MR

Dow down 752 points as of 2:50 this afternoon! Holy fuck! Looks like that bailout is restoring full confidence in the market


John from Boston

Enigma869 wrote:Dow down 752 points as of 2:50 this afternoon! Holy fuck! Looks like that bailout is restoring full confidence in the market


John from Boston

It's unbelievable.....

Enigma869 wrote:Dow down 752 points as of 2:50 this afternoon! Holy fuck! Looks like that bailout is restoring full confidence in the market


John from Boston

I heard one economist say 8400 is a possibility for the bottom of this thing!

Save your cash...buy when it gets there...

Awesome news for me. I took all of my money out of stocks about a year ago and went into ultra-conservative options. Actually up about 4% over the last 12 months. Another thousand points or so and I might buy back in. When this bailout was announced I thought about shorting a few stocks. The bailout will probably destroy us. It's certainly going to at least cripple us.

RossValoryRocks wrote:I heard one economist say 8400 is a possibility for the bottom of this thing!

A few years ago 8400 was nothing to scoff at. BUT... it was a similar situation like this that afforded my Dad the chance to invest in some penny stock in my name that returned an awesome payout that took care of me never needing any student loans! BUY BUY BUY!

On another note, how is it that crude oil is down 40% and the prices at the pump have only gone down about 12%? Fucking gouging sucks!


John from Boston

Enigma869 wrote:Dow down 752 points as of 2:50 this afternoon! Holy fuck! Looks like that bailout is restoring full confidence in the market


John from Boston

I was listening (not watching) to the Today show on NBC this morning a little after 7 am while Anne Curry was interviewing someone who suggested ithat if you have $ in the market to pull it out, as he has no confidence in the market going forward. Anne Curry sounded quite shocked by the statement. Nice job NBC.

(Again, I'm not sure if this guy was an economist, trader, financial planner, or whatever).

Enigma869 wrote:On another note, how is it that crude oil is down 40% and the prices at the pump have only gone down about 12%? Fucking gouging sucks!

I don't think they can drop the prices all at once until they recoup what they already have invested in the wells. But I'm certainly no expert.

Enigma869 wrote:On another note, how is it that crude oil is down 40% and the prices at the pump have only gone down about 12%? Fucking gouging sucks!

I'm not totally for sure, but I think when barrel prices drop or go up or anything like that it has to trickle down and could take a week or so before we see the effects at the pump.

Saint John wrote:

Enigma869 wrote:On another note, how is it that crude oil is down 40% and the prices at the pump have only gone down about 12%? Fucking gouging sucks!

I don't think they can drop the prices all at once until they recoup what they already have invested in the wells. But I'm certainly no expert.

No the price of gas is weeks behind the price of oil on the downside...on the upside it is almost immediate...and the refineries aren't all back on line yet...so the market is a little tighter than the oil...

Look like a late rally...maybe get us back over 10K?

RossValoryRocks wrote:

Saint John wrote:

Enigma869 wrote:On another note, how is it that crude oil is down 40% and the prices at the pump have only gone down about 12%? Fucking gouging sucks!

I don't think they can drop the prices all at once until they recoup what they already have invested in the wells. But I'm certainly no expert.

No the price of gas is weeks behind the price of oil on the downside...on the upside it is almost immediate...and the refineries aren't all back on line yet...so the market is a little tighter than the oil...

Thanks for the explanation, Stu.

Someone should post a graph of the stock market form its inception and it clearly demonstrates a steady upward climb in a straight line that went horribly askew in an upward pattern over the last 15 or so years. This correction seems to be pretty natural.

Saint John wrote:Someone should post a graph of the stock market form its inception and it clearly demonstrates a steady upward climb in a straight line that went horribly askew in an upward pattern over the last 15 or so years. This correction seems to be pretty natural.

Thanks, Gunbot. If it corrects to where it should be, we'll see it about 4,000. That would be funny as hell.

Saint John wrote:Thanks, Gunbot. If it corrects to where it should be, we'll see it about 4,000. That would be funny as hell.

Funny? That would basically mean a depression here and economic problems worldwide.

Rhiannon wrote:

Enigma869 wrote:On another note, how is it that crude oil is down 40% and the prices at the pump have only gone down about 12%? Fucking gouging sucks!

I'm not totally for sure, but I think when barrel prices drop or go up or anything like that it has to trickle down and could take a week or so before we see the effects at the pump.

This is what I have never understood. When the prices go down, they say it takes a few weeks for it to go down at the pump. But when the prices go up, you can bet the price at the pump will jump .20 the very next day!!

gas in Des Moines is 2.94 in some areas for cheap grade. Since I dont retire for 30 more years...
i wont look at my statement til next year.

Rick

Luvsaugeri wrote:

Rhiannon wrote:

Enigma869 wrote:On another note, how is it that crude oil is down 40% and the prices at the pump have only gone down about 12%? Fucking gouging sucks!

I'm not totally for sure, but I think when barrel prices drop or go up or anything like that it has to trickle down and could take a week or so before we see the effects at the pump.

This is what I have never understood. When the prices go down, they say it takes a few weeks for it to go down at the pump. But when the prices go up, you can bet the price at the pump will jump .20 the very next day!!

I believe the quicker jumps are attributed mostly to supply/demand paranoia. I'm not saying it's 100% ethical how it happens either, but it should be a mirror image either way, up or down. Crude goes up, people expect gas to go up, so they buy while it's still low, the suppliers anticipating this surge will initially bump their pump price up to pocket some extra coin before the actual effect is there.

Rhiannon wrote:I believe the quicker jumps are attributed mostly to supply/demand paranoia.

The rapid price increases are directly attributable to station owners, who never delay a second when opportunity presents itself to jack up the price. As soon as the media is reporting a hurricane or crude oil price increases, your local Exxon station jacks the price up within 20 seconds (sooner if they can find someone to make the change)! The reality is that the gas they have in the ground was purchased for whatever the market rate was the day it was delivered. They simply want any excuse they can to jack prices up!


John from Boston

Enigma869 wrote:

Rhiannon wrote:I believe the quicker jumps are attributed mostly to supply/demand paranoia.

The rapid price increases are directly attributable to station owners, who never delay a second when opportunity presents itself to jack up the price. As soon as the media is reporting a hurricane or crude oil price increases, your local Exxon station jacks the price up within 20 seconds (sooner if they can find someone to make the change)! The reality is that the gas they have in the ground was purchased for whatever the market rate was the day it was delivered. They simply want any excuse they can to jack prices up!


John from Boston

I'm not so sure that really matters in the end since gas stations make very little, if any, profit on selling gas. Their profits come mostly from the convenience items they sell inside the store.

Enigma869 wrote:

Rhiannon wrote:I believe the quicker jumps are attributed mostly to supply/demand paranoia.

The rapid price increases are directly attributable to station owners, who never delay a second when opportunity presents itself to jack up the price. As soon as the media is reporting a hurricane or crude oil price increases, your local Exxon station jacks the price up within 20 seconds (sooner if they can find someone to make the change)! The reality is that the gas they have in the ground was purchased for whatever the market rate was the day it was delivered. They simply want any excuse they can to jack prices up!


John from Boston

My thoughts exactly. They always use the excuse that they can't drop the price right away because they bought the gas for a higher price so they have to wait to drop the price. But when the price goes up they sure don't say that the gas that they have was bought at a lower price and wait to raise the price. They raise it immediately!! It's gouging.....I don't care what anyone says!!

conversationpc wrote:I'm not so sure that really matters in the end since gas stations make very little, if any, profit on selling gas. Their profits come mostly from the convenience items they sell inside the store.

I worked for an Exxon station for 4 years while I was in college, and am somewhat familiar with the way things work. In spite of what station owners tell you (they are ALWAYS crying poor mouth), they are absolutely making money on every gallon they pump. What they also don't tell a lot of people is that the larger chains all get kickbacks, based on the volume of gallons pumped! Also, if they have 10,000 in the ground that they paid $3.25 a gallon for, and crude oil prices go up, they usually increase the retail price, IMMEDIATELY, in spite of the lower cost they paid for the supply, on hand. It's not unusual in a volatile market for station owners to be pocketing a whole lot of money, per gallon, during price increases! The one thing I know about business is that nobody is losing money for very long. Once they start bleeding money, the shop is closing, because it cannot sustain itself!


John from Boston

Enigma869 wrote:I worked for an Exxon station for 4 years while I was in college, and am somewhat familiar with the way things work. In spite of what station owners tell you (they are ALWAYS crying poor mouth), they are absolutely making money on every gallon they pump. What they also don't tell a lot of people is that the larger chains all get kickbacks, based on the volume of gallons pumped! Also, if they have 10,000 in the ground that they paid $3.25 a gallon for, and crude oil prices go up, they usually increase the retail price, IMMEDIATELY, in spite of the lower cost they paid for the supply, on hand. It's not unusual in a volatile market for station owners to be pocketing a whole lot of money, per gallon, during price increases! The one thing I know about business is that nobody is losing money for very long. Once they start bleeding money, the shop is closing, because it cannot sustain itself!

OK...I'll defer to your explanation since I have no direct knowledge of the gas station business.

conversationpc wrote:

Saint John wrote:Thanks, Gunbot. If it corrects to where it should be, we'll see it about 4,000. That would be funny as hell.

Funny? That would basically mean a depression here and economic problems worldwide.

You see a depression...I see an opportunity.

Saint John wrote:

conversationpc wrote:

Saint John wrote:Thanks, Gunbot. If it corrects to where it should be, we'll see it about 4,000. That would be funny as hell.

Funny? That would basically mean a depression here and economic problems worldwide.

You see a depression...I see an opportunity.

That's the spirit. I started playing with the financial stocks (AIG, Wachovia, Freddie Mac) last week and so far I've made about $1,800. Lots of risk but I haven't been burned just yet.

In my Opinion it has never been more important for the citizenry of this country to be well armed and stocked!!!

It is for this very reason that an Obama presidency scares the shite out of me!!!

Down another 700 points today! Woo Hoo!!!! Fun times for all. It's nice seeing stocks fall 7% a day! Thank god for the bailout and the half point rate cut. I can't imagine how bad things would be, otherwise

http://money.cnn.com/?cnn=yes


John from Boston

I remember slucero predicting ALL of this 6+ months ago... I wonder what he sees in his crystal ball for the future? (Slucero--if it's a freight train--sigh, I guess go ahead and say so...)

fredinator wrote:I remember slucero predicting ALL of this 6+ months ago... I wonder what he sees in his crystal ball for the future? (Slucero--if it's a freight train--sigh, I guess go ahead and say so...)

Glenn Beck has been on this for about 2 years.