The Single Best Investment EVER
It is those "Dow 10,000" hats CNBC got for all the on air anchors way back in 1999. They sure got a whole lot of use out of them.
The Dow is 9,868 as I type this.
GE breaks syndicate price of $22.20 secondary, and its now off by a full 10% -- at $19.95.
>
Dow Industrials, 10 Years
Chart courtesy of FusionIQ, Bloomberg
>
As to forecasting forward from here, there are simply too many unknowns and moving parts to say anything with a high degree of confidence. A lot depends upon the govt response to the credit crisis, to the recession, and other elements
We could theoretically find support between 9,500-9800, or we could see the bottom drop out any day now
With the VIX now over 50 -- the Dow is now off 30% In one year -- I would imagine we are closer to the bottom than to the top.
Monday, October 06, 2008 | 10:30 AM | Permalink
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Comments
Looks like, where the VIX is concerned, 60 is the new 40.
Posted by: D.L. | Oct 6, 2008 10:31:52 AM
Bailout 2.0 coming? Yikes, we didn't even get a bump from bailout 1.0.
Time to stock up on frozen and canned foods!
Posted by: Jeff M. | Oct 6, 2008 10:33:00 AM
Fed rate cut can't be too long in coming now. Don't think it will do much good, however.
Posted by: Joe | Oct 6, 2008 10:34:44 AM
We gotta hang onto our Goldilocks Economy!!
Goldilocks lives!!
Posted by: Jeff M. | Oct 6, 2008 10:35:16 AM
As Atrios says:
WHEEEEEEEEEEEEEEEEE!!!!!!
Posted by: Joe Klein's conscience | Oct 6, 2008 10:35:56 AM
Can you say "Goldilocks 2.0"? Can you say "greatest story never told"?
Posted by: Tim | Oct 6, 2008 10:36:39 AM
Can I get off the Ferris Wheel, Mommy? My stomach hurts....
Posted by: Mr. Obvious | Oct 6, 2008 10:37:15 AM
Ok, this isn't funny anymore. When I said the Dow would hit 9000 by Haloween, I was kidding. Really, it was just a joke.
Posted by: NY Stock Guy | Oct 6, 2008 10:40:37 AM
You can keep your "DOW 10,000" hat...I'm going through the old trunk to see if I can find my "DOW 9,000" because, you know, DOW 10K was soooo Pre-Bailout.
Posted by: Joshua(the other one) | Oct 6, 2008 10:46:23 AM
When cliff diving, it is best to time it so that the waves are sufficently covering the rocks below.
finance.yahoo can't keep up with the dive. Headline screams down 400 and its 500 off. I hit F5, headline says down 450 and its off 575. Holy Sheeit. Circuit breaker day, today????
Posted by: Mark W | Oct 6, 2008 10:46:34 AM
http://www.youtube.com/watch?v=Eg-ckMup6SI&feature=related
Posted by: AndrewBW | Oct 6, 2008 10:46:51 AM
You've got your ball
you've got your chain
Tied to me tight tie me up again
Who's got their claws
in you my friend ...
Posted by: Transor Z | Oct 6, 2008 10:47:10 AM
Quit pickin on me. I meant to say nukular... not nucular... and I approve this message.
(Wink.)
Posted by: Sarah Palin | Oct 6, 2008 10:48:20 AM
Face it folks, this $700B was just to get us through the next election cycle in November. These ass clowns have one thing in their minds- keeping their elite status, albeit as the governing body of a soon-to-be third world country.
Posted by: rockitz | Oct 6, 2008 10:50:54 AM
Sarah,
The 401K quarterly statements are getting mailed this week. Better start calling them Joe 5-Packs... or by the time they open their mail... 4-Packs.
All the best,
TG
Posted by: TG Randini | Oct 6, 2008 10:52:16 AM
Dow bottom 7000K to 7500K, unless we overshoot to the downside..
Posted by: ron | Oct 6, 2008 10:53:57 AM
googled "dow 10000 hats":
http://www.google.com/search?client=safari&rls=en-us&q=dow+10000+hats&ie=UTF-8&oe=UTF-8
--nice hat available on cafepress
--first page had bigpicture post from 2003, with only 3 comments!(times have changed eh BR?)
I was hoping for a youtube of CNBC hat wearers, no luck...
Posted by: which one? | Oct 6, 2008 10:56:25 AM
Looks like Hedgies are unwinding...lookout below.
Posted by: johnnyvee | Oct 6, 2008 11:00:48 AM
Quick! Someone get Glassman and Hassett on the phone!
We need their scholarly well-reasoned advice!
Surely, they know what's going to happen!
Posted by: Jon H | Oct 6, 2008 11:01:47 AM
the Dow is now off 30% In one year -- I would imagine we are closer to the bottom than to the top."
Why? Because the economy is "fundamentally strong"?
Posted by: brion | Oct 6, 2008 11:01:50 AM
let's see, SPY eps $82/sh next year X 10 = 820, and then we poke our little noses up and test the air, around this time next year
Posted by: scorpio | Oct 6, 2008 11:03:34 AM
Looks like I picked the wrong week to give up amphetamines.
Posted by: Winston Munn | Oct 6, 2008 11:04:01 AM
I can't wait to see what hats they'll be wearing on Kudlow tonight, asshats?
Posted by: VennData | Oct 6, 2008 11:04:33 AM
The charts for the US stock markets look pretty vertical these days. Obviously any purchase in an attempt to bottom-fish should come with a mandatory STOP order just below the purchase price but... -30% is a pretty decent buying opportunity.
As they say, buy the fishing line, sell the horn.
Posted by: Patrick | Oct 6, 2008 11:05:34 AM
Wow. So this is deleveraging ... I wonder what they were thinking about, not going with a rate cut before trading started. I haven't even looked at Europe. Must be a bloodbath.
This feels like we might be approaching capitulation today. I am glad that most of my longs this morning were in GDX...
It's going to be a long afternoon, but fun for everyone in QID. Those puts are looking better all the time.
Posted by: leftback | Oct 6, 2008 11:06:45 AM
