ugh....
we still have another day of selling tomorrow...
*Investor Bonex <[EMAIL PROTECTED]>* wrote:
Emang Mr FS Oce, prediksinya manjuuur...
So, what the next path, going SOUTH or NORTH ?
*Frederick Schubert <[EMAIL PROTECTED]>* wrote:
HURRRAAAAAAAH......................................................
*Frederick Schubert <[EMAIL PROTECTED]>* wrote:
JSX index to fall to 1688...? and shortly recovered and closed above
1700..?
*Soeratman Doerachman <[EMAIL PROTECTED]>* wrote:
*Dow Drops 416 on Global Market Plunge*
Tuesday February 27, 4:51 pm ET
By Madlen Read, AP Business Writer
*Dow Finishes Down 416 at 12,216, Nasdaq Finishes Down 97 at 2,408 on
Global Market Plunge*
NEW YORK (AP) -- Stocks had their worst day of trading since the Sept. 11,
2001, terrorist attacks Tuesday, briefly hurtling the Dow Jones industrials
down more than 500 points on a worldwide tide of concern that the U.S. and
Chinese economies are stumbling and that share prices have become
overinflated.
The steepness of the market's drop, as well as its global breadth,
signaled a possible correction after a long period of stable and steadily
rising stock markets, which had not been shaken by such a volatile day of
trading in several years.
A 9 percent slide in Chinese stocks, which came a day after investors sent
Shanghai's benchmark index to a record high close, set the tone for U.S.
trading. The Dow began the day falling sharply, and the decline accelerated
throughout the course of the session before stocks took a huge plunge in
late afternoon as computer-driven sell programs kicked in.
The Dow fell 546.02, or 4.3 percent, to 12,086.06 before recovering some
ground in the last hour of trading to close down 416.02, or 3.29 percent,
at 12,216.24, according to preliminary calculations. Because the worst of
the plunge took place after 2:30 p.m., the New York Stock Exchange's
trading limits, designed to halt such precipitous moves, were not activated.
The decline was the Dow's worst since Sept. 17, 2001, the first trading
day after the terror attacks, when the blue chips closed down 684.81, or
7.13 percent.
The drop hit every sector of stocks across the market. Riskier issues such
as small-cap and technology stocks suffered the biggest declines.
But analysts who have been expecting a pullback after a huge rally that
began last October and sent the Dow to a series of record highs, were
unfazed by Tuesday's drop.
"This corrective consolidation phase isn't just going to be one day, but
we don't believe this is going to be a bear market," said Bob Doll,
BlackRock's global chief investment officer of equities.
Some investors also tried to put Tuesday's slide into a longer-term
perspective.
"All who invest should feel grateful that we've had a great run for the
last 12 to 18 months," said Joel Kleinman, a Washington, D.C. attorney,
adding that he has learned to not read too much into any short-term ups and
downs. "This is another day in the market."
Still, traders' dwindling confidence was knocked down further by data
showing that the economy may be decelerating more than anticipated. A
Commerce Department report that orders for durable goods in January dropped
by the largest amount in three months exacerbated jitters about the
direction of the U.S. economy, just a day after former Federal Reserve
Chairman Alan Greenspan said the United States may be headed for a
recession.
"It looks more and more like the economy is a slow growth economy," said
Michael Strauss, chief economist at Commonfund. "Moderate economic growth is
good -- an abrupt stop in economic growth scares people."
The market had been expecting the government on Wednesday to revise its
estimate of fourth-quarter GDP growth down to an annual rate of about
2.3percent from an initial forecast of
3.5 percent, and grew increasingly nervous on Tuesday that the figure
could come in even lower.
The housing market, which the Street had been hoping had bottomed out,
also looked far from recovery after a Standard & Poor's index indicated that
single-family home prices across the nation were flat in December. A later
report from the National Association of Realtors said existing home sales
climbed in January by the largest amount in two years, but the data didn't
erase housing-related concerns, as median home prices fell for a sixth
straight month.
But a growing feeling that Wall Street, which has had a big run-up since
October, was due for a correction also played into Tuesday's decline.
"I think that the market was prepared to pull back. The constellation of
issues that were worrying the market came to a head," said Quincy Krosby,
chief investment strategist at The Hartford.
Just a week ago, the Dow had reached new closing and trading highs, rising
as high as 12,795.92.
The broader Standard & Poor's 500 index was down 50.33, or 3.47 percent,
at 1,399.04, and the tech-dominated Nasdaq composite index was off 96.65,
or 3.86 percent, at 2,407.87.
A suicide bomber attack on the main U.S. military base in Afghanistan
where Vice President Dick Cheney was visiting also rattled the market.
China's stock market plummeted Tuesday from record highs as investors took
profits when concerns arose that the Chinese government may try to temper
its ballooning economy by raising interest rates again or reducing more of
the money available for lending.
"Corrections usually happen because of a catalyst, and this may be it,"
said Ed Peters, chief investment officer at PanAgora Asset Management. "The
move in China was a surprise, and when a major market has a shock it ripples
through the rest of the market. With all the trade that goes on with China,
there tends to be a knee-jerk reaction with that kind of drop."
The Shanghai Composite Index tumbled 8.8 percent to close at 2,771.79, its
biggest decline since it fell 8.9 percent on Feb. 18, 1997. Since Chinese
share prices doubled last year as investors poured money into the market
after the completion of shareholding reforms, trading in Shanghai has been
very volatile.
Hong Kong's benchmark Hang Seng Index dropped 1.8 percent, and Malaysia's
Kuala Lumpur Composite Index fell 2.8 percent. Japan's Nikkei stock
average fell a more moderate 0.52 percent, but European markets were
rattled -- Britain's FTSE 100 lost 2.31 percent, Germany's DAX index
dropped 2.96 percent, and France's CAC-40 fell 3.02 percent.
Bond prices shot higher as investors bought into the safe-haven Treasury
market, pushing the yield on the benchmark 10-year Treasury note down to
4.47 percent, its lowest level so far this year, from 4.63 percent late
Monday. The bond buying was sparked primarily by the durable goods orders,
which the Commerce Department said fell 7.8 percent, much more than what
the market expected.
The durable goods drop raised the chance of the Federal Reserve easing
interest rates later in the year -- a possibility that makes the bond market
an attractive place to be right now.
The hope for slowing inflation could be dashed, though, if energy costs
keep rising. Oil prices initially fell Tuesday on worries that Chinese
demand could be dampened should its economy slow down, but later rose on
escalating tensions in the Middle East. Light, sweet crude for April
delivery fell 62 cents a barrel to $60.77 on the New York Mercantile
Exchange.
The dollar slipped against other major currencies, while gold also fell.
The Dow has been climbing at a steady rate since last summer, but over the
past few trading sessions, stocks have pulled back on the worry that the
market is due for a correction. Many analysts have noted that the Dow hasn't
seen a 2 percent decline in more than 120 sessions.
Data indicating a slower economy had recently been giving stocks a boost
on the hopes that the Fed will lower interest rates, which could
reinvigorate consumer spending and the struggling housing market. But the
market may fall further before that happens, analysts said.
"If in a week or two, the psychology in the U.S. market turns to the
realization that we're in a modest growth economy of 2 to 3 percent growth,
that will help temper inflation pressures going forward. If that perception
evolves, there's an increase in the likelihood that the Fed will be lowering
rates rather than raising rates. Structurally, it's a development that
should be good for the equity market, but it might be an event that unfolds
after prices are lower," Strauss said.
Declining issues outnumbered advancers by about 7 to 1 on the New York
Stock Exchange, where volume came to 2.38 billion shares.
The Russell 2000 index of smaller companies dropped 31.03, or 3.77percent, at
792.66.
New York Stock Exchange: http://www.nyse.com
Nasdaq Stock Market: http://www.nasdaq.com
*Ratman*
*Now Everyone Can Trade*
*Believe The Unbelievable,Dream The Impossible, Don't Take No for An
Answer*
*http://www.j-club.biz*
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