Wall Street – Big Daddy Bear is Back

Do you know what its like to be a kid and use your “slip and slide” and it’s fun? Do you know what it’s like to be drunk and “slip and fall” and its not fun? Well, today the markets took a turn for the latter. Yes kids, the Big Daddy Bear is back. And Big Daddy Bear likes it rough. The Dow (INDU) and the Nasdaq (COMP) both closed at levels that meet the definition a bear market, which according to CNN Money, is defined as a drop of at least 20% of the cyclical heights. This is also known as “doing shitty” and “making investors sad.”

What is the reason for all of this you ask? Well, many things. Starting with GM – this stock took a dive of 15% TO A FIFTY-FOUR YEAR LOW (yes all caps because this is a point to note); this made know-it-alls Merill cut GM’s rating from “tap this” to “run screaming”, no, it cut the rating from “buy” to “underperform.” This is known as “bad.” Also effecting the market are worries about the strength of the Euro vs. the USD (possible boost in the European Central Bank rates), as well as tomorrow’s upcoming US Government report on jobs.

But what, you are asking, is the main culpret? Yes folks, its the price of oil. Today, oil prices jumped again based on a “shortage” of light sweet (bitchy) crude. Basically, oil producers are sitting in their golden, diamond-encrusted thrones, passing the hash pipe around and laughing in the faces of those on Wall Street, who are crying salty tears into their empty Starbucks travel mugs.

And that’s the state of affairs for today. Check back tomorrow for more!

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