November 20, 2008
Boomers Develop Taste for Baked Beans
U.S. Stocks Slide to Five-Year Lows as Banks, Carmakers Tumble
“The S&P 500 plunged 6.1 percent to 806.58 and extended its 2008 retreat to 45 percent, poised for its worst year since 1931. The Dow Jones Industrial Average lost 427.47 points, or 5.1 percent, to 7,997.28. The Nasdaq Composite Index decreased 6.5 percent to 1,386.42.”
The “support” level everyone has been watching (838.50 on the SP futures) finally gave way, with a thud. Has so much (paper) wealth ever evaporated so quickly?
Cat: | Time: 9:50 am (utc+8)
November 20th, 2008 at 10:35 am
Is there a potential double top pattern in the S&P 500 with a price target of ~0?
November 20th, 2008 at 10:56 am
@Brian: I no longer project, I just slavishly follow.
November 20th, 2008 at 1:22 pm
Hey what the hell happened today from 10:30 to 11:00 that caused every stock in the S&P (might be a bit exaggerated) “flat slide” on max volume.
The daily charts look whacked!
November 20th, 2008 at 2:34 pm
@Cap: Dunno, but it looks weird, like trading stopped for half an hour or so then resumed or some kind of data glitch? I was sleeping like a baby at the time.
November 20th, 2008 at 10:24 pm
Yeah I was doing Oxicotin and bong hits and missed it too, though I did revive and added to the buy and hope port during the last 10 minutes of trading.
November 21st, 2008 at 4:21 am
You being an INFP explains alot. I wondered how someone as intelligent as you could be so blind to the politics of the left, and have no common sense to human nature, when there is so much evidence to the contrary. Very few males have this type, btw.
November 21st, 2008 at 6:14 am
David: How do you know that very few males have that type. Can you provide a link to some data distributions of male vs female for Myers-Briggs test? I’d be curious to see that myself.
November 21st, 2008 at 9:31 am
Tom, looking at the data, it appears I was full of crap. This is the bias by sex:
(I) Male bias
(N) Male bias
(F) Female bias
(P) Female Bias
INFP’s are only about 1% anyway. Google INFP percent sex
November 21st, 2008 at 9:34 am
This market is not a falling knife- it is a nuclear hachet.
November 21st, 2008 at 9:42 am
http://www.capt.org/mbti-assessment/estimated-frequencies.htm
It looks like the male INFP is 3.5% male, small but I expected less
November 21st, 2008 at 9:51 am
@Hudson: Pretty scary, eh? So many have never lost so much so fast.
November 21st, 2008 at 9:52 am
just spoke to my parents retired in fl- blue hairs freakin out down there.
November 21st, 2008 at 10:15 am
@pete: The blue hairs don’t have to worry because the bonds have been doing OK (I assume all old folks are heavy bond holders) … it’s the people who’ve been faithfully buying stocks for the last decade who have nothing to show for it (except losses).
November 21st, 2008 at 10:16 am
yeah, and i thought i was getting a good price on oil for my retirement account a month ago :( fortunately, my daytrading’s doing fine, but i don’t even feel comfortable going short the stocks which have fallen a ton…
November 21st, 2008 at 10:24 am
@bob: You were fighting the tape by going long oil. :-) It’s true that I still pay $3.35 a gallon here in China (they haven’t lowered their fixed prices, lol), and still sit in bumper to bumper traffic every day, so someone is making money.
November 22nd, 2008 at 10:07 am
my parents and alot of their friedns have been ignoring the classic allocation of more bonds the older u get- they all made the bulk of their earnings during one of the greatest bulls runs of of the 21st centuries- the fact that PE’s dont matter during a recession blows their minds- that earnings guidance means nada- how could they cut earnings by 40% and and not see it 1yr ago. painful - oh my inheritance. u renting a 2nd bedroom in china?
November 22nd, 2008 at 10:53 am
@pete: Well if they’re 70 then they should be at least 70% in bonds, kind of a nice old rule, but no one follows it of course, humans being human.