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A Bad Morning, And……?

February 27, 2007

The Dow took only about forty five minutes today to drop over 100 points and shortly after that the Dow was down 155 points. Is this the beginning of my February 15th post, whcih is entitled How ‘Wow” Now Dow? God only knows where the Dow will end for the day (as I write at 10:46 am) but here are some things we DO KNOW!

Who Wants Cheaper Auto Insurance?

Alan Greenspan opened his mouth on Monday and said the opposite of what his successor, Ben Barnanke did. Alan said he felt that the eight month rise in the Dow was over and that a recession could be seen over the horizon.

Does anyone listen to Greenie any more?

Part of the sell off was de to a record drop in Chinese stocks, and I mean record. Chinese stocks plunged nearly 9 percent- the market’s worst drop in a decade - amid fears that authorities would crack down on speculation that drove shares to record highs.

The slide, which wiped out about $140 billion of market value, did not appear to be triggered by concrete news. Institutions scrambled in hectic trading to lock in large gains made early this month, while some funds sold to raise money to pay dividends in March.

Back here at home though the rest of the news wasn’t good either. Durable goods for Janaury took a whacking. Durable goods orders fell 7.8 percent in January, reflecting the biggest slide in business equipment demand in three years.

Whatever today brings, you can’t ignore the dark clouds that are rolling in.
- - - - - - - - - - - - - - -
It’s five hours later and the markets have closed. The bad just got worse. The Dow closed down 415 points after being down 536 at one point. All three major indexes are now in the RED!

Written by Ernie · Filed Under Daily Commentary 

Comments

One Response to “A Bad Morning, And……?”

  1. BILLY SIMS on February 28th, 2007 7:18 am

    (HOW,WOW) ——— SOME ONE WAS RIGHT ON.

    WOW, — HOW???

    BILLY

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