s skippy the bush kangaroo: investors: owch

skippy the bush kangaroo

Tuesday, February 27, 2007

investors: owch

the dow dropped more than 500 points...more than 200 points in less than 30 seconds.

a perfect storm of bad news, including a drop in chinese stocks, a drop in durable goods sales by 8%, and continuing lower prices in the housing market, made for a maalox moment on the trading floor today.

ironically, consumer confidence crept up to a 5 year high. but as was heard in skippy international headquarters today: "not any more."

as of this writing the dow has snuck back up to a mere 430 closed 400 points in the hole. still and all, a 4% drop is nothing to sneeze at.

addendum: we're listening to cnbc tv, where the anchors are warning that this very well could be not the last of the selling, ie, more bad news tomorrow and perhaps up to 4 or 5 days more.

double addendum: bondad explains it all.

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posted by skippy at 12:05 PM |


good post thanks
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commented by Blogger rohit, 1:47 AM PST  

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