DOW closed yesterday only 83 points shy of record

[spiveyrat]

Today could be the day...

http://apnews.myway.com/article/20060509/D8HGH0J03.html

[pirate44]

i figured thered be a big sell off. it's been overdue.

[AggieJohn]

and they say that the economy has gone to the crappper because of bush being in office..yeah right

[Aesculus gilmus]

The stock market and the economy are two different things. But let's look at the stock market.

In order to have kept up with inflation, the DJIA would have to reach about 14,000 to be even with the previous record of 11,723 established in January 2000.

http://urbansurvival.com/week.htm
There's a fair chance that this week, or next, the Dow Jones Industrials, which closed this past week around 11,578, will march back up to the old "all-time-high" (11,723) posted in early 2000. No doubt, the inept financial media will proclaim the greatness of the hour, the resilience of the economy, and the wisdom of George Bush, the prowess of Printer Ben at the Fed, and the "spirit of the American people," for this "miraculous recovery. Unfortunately, as I'll show you in a moment, on a constant dollar basis, the Dow is just retracing 55.2% of its losses - and that's if we ignore 2006's roughly 2% year-to-date inflation.

[spiveyrat]

Don't you think the stock market is a good indicator of the economy? When the economy is good, people invest. When the economy is bad, they save.

[big daddy russ]

Originally posted by Aesculus gilmus

http://urbansurvival.com/week.htm
There's a fair chance that this week, or next, the Dow Jones Industrials, which closed this past week around 11,578, will march back up to the old "all-time-high" (11,723) posted in early 2000. No doubt, the inept financial media will proclaim the greatness of the hour, the resilience of the economy, and the wisdom of George Bush, the prowess of Printer Ben at the Fed, and the "spirit of the American people," for this "miraculous recovery. Unfortunately, as I'll show you in a moment, on a constant dollar basis, the Dow is just retracing 55.2% of its losses - and that's if we ignore 2006's roughly 2% year-to-date inflation.
14,000's a pretty steep number. If we're judging excluively by the inflation in the CPI, it should be somewhere around 13,500. If you factor actual inflation into the equation (which has been about 1.9% throughout Bush's term in office), it's actually somewhere closer to 12,100.

But even if the new "record" is 14,000, 11,500 is still a strong showing in New York.

Disclaimer: I don't have a scientific calculator on me, so I had to do those estimates in my head... they're only estimates, nothing more.

[pirate44]

Originally posted by pirate44
i figured thered be a big sell off. it's been overdue.
dang, im good

[cdlvj]

Originally posted by pirate44
i figured thered be a big sell off. it's been overdue.

You were right, it has plumeted in the last 2 weeks.

[Aesculus gilmus]

I thought I'd revisit this thread. The Dow is now more than 1,000 points away from breaking through to a new record high, but I'm sure any day now it'll break it.

[Blastoderm55]

Hah, the market closed in the negative. Investors are starting to realize that revenues for their cashcows aren't there when the little people lose that disposable income. Finally, the market reflects what's really going on in working-class America.

[Aesculus gilmus]

Any day now. Market rallied above 11,000 today. We're all gonna be rich!

U.S. Stocks Rise the Most in a Year as Rebound Gains Momentum

June 15 (Bloomberg) -- U.S. stocks posted their biggest advance in more than a year as a rebound from seven-month lows gained momentum on government reports that showed rising interest rates haven't curtailed the economic expansion.

Exxon Mobil Corp., the world's biggest oil company, and Alcoa Inc., the No. 1 aluminum maker, climbed with crude and metal prices and helped the Standard & Poor's 500 Index regain its advance for 2006. Bear Stearns Cos. paced a rally in brokerage shares after it reported record earnings.

Manufacturing growth in New York and Philadelphia outpaced economists' forecasts, Federal Reserve surveys showed, and unemployment claims dropped last week, according to the Labor Department. Indexes closed at their highs of the day after comments from Fed Chairman Ben S. Bernanke eased concern higher energy prices were contributing to inflation.

``Stocks, they're on sale right now,'' said Scott Wren, senior equity strategist at A.G. Edwards & Sons Inc. in St. Louis. ``We've been telling our clients, `you've got to get in.' The outlook is very good for earnings, it's very good for the economy.''

[Adidas410s]

At least our stock is coming back up. We were down to 54 at close yesterday but are back up over 58 at close today. Pretty good day on the market. Our ticker is CHAP btw.

I looked up our former parent company, TXI, and they have a P/E of 83.29!!! For a cement company with a lot of assets...my eyes went like this: :eek: :eek: :eek: Heck Google only has a P/E of 68.60.

[Aesculus gilmus]

http://biz.yahoo.com/ap/060926/wall_street.html?.v=29

With this and gas prices coming down, it's going to be another GOP landslide, by hook or by crook. Then after November, look out below and above, for stock and gas prices respectively.

It shouldn't surprise us that with folks from the "awl bidness" running the government, everything is "rigged."

Tuesday September 26, 4:27 pm ET
By Tim Paradis, AP Business Writer
Dow Closes at Second-Best Close Ever, Gaining 94 Amid Amid Broad Enthusiasm; Nasdaq Gains 12

NEW YORK (AP) -- Wall Street surged higher Tuesday, carrying the Dow Jones industrials to their second-best close ever, as positive economic data further buoyed a growing sense of optimism among investors. The Dow closed just 53 points away from its record high close.

Stocks, particularly the blue chips, moved higher after the Conference Board said its consumer confidence index for September rose more than expected, reaching 104.5 from a revised reading of 100.2 in August. Analysts forecast the index would rise to 103.

Also bolstering investor enthusiasm was a report from the Federal Reserve Bank of Richmond that showed the region's econgfy strengthened this month. The bank's manufacturing index came in at 9 versus 3 in August.

Jack Albin, chief investment officer with Harris Private Bank, said the market's advance reflects widespread investor enthusiasm and a realization that the Federal Reserve might have room to ease short-term interest rates. He pointed to low inflation and the recent nearly 20 percent pullback in oil prices.

"The Fed has a lot more elbow room to lower rates. The Fed could maybe even lower this year."

According to preliminary calculations, the Dow gained 93.58, or 0.81 percent, to 11,669.39. The Dow's advance put it within range of its high of 11,722.98 set in January 2000.

Broader stock indicators also jumped sharply. The Standard & Poor's 500 index rose to a five-and-a-half-year high, increasing 9.97, or 0.75 percent, to 1,336.34 and the Nasdaq composite index rose 12.27, or 0.55 percent, to 2,261.34.

Bonds fell after a sharp rally Monday in what was perhaps some profit-taking. The yield on the benchmark 10-year Treasury note rose to 4.58 percent from 4.54 percent late Monday. The dollar was mixed against other major currencies, while gold prices rose.

Light crude oil settled down 44 cents at $61.01 on the New York Mercantile Exchange. The slide in oil prices this month has given investors optimism that consumer spending will hold up even as the economy slows and help protect corporate profits.

Alfred E. Goldman, chief market strategist at A.G. Edwards & Sons Inc., doesn't expect the gains will last however.

"I don't think we're going to go up, up and away from here. I think you've got momentum and the magnetism of a new record high for the Dow."

"I would preach a little caution here." Goldman contends that the markets will discount for November's midterm elections by mid-to-late October and that some of the run-up this week could reflect a desire among institutional investors to burnish their third-quarter figures.

"This time of the year you also get some window dressing by institutions and also some short covering," he said. "The bears have not had a lot of a fun."

Bears wouldn't have been surprised by news from Lowe's, which rose 1 cent to $28.85, despite reducing its full-year profit forecast; it warned that a slowdown in the sector was hurting sales of its home-improvement products. Lennar rose 7 cents to $46.95 even after saying its third-quarter profit fell 39 percent amid sluggishness in the sector and the company, one of the country's biggest homebuilders, trimmed its fourth-quarter forecast.

In the technology arena, PMC-Sierra Inc., a maker of communications and storage chips, fell 55 cents or 8.4 percent, to $6 after cutting its third-quarter sales forecast to $114 million to $116 million from $122 million to $124 million.

Innovex Inc., a chip maker, fell 38 cents, or 13.7 percent, to $2.40, after warning its fourth-quarter sales could fall short of expectations.

Advancing issues outnumbered decliners by about 2 to 1 on the New York Stock Exchange, where volume came to 1.72 billion shares, compared with 1.75 billion traded Monday.

The Russell 2000 index of smaller companies was up 2.52, or 0.35 percent, at 729.61.

Overseas, Japan's Nikkei stock average fell 0.49 percent. Britain's FTSE 100 closed up 1.30 percent, Germany's DAX index was up 1.00 percent, and France's CAC-40 was up 1.42 percent.

[Adidas410s]

Originally posted by Aesculus gilmus
http://biz.yahoo.com/ap/060926/wall_street.html?.v=29

With this and gas prices coming down, it's going to be another GOP landslide, by hook or by crook. Then after November, look out below and above, for stock and gas prices respectively.

It shouldn't surprise us that with folks from the "awl bidness" running the government, everything is "rigged."

It's funny...you never heard people making such idiotic statements when oil is at or below $20/barrel for 10 years!!! Moron...:rolleyes:

[spiveyrat]

The black helicopters must be circling someone's house again.

[Aesculus gilmus]

I will resurrect this thread again in the dead of winter after the market has crashed and gas prices head back up.

[Adidas410s]

Originally posted by Aesculus gilmus
I will resurrect this thread again in the dead of winter after the market has crashed and gas prices head back up.
to prove what??? That prices go up...and prices go down???

Also...if you did much research at all you would find there there is not that strong of a correlation between gas prices and the major indices.

[spiveyrat]

I suspect we may see prices remain stable or slightly increase in the near future. OPEC is toying with the idea of shutting off some of it's taps.

[Aesculus gilmus]

OPEC doesn't set the price. Traders in the futures pits in New York and London do.

I agree there should have been some seasonal drop in gasoline prices. There always is at this time of year. But a 70-cent-a-gallon drop in two months (where I live) is IMHO caused by manipulation, until proven otherwise.

Even the Prez himself hinted at this in an interview with Fred Barnes a couple of weeks ago:
http://www.weeklystandard.com/Utilities/printer_preview.asp?idArticle=12696&R=EDF62A8E8

[B]Bush said the price of gasoline, which has been falling rapidly, is one of the "interesting indicators" that the press should watch carefully. "Just giving you a heads up," he added.[B]

I am not saying the President himself is manipulating anything. The people who have the power to manipulate know how and when to do it and know which side their bread is buttered on, so to speak, and it's not with the Democrats, who always call for "windfall profits" taxes and the like.

I say we should have a federal election every couple of months so we can keep these gas prices low permanently.
:D

[shankbear]

Karl Rove......you brilliant bast@^d!!!!!!

[Aesculus gilmus]

http://www.usatoday.com/money/industries/energy/2006-09-25-gas-poll_x.htm

[According to a new Gallup poll, 42% of respondents agreed with the statement that the Bush administration "deliberately manipulated the price of gasoline so that it would decrease before this fall's elections." Fifty-three percent of those surveyed did not believe the conspiracy theory; 5% said they had no opinion.]

As I said, I don't think the Bush administration is manipulating anything. The people who manipulate are not in the government. They are traders and financiers in New York and London. The only thing the administration, it has been suggested, might have done was to stop or at least taper off buying crude to stockpile for the military or the SPR (Strategic Petroleum Reserve). This might have begun to occur in May, I have read.

[shankbear]

Calling Phil C.........calling Phil C.

Is this guy kin to you? Is BIG OIL jacking with us all? Are we doomed? Who shot Liberty Valence? J.R.? Roger Rabbit?

[SWMustang]

Give me any poll from Gallup or Harris and I bet I can pick it apart. Those polls are useless other than providing fodder on message boards :D



Originally posted by Aesculus gilmus
http://www.usatoday.com/money/industries/energy/2006-09-25-gas-poll_x.htm

[According to a new Gallup poll, 42% of respondents agreed with the statement that the Bush administration "deliberately manipulated the price of gasoline so that it would decrease before this fall's elections." Fifty-three percent of those surveyed did not believe the conspiracy theory; 5% said they had no opinion.]

As I said, I don't think the Bush administration is manipulating anything. The people who manipulate are not in the government. They are traders and financiers in New York and London. The only thing the administration, it has been suggested, might have done was to stop or at least taper off buying crude to stockpile for the military or the SPR (Strategic Petroleum Reserve). This might have begun to occur in May, I have read.