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its 1030 hours CST, the Dow is down 270 pts plus, SnP's at 1227, already took out support, 1200's the last line, and i just get this sinking feeling, we'll flash crash today...1000 pts down...AND THATS before we even see Fridays U/I numbers.

you know in 87, we took a 22% haircut....what if we did a 30% one day sell off....the conditions are ripe ,that would be 2 to 3,000 points off the Dow..in one day...think that would scare people?

i'm gonna take some go slows, go to sleep, i been up since zero dark hundred, and i dont WANT to see this.

see you after the close, and maybe i was wrong....Thogey will identify, but sometimes i wish i was young and back in the Navy, didnt have to worry about this kinda stuff...just the bravo gulfs.

7500 Dow...quicker than you think, with a Republican Pres in 12...unless something goes boom.

Dow 7000 here we come...bye bye commie Obama. I have the feeling we are going to test the 2008 lows.

And yes, not today. This is just the beginning. There will be ups and downs but the trend line is headed to test the 08 lows.

Any big drop won't be today. This is just a small drop. We'll have another bad day tomorrow, testing 11,000, in anticipation of the job numbers. Then the world will have the weekend to stew about it, and unless TPTB pull something out of their hat over the weekend (and just as likely something bad could happen), then Monday will be ugly. 1000 point drop to 10,000. Again on Tuesday and Wednesday, and we'll be at 8000 or below by mid-week next week. What the bottom on that will be, don't know. TPTB will try to stall the bloodletting, so market may catch it's breath for a short time as the optimistics look for buying bargins (so they think). But I've always thought this dip would eventually go down to the 3000s, if not below that, and it was only the QE series that prevented that and stopped the first fall at 6000+. Not sure this is the cycle to go down to 3000, but it's coming.

Im betting on a more protracted decline...We wont see 10,000 for a few weeks at the least...Slow and steady decline, but a decline nonetheless

Oakair wrote:Im betting on a more protracted decline...We wont see 10,000 for a few weeks at the least...Slow and steady decline, but a decline nonetheless

Lemmee guess. You're young, right? 1000 points (10%) in a day ain't nuthin when the selling pressure is on.

one day closer to disaster

everything in the red today

looks like 0bama got his birthday wish !

660 more to go, 2 hours left.......

68Camaro wrote:

Oakair wrote:Im betting on a more protracted decline...We wont see 10,000 for a few weeks at the least...Slow and steady decline, but a decline nonetheless

Lemmee guess. You're young, right? 1000 points (10%) in a day ain't nuthin when the selling pressure is on.

Yep, only 20...Id be pretty impressed with a 10% drop...I play the pennies and am used to high volatility, but not in something as established as the DJI

Circuit Breaker Trigger Points and Trade Halt Durations



Trigger Value TIME ACTION
10%

Prior to 2:00 pm --- Halt 1 hour
At or After 2:00, but before 2:30 --- Halt ½ hour
At or after 2:30 --- No Halt


20%

Prior to 1:00 pm --- Halt 2 hours
At or after 1:00 but before 2:00 --- Halt 1 hour
At or after 2:00 --- Halt remainder of Day


30%

Any time --- Halt remainder of Day

Well, Neil...you were 50% right

Better than the average bear, certainly.

Oh well, you'll get the other 500 tomorrow.

Oakair wrote:

68Camaro wrote:

Oakair wrote:Im betting on a more protracted decline...We wont see 10,000 for a few weeks at the least...Slow and steady decline, but a decline nonetheless

Lemmee guess. You're young, right? 1000 points (10%) in a day ain't nuthin when the selling pressure is on.

Yep, only 20...Id be pretty impressed with a 10% drop...I play the pennies and am used to high volatility, but not in something as established as the DJI

Well today doesn't even really qualify as a reall "bad" day, and it was off 4.3%. Tomorrow may be a catch-breath day, or it could be a repeat of today. If I was betting on it (which I'm not) I would go with a repeat day, down below 11,000. Then a blood-bath on Monday.

Pay attention to this. You'll remember this your whole life. You were only 16-17 back in 2007 when we had our last mini-bloodbath; you may not have been paying attention. If this goes forward and gets really ugly, it'll mark your memory for the rest of your life, even if you're not literally in the market, as many of us are.

It will be interesting to see how it continues

TXBullion wrote:It will be interesting to see how it continues

Interesting -> painful.

and so it begins........Please fasten your seatbelts and make sure all loose items are properly stowed.

I'm always curious why people care about the "DOW average". I snicker at it because the average always contains a bunch of companies that aren't moving forward and then a few that are.

I'd recommend finding really solid companies and buying them during this "sale". Maybe not today, although I bought some today and two days ago. I will jump in even further on Monday or Tuesday and probably be zero percent cash by Wednesday or so.

Might it go down another 10%, sure, maybe even 20% or 30%. But with option volatility nicely through the roof covered calls and naked puts are like writing checks on someone else's bank And if you purchase good companies they go down less and rebound more than the "average".

People are willing to pay huge money to gamble. Conservatively selling covered calls or selling naked puts is amazingly simply and profitable. I just checked a particular stock I follow a lot which is down over 10% in the last year or so and I've gained over 15% in my trades and options on it (including all of today's action). And, by the way, I've timed every single one of my trades poorly as evidenced by me buying today and a couple days ago But it doesn't matter over time, because every month I get paid for people to gamble

The Dow Jones Industrials Index may be less relevant than it used to be (which in and of itself is sadly indicative of the loss of our ability as an economy to actually do useful things, since these are the major industrials in this country, and as you've just noted, it is composed of a bunch of companies that aren't moving forward - except in their overseas divisions), but it does provide a useful measure of the overall market. There are actually many Dow measures, as I'm sure you know - the Industrials being just one of them. And there is the S&P 500, etc.

There will always be stocks that go up, even in a down market. Trick is finding them, and pricing them correctly. Easier said than done, IMHO.

68Camaro wrote:The Dow Jones Industrials Index may be less relevant than it used to be (which in and of itself is sadly indicative of the loss of our ability as an economy to actually do useful things, since these are the major industrials in this country, and as you've just noted, it is composed of a bunch of companies that aren't moving forward - except in their overseas divisions), but it does provide a useful measure of the overall market. There are actually many Dow measures, as I'm sure you know - the Industrials being just one of them. And there is the S&P 500, etc.

There will always be stocks that go up, even in a down market. Trick is finding them, and pricing them correctly. Easier said than done, IMHO.

It's useful to measure to the overall, i.e. "average", but it doesn't take a lot to look at it and say, hm it includes several companies that lost money last year and also these companies that made a ton, why don't I just invest in those companies? Something as simple as that and you (over time) will beat the market.

barrytrot wrote:

68Camaro wrote:The Dow Jones Industrials Index may be less relevant than it used to be (which in and of itself is sadly indicative of the loss of our ability as an economy to actually do useful things, since these are the major industrials in this country, and as you've just noted, it is composed of a bunch of companies that aren't moving forward - except in their overseas divisions), but it does provide a useful measure of the overall market. There are actually many Dow measures, as I'm sure you know - the Industrials being just one of them. And there is the S&P 500, etc.

There will always be stocks that go up, even in a down market. Trick is finding them, and pricing them correctly. Easier said than done, IMHO.

It's useful to measure to the overall, i.e. "average", but it doesn't take a lot to look at it and say, hm it includes several companies that lost money last year and also these companies that made a ton, why don't I just invest in those companies? Something as simple as that and you (over time) will beat the market.

thats the old paradigm Barry...the buy and hold quality common stock, low p/e, nice % dividend....or writing calls, selling call options, scooping up way out the money puts, on the 500....do it, mazel, may you prosper. personally i dont trust anything paper...i see exchanges defaulting...or closing or BEING closed, bank holidays, the whole nine yards,

back in 29 the Dow went from 380 soemthing to 32 in July of 32...a 90% haircut...and now we have Peak Oil to boot, and a multi hundred trillion dollar overhang of bad paper from CDS, to whatever funky debt paper thats out there....we'll be lucky if all we go down to is Dow 3,000.
we'll be lucky if we DONT see the most hideous civil unrest this country has very seen. We are on the door of becoming food insufficent in this country, things ARE that bad, and going to get worse.