Dow set for worst new-year losing streak since '82

NEW YORK (Reuters) - The Dow Jones was looking set to close lower for the week Friday -- marking the first time in more than 20 years it has fallen for the first three weeks of the start of a year.

Dow Jones Indexes said the last time the Dow had fallen for the first three weeks of a year was 1982.

A weak January could set the tone for the months ahead, said Robert Drust, managing director of listed trading at regional investment bank Wedbush Morgan.

snip

Heading into the final hour of trading, the Dow on track to end the week 1.2 percent lower, its fourth consecutive week of losses.


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01/21/2005 14:49
RTR


http://cnn.netscape.cnn.com/ns/news/story.jsp?id=2005012114490002900304&dt=20050121144900&w=RTR&coview=

:eyes:

The US is at its most vicious! The "Rest of the World" is really "Pissed" off at you and their is very very unofficial boycott's of American products going on in The "Rest of the World". This is just not consumer products! I work in a heavy heavy industry and we are all choosing American last!! Down here in OZ our national airline has just bought 12 Airbus 380's to replace Boeing's 747's. All our airports around the country are paying millions to upgrade to take the new Airbuses. Airbus is made in Europe not Seattle. It might take American's a while to realize what is going on in the world, but it is completely negative for you! So enjoy the Dow! while it lives in OZ!!

A boycott of American products. His predictions are usually right on the money, so I'm not surprised.

where the "smart money," you know the 1% that owns 40% of the wealth of the nation, have been investing funds in European Securities and not the US stock market. This may be why Bush is so adamant on giving Wall Street Social Security.

an infusion of the people's social security monies.

Yes, that will save the investors.

180

in the stock market; the establishment saw a stock market crash coming and wanted to swindle people out of their retirement money to delay it or stop it. They even lassoed some of the lap-dog Dems of the Coolidge-Hoover era into supporting it, and the bought-and-paid-for corporate media of the day shilled for it without mercy. However, it got pushed to one side by the election campaign of '28, and they didn't get the legislation passed before the great crash of Oct '29.

The bottom line: Bu$h's Social-Security-into-the-stock-market plan is a leading indicator of a crash. Just like the 1928-29 scam was.


P.S: After FDR came to power, a number of the promoters of the '20s scam went to prison. Including Richard Whitney, the head of the New York Stock Exchange.

Oops...'scuse me. I had the chart upside-down. :eyes:

So it's all my fault.

Seriously though - this is going to hurt all of us. The sad fact is the wingnuts won't make the connection.

"Our fearlees leeder got a bad econimy from Clinton!"

Despite predictions that an incumbent president usually keeps the Markets up, this proves Wall Street wrong. It's a war economy, stupid, and understand that if we don't have jobs, we cannot go to Wal-Mart, any fast-food restaurant, or have cable tv. Moreover, I bet the overseas regional markets have lowered prices on US firms. I'll have to check those out.

Darn you, Dr. eldrich. You've ruined everything,now!

And no, they won't.

Exactly what I thought they would do.

Great money managers these people are. Sorry, I'll take t-bills over losing money managers..

Now that the election is over, it's safe to let the air out of these markets.

There ain't no stinking mandate! chimp won by the narrowest margin of any incumbent in history.

If you believe that the rise of 2004 was little more than part of a corporate reelection campaign, it's no surprise that now without a motive it will return to earth. Same with the job market.

supposed to be so good for business...hmmmm...and the last time they did that bad was under Raygun...who'd a thunk it. :shrug: }(

January, as January goes so goes the new year. The
difference this year is that we knew back in November
how the new year would go because we have georgie boy at the helm.

among the sheeple who voted for him.....hmmm.... "but he told me the economy was booming."

Tee hee. Meanwhile, I'll have my savings in safe places - not the markets.

but they are guaranteed, unlike the stock market. And, hey, there's always under the mattress!

My grandfather used to hide his money in coffee cans in an underground basement that he dug himself. We used to laugh about it, but it was about as "liquid" as you could get. Whenever he needed money he had only to go down the secret trap door in his kitchen and go get some.

Go to this site:

http://home.ingdirect.com/

ING Direct is a large Dutch bank but you can open a savings account in dollars. It is pretty easy to do online or by telephone. Current interest rate is 2.35 percent. On edit-- very important to mention -- your money IS FDIC insured.

If you get a referral to open the account, you get something like $25 -- which effectively increases your interest rate on a small opening deposit. I'm about to leave town but I bet if you post in the lounge or on a financial discussion site asking for a referral, someone will Private Message you and give you one.

The conservation movement is a breeding ground of communists
and other subversives. We intend to clean them out,
even if it means rounding up every birdwatcher in the country.
--John Mitchell, US Attorney General 1969-72

I'll check it out. I'd much prefer to put my money in a Dutch bank then one here.

Even a .35% increase is better than nothing:)

putting my money into strictly european funds and converting
to euros.

The time to get into the euro was a couple, three years ago. The dollar has already lost 60 percent of its value against its peak against the euro, so I'm not seeing where you have much of an upside buying euros now. And the transaction fees are killer.

No use trying to get on a boat that has already sailed.

Disclosure: My financial advice is probably worth every penny you paid for it.

The conservation movement is a breeding ground of communists
and other subversives. We intend to clean them out,
even if it means rounding up every birdwatcher in the country.
--John Mitchell, US Attorney General 1969-72

I was surprised at long they propped up the market.

take a chance on the market

I'll be 59 & a half. No early with drawl penalty & my IRA is history.

I'm not up on this, but I thought you had to take "payments" on some sort of a schedule and were still prohibited from taking out the entire amount.

I'm closing in on 59-1/2 in a couple of years and I would do the same thing if it's OK.

since I've little faith in gambling. I've only put in the minimum hourly contribution, so I only have about $4K in my fund. I relied on my UNION defined contribution retirement plan that has served me very well.

An IRA is a self-directed retirement account. The 401K is done through your employer.

You're very fortunate you belong to a union. If Repugs had their way, unions would all be gone. We need more people to unionize.

Actually, the thing is called a 401(a).

Take it out in portions like 1/4 every four months. That way you won't hit the low point of the market. I don't know what you are going to buy though. The value of the dollar has been sliding for 2 years.

I have a good chunk of it in Procter and Gamble and have had it there since September of 2000. It's been REALLY good to me since then.

stock fund.

I did it for emotional reasons right after the election, but it's gone up bigtime.

You guys who know what you're talking about:
My reasoning is that if the Wall Street market goes down, investors will be looking for a better location for their money, and move it to Canadian stock funds, driving my fund up.

Sound reasonable?

But I think we have a world economy to a significant extent now. Sure investing in Canadian or European currency and markets would have been a great play in 2000-2005, but they'll be going down with us now just as the Balrog pulled Gandalf down into the abyss. Like Gandalf, they shall rise from the abyss, while we may not.

I think it might be a good hedge against a weak dollar. It's doing fine for me so far. I'm actually a little ahead in it over the last month while my U.S. mutual funds have taken a dip.

Money talks.

until the other day, I had been seeing the red numbers, but, just not registering it. Now, I'm looking at this and asking myself wtf is going on here.
Of course I knew they had been propping this up for the election, but, now I realize the only reason to continue it would be to make the chimp's* social security scam look good.
Maybe there's just too much weight to keep it lifted up, but these cretins have so much they're holding up their legs must be bowing, maybe we have a giant collapse coming, and not just in the market.

/end sarcasm

Both times while a repuke nitwit was at the helm. For a party that likes to associate itself with fiscal responsibility repuke are the worst in our country's history at managing money.

nitwits to the core.

just doesn't like social spending programs.

DOW has only moved a net of 100 points. DOWN.
LOL at the pickup driving republicans that voted bush for a
second term.

than 3.5% at year's end. I've said this a million times. One of the biggest reasons why Bush won re-election was Alan Greenspan's cheap debt policy of the last four years, a policy that cannot continue. He'll have to raise rates over 4.5% if he wants to really wring out inflation brought on by the cheap dollar.

40 or so years these last 4 yrs. and we are still just barely holding our heads above the water. Under Clinton, rates were in the 8% range as I recall and we were doing fine economically compared to this nonsense. Between the Bush tax cuts and the war sucking the treaury, we are tanking

on band aids.

"All the trend lines we can identify are all in the wrong
direction," said Michael O'Hanlon of the Brookings Institution,
a Washington policy research organization. "We are not
winning, and the security trend lines could almost lead you
to believe that we are losing."

http://www.democraticunderground.com/discuss/duboard.php?az=show_topic&forum=102&topic_id=1173020

This is from IraqInvasion analysis, but the same
can be said for USEconomy.

Don't know exactly which rates you're talking about
but the TenYear Tres is lower than it was
2 1/2 years ago.-4.14%

The housing market is collapsing even as we
speak and it can only get worse
w/ rising rates. A 1/2 point rise from here is all it
would take. Like 1929-30, the Fed would be
blamed for raising rates when it should have been
easing, but like then the Fed is in a (steel)box
because of accomodation since it stopped
the meltdown in 2001.

2001-4 IS THE FIRST TIME IN HISTORY FOR WHICH WE
HAVE DATA DURING WHICH JOBS WERE LOST DESPITE
ONE OF THE LARGEST STIMULI IN
HISTORY.

THE HIGH DURING THE LAST SIX MONTHS OF
THE RECESSION HAS NOT BEEN EXCEEDED EVEN AFTER
37 MONTHS OF THE RECOVERY. During the first 12 months
of the recovery, both the nominal AND real highs were more
than 10% below the high during the last 6 months of
the recession. This has NEVER happened for the past
134 years.

What makes the current situation unique is that the
poor performance is despite one of the largest stimuli
since 1929 and a resulting Housing Bubble. At some point
the stimulus must end, as the Fed is already in the process
of "removing accommodation" and Bush wants to cut the
deficit in half, and bubble must burst, even if slowly. And at
that point the economy will slide into a recession naturally
and into a depression because of the burden of
Household Debt, which will cause massive mortgage
defaults and personal bankruptcies.

http://www.safehaven.com/article-2482.htm

Ask older people who rely on CDs ladders and treasuries what these low interest rates have done to their income. It has become very, very difficult just to pay the bills in many cases.

People who planned and thought they were being responsible by having other source of income than just Social Security...have now learned that the "air" can be very quickly let out of the "tires." No one has ever called the CD or treasury note buyer a wild-eyed speculator yet if the interest rate is too low, they have no option but to dip into principal, and soon their capital is gone and they are too old to work and replace it.

If it wasn't for home ownership and the rising real estate market, a lot more retirees would be completely in the soup.

It really makes you think that all our hard work to save and invest is a complete waste of time! At least if you spend it as you get it, you have the immediate gratification and memories that can't be taken away.

The conservation movement is a breeding ground of communists
and other subversives. We intend to clean them out,
even if it means rounding up every birdwatcher in the country.
--John Mitchell, US Attorney General 1969-72

dumbass dumya

Inquiring minds want to know....

looking into gold? I am at a loss where to put the little I have...

nowhere near what it was in the 70s or early 80s, about 600+ an ounce.

One has to start thinking whether there will be a depression or recession and whether each will be long or short-lived. Then decide from there how you want to protect or even try to grow what you have.

at least for me....