Word: selloff
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...What he cannot guarantee is what the trigger-pullers will do - and the investors, big and small, that stand behind them. Tuesday the talk was of a panic selloff, Wednesday of a patriot?s rally. By Thursday the markets had been closed for longer than anyone alive could remember, and by Monday, the emotional graph seems to suggest, investors and their stock markets could be back to very nearly a rational state...
...Unlikely, and quite possibly unwise. Certainly a significant selloff awaits the Dow and NASDAQ whenever they reopen, and a significant selloff is certainly warranted, considering the real impact of the catastrophes on industries like insurance, airlines and financial services, to name but a few. (One early estimate by Moody?s has the damage bill at $10-15 billion...
Wall Street will resume trading Monday morning at 9:30, just like the week before this one. And there is a growing expectation for at least a rational response to the catastrophes, a selloff based on numbers and not naked fear - and even more likely a market taken patriotically under its wing, protected, by its biggest players. Traders might even stage a patriotic rally, a show of defiance that capitalism?s footsoldiers would not be employed in its destruction...
...know Washington is panicked about the economy when Democrats join Republicans in pushing for another tax cut. The closing bell on Wall Street's unemployment-induced selloff Friday turned out to be the opening bell for the fall's political fisticuffs over who killed the economy and who's got the best way to bring it back to life - or at least the best way to look properly worried in front of the voters...
...NAPM manufacturing report caused a 200-point rally in the Dow when it hit last week. The reason for Wall Street?s general glumness is merely that the news from individual companies hasn?t yet endorsed that view. And don?t think too much of the Friday morning selloff - lately, Fridays have been dominated by general-pessimism short-sellers cleaning up their portfolios ahead of the weekend. The unemployment number was a psychological catalyst more than anything else; the latest report that August was rife with cost-cutting is news on which Wall Street will look back with a smile...