Manipulation. The big boys shorted the crap out of GLW and others while their media lap dogs were reporting that "the worst may be behind us". Now they are reporting the end of days again and rolling out crusty old Greenspan to scare the crap out of everyone. Then the short in rapid bursts to start the ball rolling down hill and everyone panics and sells. That's how they make day like this happen, even in stocks like GLW. Thing is, we can't stop them from playing the game. Best we can do is figure out how to profit from it. I'm still trying to figure that one out.
Its not GLW, its the Bush admin. They will not back the dollar. A weak currency keeps money in other markets. Foreign markets look mighty attractive compared to US markets. Too many good American companies with good earnings and growth are being punished the same as GLW. I feel, it was the Bush admin. strategy to make the dollar cheap and make American goods more attractive to foreign buyers. Its all commiing back to bite our Special Needs President in the ass. He made home ownership affordable to everybody by creating a false economy and letting anyone who wanted a house to get one and in many cases walk away with money with nothing down. Huh? I had to prove my income and have 20% down for my mortgage.It was all to cover the cost of the war and take our minds off of Iraq. Welcome to the results of another Bush economics 101.
We're down because I want to retire in 12 months....its a conspiracy I tell ya, everyone is out to get me...they want me to work until I'm (we) are all 65 or dead! The last thing the U.S. needs is another millionaire....The working class "Pays the bills", if everyone retired, who the hell is gonna do the work?
Second half of 08 will not be good. Companies are lowering estimates about 10% for the second half and it will have an impact on GlW pps as well. Just as the downgrade on BA yesterday sent all of their suppliers down an equal amount the same thing will happen in other sectors. Those companies do not depend on BA as their only customer but went along for the ride.