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  #1  
Old 09-15-2008, 03:31 PM
GPK GPK is offline
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Default Market today
Financial taking a beating, as expected.

AIG down 58%
Lehman down 95%
Bank of America down 19%
Wash Mutual down 22%
Citigroup down 15%
Wachovia down 22%
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  #2  
Old 09-15-2008, 03:36 PM
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timmgirvan timmgirvan is offline
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Not good news for sure...the nation(and the world) balance precariously on the whims of the Stock Excanges....mighty long way to fall.....almost makes me glad I'm not wealthy...almost
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  #3  
Old 09-15-2008, 03:48 PM
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Rumor has AIG being sold around here.
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  #4  
Old 09-15-2008, 03:55 PM
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dalakhani dalakhani is offline
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Quote:
Originally Posted by Crown@club
Rumor has AIG being sold around here.
The fed has already come out and said that it wouldnt back stop any deal involving AIG.

Who would want the contingent liability that comes with an insurer. Its not like you can book the losses and write them down. You wouldnt even know where your losses are yet.

But hey, if it gets done, that would be a huge deal.

And the market is tanking hard at the end of the day which makes me think that a huge bounce tomorrow isnt as likely.

Oil is dipping back under 94. People need cash and are dumping all long positions with any value.
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  #5  
Old 09-15-2008, 03:56 PM
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timmgirvan timmgirvan is offline
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Quote:
Originally Posted by dalakhani
The fed has already come out and said that it wouldnt back stop any deal involving AIG.

Who would want the contingent liability that comes with an insurer. Its not like you can book the losses and write them down. You wouldnt even know where your losses are yet.

But hey, if it gets done, that would be a huge deal.

And the market is tanking hard at the end of the day which makes me think that a huge bounce tomorrow isnt as likely.

Oil is dipping back under 94. People need cash and are dumping all long positions with any value.
wow..you're ambidextrous..I'm impressed
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  #6  
Old 09-15-2008, 03:59 PM
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dalakhani dalakhani is offline
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Quote:
Originally Posted by timmgirvan
wow..you're ambidextrous..I'm impressed
Dont hijack this topic. To borrow a line from BTW:

Shhh...the grownups are speaking.
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  #7  
Old 09-15-2008, 04:06 PM
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timmgirvan timmgirvan is offline
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Quote:
Originally Posted by dalakhani
Dont hijack this topic. To borrow a line from BTW:

Shhh...the grownups are speaking.
(whispering)....spoken like a true hijacker!
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  #8  
Old 09-15-2008, 04:11 PM
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Down 504, ouch!
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  #9  
Old 09-15-2008, 04:14 PM
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Originally Posted by MaTH716
Down 504, ouch!
Damn..I didn't see the finals....
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  #10  
Old 09-15-2008, 04:16 PM
GPK GPK is offline
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Someone help me out here please.

Any indication as to why Merrill Lynch was traded so heavily...especially in the early part of the day?
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  #11  
Old 09-15-2008, 04:17 PM
Antitrust32 Antitrust32 is offline
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Quote:
Originally Posted by GPK
Someone help me out here please.

Any indication as to why Merrill Lynch was traded so heavily...especially in the early part of the day?

Bank of America is supposedly buying Merrill Lynch from what I heard from the rumor mill.
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  #12  
Old 09-15-2008, 04:18 PM
GPK GPK is offline
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Quote:
Originally Posted by Antitrust32
Bank of America is supposedly buying Merrill Lynch from what I heard from the rumor mill.

I thought they were rumored to be buying someone else?
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  #13  
Old 09-15-2008, 04:20 PM
docicu3 docicu3 is offline
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Quote:
Originally Posted by timmgirvan
Damn..I didn't see the finals....


Buying opportunities?? I know it seems like the sky is falling but the other sectors that fall in almost a "death by association" mentality will have value if one is prudent. Gotta hang in there and not freak out although watching losses of this magnitude will tighten your sphincter for you....
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  #14  
Old 09-15-2008, 04:22 PM
GPK GPK is offline
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Quote:
Originally Posted by GPK
I thought they were rumored to be buying someone else?

I'm just an idiot...It was Merrill they bought. No sure why I was thinking it was someone else
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  #15  
Old 09-15-2008, 04:23 PM
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dalakhani dalakhani is offline
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Quote:
Originally Posted by Antitrust32
Bank of America is supposedly buying Merrill Lynch from what I heard from the rumor mill.
Correct and that is why the pressure from the govt to get the deal done NOW. Merrill is a dow component. Can you imagine what the market would have looked like without Merrill stock jumping on news of the deal?

The market was doing fine, ranging in the 200's until Paulson spoke...and then it started to tank.

Now the FED is asking (coercing?) Goldman and JP morgan to invest in a consortium to raise capital for AIG. desperate times.
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  #16  
Old 09-15-2008, 04:23 PM
Antitrust32 Antitrust32 is offline
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Quote:
Originally Posted by GPK
I'm just an idiot...It was Merrill they bought. No sure why I was thinking it was someone else
its all good Go Eagles!
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  #17  
Old 09-15-2008, 04:24 PM
GPK GPK is offline
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Quote:
Originally Posted by dalakhani
Correct and that is why the pressure from the govt to get the deal done NOW. Merrill is a dow component. Can you imagine what the market would have looked like without Merrill stock jumping on news of the deal?

The market was doing fine, ranging in the 200's until Paulson spoke...and then it started to tank.

Now the FED is asking (coercing?) Goldman and JP morgan to invest in a consortium to raise capital for AIG. desperate times.

http://www.marketwatch.com/News/Stor...mn=Bond+Report
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  #18  
Old 09-15-2008, 04:34 PM
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jwkniska jwkniska is offline
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Quote:
Originally Posted by docicu3
Buying opportunities?? I know it seems like the sky is falling but the other sectors that fall in almost a "death by association" mentality will have value if one is prudent. Gotta hang in there and not freak out although watching losses of this magnitude will tighten your sphincter for you....
you're absolutely correct. also, remember that the averages are weighted and the number of financials in the dow/s&p will make the numbers jump more in both directions, than they normally would. 4 of the 30 dow stocks are the financials that were down big, so that makes the average go down more.... if you look at what the average would have done without those 4, it would have only been down about 150, not 500.
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  #19  
Old 09-15-2008, 04:36 PM
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Quote:
Originally Posted by dalakhani
Merrill is a dow component.
Wrong... Merrill is NOT a dow component.

Here's the list of the 30 of them....

http://www.cnbc.com/id/26272770/site/14081545/
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  #20  
Old 09-15-2008, 04:38 PM
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ninetoone ninetoone is offline
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I will not check my mutual fund balance...I will not check my mutual fund balance...
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