• Alec Baldwin, Stockbroker
    Posted by on October 10th, 2008 at 10:14 pm

  • The VIX is at 75
    Posted by on October 10th, 2008 at 2:16 pm

    I don’t even know what to say anymore. Hopefully, there will be a strong rally into the close. Maybe if Nouriel Roubini said he’s a buyer…ok, I doubt that will happen.
    Here’s an idea: Maybe the stock market should open at 3 and close at 3:50.

  • So Does this Mean We’re Not Going to Have $200 Oil?
    Posted by on October 10th, 2008 at 1:24 pm

    Sigh. It seems like only yesterday that everyone had a prediction for oil. Actually, it practically was yesterday…or at least, six months ago. Today oil dropped below $80.
    Sooo…let’s take a walk down the memory lane, shall we?

    An Oracle of Oil Predicts $200-a-Barrel Crude
    Arjun N. Murti remembers the pain of the oil shocks of the 1970s. But he is bracing for something far worse now: He foresees a “super spike” — a price surge that will soon drive crude oil to $200 a barrel.
    Mr. Murti, who has a bit of a green streak, is not bothered much by the prospect of even higher oil prices, figuring it might finally prompt America to become more energy efficient.
    An analyst at Goldman Sachs, Mr. Murti has become the talk of the oil market by issuing one sensational forecast after another. A few years ago, rivals scoffed when he predicted oil would breach $100 a barrel. Few are laughing now. Oil shattered yet another record on Tuesday, touching $129.60 on the New York Mercantile Exchange. Gas at $4 a gallon is arriving just in time for those long summer drives.
    Mr. Murti, 39, argues that the world’s seemingly unquenchable thirst for oil means prices will keep rising from here and stay above $100 into 2011. Others disagree, arguing that prices could abruptly tumble if speculators in the market rush for the exits. But the grim calculus of Mr. Murti’s prediction, issued in March and reconfirmed two weeks ago, is enough to give anyone pause: in an America of $200 oil, gasoline could cost more than $6 a gallon.
    That would be fine with Mr. Murti, who owns not one but two hybrid cars. “I’m actually fairly anti-oil,” says Mr. Murti, who grew up in New Jersey. “One of the biggest challenges our country faces is our addiction to oil.”
    Mr. Murti is hardly alone in predicting higher oil prices. Boone Pickens, the oilman turned corporate raider, said Tuesday that crude would hit $150 this year. But many analysts are no longer so sure where oil is going, at least in the short term. Some say prices will fall as low as $70 a barrel by year-end, according to Thomson Financial.

  • October 10 in Bear Market History
    Posted by on October 10th, 2008 at 10:52 am

    Two bear markets ended on October 10th. One in 1990 (at 2365) and again in 2002 (at 7,181.47).
    The latter one ended at 10:10 am on 10/10.

  • GM Nearing a Penny Stock
    Posted by on October 10th, 2008 at 2:06 am

    The market value of General Motors (GM) now stands at $2.7 billion, which is less than it was in 1929. By contrast, according to Forbes, Oprah Winfrey has a net worth of $2.5 billion. She also has a better book club.

  • So There’s Good News and Bad News
    Posted by on October 9th, 2008 at 9:11 pm

    The good news is that the Dow only fell 678.91 points today which is 99 points better than last Monday’s drop of 777.68.
    The bad news is that since the market had fallen 10.7% in the intervening seven days, today’s sell-off is actually larger in percentage terms.
    **Long Pause**
    Now that I think about it, there’s no good news today.
    Today was the 11th worst percentage drop in history.

  • Gold Is Now Higher than the S&P 500
    Posted by on October 9th, 2008 at 4:05 pm

    Wow.
    S&P 500 at 909.92.
    Gold at $930
    Update: The gold contract for December delivery closed at $886.50 today.

  • Remember Dow 9,000
    Posted by on October 9th, 2008 at 3:06 pm

    We’re now in the 8,000s.
    dow100908.png

  • Headline of the Day
    Posted by on October 9th, 2008 at 10:40 am

    From the Register:

    Oracle shareholders choke on Ellison’s package

    Size an issue

  • Great Moments In Government
    Posted by on October 8th, 2008 at 9:16 pm

    September 19, 2008:

    S.E.C. Temporarily Blocks Short Sales of Financial Stocks
    Financial Select Sector SPDR (XLF) closes at $22.38

    October 1, 2008

    S.E.C. Extends Ban on Short-Selling
    Financial Select Sector SPDR (XLF) closes at $20.67

    October 8, 2008

    A Debate as a Ban on Short-Selling Ends: Did It Make Any Difference?
    Financial Select Sector SPDR (XLF) closes at $15.28