This Day in the Financial Crisis: September 9, 2008

On Monday the 8th the DJIA had been up 289 points. On the 9th the index was down 280, so net, net up for the week right?

The high beta deals had been leading the way down since First Solar hit its all-time high at $317 on May 14th and the big beta baby had gotten pretty good at signaling direction for the larger market, both up and down.
On the 9th it was down 10.1% at $200.26.

FSLR was on its way to $103.97 on March 4, 2009 where it would bottom and turn up a few days ahead of the market.

Also inexorably, Hurricane Ike was still coming.

Here's what we were posting:
6:39 a.m. 
Jim Rogers and Warren Buffett at Odds on Fannie/Freddie Bailout (FNM; FRE)
7:04 a.m.
Fannie, Freddie and the Man in the Street
10:47a.m.
Pimco Total Return Fund had best ever day Mon-Gross
11:21 a.m. 
Corn falls to one-month low - -A Reverse Commodity Play: General Mills (GIS)

With price declines at retail lagging commodity declines, somebody* is making that spread. The question I have is "Did GIS unwind the hedges they had in place on the ag up-move?"....

12:33 p.m. 
Hurricane Watch: Ike crossing Cuba; Texas next?
1:00 p.m. 
Nowhere to Run, Nowhere to Hide: Oil Down $4.39, Industrials Down 280
3:07pm 
Solar Shares Collapsing; Where’s The Bottom?

Poor little Canadian Solar was down 20 % today. What did the Canadian's ever do to us?
(before you send the email, I know it's a Chinese company. I was thinking of my great-aunt who, when told by her broker that Proctor & Gamble was splitting, is reputed to have said "But they've been together so long")...

9:01 a.m. 
OPEC Cuts Output 500,000 Bbl/day

From our September 3 post "Las Vegas Lock Of The Week: OPEC Will Cut Production":
Yeah, I'd have to make that my Five Star Tip of the Week too....

Here's MoneyBeat's recollection:
This Day in Crisis History: Sept. 9, 2008

The rally triggered by the government’s bailout of Fannie MaeFNMA -1.61% and Freddie MacFMCC -0.88% didn’t last long.

On Tuesday, the Dow Jones Industrial Average dropped 280 points, wiping away most of the prior day’s gains as worries about the health of the financial sector and the global economy resurfaced. Those concerns overshadowed the brief respite in the markets triggered by the rescue of the nation’s two troubled mortgage giants.

Lehman shares plunged 45% on Tuesday as hopes of a rescue deal with a Korean bank faded. The drop, at the time, was the investment bank’s biggest one-day percentage decline. And it came after Lehman shares had already been down about 80% for the year....MORE