Stock Market Tanks?

[Hangtime]

"It's definitely fear of an economic downturn that's hurting us today," said Jack Ablin, chief investment officer at Harris Private Bank in Chicago. "The economic data and the downbeat forecasts from management don't lend a lot of confidence to the economic revival outlook."

The Dow Jones industrial average <.DJI> fell 344.65 points, or 2.99 percent, to 11,188.23, while the Standard & Poor's 500 Index <.SPX> dropped 38.15 points, or 2.99 percent, to 1,236.83. The Nasdaq Composite Index <.IXIC> tumbled 74.69 points, or 3.20 percent, to 2,259.04.

It was the biggest one-day percentage drop for the three major indexes since June 26.

It was also the fourth day of losses for both the Nasdaq and the S&P 500, and the S&P 500's longest losing streak since January.

Losses accelerated in the last hours of trading after the S&P 500 broke below the 1,260 level, a technical support level that had survived several tests in August.

Wow.. heavy hits.. sounds like more coming. I'm wondering... how low can it go before the whole international house of cards falls in?

http://www.nytimes.com/reuters/business/business-markets-stocks.html?scp=2&sq=cisco&st=nyt

[xNOVAx]

"It's definitely fear of an economic downturn that's hurting us today," said Jack Ablin, chief investment officer at Harris Private Bank in Chicago.

And how many days have we heard this exact same thing? And for how long now? Man the media is pahtetic..

One day everything is great, the next the sky is falling according to them.. I really believe this market action is nothing but consolidation.. The market levels we should be concerned with are the lows set back on July 15th. If they hold we are fine, but If we break that support it may get a bit uglier.. The only real way to tell how much uglier it will get if the support is broken is to look at the volume.. If it breaks on light volume, probably no big deal.. Breaks on huge volume, watch out.. JMHO..

[mensa180]

Sounds like a bear market, buy the "expensive" stocks while they're low.  You'll prosper when it goes back up.

[lazs2]

yep.. long term hang.. you need to think long term.. and stop watching the "news".

It is funny tho how the stock market that is supposedly run and funded by smart people always acts like silly old ladies and panic stricken doom and gloomers.

Still tho...  it is the best way to grow money over a long period of time.

lazs

[Baitman]

yep.. long term hang.. you need to think long term.. and stop watching the "news".

It is funny tho how the stock market that is supposedly run and funded by smart people always acts like silly old ladies and panic stricken doom and gloomers.

Still tho...  it is the best way to grow money over a long period of time.

lazs

But Lazs if the market continues to fall at this rate in just over a month the Nasdaq and the Dow will be worth $0

[lazs2]

yep..sorta like "man made global warming/co2 hoax" thing isn't it?

some people just love to think doom and gloom.. when it doesn't happen.. they are not relieved..  they move on to the next sky is falling scenerio..  the whole time.. they have not been able to enjoy life because THEIR version of the future is so apocolyptic.

But.. they do get some joy.. they get to point fingers and nag at people who pretty much.. ignore em.

lazs