Was hoping for a rally but it is what it is. The markets have to work through this down trend what seems to be a retest of last Monday's low. There are problems around the world no doubt but the Chinese PMI (49.7) was exactly in line yet down 470 & 140 so below 50 on the PMI meant the algos would sell and with thin trading you get these wide moves.
Could not get the shares to short last night. People were buying were buying well above $46 I would guess Cramer will not mention it for awhile.
Another thing to love is CNBC each time we approach a daily low they bring on a fear-monger whether his or her story is true so we make new lows. I guess we are in a correction either way and it has to play out.
Did margin calls get out of the way earlier for funds freeing up cash for the afternoon? I doubt it but I guess we'll see by the close. It appears that we may retest those lows from last Monday at some point. MU is actually hanging in there for now.
Futures down over 220 and 63 at 8:48pm plus Goldman reiterated their lower oil price again and that's down pretty good tonight too. I guess we will wake up each day now with futures down like today in the AM.
It is coming off a nice daily base with the market still negative. The Chinese have put a floor in for MU I believe whether the deal happens or not for awhile.
I applaud JCP for saving itself from extinction but this is about the call this morning based on Friday's action once again insiders knew and were buying in advance. I am seeing this even more these days when stocks move without any news then a new rating shows up the next day.
$29 to $36 after earnings in a few days in a scary market. Take your spam and hit the road....Google this!
Come morning it will be interesting since the red futures are because China says they will not prop up their markets any longer. Tonight Dow futures started down about 50 and twenty minutes later they were down over 200 similar action for the Nazdaq futures. Two things do we believe them and if they do not buy stocks overnight and their markets end green I think you see the futures improve dramatically by the morning.
I disagree abut the problem is not Walter of course it was. It was their execs who owned next to no shares and were behind the curve at every crucial moment except winning the proxy fight a few years ago. They waited too long to cut production and let us not forget their exceptionally well timed acquisition a few years back that was a big dagger. Now I do agree that they had many enemies starting with Obama's EPA, China's slowing growth and ghost towns, and just the collapse of pricing and demand. To give these guys a pass at this point in time I cannot disagree with more. These execs will walk away with nice paydays over the past few years while hosing anyone who bought shares over a buck. I would not be surprised if there are many who are still holding shares from over $100 from the takeover talk days. These guys will have no problem sleeping at night and can you imagine how many college educations were taken away by these incompetents.
I was kidding but I would guess at some point the common may be worthless since the debt may be larger than their assets net worth.