Global economic meltdown, the Titanic is sinking.

Watch the S&P 500 Index, if it falls below 1200 the bottom may fall out.

-- Hang on (we may @ hit. bottom), March 01, 2001

Answers

Why do you feel 1200 is an important support level for the S&P 500?

-- So (far@so.good), March 01, 2001.

No particular reason, call it a "psychological" thing.

Same thing applies to 10,000 on the DOW. Ever notice how the PPT stepped in during Clinton's term every time it dipped under 10,000. Trouble now is, Dubya don't like using a PPT. He wants that tax cut.

-- (time@will.tell), March 01, 2001.

The wierd thing about Dubya's thinking is this, if he is going to give his tax cut based on the projected surplus, why is he trying to convince everyone that the economy is tanking? If it is tanking like he claims, the surplus will not be there for him to use for tax cuts.

-- Cherri (jessam5@home.com), March 01, 2001.

Bush is wrong about the need for a tax cut. It should not be reasoned on the basis of boosting the economy. It should be pushed and passed based on the SIMPLE FACT that the federal government takes too much of our equity. In fact the whole tax pyramid is upside- down - the state and local governments should be the largest tax sinks, not the fed.

In any regard, socialists like Gephardt and Daschle will argue about this or that aspect of Bush's tax cut to the point that nothing gets passed for years - just what they want.

-- bush's failed reasoning for tax cut (moreinterpretation@ugly.com), March 01, 2001.

He doesn't like Japs, does he?

-- dumbya tanked the NIKKEI (he@is.evil), March 01, 2001.

Friday March 2 1:59 AM ET Nikkei Tumbles to New 15-Year Low

By Nathan Layne

TOKYO (Reuters) - Tokyo stocks lurched to a new 15-year low on Friday as crumbling high-tech shares tore three percent off the Nikkei average, hit hard by a profit warning by Oracle Corp, the world's second-largest software company.

``The data at home is certainly not sweet and investors have little reason to believe the Nasdaq won't dip further,'' said Nobuaki Kurisu, chief fund manager at Sumisei Global Investment Trust Management.

``These are not prime buying conditions.''

The benchmark Nikkei average plummeted 3.31 percent or 419.86 points to 12,261.80, its lowest close since July 31, 1985 when it ended at 12,232.27.

Losses were broad-based, with decliners outnumbering gainers 1,155 to 216 on the first section of the Tokyo Stock Exchange.

The capital-weighted TOPIX index fell 2.24 percent to 1,199.84, its first fall below 1,200 mark since March 1999, but still 22 percent above its post-bubble closing low of 980.11 hit on October 15, 1998.

The Nikkei fell for the fifth straight day, shedding over seven percent.

Financial Services Minister Hakuo Yanagisawa said the recent tumble in stock prices was due in part to trading in equity derivatives products.

Exchangeable bonds (EBs), often linked with blue-chip high-tech issues such as Sony Corp and Nippon Telegraph and Telephone Corp (NTT), as well as bonds linked to the Nikkei average whose return at maturity depends on the Nikkei's level, have gained popularity in recent years among retail investors seeking higher returns.

But if the stock price or the Nikkei average falls below a pre-determined level, the number of sellers increases, driving the market lower.

-- (tumbling@down.down.down), March 02, 2001.

If I had a dollar for every time someone said "the stock market is going to crash today..."

-- (cin@cin.cin), March 02, 2001.

Cin,

No one said anything about a crash, at least not on this thread. The markets have been going steadily down for almost a year now.

-- (wake.up@smell.coffee), March 02, 2001.

Well I dont know bout a 'crash' but I do know my savings is tied up somehow to the S&P via here at work, some type of plan I put money into each time i gets paid.

I also know my hubby joined 401 and lost a bit last year on the market.

I also heard thru the vine that LTV steel will be laying off ALOT the end of this month. My bro in law who is 4th in seniority is getting the boot.

It doesnt look real good for 'some'.

-- sumer (shh@aol.con), March 02, 2001.