Dow drops 211 in advance of 07 Turkey day and dips to 12,799

[CAwireman]

If Housing wasn’t such a prominent part of these stock drops, it wouldn’t be all that fitting here; but……

http://money.aol.com/news/articles/_a/stocks-fall-amid-economic-jitters/n20071121180409990020

“Economic readings did little to instill confidence among investors. The Mortgage Bankers Association said mortgage application volume fell 3.6 percent last week. Meanwhile, the slump in housing suggested banks will continue to face souring mortgage debt.

Government-sponsored lender Freddie Mac , which reported a $2 billion quarterly loss Tuesday and saw shares plummet nearly 29 percent, declined again Wednesday after an analyst downgrade. Countrywide Financial Corp., the nation’s largest mortgage lender, also lost further ground.

In other economic news, the Conference Board suggested an economic slowdown could accelerate in the coming months amid rising costs and further weakness in the housing market. Also, the Reuters/University of Michigan consumer sentiment survey showed its lowest reading in two years – an unwelcome development for retailers entering what is for many the most important period of the year.”

Today’s stock chart –
http://finance.aol.com/quotes/dow-jones-industrial-average-index/%24indu/dji/charts?dr=999

Waiting for those home prices to fall…..

Happy Turkey day tomorrow!!!

[nostradamus]

Despite the big drop, marketwatch’s headline is again very optimistic:

European shares end higher
Markets in Europe gain on strength from the health-care and aviation sectors. U.S. markets are closed for Thanksgiving.
http://www.marketwatch.com/

Isn’t it funny how they only see the silver lining and not the cloud?

[nostradamus]

Despite the big drop, marketwatch’s headline is again very optimistic:

European shares end higher
Markets in Europe gain on strength from the health-care and aviation sectors. U.S. markets are closed for Thanksgiving.
http://www.marketwatch.com/

Isn’t it funny how they only see the silver lining and not the cloud?

[nostradamus]

Despite the big drop, marketwatch’s headline is again very optimistic:

European shares end higher
Markets in Europe gain on strength from the health-care and aviation sectors. U.S. markets are closed for Thanksgiving.
http://www.marketwatch.com/

Isn’t it funny how they only see the silver lining and not the cloud?

[nostradamus]

Despite the big drop, marketwatch’s headline is again very optimistic:

European shares end higher
Markets in Europe gain on strength from the health-care and aviation sectors. U.S. markets are closed for Thanksgiving.
http://www.marketwatch.com/

Isn’t it funny how they only see the silver lining and not the cloud?

[nostradamus]

Despite the big drop, marketwatch’s headline is again very optimistic:

European shares end higher
Markets in Europe gain on strength from the health-care and aviation sectors. U.S. markets are closed for Thanksgiving.
http://www.marketwatch.com/

Isn’t it funny how they only see the silver lining and not the cloud?

[LA_Renter]

I anticipate a low volume rally tomorrow. Then the story will focus on the great cosmic question of our day “What will the FED do at the next meeting?” IMO I think the FED is running into a perception problem, I mean you have Cramer and Kudlow throwing tantrums like spoiled little brats and Bennie gives in just to shut them up, at least that is the appearance to the outside world. The Greenspan Put has turned into a Bennie Pushover. The Fed may try to shore up its image that it’s independent of the markets and hold especially in the face of a collapsing currency. I think if the market gets the since the FED will pass at the next meeting it may go into convulsions just to pressure the FED into a cut. of course there many other things that can happen such as slightly stronger Holiday sales that could send retailers into a major sort squeeze or a Wall Street Money Manager Bonus rally etc etc etc. It is definitely interesting theater.

[LA_Renter]

I anticipate a low volume rally tomorrow. Then the story will focus on the great cosmic question of our day “What will the FED do at the next meeting?” IMO I think the FED is running into a perception problem, I mean you have Cramer and Kudlow throwing tantrums like spoiled little brats and Bennie gives in just to shut them up, at least that is the appearance to the outside world. The Greenspan Put has turned into a Bennie Pushover. The Fed may try to shore up its image that it’s independent of the markets and hold especially in the face of a collapsing currency. I think if the market gets the since the FED will pass at the next meeting it may go into convulsions just to pressure the FED into a cut. of course there many other things that can happen such as slightly stronger Holiday sales that could send retailers into a major sort squeeze or a Wall Street Money Manager Bonus rally etc etc etc. It is definitely interesting theater.

[LA_Renter]

I anticipate a low volume rally tomorrow. Then the story will focus on the great cosmic question of our day “What will the FED do at the next meeting?” IMO I think the FED is running into a perception problem, I mean you have Cramer and Kudlow throwing tantrums like spoiled little brats and Bennie gives in just to shut them up, at least that is the appearance to the outside world. The Greenspan Put has turned into a Bennie Pushover. The Fed may try to shore up its image that it’s independent of the markets and hold especially in the face of a collapsing currency. I think if the market gets the since the FED will pass at the next meeting it may go into convulsions just to pressure the FED into a cut. of course there many other things that can happen such as slightly stronger Holiday sales that could send retailers into a major sort squeeze or a Wall Street Money Manager Bonus rally etc etc etc. It is definitely interesting theater.

[LA_Renter]

I anticipate a low volume rally tomorrow. Then the story will focus on the great cosmic question of our day “What will the FED do at the next meeting?” IMO I think the FED is running into a perception problem, I mean you have Cramer and Kudlow throwing tantrums like spoiled little brats and Bennie gives in just to shut them up, at least that is the appearance to the outside world. The Greenspan Put has turned into a Bennie Pushover. The Fed may try to shore up its image that it’s independent of the markets and hold especially in the face of a collapsing currency. I think if the market gets the since the FED will pass at the next meeting it may go into convulsions just to pressure the FED into a cut. of course there many other things that can happen such as slightly stronger Holiday sales that could send retailers into a major sort squeeze or a Wall Street Money Manager Bonus rally etc etc etc. It is definitely interesting theater.

[LA_Renter]

I anticipate a low volume rally tomorrow. Then the story will focus on the great cosmic question of our day “What will the FED do at the next meeting?” IMO I think the FED is running into a perception problem, I mean you have Cramer and Kudlow throwing tantrums like spoiled little brats and Bennie gives in just to shut them up, at least that is the appearance to the outside world. The Greenspan Put has turned into a Bennie Pushover. The Fed may try to shore up its image that it’s independent of the markets and hold especially in the face of a collapsing currency. I think if the market gets the since the FED will pass at the next meeting it may go into convulsions just to pressure the FED into a cut. of course there many other things that can happen such as slightly stronger Holiday sales that could send retailers into a major sort squeeze or a Wall Street Money Manager Bonus rally etc etc etc. It is definitely interesting theater.

[drunkle]

Euro banks halt trading in some mortgage bonds:

http://money.cnn.com/2007/11/22/news/international/europe_covered_bonds/index.htm?postversion=2007112209

wonder what effect this action will have on things tomorrow. if the euros are bailing out of these bonds and the euro banks are halting trading, does that give american traders a leg up? and totally screw the euro investors? or are americans already out of that game?

[drunkle]

Euro banks halt trading in some mortgage bonds:

http://money.cnn.com/2007/11/22/news/international/europe_covered_bonds/index.htm?postversion=2007112209

wonder what effect this action will have on things tomorrow. if the euros are bailing out of these bonds and the euro banks are halting trading, does that give american traders a leg up? and totally screw the euro investors? or are americans already out of that game?

[drunkle]

Euro banks halt trading in some mortgage bonds:

http://money.cnn.com/2007/11/22/news/international/europe_covered_bonds/index.htm?postversion=2007112209

wonder what effect this action will have on things tomorrow. if the euros are bailing out of these bonds and the euro banks are halting trading, does that give american traders a leg up? and totally screw the euro investors? or are americans already out of that game?

[drunkle]

Euro banks halt trading in some mortgage bonds:

http://money.cnn.com/2007/11/22/news/international/europe_covered_bonds/index.htm?postversion=2007112209

wonder what effect this action will have on things tomorrow. if the euros are bailing out of these bonds and the euro banks are halting trading, does that give american traders a leg up? and totally screw the euro investors? or are americans already out of that game?

[Author]

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