- In the last few minutes the market came down big time on large volume. Not a good sign. Overseas markets will be terrible and that will reflect upon our opening tomorrow.
- Overall volume was not high enough to signal capitulation. So, we probably have further to fall.
- A savvy reader, after considering the economy/markets/capitulation/bailouts, wrote today: I keep bouncing between the following two thoughts:this is ridiculous and…… is this ridiculous?”
- This is a delicious sentiment. It says in a sentence what we are all probably feeling. We hate the market for loosing us money but we understand that it is part of the cleansing process.
- Many Street types are receiving no bonuses. Most of these guys have salaries of $150,000 or less and count on the annual check to live. Imagine how many of these guys have bought $3 million houses over the last two years. They put 20% down, leaving them a mortgage of about $2.4mm or a monthly payment of $20,000+/-. Can’t pay that with their salary.
- The last time the S&P index touched 600 was November 1985. I have read forecasts by several pessimists that we are headed there.
- Stanford Financial was charged in what may be an $8 billion fraud. This is a high profile company which offered CD’s of 8-12%. The CD’s were issued from an Antigua bank and Stanford customers are flying to the island en masse.
- Gold stocks may have gone up too fast. I still have my positions and they helped mitigate some of today’s damage.
- Like yogurt? You must try this: FAGE Total Greek Yogurt
Try, try to make it a great evening!
