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310 comments on DrumBeat: August 16, 2007

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Cid Yama on August 16, 2007 - 4:13pm Permalink | Subthread | Parent | Comments top

The final for the Dow was blatant market manipulation. The rest of the world will not fall for it. The recovery of 300 points in the last 40 minutes for no reason at all, is bull. Wait til tomorrow, it being Friday. Just as I finish writing this, Ron Insana comes on and says it was "too perfect", and he doesn't know if he believes it.

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totoneila on August 16, 2007 - 5:04pm Permalink | Subthread | Parent | Comments top

Hello Cid Yama,

Very intriguing point! So maybe tomorrow we will see the market plummet 600 points, but then the 'Plunge Protection Team' [PPT] will drive it back up again in the last trading hour. Any idea how long the PPT can do this?

And at what point does the PPT covertly convert, then stand for...wait for it... an unannounced, corrupt, but very exclusive bigbuck$$ 'Plunge Profit Team'?

I have no idea if any of this is really possible, but I want to know more please.

Bob Shaw in Phx,Az Are Humans Smarter than Yeast?

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Spaceman on August 16, 2007 - 10:44pm Permalink | Subthread | Parent | Comments top

And at what cost?
How much money does it take to reverse a 300 point selloff?

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step back on August 17, 2007 - 9:47am Permalink | Subthread | Parent | Comments top

How much money does it take to reverse a 300 point selloff?

Poof.
It's been done.
This morning with the wave of a magic wand. Dow is up 300 points on opening.

Isn't it amazing how we humans can cause the price signal to move up and down with waves of our magic wands?

Click your red ruby slippers together and repeat after me:
There's no place like FOMC,
There's no place like FOMC,
There's no place like FOMC,

See Dorothy? All you got to do is believe.

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WNC Observer on August 16, 2007 - 5:15pm Permalink | Subthread | Parent | Comments top

Your federal tax dollars at work, or something like that.

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PartyGuy on August 16, 2007 - 5:30pm Permalink | Subthread | Parent | Comments top

There a link or youtube to what he said?

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Mark Twain on August 16, 2007 - 7:34pm Permalink | Subthread | Parent | Comments top

Dow recovers most of a 340-point drop

Financials bounced back led by a nearly 13% in shares of Bear Stearns. The company, which heralded the recent credit market crisis when two of its hedge funds ran into trouble, has been talking with potential investors, including Chinese banks about new funding, said Richard Bove, analyst at Punk Ziegel & Co.

The firm is talking about selling as much as a 20% stake in the company, Bove said

Also helping financials, a report by rating-agency Fitch said that U.S. brokerage firms are well funded and have sufficient capacity to absorb losses from marking their assets to market.

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jteehan on August 16, 2007 - 7:37pm Permalink | Subthread | Parent | Comments top

You know, a lot of these Hedge Funds getting margin calls have short positions too. I suspect a lot were hoping to cover as the market continued to go down but got forced into as others covered before them.

Keep in mind Options on Oil Futures expired today and stock and index options expire tomorrow. Index options expire on the open.

I wouldn't read anything into the events of a single day. The trend is clearly down until it changes otherwise.

The dow and nasdaq closed lower and the nasdaq 100 was off over a percent, so I'm not sure what the party on CNBC was all about.

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