Market has been volitile all day....

The Dow just slid below the 10400 support level and is down 141 to 10382!!!

Mike

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-- Michael Taylor (mtdesign3@aol.com), September 23, 1999

Answers

NASDAQ down 68

S&P down 21

Mike

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-- Michael Taylor (mtdesign3@aol.com), September 23, 1999.

by the way... sorry for the headline... just got overwhelmed... 10400 is said to be an important level and the market just blew right through it like it was nothing.

Mike

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-- Michael Taylor (mtdesign3@aol.com), September 23, 1999.

-212 at 3:45

-- (no@no.no), September 23, 1999.

There might be a lot of alcohol consumed in New York tonight, but it won't be champagne. More like whiskey served neat. Triples. Or by the bottle.

-- Puddintame (achillesg@hotmail.com), September 23, 1999.

Of course, expect to hear "Oh, it's just some profit taking...they'll be snapping up the bargains tomorrow"....

I dunno...those P/E ratios in general seem way out of wack to me.

-- Tim (pixmo@pixelquest.com), September 23, 1999.

A few minutes to go and it is at 10309.73. I would venture to guess that the US gov not backing the Dollar has something to do with it.

Any takers?

-- Brian (imager@home.com), September 23, 1999.

wow, Dow could slide under the 10300 level, got as low as 10305.

Nasdaq though... down 114! 4 % slide

S&P - 32.40

not looking good...

Mike

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-- Michael Taylor (mtdesign3@aol.com), September 23, 1999.

As I write this (2:50 pm CST) DOW -220, NASDAQ -108, S&P -32. The folks at CNBC seem pretty concerned. They seem at a loss for reasons for the fall.

I don't know much about the stockmarket but this seems fairly worrisome. I know it's beginning to worry me. I'm not one to usually worry but I'm wondering if this may the beginning of a big drop. Any expert opinions out there?

Thanks.

-- NokternL (nokternl@anywhereusa.com), September 23, 1999.

lol Brian... what exactly are we wagering? : ) not dollars I presume.

Mike

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-- Michael Taylor (mtdesign3@aol.com), September 23, 1999.

Hey,

Maybe some of those high rollers from Taiwan decided to rebuild their houses and needed some cash!!

(Taiwan is one of the largest creditor nations!)

-- helium (heliumavid@yahoo.com), September 23, 1999.

Down, what, 500+ points this week? Could be another "black Friday" tomorrow.

Tick... Tock... <:00=

-- Sysman (y2kboard@yahoo.com), September 23, 1999.

"3rd biggest point drop in Nasdaq history"

down 4%...

Why do I feel like this is the tip of the iceberg?

I've been thinking all day about the "self-fulfilling prophecy" problem. Lots of commentary and psyhology pointing to the possibility that this time of year and the other similarities between 1929, 1987 and now could push investors regardless. Perception IS reality kinda stuff...then this happens. Very strange.

It all happened within the final hour, half hour of the market being open.

Mike

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-- Michael Taylor (mtdesign3@aol.com), September 23, 1999.

Damn....didn't they listen to Greenspan? Greenspan said there would be hardly no troubles at all.

Or, then again, maybe "they" did listen to him, and what they heard confirmed in their minds that same lesson I learned a long while ago........so have "they" decided to "get the big profits now, before the next guy gets a smaller profit a little bit later....."

-- Robert A. Cook, PE (Marietta, GA) (cook.r@csaatl.com), September 23, 1999.

Mike

It sure wouldn't be my meager tins of tuna, that is for sure :o)

How about a book about "Making it big on Wall Street" Don't think I will be needing that :o)

-- Brian (imager@home.com), September 23, 1999.

Here's CNNfn's feed on the major market indices, updated minutely:

http://www.cnnfn.com/markets/us_markets.html

Refresh the page to refresh the current listings. If memory serves and if it doesn't rebound before close of trading for the day, this would be the second time in less than a week that the DJIA posted a 200+ point drop. Could this be the beginning of the end?

That hotlink-dropping guy they call...

-- OddOne (mocklamer_1999@yahoo.com), September 23, 1999.

Robert

Oh I don't think so. Alan expessed his worries about this kind of market move in his "Jackson Hole" Speech. He said that the value of "assets" could decline and bankers had better revise there estimates of debtors and the value of their collateral. I am sure that the lack of support for the Dollar may have crossed his mind. Take the wind out of the sails before Y2K. Of course this is just MHO. He would welcome such a move. Controlled decline would be in their best interests.

Check these links out

Greenspan's Jackson Hole speech

And

 A ticking bomb...

Now just wonder for a moment about a planned retreat.

-- Brian (imager@home.com), September 23, 1999.

It still has a long way to go before the P/E ratio is reasonable. Even with the drop in recent days the DOW is still about 1000 points higher than the 9300 or so it started the year on and a heck of a lot higher than the 7400 it was around last August or so.

Perhaps it will drop down to a reasonable level by the end of the year or early next year and put some sanity back in the market.

-- Craig (craig@ccinet.ab.ca), September 23, 1999.

Craig you are an "expert" on everything aren't you?

-- (no@nope.no), September 23, 1999.

I keep hearing Karen Carpenter singing "We've only just begun....."

They just don't want to come out and say that just a "correction" to traditional prices and p/e ratios would likely put the dow at what.... 8000? Lots more "new money" to vaporize before we make it there - POOF!

-- Kristi (securxsys@cs.com), September 23, 1999.

The golden calf of mammon will be smashed by the fist of God. Won't be long now. Matthew 6:24

-- BB (peace2u@bellatlantic.net), September 23, 1999.

4:50 EST

Nasdaq down 104.89, DJIA at 10,318.59, down 205.48

That's too much down movement in one week, could be a trend.

-- Chris (#$%^&@pond.com), September 23, 1999.

Actually I had another thought. The drop occured right after the Asian market opened. Wonder what is happening over there?

-- Brian (imager@home.com), September 23, 1999.

Closing time: down 205.48

The entire slide took place in the LAST TWO HOURS of the day.

Hold on to yer hat.

-- Rick (rick7@postmark.net), September 23, 1999.

In today's TheStreet.com, smartaleck editor Jim Cramer wrote in his column "WRONG!" that "yesterday's selloff looks like good news". If Cramer liked yesterday's market, he must be orgasming over today's.

-- Lars (lars@indy.net), September 23, 1999.

Wouldn't be surprised to see the S&P down to 1066. Easy number to remember, the date of the battle of Hastings. LOL

-- thinkIcan (thinkIcan@make.it), September 23, 1999.

Brian: New Zealand just opened at 5pm EST. The first market in Asia/Paific to open. It is down 0.72%. Australia will open next. Japan & others not opened yet. go to: http://quote.yahoo.com/m2?u

-- argh (argh@nowhere.com), September 23, 1999.

(then just hit Reload button to refresh data)

-- argh (argh@nowhere.com), September 23, 1999.

-- (argh@nowhere.com), September 23, 1999.

I heard that there was an announcement from a Microsoft Executive that technology stocks are way to overvalued. Right after this statement was public stocks dropped.

Radio blames this executive for starting this sell-off.

Hmnnn one guy from ONE company say's something and everything goes into the tank...?????

-- STFrancis (STFrancis@heaven.com), September 23, 1999.

There are no such things as resistences and supports in the market. Never have been and never will be. People who believe in these figments will lose their shirts! I can't believe brokers keep resurrecting these mumbo-jumbo misinformation.

However the concept of "bubbles" is a valid model of one facet of market behaviour.

-- Sandwich (anon@anon.com), September 23, 1999.

Yea, I heard the same report about one of the head billionaires at Microsoft (who sold his stocks a month or two ago) and he said that tech stocks are ridiculously "overvalued" and he said that included his company's stock prices.

Suddenly the Nasdaq tanked. Wait till tomorrow....I predict a black Friday....we sold our stocks 2 weeks ago...every one of em...

-- gotitlongago@gnorth.com (vacajohn@jccomp.com), September 23, 1999.

Japan off 342. That's 1.98%

-- argh (argh@nowhere.com), September 23, 1999.