on Fannie Mae.. "Market hates Palin pick.."


Don't want to derail this excellent thread - just curious!
Click to expand...

Its not political... the dow was on hold the past two days awaiting results, the day after it digested the horrible econ news that was released on the prior two days, thus, it tanked. The market has never cared less about an election... its got bigger fish to fry right now :)

Another professional traders take on the rally (about 3:15 into the clip) http://www.tradethemarkets.com/public/2816.cfm
 
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..Arlgith I'll stop being partisan. Carry on!
Should we be investing in this administration?

With Dems talking about deminshing 401k tax deduction and going to a socialist state... they are telling me that they will just sell all of their 401k and plan to live off the state when they're older....won't that affect the market?
 
slownsxt said:
..Arlgith I'll stop being partisan. Carry on!
Should we be investing in this administration?

With Dems talking about deminshing 401k tax deduction and going to a socialist state... they are telling me that they will just sell all of their 401k and plan to live off the state when they're older....won't that affect the market?
Click to expand...

Wait. There isn't enough information available to answer your question. I wouldn't be in the market if I couldn't manage it daily and weren't hedged aggressively. All it takes is the right news line and we are down 900 again. Keep your eye on what matters, specifically the jobs number this friday. Retail's earnings were beyond dismal. More bankruptcies are coming. If you buy anything make sure it has titanium carbonate strength dividend support.

Remember this and never forget it. For the past 2-3 years, the most* bearish arguments have been 100% correct. Many if not most of these people were laughed at, ridiculed, insulting, disregarded all together. This is one trend you don't want to fight without a back-up plan.
 
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What the heck is happening with the stock plunge? I thought Obama brought hope and change?

Is Wall Street having buyer's remorse?

:confused:
 
Fault? I don't know about that but....

I just expected an Obama surge - what with all the celebration, hope, excitement. I didn't expect a plunge.

-Jim
 
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Jimbo said:
Fault? I don't know about that but....

I just expected an Obama surge - what with all the celebration, hope, excitement. I didn't expect a plunge.

You know what's weird...

Now that the honeymoon is over - the press seems to be getting a bit critical of Obama.

http://www.breitbart.tv/?p=214933

Funny how now someone in the MSM is calling Obama "creepy".

And weird how now Brokaw and Rose are saying how they no nothing about Obama. Jeeze, didn't they have enough time to....uh....maybe....interview him?

http://www.youtube.com/watch?v=hzMas1bVidw
Click to expand...


1. This is a stock market thread, has been for the last 2182 posts in this thread... this isn't a place to come in a bicker about politics.

2. We already discussed what the market was (or was not) doing due to the elections. Any professional will tell you that the election DOESN'T MATTER at this point to the gyrations in the market.

3. Start another thread if you want to go all political again and bitch about the president, this thread isn't for that purpose. Its to discuss stock market plays, positions, and strategies.
 
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Jimbo said:
You can remove your spanking post, daedalus.

PS: Be sure to tell the AP and Yahoo to remove all references about Obama and post-election expectations.

http://biz.yahoo.com/ap/081106/wall_street.html
Click to expand...

I didn't know that the AP and Yahoo were traders... or that anywhere in that link they interviewed or talked to anyone that was actually on the floor. In fact it said nothing other than the fact that the issues causing the downfall were economic reports and global problems with the credit crisis, as stated above in previous posts.

The best you can pull to support your conclusion out of that article is this:

he said, even though the market largely had expected an Obama win.
Click to expand...

If the market expected it, then it was already priced in. Which means as soon as expectations are met, and the market gets it priced in, then there is no more reason to rally the market. In fact, if as you suggest (and your article suggests) that the market was expecting an Obama win then the pre-election rally was the market pricing in Obama (and rallying). Now that its over, the market moves onto pricing in bad econ news and a continuing slowing economy, which it has been doing the last two days.
 
Time will tell how the market responds to the Obama presidency.

And a lot will have to do with his plans on raising taxes (marginal rates, corporate, capital gains).

The average Joe (not Joe the Plumber) doesn't know diddly about basic economics and they believe making our tax system even MORE progressive is a good thing. We'll also see if the Dems push for that 401K grab. That will certainly have an effect.
 
Tony Montoya said:
Toyota shares. Ask only. This something is going something.
Click to expand...

I saw this too. Pete N. from fast money said on the show tonight he took his Toyota short off today. I think he may have been a little soon. If GM dips hard tomorrow I am filling with leaps 1 or more years out and waiting. That's all I have been buying to hold lately is leaps. Of course I still have some under water equities left on the table.
 
Jimbo said:
Time will tell how the market responds to the Obama presidency.

And a lot will have to do with his plans on raising taxes (marginal rates, corporate, capital gains).

The average Joe (not Joe the Plumber) doesn't know diddly about basic economics and they believe making our tax system even MORE progressive is a good thing. We'll also see if the Dems push for that 401K grab. That will certainly have an effect.
Click to expand...

I agree with you. My point is simply that the market isn't responding to that news this week. Its got bigger fish to fry than the potential implications of a yet-to-be-finalized tax policy that won't see the light of day for another 12 months.
 
steveny said:
In and out of GM 4.05 to 4.20
Click to expand...

haha I shorted GM off the 5$ resistance. Covered at .75 before the news. I shorted it on the way down but not with much size. A bunch of guys caught that exact same bounce in the office. I covered at 4.05 expecting it so you are welcome.
 
Some great moves in GM today if you can take your 15-20 cents and get out. 5-4-3.02? Not too many days left at this rate. I've had good luck shortin EEM today as well.

Earlier made some $$$ when the inets/arcas kept spiking it up. It was about 930am, usually it only happens once and I throw all those orders out in vain but this time I got hit twice.
 
steveny said:
I had to laugh at the GM price target....ZERO... LOL
Click to expand...

So I guess they are shorting it too? Wouldn't make much sense to spend time and $ to figure out a stock is going to zero otherwise. The good part was that they said even if they are bailed out, 0 is still their price target. Yikes.
 
steveny said:
scottrade has no shares to short.
Click to expand...

We don't have any either, just checked. There were some earlier today, probably before the announcement. Someone knows something we don't about LVS.
 
haha. That was a 40%+ move. You'd almost think earnings were coming up and someone was doing a little "pre-gaming" before the party.

Don't see that too often on EEM @ 11:39
 
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