The Jobs Report was dismal as well at only 165,000+ jobs, year-to-date.
President Obama spoke “live” at a Honeywell Plant in Minnesota in response to the Jobs Report, but stocks fell further during his speech.
Mitt Romney was quick to go “live” on CNBC to critique the Jobs Report and President Obama’s track record. And in addition, Mitt Romney defended himself and praising his successful track record with Bain Capital. Of course, this was his big opportunity to criticize Obama’s polices. But, the Jobs Report, the Euro Crisis and China’s economic slowdown have all taken its toll on the U.S. Stockmarket.
11:11am – From CNBC “It’s like 2008 all over again”. “It’s a sea of red out there”.
11:15am – CNBC reports today is the “worst day of year for stocks”.
11:18am – All 30 DOW stocks are down today. The biggest DOW losers are: American Express, Bank of America, Hewlett-Packard.
Follow me on StockTwits.
A great tool for technical analysis? Check out finviz.com
11:28am – The DOW’s gains for the year have been wiped out.
11:35am – Gold is up today, over $1600+. SPDR Gold Trust (ETF) is up.
Apple (AAPL) stock is plunging…
11:42am – Lower oil prices good for consumers, bad for the economy? CNBC reported earlier that you might have lower gas prices but you won’t have a job to drive to… hehe, interesting perspective.
12:02pm – June 1st is the day the DOW wipes out all gains for 2012. Ouch! The Question: How to set yourself up for next week? Europe is a mess. The Jobs Report was dismal. Greek elections coming up on a few weeks which will affect the Stock Market, good or bad.
Advice: You don’t want to step in and buy stocks today. You want to wait and see what happens.
12:10pm – “It’s been a tough week”. No kidding!
12:15pm – Good point, why is the responsibility of the economy all on the Fed?
12:33pm – “The other F word. Fear!” Well, I don’t think Warren Buffett is unloading all his stocks anytime soon.
12:40pm – Facebook is doing worse today than the overall market! And is “the IPO with the biggest 2 week loss posting since 1995”. Investors are taking this opportunity to “get out of the stock”! I do believe there is another tech stock bubble ready to burst. Groupon and Zynga are other examples.
12:43pm – Again, the “Gold stocks are doing well”. Investors move their money to gold when stocks are down. Treasury Bonds aren’t as good because of a lower yield.
“Tough day for the Bulls”… let’s just finish this day.
12:48pm – S&P 500 down 10%. In other news, today is National Donut Day, for what it’s worth. Thank you CNBC (Maria) for the much needed levity.
12:54pm – “Sell in May, go away”… hmm, interesting. My position is not to sell on the way down. So that would translate to “Buy or hold in May, go away”. Value investing, see what Warren Buffett does.
Side Note: Starbucks (SBUX) and Whole Foods (WFM) have great P&L, despite the entire stock market being down.
1:00pm – I’m out. Have a great weekend, everyone!