Dow Up 900, Back Over 9000

More trades to be reflected even though the bell's sounded.

Keys: Fed rate to be cut, oil prices continue declining, some good corporate reports.

Eh. Given the up and down nature of the market, it's hard for me to get excited by yet another huge uptick. It's not yet the case that we can say confidence has been restored and the markets are looking forward to a growing economy in six months.

Posted by: Ace at 04:10 PM

Comments

1 If the fed doesn't cut rates, there's going to be a bloodbath.

Again.

Posted by: Slublog at October 28, 2008 04:11 PM (R8+nJ)

2 My reason?

Gallup traditional poll + trends.

Posted by: Al at October 28, 2008 04:11 PM (Lk931)

3 ... and early indications of some last-minute shifts in McCain's direction not a moment to soon.

That is a factor.

Posted by: Christoph at October 28, 2008 04:11 PM (hawOV)

4 As long as the market doesn't tank again, this is very good for McCain.

And at this point, that matters more than the whole recession thing.

Posted by: someone at October 28, 2008 04:14 PM (zHoxL)

5 They aren't "looking forward to a growing economy in six months."

They're looking at the potential absence of completely batshit crazies in control of filibuster- and veto-proof majorities.

Posted by: Al at October 28, 2008 04:15 PM (Lk931)

6 Veto-proof in the sense that Obama would be unable to veto them.

Posted by: Al at October 28, 2008 04:16 PM (Lk931)

7 Fed rate cut + sentiment on Wall Street that the Dembots won't get a super majority?

Posted by: Eric at October 28, 2008 04:16 PM (wM/aS)

8 can we cross our fingers here that we now get 6 days of benign trading (or an up market)? ironically i think part of the market dive is due to traders starting to price in an obama presidency... pretty ironic, eh? the lower it goes the more likely Obama wins.

Posted by: new at October 28, 2008 04:19 PM (MobLv)

9 Soros must have taken a bath today, with all those short positions he has been maintaining trying to drive the market down.

Posted by: David at October 28, 2008 04:20 PM (HAdov)

Has anyone ever polled the Market, or is it always policy wonks saying what the driver is ?

We poll everything else in the US

Now let me get back to my plumbing dream

Posted by: Cromagnum at October 28, 2008 04:23 PM (UxAb/)

What's that idiot doing!?

SELL! SELL! SELL!

Posted by: Randolph Duke at October 28, 2008 04:23 PM (YcXTT)

12 Obligatory lame "over 9000" joke, etc. Anyway, I'll take it, but it was mostly day trading based on a probable Fed rate cut tomorrow (yay, inflation!) and some better-than-expected earnings. Volume was light, so I expect some profit-taking tomorrow.

Posted by: Slowking Man at October 28, 2008 04:25 PM (shkE3)

13 Blabety blah!! Blah blah blah!! Ace is a blah blah!! Rethuglican blah blahblahblah!!! Blah blah !!!!

Posted by: frito at October 28, 2008 04:27 PM (ZmMai)

Send my dividend checks to Central Park, 3rd bench on the left 5th and 72nd.

Posted by: homeless dude at October 28, 2008 04:28 PM (m2CN7)

15 Yes, no drastic drops between now and Tues would be very helpful.

Posted by: Lee at October 28, 2008 04:28 PM (TxTIh)

16 I'm the bench next to frito's bench.

Posted by: homeless dude at October 28, 2008 04:29 PM (m2CN7)

17 "ironically i think part of the market dive is due to traders starting to price in an obama presidency... pretty ironic, eh? the lower it goes the more likely Obama wins."

It is ironic because it's so true.

Posted by: Christoph at October 28, 2008 04:29 PM (hawOV)

18 Hopefully my 401k will regain its ground just in time for Obama to nationalize it.

Posted by: Tomtastic at October 28, 2008 04:30 PM (Sxrnp)

19 Did I say 'Good Day', sir? Weel, it was a good day!

Posted by: Uncle Pennyworth at October 28, 2008 04:34 PM (Z7fcC)

20 Weel = Well

Posted by: Uncle Pennyworth at October 28, 2008 04:35 PM (Z7fcC)

Tip:

the next three days of trading are important. Usally if the dow does not go below today's starting price during the next 3 days and if the volume is not more than todasy's then on the 4th day the dow will rally again and close above today's high.

That means Monday could be a massive rally on the street. The day before the vote for all you home gamers. there is a case to be made for a fed cut and no fed cut. If the fed cuts it depends on the language of the cut. If they hold rates and say the underlying economy is imporving the market would most likely stablize.

If the market thinks things are getting better it rallies.

Posted by: unseen at October 28, 2008 04:37 PM (aVGmX)

Ace,

If the dow was down 11% do you think the dems would be saying

Eh. Given the up and down nature of the market, it's hard for me to get excited by yet another huge updowntick. It's not yet the case that we can say no confidence has been shown and the markets are looking forward to a declining economy in six months.

hell no they would be screaming at the top of their lungs that a 11% crash in the markets show that bush is an idiot, that the fundemental capitalistic system has failed, that we now need to give up all our freedom so big government can protect us.

The dems brought a gun to the economic discussion in sept. you brought a pocket knife today.

Posted by: unseen at October 28, 2008 04:44 PM (aVGmX)

23 test

Posted by: booter at October 28, 2008 04:47 PM (eimUK)

24 I want trading reopened right now. Get those brokers back in here! Turn those machines back on!

Posted by: Mortimer Obama at October 28, 2008 04:48 PM (PD1tk)

25 The Boeing strike might be over.

Posted by: FireHorse at October 28, 2008 04:58 PM (+dm+A)

At least you didn't get sodomized by a gorilla....repeatedly.

Wait for that Obama presidency, then you'll know what it feels like.

Posted by: Beaks at October 28, 2008 04:58 PM (YcXTT)

27 Its all about the dollar, baby. Its been steadily climbing against the Euro for weeks and weeks. As bad as we might be, investors think we're a better bet than Europe.

Posted by: james at October 28, 2008 05:18 PM (qUDJD)

28 I Blame Bush (IBB)

Posted by: RGS at October 28, 2008 05:23 PM (QC20F)

29 Boeing is going to stay on strike until they have their supply situation straightened out. (Which might be soon.) Here in Seattle people are pretty much laughing at the machinists for picking the worst possible time. "Strikes" are a pretty solid reason to ship a plane late. "Supply problems" aren't so much.

Posted by: Al at October 28, 2008 05:27 PM (Lk931)

30 What? 9,000? There's no way that can be right

Posted by: Nappa your typical 'Rat Saiyan at October 28, 2008 05:52 PM (LvEFt)

31 The market will take a long time to recover, but the price of oil dropping by 50% since summer is like a $350 billion middle-class tax cut, and they'll feel it almost immediately. If we get a sustained rally this week and positive words from the Fed, we may be in very good shape going in to next Tuesday.

Posted by: lmg at October 28, 2008 06:54 PM (A/vgC)

32 6 of the 10 largest gains in Dow history (by percentage) happened during The Great Depression.

Not to be an Eeyore, but it's true.

Posted by: Nom de Blog at October 28, 2008 07:05 PM (nOQ1R)

33 go, baby GOOOOoooooo........

Posted by: bob hussein dole at October 28, 2008 07:20 PM (yl9yA)

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