Monday, September 29, 2008

Ooops!!

Dow slammed, posts worst-ever point decline

NEW YORK - Wall Street ended a stunning session with a huge loss Monday, with the Dow Jones industrial average plunging 778 points — its largest point drop ever — after the failure of a House vote on the financial bailout plan.

Posted by renting2 @ 10:13 PM (3211 views)
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6 thoughts on “Ooops!!

  • Sorry to post on my own submission, I know it’s Monday night, but are we so dumstruck at this news that we can’t comment?

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  • Well, I think this is the gun going off that Paulson held to the US economy’s head.

    No doubt Paulson is trying to use this as a reason to turn to Congress and say “Now do you believe me?” but the fact is that the stock market has been extraordinarily fickle lately – soaring for no good reason then plummeting. At least from a stock market point of view, Paulson’s foretelling of doom was always going to be self-fulfilling – this is the stock market’s way of trying to hold the taxpayer to ransom again – and if Congress were sensible they really shouldn’t listen – for the time being.

    Generally that wild oscillating stock movement is a sign its going to crash big time by the way.

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  • sorry renting2. I was just celebrating the money I have just made from shorting Wall st.

    Another bundle of notes to put towards a deposit on a house.

    Apparently – and quite different to how it used to be – you need one of those nowadays.

    Deposits, that is.

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  • Did you really make money doing that inbreda? Did you just call up your broker and ask them to do that? I was under the impression that its more complex to short a stock, but maybe I’m just plain ignorant.

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  • Inbreda, I can’t help but wonder if a bunch of Republicans are perhaps playing the same game.

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  • Paul,

    In addition to using a broker to place a short order for you (requires heavy margin), most spread betting websites will let you bet on the DJ or the FTSE falling quite easily. There are also Exhange Traded Funds (ETFs) which you can go long in (i.e. buy) and which rise in value as the major stock indices fall. These are called inverse ETFs and exmaples are “Short Dow 30” and “Short S&P 500”.

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