Its been a "Charlie Brown" kind-of-week "AAUGH!!"
The market has gone from over 10,300 this week to 9,848 for a super TGIF. Just when you think its over, the hits keep coming and Lucy pulls that football from you just before Super Bowl and "WHAM!" your portfolio takes it in the shorts Chuck.
Fear is what's driving the selling this week, FEAR.
What a week, from Toyota's Blowup (NYSE:TM) to Europe's debt to ManCrunch.com, we're ready for Miller Time.
The DOW this week, nice huh? (AP) Concerns about mounting debt problems for European governments weighed on the market again. Stocks had tumbled around the world Thursday as worries about the global economy deepened, and the Dow and other major indexes were headed for their fourth straight weekly loss.
"Clearly we've entered the worry, fear camp," said Rob Lutts, president and chief investment office at Cabot Money Management. "It's a very fragile investor psychology today. It doesn't take much ... to send them running for the hills."
The government's closely watched jobs report said the unemployment rate unexpectedly fell in January to 9.7 percent from 10 percent, even though analysts expected an uptick.
CRUNCH YOUR MAN
In the case of the Super Bowl, CBS has refused to broadcast an ad by the gay dating Web site ManCrunch. The ad opens with two men watching a football game, one wearing a Vikings jersey, the other a Packers jersey. It starts out like a typical red-blooded football commercial, with the Vikings guy taunting his buddy and yelling, "You suck!" They simultaneously reach for the bowl of chips. Their hands touch. They look at each other. And then . . . they make out.
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