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Old 05-06-2010, 03:07 PM
 
Location: SC
9,101 posts, read 15,770,616 times
Reputation: 3617

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I wonder how many people that were fully invested and saving to buy a house, lost a lot of their wealth (their downpayment)today with the tanking stock market?

I watched it on my computer and luckily was not fully invested. I wonder about those who were though -- especially if they quickly tried to close out of their positions.

Will the real estate market will take a hit as a result of today...especially because it was announced that the debt crisis in Greece will spread here soon?

What do you all think?
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Old 05-06-2010, 03:11 PM
 
Location: NJ
17,578 posts, read 44,255,088 times
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I think anyone who is considering buying a house in the near term and has that money wrapped up in the stock market deserves what they get.
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Old 05-06-2010, 03:11 PM
 
Location: Cary, NC
40,780 posts, read 70,719,150 times
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Misleading thread title.

Dow is down 347+ points at the close.
Dow Exhales to Close Down 348 After Biggest One-Day Swing | The Market Story | Financial Articles & Investing News | TheStreet.com

While the drop was precipitous, the climb back was equally steep, just didn't wipe out the loss.

Sellers lost 1000 if they panicked and were trading in a DOW ETF, maybe.
Some serious money was made by buyers at the bottom of the spike, for sure.

There is a little after hours softness, but at this time, not all DOW components are down.
VZ is up. I haven't looked at all 30 stocks, though.
http://finance.yahoo.com/q/cp?s=%5EDJI+Components
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Old 05-06-2010, 03:15 PM
 
Location: Lead/Deadwood, SD
948 posts, read 2,657,457 times
Reputation: 861
Quote:
Originally Posted by emilybh View Post
I wonder how many people that were fully invested and saving to buy a house, lost a lot of their wealth (their downpayment)today with the tanking stock market?

I watched it on my computer and luckily was not fully invested. I wonder about those who were though -- especially if they quickly tried to close out of their positions.

Will the real estate market will take a hit as a result of today...especially because it was announced that the debt crisis in Greece will spread here soon?

What do you all think?
I think your sources stink and your post was premature.
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Old 05-06-2010, 03:17 PM
 
Location: Barrington
63,957 posts, read 43,643,994 times
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Reportedly a data entry error at Citigroup contributed to the panic, too.
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Old 05-06-2010, 03:20 PM
 
Location: Cary, NC
40,780 posts, read 70,719,150 times
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Quote:
Originally Posted by middle-aged mom View Post
Reportedly a data entry error at Citigroup contributed to the panic, too.
Well, ya know how it is with penny stocks....

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Old 05-06-2010, 03:38 PM
 
Location: NJ
17,578 posts, read 44,255,088 times
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Not that this post had a lot of merit to it, but it has even less if you actually look at a chart of the dow.

We closed today at pretty much the same level as we did on April 7th. And from before April 7th we are higher today than we have been at any point since about October 6th, 2008.
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Old 05-06-2010, 04:13 PM
 
Location: Mokelumne Hill, CA & El Pescadero, BCS MX.
6,958 posts, read 21,290,326 times
Reputation: 6444
While the equity market may have glitched, the 10 year treasury, which is a key rate in mortgage pricing, dropped to 3.4% which is good news for homebuyers.

Apparently a misreported price for Proctor and Gamble was able to drop the dow 172 points all by itself, which triggered all sorts of computer model trading programs. Once the error was reported, the dow magically regained 600 points.
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Old 05-06-2010, 06:24 PM
 
Location: SC
9,101 posts, read 15,770,616 times
Reputation: 3617
Quote:
Originally Posted by MikeJaquish View Post
Misleading thread title.

Dow is down 347+ points at the close.
Dow Exhales to Close Down 348 After Biggest One-Day Swing | The Market Story | Financial Articles & Investing News | TheStreet.com

While the drop was precipitous, the climb back was equally steep, just didn't wipe out the loss.

Sellers lost 1000 if they panicked and were trading in a DOW ETF, maybe.
Some serious money was made by buyers at the bottom of the spike, for sure.

There is a little after hours softness, but at this time, not all DOW components are down.
VZ is up. I haven't looked at all 30 stocks, though.
^DJI: Components for Dow Jones Industrial Average - Yahoo! Finance
The point is the entire market plunged to great depths and if people had placed stop-loss orders they were filled after that kind of drop.

We essentially reached our February lows today and many say we could go lower so batten down the hatches.
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Old 05-06-2010, 06:28 PM
 
Location: Right where I want to be.
4,507 posts, read 8,669,740 times
Reputation: 3349
Quote:
Originally Posted by manderly6 View Post
I think anyone who is considering buying a house in the near term and has that money wrapped up in the stock market deserves what they get.
^ This.

emilybh is obviously a glass half empty type of gal if this is considered the stock market 'tanking'. Good heavens....how did you make it through 2008?
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