Viewers and investors are justly cautious in this market... 76% of respondents to this weekend's poll believe that rate cuts and homeowner bailouts would have no effect on turning the stock market around.
GM was down 8%, the worst Dow performer. They are still undecided as to whether they will merge or combine operations with Chrysler to save money, and there's no indication of how that would happen. It appears the government will keep loaning them money to stay afloat, with the Wall Street Journal breaking news during the show that 5 billion dollars will likely become available to GM. Without this money it seems likely that one or both of teh Detroit carmakers could run out of cash within a year.
In other news, it was the best day for Verizon in 8 years, up 10% due To rising wireless subscriptions & selling more data and web services. Technology companies like Intel have a lot of of money and very little debt, and there are bargains to look for in the sector, although Goldman slashed its 2009 PC forecast by 6%, no surprises there.
CHART OF THE DAY: NIKKEI HITS 26-YEAR LOW
Could the Bear market in this country follow a similar track?
Dennis Gartman of the Gartman Report says it's possible. Baby boomers are retiring and on every rally they will be getting out of the market in droves. Fortunately monetary authorities in th e United States are taking steps to help the situation, unlike their Japanese counterparts. The Japanese failure to inject liquidity worsened their situation. The Nikkei Index had its lowest close since at least 1983, dropping 6% just today and down 57% year-over-year.
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Trader disclosure: On Oct. 27, 2008, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Adami Owns (AGU)(BTU)(C)(GS)(INTC)(MSFT)(NUE) -- Macke Owns (MCD)(WMT)(MSFT)(SDS)(UUP) -- Pete Najarian Owns (INTC) And Is Short (INTC) Calls, (MGM) And Is Short (MGM) Calls, (MS) Put Spread -- Jon Najarian Owns (UBS)(FCX) Calls, (SU) Calls -- Finerman's Firm Is Short (IYR)(IJR)(MDY)(SPY)(IWM)(BBT)(COF) -- Finerman Owns (GS) -- Finerman's Firm Owns (JNJ)(MRK)(MSFT)(SUN) -- Finerman's Firm Is Short (USO) -- Gartman Owns (FXE) And Is Short (FXY) -- CIBC Gartman Index Is Long The Australian Dollar And Is Short The Euro -- Pado does not have disclosures on: S&P 500, RTH, QQQQ, GS