1133.50 is the 52 week low on S&P 500...which should hold......
We are in the last inning of DEALING with this mess......
There IS worldwide UNDERSTANDING of the mess we are IN.......
Relative strength stocks to be held & weak stocks need to be sold.....
Know your stocks FA /TA/TAPE well ...then make the decision......NOT a good time to getting quick ideas @ all......
Time to step back & look @ your OWN portfolio...if it still makes sense..given the SLOW growth worldwide......
Not a good time to "fight the TAPE"....
BLOG does NOT give buy or sell.
Saleem
7 comments:
HELLO ALL
What a lousy day
Better days are coming
Cheers
Hi C,
Better days are "just around the corner"
Saleem
hi saleem
market is so unpredictable. i still believe that the congress will pass the bailout. let us hope for the best and prepare for the worst. i will wait for tomorrow to take a decision.
good luck to you saleem.
Hi Steve,
Thanks for your optimistic view...
How this mess will be resolved..has become a bigger question mark???
Markets will move beyond politics as there are steps which fed has already taken and will tak more steps away from politicians.
Saleem
BAD NEWS:
WASHINGTON -- A bipartisan group of U.S. House lawmakers defeated a $700 billion rescue plan for Wall Street on Monday, rejecting pleas from the Bush administration and congressional leaders from both parties of the potential dire consequences of policymakers not acting to help financial markets.
The 205-228 vote against the plan sent stocks plummeting, with the Dow Jones Industrial Average down around 500 points as news of the vote spread through Wall Street.
The Bailout Deal
Deal Journal: Wall Street Works the Phones as Dow Drops
Earlier: U.S. Seals Deal for Financial Bailout
Full Text of the Draft Bill | Summary
Rescue Will Help Borrowers Keep Homes
Bailout Tests Bush's Conservative Legacy
Real Time Econ: Bailout Bill Assists Fed
The defeat came despite House leaders holding open the vote for well beyond the 15-minute time limit, supporters were unable to convince enough members of either party to switch their votes against the proposal.
The defeat is a massive setback for the Bush administration, specifically the Treasury Department, as well as lawmakers who have been working throughout the last week on the legislation in the wake of the collapse of Lehman Brothers Holdings as well as the government's bailout of American International Group Inc. and its takeover of Fannie Mae and Freddie Mac.
A White House spokesman says President Bush is very disappointed in Monday's House vote rejecting the administration's rescue plan for the nation's financial industry. "There's no question that the country is facing a difficult crisis that needs to be addressed,'' said spokesman Tony Fratto. He said the president will be meeting with members of his team later in the day "to determine next steps.''
Hi All,
Ah shucks! My FRE lost a quarter today! Back to the drawing board.
What's up with this pounding? The world has not come to and end has it? I bet they would have sold down the market even if the plan was approved.
So with this blowoff, is it time to bottom fish? Or are we due for more drubbing? My 83 y/o father is very worried about where his savings are evaporating to. Can't return to work at his age.
Have a great day!
Hi Standards,
Markets are trying to react/discount inaction & real issues faced by world economy.
Trying to stay in beaten down stocks.....
I feel for your dad.....I am sure that things will get better for everyone.
Saleem
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