Stock market continues to trend downward

The stock market has some follow through of yesterday’s sell off, although at the beginning of the session all the 3 indexes were up from 1-2.5%. Now all 3 indexes are down about 2%. All this activity is taking place in the first 2 hours of the day. Here are the current numbers:

Dow	8,379.43	-198.48	(-2.31%)
Nasdaq	1,597.09	-31.24	(-1.92%)
S&P 500	886.22	-21.62	(-2.38%)

The only main news story is the presidential debate, eBay’s forecast, and New York trying to get AIG bonuses back. Not sure what other stories are actually moving the market today. I would have thought volatility would be more extreme today with a more extreme sell off in the last hour of the day. If that happens, then tomorrow will be a crazy day with the options expiration ending tomorrow.

I believe the Federal government is running out of things to do to artificially manipulate the market: Interest rates have already been lowered, the fraud bailout was passed, the treasury has sold more at auction, we coordinated with the global central banks, and decided that the government would socialize domestic banks. The only thing they haven’t done again is freeze or ban the short sellers like they did last month. Those were the people they blamed for the markets going down. They were proven wrong when the market still had horrible drops with the ban in place. It is hard to point the finger at players who aren’t in the game.

Anyways, I am guessing again for another sell off in the last hour. I think investor confidence is waning.

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Timothy Norris, October 29, 2008:

According to David Walker (US Comptroller) the USA has a 56 trillion US dollar debt to deal with. As Ron Paul points out, this can only have one long term consequence, namely that the markets will continue to fall for a very long time. The fact that various stock brokers and stock analysts try to emotionally speak the market up amazes me in terms of their utter naivity. Certainly some stocks are falling more rapidly than others, and a few may even appreciate in the present financial climate, but generally most people who invest in the stock market at the present time are going to lose money and wealth. It is much better to sell up shares and similar stock market investments and invest now in something well removed from the stock markets, something tangible which people nee for example.

Just as countries like Venezuela and Iran are not selling their oil via NY Oil Exchange or the London Stock Exchange IPEX, there are other arenas for doing business. Of course the USA does not like this which is why it is creating mischief in the Middle East. Ron Paul is absolutely correct: bring the US troops home.

Trading in arenas away from Wall Street will undermine this Wall Street cancer of city brokers and share dealers who run the casino roulette wheel of Wall Street. They consume great wealth and produce nothing. A New World Order will bypass Wall Street and the London Stock Exchange and share trading will occur in a localized manner appropriate for local business conditions. Just as 9/11 was an insider job by the US Government to justify its phoney war against terror as an excuse to try to gain control of Iraqi and Iranian oil fields, globalization as a concept is wrong and merely a way that the USA can extend its parasitical imperialist hold on the World. The sooner this cancer of the USA and its corrupt Wall Street can be cut away from the economy of the World, the sooner we can make real progress. We can shift from an oil-based economy to a renewable energy economy and thereby neuter the US oil giants who are primarily responsible for encouraging present wars in the Middle East.

The USA, Wall Street and the US industrial-military machine has lost its way and risks destroying the World and itself in the process. The ignorant dumb-heads operating this industrial-military complex beggars belief that they cannot understand that they are setting the scene for their own downfall.

Yours faithfully

Man of Wisdom