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Thanksgiving Rally Looking Like a Turkey
Posted Dec 01, 2008 10:47am EST by Aaron Task in Investing, RecessionComing off the best 5-day rally since the 1930s, stocks struggled Monday morning as traders returned from the holiday weekend in a selling mood.
In recent trading, the major averages were each down more than 4%, with the Dow down 374 points to 8,454.
Although weekend retail sales were better than feared, Monday morning brought more grim economic news: the ISM's manufacturing index fell to a 26-year low in November and October construction spending fell by a larger-than-expected amount in October.
There's a host of data on the docket for later this week, including Friday's employment report, but there wasn't a particular catalyst to the early sell-off other than a pervasive disbelief in the rally which preceded it.
For the five trading days from Nov. 21 through Nov. 29, the Dow gained 16.9%, the S&P 500 jumped 19.1% and the Nasdaq rallied 16.7%.
The rally marked the first time the Dow and the S&P rose for five consecutive sessions since July 2007, and was the biggest five-day percentage since August 1932 for the Dow and March 1933 for the S&P, according to the Associated Press.
As if comparisons to the early 1930s weren't troubling enough, the S&P's decline since October 2007 is starting to mimic some of the worst declines in financial market history, according to blogger Doug Short.
Fredrick - Monday December 01, 2008 11:49AM EST
I see more hunting, fishing and camping. I see more CEO's on the run. Like deer, when being shot at, they get down like dogs and run like hell, and sometimes all you see is the dancing whitetail warning the other herd members, run, run and run. The white flag of surrender is dancing on wall street.
Yahoo! Finance User - Monday December 01, 2008 11:50AM EST
post. just in new card from citi. back to christmas shopping. have time unemployed.
Yahoo! Finance User - Monday December 01, 2008 12:04PM EST
"Other men are lenses through which we read our own minds." Ralph Waldo Emerson (1803-1882)... Unfortunately, it appears that an epidemic of blindness is upon us all...
Michael G - Monday December 01, 2008 12:04PM EST
President-elect Obama named Hillary Clinton as secretary of state. There's your trukey.
Yahoo! Finance User - Monday December 01, 2008 12:07PM EST
The market still seems way overpriced to me... as do the salaries of these silly prognosticators... hmmm.. "So, you think the market is heading down do you?" "It appears so".. Brilliant..
Yahoo! Finance User - Monday December 01, 2008 12:08PM EST
There will be no turnaround until the idiot bankers of the world stop trying to reinflate, the consumers are bankrupt and so are most governments, including local which is another story. Deflation is on high speed and will steamroll over Real Estate, equities and commodities. Cheers
Yahoo! Finance User - Monday December 01, 2008 12:09PM EST
Uh oh Moved On is back.. look out Johnny... Is he in his Love or Hate mode today? Better check the technicals....
Michael G - Monday December 01, 2008 12:10PM EST
President-elect Obama named Hillary Clinton as secretary of state. I mean she's the Turkey...Gobble..Gobble
Yahoo! Finance User - Monday December 01, 2008 12:14PM EST
I'm with Dr Wang on this one....
Yahoo! Finance User - Monday December 01, 2008 12:17PM EST
12:04PM EST "Other men are lenses through which we read our own minds." Ralph Waldo Emerson (1803-1882)... Unfortunately, it appears that an epidemic of blindness is upon us all..." And, erer a stitch in time saves nine.
Yahoo! Finance User - Monday December 01, 2008 12:19PM EST
I think the bankers are not idiots.. they are winning their war against us...
Yahoo! Finance User - Monday December 01, 2008 12:21PM EST
Dr. Wang's numbers are still too high. I'm more with mogley.
Yahoo! Finance User - Monday December 01, 2008 12:22PM EST
good boys and girls. for christmas obama is raising fuel tax by 1 dollor a gallon. merry christmas.
mdoheney - Monday December 01, 2008 12:23PM EST
Whatever you decide to do - do not get your advise from tech ticker message board. Everyone knows exactly what to do at all times... the sure sign that they know nothing
Yahoo! Finance User - Monday December 01, 2008 12:25PM EST
And " A rolling stone gathers no Loss" ha ha
Yahoo! Finance User - Monday December 01, 2008 12:30PM EST
Micheal D - You sound bitter. You rode it down didn't you.
marc - Monday December 01, 2008 12:30PM EST
to bad theres nothing real in america to invest in.all that fake money deflating out of wall street,to be replaced by unbacked money from washington.you do the math.
Mike - Monday December 01, 2008 12:31PM EST
Where are all the claims that the market is oversold today?
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Yahoo! Finance User - Monday December 01, 2008 11:49AM EST
If you rearrange the letters in Professionals you can spell Falser Poisons... ha ha