Crashy

[captpackrat]

The US markets were closed today for MLK, but the rest of the world was still trading.  And it was an utter slaughter.

The FTSE 100 (UK) down 5.5%, Brussels SE BEL-20 down 5.5%, Amsterdam SE EOE down 6.15%, CAC 40 (France) down 6.8%, Australia All Ordinaries down 7.26%, RTS (Russia) down 7.38%, Hang Seng (Hong Kong) down 8%.

If the US markets open down 5-8%, that'll be a drop of over 600-1000 points on the Dow.  Futures contracts are already down about 500 points.

I am not looking forward to tomorrow morning.

Comments

[rigelkitty.livejournal.com]

Sell!

[captpackrat.livejournal.com]

Unfortunately, by the time the market opens, it will be too late, it will already be way down.

[whitetail.livejournal.com]

I don't think I'm going to watch the ticker tomorrow. Apple's going to release their quarterly earnings after hours - that's the only news of the day I'm really going to be interested in. All the rest is just FUD.

You know the markets have done this to themselves, don't you? The US markets started this Chicken Little act 3 weeks ago, and it's become a self-fulfilling prophesy now. And here's what I really want to know - WHERE'S OUR FEDERAL RESERVE CHAIRMAN? If he'd announced a 75 basis point interest rate drop last Friday like he should have, Monday's crash wouldn't have happened. Greenspan never would have let this get to this point...

[captpackrat.livejournal.com]

I'm hoping Bernanke will grow some balls by next Tuesday and give a 100 point cut.

I suspect though, that we'll get some pansy-ass 50 point cut which will probably make things worse.

[mortonfox.livejournal.com]

I have cash that I need to put to work. Although it's unlikely that 5% down will suddenly make everything a bargain, I'll check tomorrow. I guess I should also cover some of my short position before the inevitable dead-cat bounce even if I wasn't planning to do that until late 2009.

[mikosquirrel.livejournal.com]

Did you forget to SELL SELL SELL?