08.04.2011
Dow Falls 512 on EU and U.S. Economy Concerns
Original article written by Net Advisor™
U.S. & Euro stocks fell on Euro debt concerns, especially in Italy and slowing U.S. economy. It seemed to start out overnight with the United States debt now exceeding 100% of GDP (Sources: Fox News, Yahoo News).
Basically what this means is the amount of the debt the U.S. owes is the same amount as the size of the entire U.S. economy. These numbers will get dramatically worse if government does not make a series attempt to rein in spending.
As for our “prediction” regarding what would happen in the financial markets after the debt ceiling was “over” (for now) Outcome I. occurred.
I. Outcome: Government passes what will probably be a trivial band-aid deficit cut, but will still mean higher deficits this year, next year and beyond until it is properly addressed by real government reformers if ever.
Reaction: Stock market relief rally = (story link gone), but later falls again.
— NetAdvisor said on 07-30-2011. (Hyperlinks add to “band-aid deficit cut” and (story link gone) to show what happened.
As of 08-04-2011, the Dow Jones Industrial Average had its worst single day since December 2008 (Source: CNBC). The Dow has fallen approximately 1,341 points or 10.5% since July 21st, 2011.
Here are some market highlights for August 08, 2011:
Year-to-Date
Dow -0.7%
S&P 500 Index -4.6%
NASDAQ -3.6%
Notable Hits Today
Dow -513.76 to 11,383.68
NASDAQ -136.68 to 2556.39
S&P 500 -60.27 to -1200.07
Stocks moving which direction today?
Advancers +151
Decliners -2969
Unchanged 29
Trading Volume (who bought who sold?)
Up volume 19,743,000 (19.7 Million shares bought)
Down volume 1,800,653,000 (1.8 Billion shares sold)
To view stock symbol quotes, choose these or your favorite stock quote website, enter symbol and walla: Bloomberg CNN Google MarketWatch Yahoo Reuters
Crashes (1 day drop over 20% & where stock was over $25 before the fall)
DNDN -67.38%
WLT -29.50%
Financials
ETFC -11.39%
BX -10.79%
BAC -7.44%
BCS -11.70% (EU bank)
DB – 9.26% (EU bank)
Home Builder
HOV -19.08%
REIT
RAS -15.59%
Mortgage Insure (why are they still in this business?)
All on my stock risk list since Oct 2007.
MBI -8.83%
MTG -20.49%
PMI -53.40%
tech
off -4 to -9% across the board
couple notes:
AAPL -3.87% or -$15.20
GOOG -$3.93% or -23.65
China tech
BIDU -5.88%
RENN -15.53
DANG -10.35%
YOKU -12.99%
SINA -9.09%
oil & related
off -4 to -9% across the board
telecom
S -9.88%
VZN & T only -2.50 to -2.92%
Retail
PSUN -11.42% (has BK risk)
JCP -5.78%
M -6.11%
BBY -7.64%
airline/ transport
AAWW -8.85%
LUV -8.39%
DAL -7.02%
AMR -6.60%
casino
WYNN -7.04%
LVS -7.57%
MGM -10.78%
gainers – we did note a couple ones.
FIRE +7.10%
HDGE +4.49%
We posted 92 tweets live on Twitter. Scroll through history on 07-04-2011. Follow us for future updates.
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Chart of the S&P 500 Index ETF (NYSE: SPY) © 2011 Net Advisor™
Data Source: Reuters
Copyright © 2011 Net Advisor™
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