Dow finishes below 7,000 for first time since '97

[WatchManUSA]

"NEW YORK – A relentless sell-off in the stock market Monday blew through barriers that would have been unthinkable just weeks ago, and investors warned there was no reason to believe buyers will return anytime soon."

Oh, Obama, why have you abandoned us?  We look to you for our hope yet all we see is despair and suffering.  Yet you leave us with but crumbs in out retirement accounts.  More and more people are let go from find themselves out of work.  When will you deliver us?

[1776 Rebel]

We could go down to around 3000 or 3500. Glenn Beck is calling 3500. This is some other geek with the analysis.

http://finance.yahoo.com/tech-ticker/article/197344/How-Low-Can-the-Market-Go?tickers=%5Edji,%5Egspc,%5Eixic

[PoorSoulInJersey]

Did you seriously think the president (any president, not just the current one) can affect the stock market positively?

They can make it go down pretty easily (announce some new policy that traders don't like), but can't make it go up very easily, if at all.

[revolverfan]

We were talking about this @ work yesterday. Later, I put this together.

Barack Obama and the Dow:

8-28-2008: DNC is over, Obama is nominated as the Democratic candidate for President
Dow closes @ 11,715 trading volume 3 billion 854 million shares

Nov. 4, 2008 Election Day Obama is Elected President
Dow closes 9,625

Nov. 5, 2008 Day after Election
Dow Closes 9,139

Jan. 20, 2009 Inauguration Day Barack Hussein Obama is Sworn in as the 44th President of the United States
Dow Closes 7,949

Feb. 17, 2009 President Obama signs the Economic “Stimulus” bill into law
Dow Closes 7,552

Feb 27, 2009 10 days after the bill is signed
Dow Closes @ 7,062 trading volume 117 million Shares

So between 8-28-2008 & 2-27-2009,  6 months since Barack Obama was nominated the stock market has dropped 4,663 points which is over 1/3 the value it was on 8-28-2008 and the trading volume has FALLEN 3 BILLION 737 MILLION SHARES

All of this data was obtained from Yahoo! Finance Dow charts

[MikeBjerum]

Two points of view prefaced by "Yes, this is not good, and I don't take it lightly:"

1.  When I finally got around to going to college in 1991, I had a lot of time in the car to listen to radio and reason to read market experts.  During the early 90's they were warning of the dangers of the rapid rise in the markets due to "e" stocks and how it was based on businesses that had no real value.  They warned that some day everything would crash as a result.  We took the first plunge in the post 9/11 days due to emotions, and now the governmental forced lending to those that should not have the loans has triggered the next wave.  However, we are still above where they started warning us.  Either this is a good thing, or it is a bad thing as we look to finish their predicted correction;

2.  Every time President Obama opens his mouth in response to the economy or implements one of his miraculous plans the markets respond in a negative manor.  It is time for someone to learn ... MR.  PRESIDENT,  SHUT  YOUR  DAMN  MOUTH!!!

[Sponsor]

[Pathfinder]

Two points of view prefaced by "Yes, this is not good, and I don't take it lightly:"

1.  When I finally got around to going to college in 1991, I had a lot of time in the car to listen to radio and reason to read market experts.  During the early 90's they were warning of the dangers of the rapid rise in the markets due to "e" stocks and how it was based on businesses that had no real value.  They warned that some day everything would crash as a result.  We took the first plunge in the post 9/11 days due to emotions, and now the governmental forced lending to those that should not have the loans has triggered the next wave.  However, we are still above where they started warning us.  Either this is a good thing, or it is a bad thing as we look to finish their predicted correction;

2.  Every time President Obama opens his mouth in response to the economy or implements one of his miraculous plans the markets respond in a negative manor.  It is time for someone to learn ... MR.  PRESIDENT,  SHUT  YOUR  DAMN  MOUTH!!!

They were known in the IT circles as burgers - cuz they were made to be flipped. That is, started, get some venture capital, promise the world's greatest <---fill in the blank---> software product, then sell to someone with more money than brains. A lot of us saw it coming for years, could do nothing about it - other than lose when it finally burst. The IT industry, and especially the consulting world I was part of, have yet to recover - and probably won't ever get back to where they once were.

[tombogan03884]

Did you seriously think the president (any president, not just the current one) can affect the stock market positively?

They can make it go down pretty easily (announce some new policy that traders don't like), but can't make it go up very easily, if at all.

Especially not the way these stupid dems are trying to do it. Bush was a "criminal" for leaving us a $1/2 deficit after 8 YEARS, Obama increased that by more than 125% in his first 30 DAYS then proposes a budget of $1.75 TRILLION that more than doubles that, then a budget for 2010 of over $3 Trillion that doubles THAT. And the guys only been in office 42 DAYS.
Can you pay off your credit cards by using them at the crap table in Vegas ? The dems think they can.