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Posted by: STONERS 1 year, 1 month ago
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STONERS1 year, 1 month ago
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"Frozen credit markets and a loss of confidence in the world's financial system have caused the Dow to drop 21 percent in just 10 trading days. The blue chip index tumbled 678 points Thursday, and is heading to its worst weekly point drop, and one of its biggest weekly percentage drops, since being created 112 years ago."
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"Friday's gyrations were likely exacerbated by the computer-driven "buy" orders that kicked in when prices fell far enough to make some stocks — including the pummeled financial stocks — look like attractive bets. But that buying didn't necessarily reflect an easing of the market's deep despair, and so the heavy selling generally continued."
"Fear has been running rampant all over the Street. Fear and greed, that's what rules the Street. I think the carcass has been stripped to the bone," said Dave Henderson, a floor trader on the New York Stock Exchange for Raven Securities Corp."
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