« previous next »
Pages: [1]   Go Down

Author Topic: Stocks drop as Obama speech and housing data weigh  (Read 2165 times)

0 Members and 1 Guest are viewing this topic.

Offline Wretched Excess

  • Hero Member
  • *****
  • Posts: 15284
  • Reputation: +485/-84
  • Life, Liberty and the pursuit of Happy Hour
Stocks drop as Obama speech and housing data weigh
« on: February 25, 2009, 10:01:50 AM »


NEW YORK (Reuters) - Stocks fell on Wednesday as investors found little new in a major speech by President Barack Obama on how he planned to stabilize the economy, while gloomy home sales data weighed on the market.

Long-standing worries about recession and the fate of the banking sector persisted despite Obama's speech to Congress on Tuesday night, sending shares of financial services companies, big manufacturers and energy companies lower.

"The market was up 4 percent yesterday and I think that was probably a little excessive given the economic backdrop," said Michael James, senior trader at regional investment bank Wedbush Morgan in Los Angeles.

"There was a little bit of an overshoot to the upside yesterday and we're just giving some of that back early as President Obama didn't have anything substantive to say last night."

Data pointing to more weakness in the U.S. housing market added to the negative tone.

More
Logged

Offline TandT

  • Probationary (Probie)
  • Posts: 84
  • Reputation: +27/-1
Re: Stocks drop as Obama speech and housing data weigh
« Reply #1 on: February 25, 2009, 10:10:49 AM »
i had no doubt that the market would go south today ... the only question was by 'how much'
Logged
A day without laughter is a day misspent!  e.e. cummings

Offline Rebel

  • Stick a fork in us. We're done.
  • Administrator
  • Hero Member
  • *****
  • Posts: 16790
  • Reputation: +1248/-215
Re: Stocks drop as Obama speech and housing data weigh
« Reply #2 on: February 25, 2009, 10:14:35 AM »
Wait until Friday, the next day of trading after he announces his budget.
Logged
NAMBLA is a left-wing organization.

Quote
There's a reason why patriotism is considered a conservative value. Watch a Tea Party rally and you'll see people proudly raising the American flag and showing pride in U.S. heroes such as Thomas Jefferson. Watch an OWS rally and you'll see people burning the American flag while showing pride in communist heroes such as Che Guevera. --Bob, from some news site

Offline Wretched Excess

  • Hero Member
  • *****
  • Posts: 15284
  • Reputation: +485/-84
  • Life, Liberty and the pursuit of Happy Hour
Re: Stocks drop as Obama speech and housing data weigh
« Reply #3 on: February 25, 2009, 10:15:44 AM »
Quote from: TandT on February 25, 2009, 10:10:49 AM
i had no doubt that the market would go south today ... the only question was by 'how much'

maybe announcing that he was going to implement every failed liberal program in the history of government in the next year wasn't such a great idea.  maybe he should have stuck to discussing the financial crisis;  as it is, I think he's created one.

maybe someone with a thimblefull of experience would have known that.




 
Logged

Offline Carl

  • Global Moderator
  • Hero Member
  • *****
  • Posts: 19742
  • Reputation: +1491/-100
Re: Stocks drop as Obama speech and housing data weigh
« Reply #4 on: February 25, 2009, 10:17:36 AM »
Interesting that when Beranke spoke yesterday the market rallied..Obama flaps his gums and back to a retreat.
Might be a coincedence but something tells me not.
Logged

Offline Tess Anderson

  • Hero Member
  • *****
  • Posts: 4069
  • Reputation: +2707/-30
Re: Stocks drop as Obama speech and housing data weigh
« Reply #5 on: February 25, 2009, 11:44:15 AM »
That's because Bernanke is actually sane, and it shows. Proposing a gadzillion social programs and trying to say he's going to pay for it by increasing taxes on those who make over $250k/y  doesn't square with reality.

Friday will be a bloodbath, it hasn't begun to bottom out.
Logged

Offline Texacon

  • Super
  • Hero Member
  • *****
  • Posts: 12319
  • Reputation: +1252/-55
  • All The Way!
Re: Stocks drop as Obama speech and housing data weigh
« Reply #6 on: February 25, 2009, 12:10:38 PM »
Quote from: Carl on February 25, 2009, 10:17:36 AM
Interesting that when Beranke spoke yesterday the market rallied..Obama flaps his gums and back to a retreat.
Might be a coincedence but something tells me not.

Well, sorry for those who need to take out money right now but I'm a little selfish.  I hope 'O' speaks every single day if this is the effect it is having on the market.  I'm sending money to my broker as fast as I can.  Everything is on sale right now and I want some of it.

KC
Logged
  Build a man a fire and he'll be warm for a day.  Set a man on fire and he will be warm for the rest of his life.

*Stolen

Offline AllosaursRus

  • Hero Member
  • *****
  • Posts: 11672
  • Reputation: +424/-293
  • Skip Tracing by Contract Only!
Re: Stocks drop as Obama speech and housing data weigh
« Reply #7 on: February 25, 2009, 12:47:25 PM »
Quote from: Texacon on February 25, 2009, 12:10:38 PM
Well, sorry for those who need to take out money right now but I'm a little selfish.  I hope 'O' speaks every single day if this is the effect it is having on the market.  I'm sending money to my broker as fast as I can.  Everything is on sale right now and I want some of it.

KC

It'll be a better sale on monday! I figure it's going to go down until then.
Logged
I'm the guy your mother warned you about!
 

Offline Texacon

  • Super
  • Hero Member
  • *****
  • Posts: 12319
  • Reputation: +1252/-55
  • All The Way!
Re: Stocks drop as Obama speech and housing data weigh
« Reply #8 on: February 25, 2009, 01:34:13 PM »
Quote from: AllosaursRus on February 25, 2009, 12:47:25 PM
It'll be a better sale on monday! I figure it's going to go down until then.

I've been sending in a fairly hefty check every 2 weeks for about the last 4 months.  So far the account has been pretty static as to what's in there so it has dropped a fair amount even in the 4 months I've really doubled down on sending the cash but when it comes back .... Wooo Hooo!!  It should be HUGE.

KC
Logged
  Build a man a fire and he'll be warm for a day.  Set a man on fire and he will be warm for the rest of his life.

*Stolen

Offline DumbAss Tanker

  • Hero Member
  • *****
  • Posts: 28493
  • Reputation: +1707/-151
Re: Stocks drop as Obama speech and housing data weigh
« Reply #9 on: February 25, 2009, 01:58:09 PM »
When the S&P hit 900 I thought "Jeeze, this has got to be pretty close to the bottom, it can't get much lower," however Obama is doing his best to prove me wrong.  I'm going to sit out the buying until things begin to look like they've started to actually trend up.  I can deal with missing the starting gun.
Logged
Go and tell the Spartans, O traveler passing by
That here, obedient to their law, we lie.

Anything worth shooting once is worth shooting at least twice.

Offline Hawkgirl

  • Alpha Female
  • Hero Member
  • *****
  • Posts: 4291
  • Reputation: +186/-73
Re: Stocks drop as Obama speech and housing data weigh
« Reply #10 on: February 25, 2009, 06:15:56 PM »
I think Greenspan and Bernanke were both failures.  Greenspan was in charge when the whole bank corruption was going on.  Bernanke has been impotent in stopping the decline.
Logged

Offline Rebel

  • Stick a fork in us. We're done.
  • Administrator
  • Hero Member
  • *****
  • Posts: 16790
  • Reputation: +1248/-215
Re: Stocks drop as Obama speech and housing data weigh
« Reply #11 on: February 25, 2009, 06:17:02 PM »
I agree. Sucks about Bernanke, he's from Augusta. ...then again, we do have some moonbats over in Richmond County.
Logged
NAMBLA is a left-wing organization.

Quote
There's a reason why patriotism is considered a conservative value. Watch a Tea Party rally and you'll see people proudly raising the American flag and showing pride in U.S. heroes such as Thomas Jefferson. Watch an OWS rally and you'll see people burning the American flag while showing pride in communist heroes such as Che Guevera. --Bob, from some news site

Offline The Village Idiot

  • Banned
  • Probationary (Probie)
  • Posts: 54
  • Reputation: +96/-15
Re: Stocks drop as Obama speech and housing data weigh
« Reply #12 on: February 25, 2009, 06:34:31 PM »
Quote from: Rebel on February 25, 2009, 06:17:02 PM
I agree. Sucks about Bernanke, he's from Augusta. ...then again, we do have some moonbats over in Richmond County.

the recession might have been over by the end of the yeasr, without the government spending us into national bankruptcy
Logged

Offline AllosaursRus

  • Hero Member
  • *****
  • Posts: 11672
  • Reputation: +424/-293
  • Skip Tracing by Contract Only!
Re: Stocks drop as Obama speech and housing data weigh
« Reply #13 on: February 26, 2009, 11:43:28 PM »
Quote from: FGL on February 25, 2009, 06:34:31 PM
the recession might have been over by the end of the year, without the government spending us into national bankruptcy

That hit the nail right on the head! As far as I can deduce, the Big Zero is prolonging the downturn every chance he gets!

I really believe this is what they have in mind. The worse it gets, the more sheep he can recruit into government welfare recipients. The more he gets the more votes he and the DiMWits can rely on come election day!

It's all part of the plan to socialize our country. I fear we're getting close to the point of no return......
Logged
I'm the guy your mother warned you about!
 

Offline Carl

  • Global Moderator
  • Hero Member
  • *****
  • Posts: 19742
  • Reputation: +1491/-100
Re: Stocks drop as Obama speech and housing data weigh
« Reply #14 on: February 27, 2009, 06:31:34 AM »
Quote from: AllosaursRus on February 26, 2009, 11:43:28 PM
That hit the nail right on the head! As far as I can deduce, the Big Zero is prolonging the downturn every chance he gets!

I really believe this is what they have in mind. The worse it gets, the more sheep he can recruit into government welfare recipients. The more he gets the more votes he and the DiMWits can rely on come election day!

It's all part of the plan to socialize our country. I fear we're getting close to the point of no return......

No doubt in my mind that is correct.
He and his minions view business as evil so they don`t give a damn about the pain the private sector will go through.

I still think the nationalizing of 401K money is in their eyes as well.
As the value of those holdings falls with the market the promise of government "security" for retirement may delude many simple minds into thinking it is a good thing to turn their 401Ks over to the government.
Logged

Offline Bluesuiter-Retired

  • Full Member
  • ***
  • Posts: 464
  • Reputation: +20/-17
Re: Stocks drop as Obama speech and housing data weigh
« Reply #15 on: March 01, 2009, 09:49:23 AM »
Since the Nov 4 election, the DOW has dropped just over 2,000 points.

Since "the messiah's" inauguration, just over 1000 of the 2,000 point drop has occurred.

As others have already stated, everytime someone in the obama administration opens their yap, the DOW goes south.

NOT TO FEAR HOWEVER, because according to Nostradamus and the Mayan calender DOOMSDAY is on December 21st, 2012.
Logged
America - Love It, or LEAVE
Pages: [1]   Go Up
« previous next »