GM and Citigroup are trading at 13 year lows. Goldman is trading at 6 year lows. Housing starts are at 791,000, the lowest level on record, permits are sliding as well. Gas Prices at the pump have come down some, but not as much as the lowest futures prices since records started being kept.
GM plunges 89% YTD; Ford is down 79% YTD. Citigroup and Alcoa have both tumbled more than 70% YTD.
This is just a very small list of lows that have been happening for all stocks in the recent past. It seems that prices will continue to slide and the opportunities to accumulate stocks at the lowest prices we've seen in a generation continue to increase. Patience is required to get the best bargains. We've got a ways to go to the bottom, in this market I think it will be better to be a month late than a month early.
Other market insights:
The threat of ID theft is on the rise as web users ace a jump in 'Matware' Spyware programs.
NATO won't increase its anti-piracy fleet even as the Saudi's encourage future piracy by negotiating ransom demands with the pirates that recently hijacked their oil tanker.
Automaker CEO's testified before Congress today, GM's Wagoner said that if the auto companies fail it would be catastrophic to society. Senator Bunning would like to use federal money from TARP to assist the auto companies through the bankruptcy process, hoping they will come out of it better, more efficient companies.
NASA astronauts watched a tool bag float away as they were performing their high tech grease job. Someone apparently forgot that things float in space and didn't tether the bag.
16 banks have failed so far in 2008. Typically about 2 or 3 banks will fail in a year, none failed in 2005 and 2006.