Word: selloffs
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...Khodorkovsky was not only threatening the siloviki by expanding his share of the oil economy and looking at a major selloff in the West, he was also flexing political muscle and even daring to air his own political ambitions. For anyone who's followed him since the late 1980s, it was an unexpected turn. He's a very soft-spoken man who prefers to work behind the scenes, and has consistently kept a low profile. Unlike some of the other oligarchs, he largely remained quiet. Also, Khodorkovsky's father is Jewish, and it's accepted political wisdom in the circles...
...went ahead Monday with their own brand of accounting and disclosure reform - knee-jerk selling. Companies with dark accounting clouds (Tyco, Global Crossing, Enterasys Networks), questionable earnings details (Amazon.com) or simply lots of complicated ways of making money (GE) all took baths Monday as "Enronitis" fueled a 220-point selloff of the Dow and a 55-point drop in the NASDAQ...
...Imminent war, imminent stimulus, the long-awaited capitulation-cum-rebound - take your pick and call me in the morning. But something rode in late Wednesday to the rescue of what was about to be a very depressing selloff. Monday?s unflinching sellers had taken something of a breather on Tuesday, reviving the usual optimistic talk that the long-awaited bottom had maybe been reached by Monday?s rational rout. But on Day Three it was back down the slippery slope...
...Then it happened. Around 3:30, some short-covering kicked in (Osama bin Laden isn?t the only one shorting this market; mutual funds do it too), the selloff skipped a beat, and a funny thing happened: It caught on. The market bellwethers exploded, the losers stormed back, and what had been a troublingly indiscriminate selloff - and a plumbing of index levels not seen in three years - became a fast-building, last-minute comeback that left the Dow down only 144 points and the NASDAQ off by only...
...Tuesday?s attack on the twin flagstaffs of the free market was a catastrophe barely imaginable beforehand. For the most part, Monday?s reaction was a rational response - a sharp selloff in the very stocks that most folks expected...