there has been a lot of support at the 12000 level right now. the dow has been testing that level quite a bit. if it breaks through the 12000 then we might see another correction. market is still digesting a lot of neg and positive news. market has had a lot of steam and may just be taking a break before a major move one way or another. dow has been trading sideways for a little bit now.

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the 12000 mark is being really tested, will this support hold or not is a good question. there are quite a few neg fundemental reports saying that we may see another 10% drop but on a technical side if that 12000 mark holds the market may just be taking a break and geting ready to bounce or just stay sideways. if it breaks the 12000 and does go down it will really create some nice buying chances to hold for the long term.

im looking for a short term bounce to hit really soon(6-10 months), maybe even see 14k followed by another deep correction sub 10k

offroadaz wrote:im looking for a short term bounce to hit really soon(6-10 months), maybe even see 14k followed by another deep correction sub 10k

Ok, speculate. I agree, but what would trigger the sub-10k drop?

K7VZ wrote:Ok, speculate. I agree, but what would trigger the sub-10k drop?

massive devaluation of the dollar due to our unsustainable debt and sell off by foreign countries combined with world bank marking our credit lower

uh oh

512 point drop yesterday

now news comes out that the US credit rating has been officially downgraded

http://hotair.com/archives/2011/08/05/breaking-sp-downgrades-u-s-to-aa/

U.S. Treasuries, once undisputedly seen as the safest investment in the world, are now rated lower than bonds issued by countries such as the UK, Germany, France or Canada.

The outlook on the new U.S. credit rating is negative, S&P said in a statement, a sign that another downgrade is possible in the next 12 to 18 months.

yeah, my portfolio screamed bloody murder, my broker crapped himself, and I watched as a $100 dollar bill magically turned into a $20 dollar bill.

Not a good day.

yah Im thankful I cashed out everything last month

"If the US Government was a family, they would be making $58,000 a year, they spend $75,000 a year, & are $327,000 in credit card debt. They are currently proposing BIG spending cuts to reduce their spending to $72,000 a year. These are the actual proportions of the federal budget & debt, reduced to a level that we can understand." - Dave Ramsey

S&P downgraded the U.S. rating Friday, from AAA to AA+.

Dow closed down over 630 today...

It's time to cash in the IRA and build an Earthship.....8)

http://earthship.com/









Zombie Proof....Made from cans, bottles, tires, and dirt!

Thats pretty cool! Link dosent work though

Messages rolling in from my CEO:

7:19 PM - Asian and Austrailian markets are tanking tonight, not a good harbinger for US market tomorrow. I spoke with 3 clients today - they are concerned. Stay attentive.


7:27 PM - Of course we are being proactive with out clients in times of high market volatility. Our Strategic Advisors are in outreach mode with our clientele as is management.


7:28 PM (to the executive team) - FYI. All hands on deck - please clear any vacation schedules.


Oh it's going to be a lovely day tomorrow. :(

Yeah futures point to an opening loss of 230+ points so far

Why S&P Downgraded the US:
U.S. Tax revenue: $2,170,000,000,000
Federal budget: $3,820,000,000,000
New debt: $1,650,000,000,000
National debt: $14,271,000,000,000
Recent budget cut: $38,500,000,000

Let&#8217;s remove 8 zeros and pretend it&#8217;s a household budget:
Annual family income: $21,700
Money the family spent: $38,200
New debt (this year) on the credit card: $16,500
Outstanding balance on the credit card: $142,710
Budget cuts: $385


http://www.nationalreview.com/corner/277873/bringing-budget-numbers-down-size-carrie-lukas

Now you got me started. Gonna be long night ranting and raving about government in general.

Not really happy with the language, but it drives the point home. This is one angry black man.