All markets tumble badly on confusion

Dow was down 348 to 10½K. decliners over advancers 5-1 & NAZ was down 93 taking it below 2K. The charts on the right show selling continued all day with averages closing near the lows.

Among the carnage, S&P 500 FINANCIALS INDEX down 12 to 264½. The Alerian MLP index was down 10 & Dow Jones REIT index was down 16. The AMZ is at its lowest price in 4 years:

Graphs for Dow Jones REIT Index & Alerian MLP index are shown below, these have been brutal times for many that don't deserve this punishment:


Dow Jones REIT Index --- 5 years






Alerian MLP Index -- 5 years





Oil & gold had rough days along with the markets (sellers bought T-bills & bonds because of the stronger dollar):


CLX08.NYM Crude Oil Nov 08 ... 93.68 .. 4.85 (4.9%)

GCV08.CMX Gold ...... Oct 08 ... 837.40 .. 43.30 (4.9%)

One of the many big ugly stories was GE, down almost 3 after a $12B stock sale. Just a few years ago, GE had the largest market cap of any company in the world, today it's struggling with many other giants just trying to get by.

Even though the macro economic news was grim, all eyes are watching DC to see if the House will pass a rescue package & exactly what it will contain besides pork. Some are switching sides in both directions making it difficult to guess what the outcome will be. There is plenty of chaos in DC especially with each member of the House up for reelection (some will have tough fights to keep their jobs).

Bush, Congressional leaders lobby for bailout bill


Chicken Little just got an unlisted phone number, so we'll have to tough things out by ourselves. We can do it!!