Market Collapses and Bulls Bleed
Today Unemployment had its biggest monthly jump in 22 years and Oil soared to a new record high above $139 a barrel. The result?
The Dow Jones Industrials tanked nearly 400 points (-3.13%), the NASDAQ fell 75 points (-2.96%), and the S&P 500 shed 43 points (-3.09%). All of this on immensely high volume except for the NASDAQ which somehow traded less volume then yesterday.
All I can say is thank the lord for tight stop losses as I am now 100% in cash. Amazing how fast that happens sometimes…
More on this topic
(What's this?)
The Dow Gets Mauled
(World Beta - Engineering Targete..., 6/27/08)
Dow Jones ($DJI) Chart - June 6, 2008
(My Trader's Journal, 6/8/08)
Doggy Dogs
(World Beta - Engineering Targete..., 6/19/08)
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Posted by Blain Reinkensmeyer on June 6, 2008 at 4:42 pm --
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I almost wonder if we are going to war soon……albeit there is a lot of rumor mongering going on mostly.
Partially I think it is what has contibuted to the spike on oil Friday and what I missed on the front page of yahoo news @ about 9:00 am….reminds me I need to keep an eye on not only my own finances but the news as well.
Any ideas on how to position a portfolio in war time? wow….this will be my first (if it does happen)!!!
[...] Friday’s market performance I am thinking the market is beginning to believe it [...]