Good to See
posted on
Mar 03, 2008 05:25AM
Good to see how focused many daytime posters are at the moment. New buy opportunities abound. How many are trying to do the diversification game? Good that so many yielded to the opportunity given to collect a few more shares.
As most working down town Toronto have the ability to attend the Convention we can relax and pick away for a while yet.
Seems some are starting, yes only starting, to notice my other longer Long Long Term stock. In the meantime the Dow is doing Donuts so far this morning. Guessing our volume will increase as the Big markets settle down from the present follow up to the buying opportunity it provided Friday.
Bloomberg, in a brief synopsis this morning reported as follows. Note the plug for Freeport-McMoRan. As we all by now have been long expecting the Financial sector nonsense we have but to sit back and enjoy, while intensely following our lucky star "Noront Resources". Twenty minutes into trading and the manipulative push down is fading and hopefully fast.
Old Joe
U.S. Stocks Decline, Led by Financials; Lehman, Bear Retreat
By Michael Patterson
March 3 (Bloomberg) -- U.S. stocks fell for a fourth day after analysts cut earnings estimates for securities firms and billionaire investor Warren Buffett said the insurance industry will be less profitable this year.
Lehman Brothers Holdings Inc. and Bear Stearns Cos. dropped on reduced earnings estimates at Merrill Lynch & Co., Oppenheimer & Co. and Sanford C. Bernstein & Co. American International Group Inc. retreated after Buffett said ``the party is over'' for insurers as profit margins shrink. Shares in Europe and Asia tumbled on concern that credit market losses will increase. Declines in the U.S. were limited as Freeport- McMoRan Copper & Gold Inc. led mining companies higher on record gold prices.
The Standard & Poor's 500 Index declined 4.02 points, or 0.3 percent, to 1,326.61 at 9:37 a.m. in New York for its longest losing streak this year. The Dow Jones Industrial Average dropped 53.4, or 0.4 percent, to 12,212.99. The Nasdaq Composite Index decreased 4.46, or 0.2 percent, to 2,267.02. More than two stocks fell for every one that rose on the New York Stock Exchange.
``Investors are uneasy about what else we might hear about the financial sector,'' said Richard Sichel, who helps oversee about $1.5 billion as chief investment officer at Philadelphia Trust Co. in Philadelphia. ``There are still problems out there and they're not getting turned around as quickly as we would like to see.''
Financial shares in the S&P 500 have tumbled 13 percent as a group this year, helping to send the overall index to a 9.5 percent drop, after companies including Citigroup Inc. and Merrill Lynch & Co. reported record losses. Earnings at S&P 500 members decreased by an average 22.7 percent in the fourth quarter, the worst slump since the third-quarter of 2001, according to data compiled by Bloomberg.