Gee, it sure would be nice

[solarbird]

Gee, it sure would be nice if we could have a nice round of short-covering at the end of the day to pull the markets out of this waterfall. OH WAIT

(yes, yes, it's only financials... and Sears... and some hotel chains... and who the hell else knows...)

Comments

[peakoilchaplain.livejournal.com]

Has the S&P 500 EVER had a triple-digit loss in one day?

[solarbird]

I dunno!

[peakoilchaplain.livejournal.com]

It has had one now. The ticker was lagging something fierce today, as well, which probably is an indicator of the level of fear and chaos in the markets.

[peakoilchaplain.livejournal.com]

What happens tomorrow when stockholders still want to sell and most or all of the shorts have been covered?

[solarbird]

Then you're fucked! But you're fucked more slowly, which is good, because you have more time to do things.

[firni.livejournal.com]

Getting fucked more slowly is always good, unless there's no lube involved.

[smarier.livejournal.com]

The lube was the bail out plan.... Now it is just going to hurt worse.

[solarbird]

So when I talk about the ways that the bailout plan actually made things worse, not better, and I talk about the hundreds of economists who are up in arms saying that the bailout plan actually would make things worse, not better, but you side with the Bush administration which has to date managed to get nothing whatsoever right at all in the reality-based world - why is that?

[peakoilchaplain.livejournal.com]

How could short-covering have accounted for the bounce in financials? I thought shorting them was against the rules now?

[solarbird]

My point was that we wouldn't get one (in financials) because shorting them is now against the rules. At least, not the kind you'd typically get.

[king-chiron.livejournal.com]

That doesn't mean they forced those with established short positions to close them out though, did they? I thought it just meant they couldn't open up new short positions.

[silussa.livejournal.com]

About everything. The S&P dropped in ALL 10 industrial sectors.

Tomorrow should be interesting.