[frankthetank]

Dow down over 600 right now on MW...

???

[Cyrus]

We just shot below the 8,600 point for second!

[Carlhole]

GM shares tumble to 58-year low

NEW YORK -

General Motors Corp. shares on Thursday plunged to their lowest level since the opening months of the Korean War, as investors continued to fret that the decline in U.S. vehicle sales may be spreading to the rest of the world.

GM shares plummeted by as much as $1.50, or 22 percent, to $5.41 before rebounding to $5.90 in afternoon trading. The low point marked the Detroit-based automaker's lowest share price since Dec. 16, 1950, when it hit $5.40, according to the Center for Research in Security Prices at the University of Chicago.

[frankthetank]

This is just plain ugly. I thought today was an up day.

[jasonraymondson]

Nope, this is not a crash, this is what we call a correction.

The dow needs to be below 7000, and until it does. There will never be any sanity in the market. Companies are overvalued, greed and the need to feel important has created an environment that will self implode if not corrected. The sooner the better.

[jasonraymondson]

This is just plain ugly. I thought today was an up day.

I was thinking the same thing this morning, I figured we would see 200- 300 point gains today. I woke up and just new the stock market would go up, boy was I wrong.

[dovey]

the volatility today was really amazing...once again we have lost a great deal in 401k.
dovey

[frankthetank]

Have been wondering about this for awhile... This will accelerate if we don't get an up day...a big up day!

Some people already seem to be acting on that instinct. In the first six days of October (through Monday), investors pulled $19 billion out of mutual funds that invest in United States stocks, matching the outflows for the entire month of September, according to TrimTabs Investment Research.

[frankthetank]

And tomorrow is Friday...

[frankthetank]

Down almost 700...

I feel sorry for you investors. Sometimes its not so bad being poor.

[jasonraymondson]

Down almost 700...

I feel sorry for you investors. Sometimes its not so bad being poor.

I have been poor my entire life, This whole event, is just giving me more peers.

[retiredguy]

They finally used the "C" word on CNBC this afternoon.

[AgentR]

I guess an interesting question to consider now, is where and how to pick a bottom as a point to move from cash back into securities.

Course, once you do decide, and buy; you've got to turn off all the computers and TV's as you'd likely go insane over the next 6 months.

[Gebari]

The DOW has lost 2000 points since the high of Friday. That is 2000 points or around 19% in just under 5 days. The only way that that can be defined is a 'crash', surely? This is 1929 territory.

[AlCzervik]

The '87 crash was 25% in one day. We are nowhere near that.

Luv,
M$M pundits

[Woodenpaddler]

America is pitiful; Though we're entering an enormous and rapid change in our world when I open up my web browser the Yahoo home page up comes up with headlines about Beyonce and the Cowboys end zone.

I'm the only one in my office right now that understands this will be potentially bigger than even I can understand now.

[Cashmere]

The '87 crash was 25% in one day. We are nowhere near that. Luv, M$M pundits

25% in one day. 25% in 7 days. A distinction without a difference.

[neocone]

For whoever has a 401k: You can take a loan against it OR just cash it in... and if at the end of the year you roll it in another plan you can still be covered and not pay taxes the following year.

Technically there is a murky mark at 60+ days after the withdrawal... but I am sure you could argue with the IRS that you acted to protect your nest egg and convert it to cash before putting back the money dec 31st.

[Olaf]

I believe I've just watched the house I was planning to build next year disappear in a puff of smoke.

Folks that jest about this can go fuck themsleves. This is not a game.

[gnm]

Technically there is a murky mark at 60+ days after the withdrawal... but I am sure you could argue with the IRS that you acted to protect your nest egg and convert it to cash before putting back the money dec 31st.

Yeah, watch the IRS come back and say "You kept it in cash while the fund dropped another 40%? Thats profit! Lets tax it!"
-G