Tues Nov 13 2007 12:45
DJZ7 Dow Jones Fut 12990 -57 -0.4390
If it keeps going like this Tuesday is gonna be hella red. Wondering if we are hitting the thresh-hold where people simply throw in the towel and run for the doors.
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Tues Nov 13 2007 12:45
DJZ7 Dow Jones Fut 12990 -57 -0.4390
If it keeps going like this Tuesday is gonna be hella red. Wondering if we are hitting the thresh-hold where people simply throw in the towel and run for the doors.
Yup, you called it Kreskin.
never disregard the power of the press ... in both senses of the word !
How much did today's 300 point Dow rally cost ? 11.25 billion dollars in new money injection, fresh off the Fed printing presses this morning !
Also never underestimate the power of the mainstream financial press to contort news ... i.e. WalMart's record sales levels, which supposedly provided a huge psychological boost that US consumers aren't actually 'dead men walking'. However, what the mainstream media failed to explain is that WalMart's success at attracting additional customer spending (with the help of instituting early discount pricing) actually comes at the expense of Target, Penneys and other more 'middle class' retailers ! Thus the 'tin foil hat' interpretation of record WalMart sales / profits is that many former 'middle class' Americans are now forced to shop at WalMart if they want to also afford to buy groceries, to buy gasoline and heating oil, to pay their rising property taxes etc !!!
PS this is also expiry week on options contracts, meaning that more than a few institutions / hedge funds are probably buying index futures in order to stave off deep losses on their options.
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