Post Election Blues: Dow -176pts, Nasdaq -39, S&P500 -21

[Coronita]

http://blogs.wsj.com/marketbeat/2012/11/08/here-we-go-again-stock-slide-gains-steam/?mod=yahoo_hs

Ouch….

[all]

[quote=spdrun]

For example, the average american woman owns 19 shoes.
The average British woman owns 17 shoes.

Does this mean that the average Anglo woman only has one leg, or that she likes to walk with only one shoe? 😀 Inquiring minds wish to know.

[/quote]

They keep a spare.

[Zeitgeist]

[quote=flu]http://blogs.wsj.com/marketbeat/2012/11/08/here-we-go-again-stock-slide-gains-steam/?mod=yahoo_hs

Ouch….[/quote]

Not my problem either.

[spdrun]

Stock market is cyclical. 1999-2000 – dot.com Bubble. 2001-2003 – dot.com and post 9/11 crashes. 2005-2007 – bull market. 2008-2009 crash down. 2011-2012 – bull market. We’re due for some down action, it’s not the end of the world unless you believe in Mayan y2k nonsense.

Personally, I think that neither candidate was the Messiah nor ‘ol Scratch, so the current sell-off is unjustified. But bears always find a reason to roar.

[Coronita]

Looks like we’re gonna close down close to 100 puts on the dow.

Wall Street 2, Main Street 0

You know… I’m thinking .. People are gonna panic… Some of the 5% and beyond is gonna be like “shit, I don’t want to pay higher taxes next year… I want my 15% dividend, I lower tax rates.etc.etc.etc”.. Guess what they will be doing all the way from now until 12/31/2012???
.And then their’s the fiscal cliff uncertainty..And then there’s the holiday sales uncertainty…

Time to bring back all the 401k-> 201k jokes…

[spdrun]

Keep in mind that the Dow was at 10,400 13 months ago. Even a 2000 point correction (from 13.6k down to 11.6k) isn’t the end of times. Eventually people will think “hmmm, deals” and start buying.

[Zeitgeist]

We all wish you were wrong, but unless Congress does something fast and I do not see that happening, then you will be eating a lot of popcorn instead of crow.

Even McDonald’s is suffering in the downturn that is now being reported: “NEW YORK (AP) — McDonald’s says a key sales figure fell in October, first monthly drop in nearly a decade for the world’s biggest hamburger chain. The company says global revenue at restaurants open at least 13 months fell 1.8% for the month. The last time it dropped was in 2003.”

http://www.usatoday.com/story/money/business/2012/11/08/mcdonalds-sales-drop/1691429/

[Coronita]

[quote=spdrun]Oh please. Have you actually seen how the average family on welfare lives?

Really the only thing that’s changing is that the playing field for health insurance is being leveled between the self-employed, small businesses, and large conglomerates. This is a good thing for capitalism and free-enterprise, since people will be more free to walk off and start their own businesses – immobility of labor due to insurance or other considerations is a bad thing.[/quote]

Oh please, the average person on “welfare” isn’t in the stock market….

BUT, the average american worker that goes in day in and day out into a 9-5 job is very much in the stock market with their retirement plans and mostly just let there “investments” sit and rot there thinking the markets are gonna get better. It ain’t…

The other thing is with, previously lots of folks were dividend investing, to capture the special 15% cap gain treatments. New rules now… So expect some volatility there too… Might not matter if you have say 100-200 shares of say Phillip Morris…But it makes a huge difference if you have say a few thousand shares. So yeah, 5%’ers have a lot of things to worry about.

[spdrun]

@Zeitgeist:
Mickey Dee’s suffering a downturn. zOMG, poor baaaaabies. Maybe people are starting to grok that their “food” isn’t food as much as poison. Or maybe they’re having their lunch eaten by other chains that sell better quality product.

Are all restaurant stocks doing poorly, or just that one? Speaking to NYC, restaurants here are pretty packed and doing well.

@flu – the “welfare” comment was directed to Aecetia’s comment about living off others, not specifically toward market investors 🙂

[Coronita]

[quote=spdrun]Keep in mind that the Dow was at 10,400 13 months ago. Even a 2000 point correction (from 13.6k down to 11.6k) isn’t the end of times. Eventually people will think “hmmm, deals” and start buying.[/quote]

I agree with that… But then again, people love buying at peak… I can think of a lot of institutions that were pushing a buy recommendation of apple @ $700+/share, saying that it was going to go to $1000/share… And people actually believing it….

Don’t get me wrong. I love the volatility.. I’m kinda sitting on the sideline eatting popcorn enjoying the market hysteria…

Just saying if 10-20% comes off of people’s retirement accounts/asset, it’s gonna make people feel a lot poorer, and that sentiment IS gonna make a difference in how people spend.

I’m predicting holiday sales this year is gonna look really bad this year. People are just gonna be in a foul mood. This market correction couldn’t have come at a worse time, right before holiday sales……Coupled with a boatload of financial uncertainty in terms of next year and taxes on corps and the “rich”…definitely not a good way to start holiday sales.

[Zeitgeist]

spdrun-

I was worrying about where you would use your EBT card if they close the one by you.

[Coronita]

Then again, if the market does tank another 20-30%, I guess a lot of 5%’ers won’t be 5%’ers anymore…And the original point of trying to tax “rich” people more to collect more money isn’t really gonna be that effective..

But then, at least we can all be just poor and happy at that point. heh heh

[spdrun]

So some new people will be 5%’ers after it recovers. News at 11. *YAWN*

[Coronita]

Future’s off 100 points on dow….

Looks like we’ve entered bear territory….

Dow Jones industrial futures slid 102 points to 12,673. The broader S&P futures gave up 11.2 points to 1,364.10. Nasdaq futures fell 14.75 points to 2,575.

VXX and SDS are just going nuts right now.

[all]

[quote=flu]Looks like we’re gonna close down close to 100 puts on the dow.

Wall Street 2, Main Street 0
[/quote]

I don’t think Main Street is affected by the daily fluctuations in stock. Outside Wall Street, maybe the sliver between the two. Maybe we could call it Mall or Vain Street?

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