Wednesday, November 12, 2008

3rd straight decline.

Ouch. Where to start?

Market closed down 410 points to closes at 8282.

C down over 10% to close in single digits at $9.64. It's down 57% since the bailout was announced on Oct 3.

American Express Co. is seeking about $3.5 billion from the government to help boost its balance sheet. Down $2.35 (-10 1/2 %) to close at $20.25.

GE has secured the temporary backing of the FDIC for up to $139 billion of the debt of its finance arm.

GE shares closed down $1.52( -8.5%) at $16.29 to close at an 11 year low.

SHLD down over 10 1/2% to close at $44.88. I should have followed through with my recommendation a few weeks ago and sold.

This is getting scary now. I think the market closes below 8000 over the next week (maybe tomorrow).

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