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259 comments on DrumBeat: September 29, 2008

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westexas on September 29, 2008 - 9:29am Permalink | Subthread | Comments top

Is there an index for US financial stocks? If memory serves, Larry Kudlow implored his listeners to sell oil and buy financials in January of this year. Oil is basically flat now, around $100, so I wonder how an index of US financial stocks has fared?

In a depression, it seems to me that the "winners" are those who lose the least. Art Cashan, with UBS, was just on CNBC stating that it's usually a bad bet to bet on the end of the world, because it only happens once. Having said that, he ended with this suggestion:

It might be a good time to be looking for a (hopefully he meant financial) bomb shelter

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garyp on September 29, 2008 - 9:44am Permalink | Subthread | Parent | Comments top

How about the Nasdaq Financial 100?

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Undertow on September 29, 2008 - 9:48am Permalink | Subthread | Parent | Comments top

S&P 500 FINANCIALS INDEX

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westexas on September 29, 2008 - 9:57am Permalink | Subthread | Parent | Comments top

Thanks, it's actually better than what I thought it would be, but it has taken a lot of borrowed money to keep slow the decline.

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Undertow on September 29, 2008 - 10:04am Permalink | Subthread | Parent | Comments top

If you extend the scale back a bit to the peak at about 510 midway through last year and the latest intra-day low today (about 267) we're heading towards a 50% loss from peak in just over about 15 months.

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Undertow on September 29, 2008 - 7:30pm Permalink | Subthread | Parent | Comments top

And the close for the S&P Financials today

239.78

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sendoilplease on September 29, 2008 - 11:38am Permalink | Subthread | Parent | Comments top

This is probably the best free site available for checking market charts for stock market sectors, commodities themselves, world markets, Bonds, you name it :

Market Summary Page: Click on the index, or sector, of interest for individual charts:

http://tinyurl.com/4d9kq

They also have really pretty historical charts (and more for paid subscribers, of which I am not one).

http://stockcharts.com/charts/historical/

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JayH on September 29, 2008 - 11:57am Permalink | Subthread | Parent | Comments top

DOW JONES US FINANCIAL SERVICES INDEX

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Marotti32 on September 29, 2008 - 12:23pm Permalink | Subthread | Parent | Comments top

An here is the Renix, the renewable stock index. It's performance for the last 5 years was much better.

http://www.renewable-energy-industry.com/stocks/

..however this year's been so far pretty bad.

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ThatsItImout on September 29, 2008 - 6:31pm Permalink | Subthread | Parent | Comments top

Great chart JayH,

Everyone please remember that these charts show the "nominal" price of the index. If you factor in inflation, this has been a full catastrophe in the financial sector. If your not betting on the end of the financial world, sooner or later the price drops will match the value of the underlying assets, meaning it is time to buy.

JPMorganChase has been able to buy two large firms (Bear Stearns and WaMu) back to back at about 12 cents on the dollar. Tell me, even in this wipeout, has anyone seen any $200,000 houses available for $24,000?

RC

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Subkommander Dred on September 29, 2008 - 7:16pm Permalink | Subthread | Parent | Comments top

Roger;
Funny you should ask that question. Just today, I took a trip up my mom's place and noted large numbers of "For Sale" in the front lawns of many more houses than usual (I've been keeping track of such things for over a year, now.) In fact, one of the houses had several large yard signs, hand scrawled and obviously homemade touting it to be owner financed for $50,000. It was totally beat, and had all the makings of a crack house, and I wouldn't have paid 50 bucks for it, much less 50 grand, but I wouldn't be at surprised the the Donald Trump Wannabe trying to unload it had paid a lot more for it a few years back as a sure fire investment. After all, Real Estate always goes up. At least, that's what I hear, anyway...

SubKommander Dred

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totoneila on September 29, 2008 - 6:54pm Permalink | Subthread | Parent | Comments top

Hello JayH,

I Just Gotta Ask You --> THEE Jay Hanson of the Thermo/Gene Collision & Dieoff.org?

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

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HankF on September 29, 2008 - 1:43pm Permalink | Subthread | Parent | Comments top

With the rapid disappearance of financial institutions, you could worry about what these composite indeses really represent.

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westexas on September 29, 2008 - 2:44pm Permalink | Subthread | Parent | Comments top

True. It might be interesting to see what the total market cap was for the top 10 US financial institutions on 1/1/08, versus now.

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259 comments on DrumBeat: September 29, 2008

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