I thought the markets were deeply oversold before the events of last week.
This is getting ridiculous.
People in my office here (I’m in financial management) are talking about careers in air-conditioning and refrigeration repair.
Right off the open we has an intra-day hypothetical low of 8062 on the Dow, 944 on the S&P, and 1387 on the Composite!
Damn! Shit! Crap!
I really hope that’s the bottom, but there ain’t much support to be seen.
Buy, buy, buy! Or, bye, bye, bye?
Well, with the SEC relaxing the rules on how much of your own stock you can buy, it’s a wonderful opportunity for companies to buy themselves back at a bargain price. (Pollyannaish 
)
Capitulation??
Does a cow capitulate on its way to the slaughterhouse?
Man, scylla
I was going to post the same thing almost here in the pit. Why the heck are people selling. I can almost hear one of the Duke brothers from “Trading Places” SELL SELL SELL. Spinless whimps. Well I am not selling I have already lost 60+ percent of my money so I am going to stay in until the next internet is invented(but I am not holding breath).
It is a rather depressing illustration of the comparative valuations wall street places upon patriotism and profit taking. Not a surprising one, unfortunately. My cynicism is receiving far too many rewards this week.
Thankfully, if we get overwhelmed by the steady decline of index funds, we can always turn to teh news of massive corporate layoffs to restore our faith in the patriotic spirit of American industry.
There ain’t no profit-taking here that I can see.
Really, I don’t get the selling. Hell, when it dropped so hard on Monday I called my broker and threw a spare 10 grand I had in cash into the market. When will I see a better deal?
It’s not like the United States is about to go out of business. There’s no sense to it.
Or, to quote Warren Buffet on NPR last weekend, “No, I’m not going to sell. But if things drop enough there are certainly some issues I’m going to buy.”
And thus we get to world domination. Got some cash you’re not going to need for a while? Choose a crashing fund and buy. Not only is it patriotic but you stand to make a killing when things normalize.
**
I got bad news for you Honcho: These guys don’t trade in a vaccuum. Wall Streets sentiments have nothing to do with this. Wall Street executes transactions. The American people are liquidating mutual funds left and right. People both domestically and abroad are liquidating stocks. That’s why the market’s going down.
These same idiots that rushed in to buy Ebay at 1000 times forward looking earnings are now selling out the GE’s and XOM’s of the world at the very deepest trough.
The idiots are buying 10 year CDs at 5%, probably.
But it ain’t Wall Street that’s selling. Wall Street executes.
I suppose we could keep workers in obsolete sections of industry employed they way they do in Japan.
It keeps those workers tied to an unproductive industry, drains resources, and prevents them from seeking work and providing resources in industries that actually are growing.
When workers get layed off it actually helps restabilize the economy and provide an impetus to future growth. It also allows those people the opportunity to move into a more vibrant section of the economy, and ultimately be better off.
Layoffs are also not a cause. They’re an effect.
Ah, for some spare cash! This time next week I could own United or Boeing, as if either were going to go out of business. Ooops, better make that “as if either were going to go out of business if I weren’t running them.”
I took a peek at my 401k today. From August 21 to Sept. 20, every single fund in which I have money invested is down an average of around 16%, with the exception of one bond fund. I’m glad I’m in it for the long haul.
Jonathan Chance, if you’re throwing around spare blocks of ten grand, I can e-mail you my home address whenever you’re ready. 
Rallying strongly.
I’m going out on a limb and will say officially that the bottom has been achieved.
I love a herd mentality! So, the key is being able to predict when the herd is going to turn?
Liberal AND Capitalist,
dropzone
Fucking Moooooo pal. Fucking Mooo
You’re damn straight that out-thinking the unwashed herd is the name of the game. Face it, most people don’t act they react. And playing on that when it’s this obvious can’t be the worst thing I’ve ever done. (that would involve my one-time girlfriend and her freshman roommate)
But it might be premature to think that the bottom has been hit. We’ve had mid-day rallies most days this week. And it ain’t even noon eastern yet.
OTOH, we’ve got a pantload of options in Titan that come due at the end of October. The recovery had better happen before then. Or someone’s getting sued, dammit!
And PL? I ain’t throwing it around…I’m being a bulwark of the economy here.
-Jonathan “Libertarian and enjoying outwitting the unwashed masses” Chance
Whee! Time to go shopping … I love sales!
My people are a simple folk. We call them “morons with money.”
8k Dow and 900 S&P had better be the bottom. We go any deeper and I’ll get the bends.
Sorry, but I hope not. Got me a real sizable commision check coming and I’m looking for sales.
Hey, Moron’s With Money are a good thing. How else would we outwit them? God help us if they were smart. Then they might even VOTE!
And where would we be then?
Did I say ANYTHING against morons with money? My company wouldn’t exist were it not for people with disposable incomes the size of the GNPs of most countries! And if they were wimpy liberals like me they’d have given it all away instead of building estates. Although one or two are doing both. (big, happy )