Ouch... Dow Closes -213.04

Damocles

Damocles

Accedo!
Staff member
The largest one day loss since early February (if memory serves).

I wonder if it had anything to do with Greece's drop to "junk" credit ratings.
 
The question is.... does the market shake this off as it has other negative news of late?

or does this start a correction?
 
time to grab the bucket and go outside.
this will help the dollar long term, with the market way up over the last year people are looking for a reason to be scared and take some profits.
 
Topspin said:
time to grab the bucket and go outside.
this will help the dollar long term, with the market way up over the last year people are looking for a reason to be scared and take some profits.
Click to expand...
So you think it is time to short for a bit then.
 
I don't think this is going to hold this way for long. Unless more bad news follows it, this will keep it down for a day or two, but then short attention spans will bring it back up. Plus anybody who took a chance on Greek Bonds is now looking to get into something else and fast...

;)
 
Portugal gets hit with downgrade which is what started today's tumble. If spain is next you'll see at least a couple hundred more points down.
 
Topspin said:
Portugal gets hit with downgrade which is what started today's tumble. If spain is next you'll see at least a couple hundred more points down.
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If Spain follows and we drop a couple hundred more we'll pass the next technical base and drop still further after. If that happens it is definitely time to short and it will unfortunately dig into consumer confidence and extend the amount of time we'll need for recovery.
 
Recovery is here to stay, problem with shorting is knowing when to get out. If your smart enough it's a great thing.
Me I'm emptying cash and credit union accounts when the market tumbles, when it's up a couple hundred I start cashing in.
 
I don't see this as the start of any sort of prolonged "correction." It's a down day, because of some bad news, but overall, quite a few indicators are up.
 
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