Gothamist: Dow Falls 427 Points, Closes Under 8,000

r1b2

Thu, 20 Nov 2008 09:52:39 -0500

We're going to continue to feel for the bottom for weeks. Until there's restored confidence, the market will not be a function of fundamentals. As such, it's entierly reasonable that we could easily be below 7000 before Christmas. Unless you have the stomach for a boatload of uncertainty, you should only be buying in now if your horizon is long enough. Understand a basic fact: if a stock loses 40%, it has to go up by 60% for you to be even. Once we hit bottom, it will be quite sometime until we rebound by 60%.

Shinobi Shaw

Wed, 19 Nov 2008 18:58:56 -0500

#5 SO true, this is just the beginning, by 2010-2011 people will see 2008 as a cake walk compare to what's coming. Strap on your shoes as we go into the depths of hell itself.

NannyState

Wed, 19 Nov 2008 18:27:05 -0500

There's no definable bottom because the financial markets are still fucked up and there's a lot of companies that are still burning through old capital (Sept. 15 was not that long ago).Detroit's woes won't end with a loan package either: they are at least one full product cycle away from being competitive and now even foreign cars are piling up unsold. Car dealers are the #3 retail employer and they are on the verge of going under. And on, and on, and on. The stock market would drop to 3,000 to match the 1930 80% plunge. Watch those P/E ratios after Q4...that's where a potential rally might start.

babyhitler

Wed, 19 Nov 2008 17:49:16 -0500

7500. that's the time. if you are going to hold on to the stocks for more than 5 years then anytime is a good time to buy really.

edEx

Wed, 19 Nov 2008 17:34:54 -0500

That $700 billion spending spree is working like a charm. Did you really believe this was going to egg timer diplomacy?

drewo

Wed, 19 Nov 2008 17:23:56 -0500

That $700 billion spending spree is working like a charm. Can we have our money back now?

Rocknrope

Wed, 19 Nov 2008 17:14:46 -0500

Time to buy in?

TN

Wed, 19 Nov 2008 17:11:10 -0500

In one year people will probably look back at 2008 and say "and we thought 2008 was bad".

Kojak

Wed, 19 Nov 2008 17:08:53 -0500

There is no definitive financial capital really, theres just a collection of preeminent finance centers. London, New York, Singapore, Tokyo, Frankfurt, Singapore, Hong Kong, maybe one more.

edEx

Wed, 19 Nov 2008 17:03:53 -0500

until we're all swallowed up by the man made big bang, it's not that bad. or is it??

TN

Wed, 19 Nov 2008 17:02:53 -0500

New York is more of a financial capital in name than in reality. It has been that way for years. I think we'll go below 7,000 soon enough.

jterry121

Wed, 19 Nov 2008 16:51:56 -0500

Does this mean NYC is no longer the financial capital of the world?