Wednesday, November 19, 2008
S&P 500 and the Economy Car makers come begging
U.S. stocks fell and the Standard & Poor's 500 Index slid below its lowest close since 2003 on growing concern over the fate of the nation's car industry and economic data signaling the recession is deepening.
General Motors Corp. tumbled 15 percent and Ford Motor Co. lost 25 percent as auto executives pleaded to Congress for federal aid. JPMorgan Chase & Co., Cisco Systems Inc. and General Electric Co. helped lead declines after government reports showed consumer prices decreased by the most on record and housing starts sank to an all-time low. Citigroup Inc. slid 9.6 percent on the fifth-biggest U.S. bank's plan to buy $17.4 billion of assets from structured investment vehicles it advises.
The S&P 500 slipped 2.9 percent to 833.98 at 12:45 p.m. in New York. The Dow Jones Industrial Average lost 163.76 points, or 1.9 percent, to 8,260.99. The Nasdaq Composite Index decreased 3.3 percent to 1,434.49. Almost 11 stocks fell for each that rose on the New York Stock Exchange.
U.S. builders in October broke ground on the fewest new homes and obtained permits for future construction at the lowest levels on record, signs the housing slump may extend into a fourth year. Construction starts on housing fell 4.5 percent in October, less than economists forecast, to an annual rate of 791,000 that was the lowest since records began in 1959, the Commerce Department said. Building permits, a sign of future residential projects, dropped 12 percent to a 708,000 pace, the lowest since at least 1960.
The S&P 500 emini futures day trading coach
General Motors Corp. tumbled 15 percent and Ford Motor Co. lost 25 percent as auto executives pleaded to Congress for federal aid. JPMorgan Chase & Co., Cisco Systems Inc. and General Electric Co. helped lead declines after government reports showed consumer prices decreased by the most on record and housing starts sank to an all-time low. Citigroup Inc. slid 9.6 percent on the fifth-biggest U.S. bank's plan to buy $17.4 billion of assets from structured investment vehicles it advises.
The S&P 500 slipped 2.9 percent to 833.98 at 12:45 p.m. in New York. The Dow Jones Industrial Average lost 163.76 points, or 1.9 percent, to 8,260.99. The Nasdaq Composite Index decreased 3.3 percent to 1,434.49. Almost 11 stocks fell for each that rose on the New York Stock Exchange.
U.S. builders in October broke ground on the fewest new homes and obtained permits for future construction at the lowest levels on record, signs the housing slump may extend into a fourth year. Construction starts on housing fell 4.5 percent in October, less than economists forecast, to an annual rate of 791,000 that was the lowest since records began in 1959, the Commerce Department said. Building permits, a sign of future residential projects, dropped 12 percent to a 708,000 pace, the lowest since at least 1960.
The S&P 500 emini futures day trading coach
S&P 500 emini futures day trading coach Nov 19 daily chart
we have broke through the floor established at 816.75
Looking for 1st target at 780 then 742, if we hit that in Thursday's session we could be looking at catastrophe levels on friday depending on how Asian then European markets close.
Still no sign of capitulation, just exhaustion.
who is left holding?
The big three flew to Washington in private jets, with 24 million plus salaries on the line I guess I too would use the corporate jet to get there.
This excess is the ruin.....
Jeffersonian economics hits homes. Hello Citibank.
'I believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around the banks will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered.'
Thomas Jefferson 1802
Thomas Jefferson 1802
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