Frank Norris live blogging the market meltdown

Posted Mon, 10/06/2008 - 11:24 by cho
Frank Norris blog

The market dropped 700 points, though it is crawling back up to only a 600 point drop as I write. Note: Not Frank Norris, the author of McTeague and I refrain from irony. update #1: correcting to a mere 500 drop as of 3:30 eastern. update #2: For Luaptifer (well, and Kevin Phillips had a part too!) who taught me about the Plunge Protection Team:

3:58 p.m. | 10,000 or bust: The psychologically important level of 10,000 on the Dow — do you remember that phrase? — was breached today. But in the final minutes of trading the index got up to 10,030, only to fall back. Can it close above 10,000? Does it matter?
update #3: It looks like the "at the bell" (4:02 eastern) final is:               9976.93          -348.45          -3.37% ending below the psychological, perhaps important, 10,000.

Comments

Not worried

by Welshman - 10/06/2008 - 11:51
No,no,no. Not worried. Uh huh. Matron's come with my medicine.

30%

by susie dow - 10/06/2008 - 12:05
That's how much the market has dropped this year. I'm kinda amused by the idea that wealth has disappeared - or been wiped out. It was never there to begin with. We are returning to normal. Unfortunately we have to experience a lot of pain just to get back to where we were before the madness started.

Agreed...somewhat

by cho - 10/06/2008 - 12:12
It's like the folks who bought their homes for 100K... watched the market "value" their homes at 500K, and when the bottom fell out and their homes were valued at only 250K, cry about a 250K loss -- as opposed to a rejoicing a 150K gain. All on paper, of course, until actual transactions occur.

Moved

by rba - 10/06/2008 - 12:15
The "drop" is now 303+ points. I love the tagline change: the biggest drop since [insert year here].

Amazing that in a little over 1 hour 15 minutes

by cho - 10/06/2008 - 12:23
the drop went from 700 points to 303. So much for free market theory.

I just heard Wolf Blitzer speaking with Trump...

by avahome - 10/06/2008 - 13:46
Trump is for McCain and Palin.... Seems Donald knows McCain and feels he'd be a good president. Pheeeew, I feel so much better now........ aaaaaaaaangggnggnnggnttttttt, I spent the morning on the phone with my sister-in-law the accountant, financial planner, etc. I had gone ahead and moved future contribution monies for our 401K into a safe account to sit on. Gonna hang tough and ride this market out.....hope others can do the same. Listening to Kramer on the Today show really freaked me out...he felt the market would drop 20% and for those who couldn't wait 5 years better move funds out now...

When the Donald recommends...

by cho - 10/06/2008 - 13:57
I head the other way. Glad to hear he endorses McCain and Palin. That's a ringing amen for Obama and Biden.

That's actually a long running joke in markets!!

by susie dow - 10/06/2008 - 17:38
When Donald says to buy, it's a sell signal. Doesn't matter what it is -- casinos, hotels, his wives -- it's on its way out.

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