Tuesday, October 7, 2008

Free Fall

Market continued to plunge dropping 508 points today after dropping 370 points yesterday.

Market closed at 9,447 and has dropped a little over 1400 points the last 5 days.

The S&P 500's 15 percent retreat since Sept. 30 is the third-steepest five-day drop on record.

So far this year, the S&P has tumbled 32 percent in the market's worst yearly slump since 1937.

``We've approached the edge of the cliff,'' Leon Cooperman, 65, who manages $6 billion at hedge fund Omega Advisors Inc., said at the Value Investing Congress in New York. ``Do we go over the cliff or begin to recede? History says we recede, but there's no guarantee. This is the most difficult financial environment I've lived through.''

There is hints that the FED may be cutting interest rates soon. The market ignored these hints as panic and selling continued.

In other news- had a good workout at the track. Ran 10 TEMPOs at 70-80%.

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