Market Update: Sell off- DOW drops 188…


The economics 101 pundits on CNBC had good economic data to spin today with the ISM and pending home sales (but when you dig things aren’t ‘there’ yet), but the markets seem to have figured out yesterday following the China selloff Sunday night, that only the American consumer is going to get us out of this and the American consumer is pixxed off, nervous about their job, or does not have a job, and is waiting to see what Team TOTUS will frak with next…IOW not spending loads of dough anytime soon, thus preventing an inventory buildup which would lead to job creation..

Reality Bites

DOW down 188.56 to 9307.72

S& P down 22.75 to 997.87 (breaking the 1000 level)

NAS down 40.85 to 1968.21

10 yr is at 3.37

GOLD up 4.4 to $957.90

US Dollar rallied -Oil dropped 1.86 to 68.10

PS Cash for Clunkers CLUNKED! GM and Chrysler saw sales DROP!!!! Only FORD did well, and even they less than expected!

September 1, 2009. Tags: , , , . Economy, Finance, Politics, Unemployment Statistics, Wall St. Comments off.

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