S&P 500 slips below 800, re-testing November lows

[rfranklin]

S&P 500 slips below 800, re-testing November lows
Investors watch for break of 750, which some fear could presage more losses
By Kate Gibson, MarketWatch
Last update: 12:21 p.m. EST Feb. 17, 2009Comments: 368NEW YORK (MarketWatch) -- With the S&P 500 trading below 800 Tuesday, for the first time in nearly three months, the broad market was testing November lows in what could prove to be a pivotal trial of what's viewed as a key support level.
Financials, energy and industrials led declines that hit all 10 of the S&P 500's industry groups. At last check, the S&P 500 stood at 794.77 off 32.07 points, with the index sliding under 800 for the first time since Nov. 21, when it fell to a low of 741.02 but closed at 800.03. The S&P had closed at 752.44 the prior session, Nov. 20, marking its lowest finishing level in more than 11 years.
A break below 750 by the S&P "could morph into a full-blown crash scenario that may find a resting spot anywhere between 600 and 640, taking away roughly one-third of the gains from the 1982 lows. While possible, we are not yet putting too much weight on the outcome," said Paul Nolte, director of investments at Hinsdale Associates.

I think that the Wall Street types are selling just to make Obama look bad as he signs the Job Creation Act.

[ThomWV]

1. Nobody is purposfully losing money to make President Obama look bad.

Silly thing to say.

[rfranklin]

2. If you are a trader you can make buckets of money as the....

market goes down. And then more as it goes up again. The long-term investors (mom and pop) are the ones getting killed in this market.

[Peacetrain]

3. exactly...the short market is just whomping the heck out of us