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Wednesday, October 8, 2008

It Almost Would be Amusing if it Weren't so Pathetic

Posted by Mark at 4:01 PM TweetThis
Another amazing selloff to end the day - you just cannot be long for more than a few hours in this market. Just head shaking. Companies are not allowed to buy back their shares in the last 30 minutes of the day so I guess that is helping make it easier to press down on shares - just a straight 45 degree angle down post 3:30 PM. Other than not closing at the absolute bottom of the day on the S&P 500 it is just some (insert adjective here) action. Groundhog day.

Tomorrow should be interesting as financial short selling is back - everyone assumes that will drive the market down so in normal times I'd take the contrary side to that but nothing is normal about these times.

Posted by Mark at 4:01 PM Comments (4) | Edit This Post | Create A New Post

4 comments:

shaxmatist said...

What was the last time we had an up day for the Dow? Must have been last month... oversold rallies last about 2 hours on average... really embarassing for the optimists... for all the Fed's efforts, the TED spread is at 3.87 which is astronomical, despite the rate cuts and all the TAF facilities...

I remember reading a book about the 1974 stockmarket crash and how blue chip stocks were trading at P/E ratios of 5- and dividend yields of 10%+, and I was thinking wish I was there!! Well, my wish is coming true :)

I am sure later in life we'll remember this as the opportunity of a lifetime, the tricky part is to stay solvent long enough to take advantage of it :D

October 8, 2008 5:36 PM  
aaronpalang said...

The problem with trying to catch a bottom is that its only a bottom until we go lower. We are def. going lower.
What people expect too, is a speedy recovery, while our economy looks a lot like Japan (if not worse) in the 90s... a prolonged, slow, recovery.

Z.

October 8, 2008 5:38 PM  
Bluedog said...

The Dow does go up, doesn't it? I think it's broken.

October 8, 2008 5:53 PM  
Oa said...

TED SPREAD shows somw hope.

October 8, 2008 10:38 PM  

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