Irrational exuberance on the stock market?

[prolesunited]

The immensity of the horror and tradegy is becoming even more apparent as more information is coming out of the hurricane-ravaged area. With the repercussions of the oil supply, ports closed, homelessness, lack of tax revenue, no jobs to go back to, why would the stock market close up?

I don't understand why this would happen. I moved everything into a protective position today because I think this is going to be more than a blip.

Am I being too cautious? How would you explain the market reaction?

[Zynx]

1. The market closed up because speculators think big money can be

made on reconstruction.

[Career Prole]

2. Ah...so there are bull markets, bear markets,

and buzzard markets.

[Dogmudgeon]

4. Buzzard Markets

I like that.

It's eerily ... accurate.

--p!

[prolesunited]

5. That's not going to be sustainable

for any length of time.

[CountAllVotes]

6. yep they are the biggest goons on wall street

and they are betting on "emerging markets". :grr:

I hope the all lose their sorry asses.

:kick:

[whalerider55]

3. simple...

it looks like mass destruction to you, it looks like bidless contracts to them. And since the greatest concentration of corporate money is in the insurqance industry, who's in a better position to take a hit and brush it off than those folks.

money makes the world go 'round.

whalerider

[specimenfred1984]

7. 3 Possibilities

1) End of month "window dressing"
2) Vultures
3) The Fed and/or acct. 990N propped it up again.

I think it's 3. The volume in the S&P was exceptionally high during the last hour of trading, with very large buy orders occuring 10 minutes apart. Also, the Fed's Bernake was talking up the markets today, saying the hurricane damage will create jobs and help the economy.

Fed speaks, Fed props: that's been the pattern for the last year and a half. Yes, it's illegal and it's destroying the integrity of our markets as our markets are no longer "free markets".

Such is life under a fascist regime. Maybe, just maybe, the electorate will finally wake up in 2006.

[poverlay]

8. I was wondering the very same thing.

I can only imagine that people must be thinking about the money to be had from rebuilding. The losses are going to dwarf the gains and I'm not sure people really understand the immensity. The commerce in that area is immense and every day that goes by without it is going to cost more than people realize.
After every other hurricane people were able to start picking up the pieces within days. The Army Corp of Engineers is estimating weeks to simply drain the city of NO.

Fill up your gas tanks and stock up on coffee. I am convinced that it's going to get ugly...