Wall Street thread

Figured we might as well have a thread about the markets. Asian markets are taking a dive this morning despite the bailout last week. Buckle your seatbelts, Mondays and Octobers always get me down.

 

My dad has been with Merrill Lynch for 42 years and when I talked to him last night I asked him if there was any reason to think this week would be better.

His answer: No.

 

Look out below! Dow already down 200+ points in the first 3 minutes.

 

Get back in there and sell, sell, sell.

 

Sub 10000 here it comes.

 

A CNN analyst just said "we're officially in a recession," and he cited someone other big shot, too, who said the same thing.

How's that bailout working by the way?

 

Down 530 points now. Already there with room to spare.

 

One piece of good news: futures in crude oil, unleaded gasoline and home heating oil have also dropped (oil is below $90 for the first time since February).

 

And speculators have nothing to do with the cost of oil/gas. Right.

 

Good news in the sense that the dive has to do with the expected decline in economic activity. There's nothing looming poverty to make you conscious of conservation.

 

You'd never know it by the gas stations... at least in my state

 

Same here. Makes me wonder why the price of gas rises in lockstep with the rise in cost of crude oil but doesn't fall in the same manner.