What was the reason behind today's selloff??

[BullMarket29]

Originally Posted by Stocks Investor

Health Care Reform is closer to vote.

Yup, I believe they are scheduled to have a vote by Sunday correct? Do you know what time that'll be at? I know CNBC is going to hold a special at 9pm on Sunday. So I'm just guessing it'll be in the late evening?

[BullMarket29]

OK, so I'm sure most of you know by now that a South Korean naval ship went down today off the west coast of the peninsula apparently from a torpedo strike from the North. Almost immediately after this news hit the wires you start seeing the markets turn down, and Gold rocket up. WTF?!?!

Why on earth is it that anytime we get some kind of global news out like this, the markets must tank?! Yesterday it was Jean-Claude Trichet opening his big fat mouth, and today it was some retarded scare in S. Korea which turned out to be absolutley nothing... Seriously, wth?!?? Two great rallies killed off because of some lame ass global news. Are you kidding?? Gimme a fvcking break!!!

Sorry but I just needed to vent. I had a horrible day today.

[Rbreb13]

Same thing happens just about every time Obama speaks on TV. Markets go down when he comes on, great short indicator!

[BullMarket29]

Originally Posted by BullMarket29

OK, so I'm sure most of you know by now that a South Korean naval ship went down today off the west coast of the peninsula apparently from a torpedo strike from the North. Almost immediately after this news hit the wires you start seeing the markets turn down, and Gold rocket up. WTF?!?!

Why on earth is it that anytime we get some kind of global news out like this, the markets must tank?! Yesterday it was Jean-Claude Trichet opening his big fat mouth, and today it was some retarded scare in S. Korea which turned out to be absolutley nothing... Seriously, wth?!?? Two great rallies killed off because of some lame ass global news. Are you kidding?? Gimme a fvcking break!!!

Sorry but I just needed to vent. I had a horrible day today.

Seriously, does anyone have an answer for this??? I'm just trying to get a better understanding of why news outside of this country affects our markets so much. I understand the Greece situation, but I really didn't get why we dropped today on this S. Korea news? Anyone?

[BullMarket29]

Originally Posted by Rbreb13

Same thing happens just about every time Obama speaks on TV. Markets go down when he comes on, great short indicator!

Haha. Very true.

[mattman27]

Originally Posted by BullMarket29

Seriously, does anyone have an answer for this??? I'm just trying to get a better understanding of why news outside of this country affects our markets so much. I understand the Greece situation, but I really didn't get why we dropped today on this S. Korea news? Anyone?

We are in a global market now. Anything that happens in other countries in one way or anyother will effect the US. The S. Korea news was rumored to be from north korea, in which conflict between them would involve the US because we are allies/trading partner with S korea.

[BullMarket29]

Hey all, I'm back again for yet another round of "What was the reason behind today's selloff??"! Hope y'all don't mind the thread bump. I'd rather just use this thread instead of opening up new ones.

Well gang, I have to say I was a bit surprised that we sold off as hard as we did today, on the back of pretty damn good economic data this morning. Sure the GDP number did not impress like most folks would have liked, but hell it wasn't that bad by any stretch! We just missed the consensus by like what 0.1, big f'n deal!! Is that really any reason to sell off 160 points?! The earnings have been stellar up to this point, the economic data has been improving nicely, but yet the market still sells. What gives? Are we in the process of some kind of top or something? It's awfully rare to see the markets just shake off good news like it did today... Definetly a head scratcher here after yesterday's impressive triple digit run.

Perhaps that wasn't the reason for today's selloff though? I understand we also had that criminal probe into GS last night. GS took another tumble down over as much as 10% today which sent financials down with it...



It's always something though... Greece....Portugal...Spain... who's next in line? Let's just downgrade every country while we're at it.

I'm not ready to throw in the towel on this rally just yet, but it sure does blow when stupid shit like that hits the fan and sends our markets in a friggin' tailspin.

So, back to the title, what was the reason specifically behind today's selloff? Was it the lower than expected GDP figure; the GS criminial probe; the oil spill out in the gulf; the Europe fears; what?

Thanks for any and all replies as always gang appreciate it!