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Britestar

The President is going to speak on the economy at 2:00. How will the stock market do?

I will record the major indexes in the comments at 2:00 and again at close.
Britestar:

NASDAQ: 2502.42, -2.23

Dow: 12818.14, +17.96

S&P: 1415.09, +3.46

Michelle:

Where did you get your numbers if I can ask?
Ing has a totally different set of the 3...
Just curious. Peace : )

Britestar:

I took them off the MSN browser at 2:00. The speech was delayed, but I had already put them in.

Britestar:

I like to think of it as a dubya day. Stocks were up, down, up, down, and then up. W.

NASDAQ: 2499.46, -5.19

Dow: 12827.49, +27.31

S&P: 1416.18, +4.55

Thanks, Dubya.

Globally Interested:

I agree with Russ, that he has no clue. He is no better at economics than he is at international relations. The man is a bigger dunce than those who voted for him TWICE.

The only thing he did right was to NOT nominate Kudlow for the FED chair.

However, the market will listen to him and will move up if his speech is optimistic. On the other hand, it will return to the economic fundamentals within a day or two.

If he sounds as if he expects a recession it will not be good for the market for several days... maybe longer.

Britestar:

I was wondering if he would use the R word. I seriously doubt he will unless he has completely lost it.

Globally Interested:

Lost it!?!?!?! When did he ever have it?

I see the Dow dropping as he speaks.

Globally Interested:

Wow. Must be a real important

Globally Interested:

Must be a real important speech. All the news channels have cut away from it. It isn't even on the CSPAN networks. From what I did hear... nothing new.

Globally Interested:

Looking at the intraday chart, the speech had no effect. The dow remains between the high abd low of the morning. Just another shot in the dark by a blind man.

Britestar:

I am happy it didn't drop 200.

Jack:

Please don't take any long or short positions on any answers provided in this forum. There are few here who will provide useful information ... EVEN IF they know the potential outcome of his speech. ;-)

Britestar:

When I get that hard up for investment advise, I will put it in the bank.

Jack:

LOL

It is interesting to note that the Dow dropped 10 points at the President's opening joke. ;-)

Jack:

The NAZ is down 10 as well. ;-)

Britestar:

It was a bad sign when CNBC tried to go to the Treasury Secretary and then said if there was anything important they would let us know. I was interupted and couldn't find the speech on any channel.

Jack:

Ya didn't miss anything, other than he dropped the R-bomb a couple of times. ;-)

Michelle:

It will fluxuate like it always does... up, then down... like a rollercoaster ride. It did the same thing when Fmr. PM Benazir Bhutto was assassinated. It did the same thing when threats of war with Iran came in ... same with N. Korea...
Other than sheer interest in the idea that people and business is as flighty with money as shadows around them, I'm not interested in the 2pm bell vs. the ending bell... Peace : )

Britestar:

I thought it was down and up and down and up. I expect it to be dull until after the elections.

Britestar:

Those figures could have been time delayed. I had better ones that I should have taken.

Russ:

ZZZzzz.... huh? Say something ? Since when have the markets listened to anything this President says ? He has NO clue, and never did.

Britestar:

You timed your nap wrong. You should be nodding off right now.

Ghostrider:

i dont kno

Gbob_north:

Well, since his platform is behind lower taxes and lower federal rates, I expect that the financial institutions that've lost value do to fears in their loans turning belly up will stop losing value and maybe even rally a bit, though overall, I'd expect that most of what he has to say will come as no surprise and p[rices won't move a whole bunch, unless OPEC raises prices for dramatic effect again.

Britestar:

Bush was talking about extending the tax cuts beyond the three years after his departure. He didn't talk about an economic stimulus now, when it was needed. Bush's "platform" was to go out there politicking for the party. Once the primaries are over, no Republican candidate will be protecting Bush's policies. They'll be too busy criticizing them.

The Federal Reserve System usually adjusts the federal funds rate by 0.25% or 0.50% at a time. From early 2001 to mid 2003 the Federal Reserve lowered its interest rates 13 times, from 6.25 to 1.00%, to fight recession. In November 2002, rates were cut to 1.75, and many interest rates went below the inflation rate. (This is known as a negative real interest rate, because money paid back from a loan with an interest rate less than inflation has lower purchasing power than it had before the loan.) On June 25, 2003, the federal funds rate was lowered to 1.00%, its lowest nominal rate since July, 1958, when the overnight rate averaged 0.68%. Starting at the end of June, 2004, the Federal Reserve System raised the target interest rate and then continued to do so 17 straight times. Most recently, the Fed cut by .25% after its December 11, 2007 meeting, disappointing many individual investors: the Dow Jones Industrial Average dropped by nearly 300 points at its close.
Source: http://en.wikipedia.org/wiki/Federal_Reserve_System

Bush cut the Fed rates down to 1.00% at the beginning of his presidency. That is obviously four cuts away from nothing. The only reason he has a "platform" of lower federal rates is because he had a platform of higher federal rates. It could be argued that the rates were too low, but raising them so quickly has brought this present liquidity problem and housing crisis on us. Not only have people lost money in the value of their homes, but banks, i

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