Thursday, May 06, 2010

1:53 PM Central: Dow Down 650++!

Woops.

Looks like somebody pulled the plug.

7 comments:

J. Strupp said...

The real fun was 2:05PM when it dropped over 400 points in 2 minutes and then bounced back again.

Accenture went from 40 bucks to a penny in a matter of seconds.

Makes you feel confident in computer systems doesn't it?

I think i'm gonna start buying more ammo.

TerryN said...

A great buying opportunity for those who timed it right, or knew what was going to happen.

Dad29 said...

Struppster, I KNEW you'd see the light.

Deekaman said...

don't kid yourselves. this is less about EU debt and "computer glitches" than it is investors looking into their crystal balls. Everyone....and I mean everyone....vendors, customers, people in my business say the current upturn is only because inventories got so low, they had to be refilled. Expect to be back in the dumper by fall.

J. Strupp said...

I don't think that anyone is kidding anyone on this issue. No one denies the ongoing inventory bounce occuring globally.

That being said, the employment numbers over the past few months have indicated quite a bit of private sector hiring. It may not hold up, but the data hasn't been terrible and can't be attributed to an inventory bounce alone.

Dad29 said...

Yah....but one out of five men between 46 and 54 years of age are unemployed.

This is also THE worst recession for number of jobs lost (absolute number, not percentage) in history.

50K jobs/month adds are NOT sufficient for any kind of real recovery.

J. Strupp said...

Oh hey....I hear ya Dadster. The magnitude of this crisis is like nothing we've ever seen and it's not even close to being over.


But the past few months have added well over 50K private sector jobs/month (this month was approx. 220,000 private sector jobs). April data was actually quite good considering the past 2 years. Of course, we need to add over 200K jobs/month just to bring down the unemployment rate so that isn't exactly stellar news. Oh and U-6 is still a horrendous 17.1%.

All i'm saying is that we have begun some sort of upward trend. The question is whether or not this is a sustainable trend at this point. i'm skeptical too, considering the landmines out there.