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French Bank freezes US funds;Stocks Plunge on Rising Credit Anxiety

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posted on Aug, 15 2007 @ 09:24 AM
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There seems to be some calm in the air. DJIA closed that small gap down this am...markets looking direction now. Barring additional bad news on the hedge fund/banking front today, 13,000 should hold...the PPT will see to it.




posted on Aug, 15 2007 @ 09:33 AM
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Originally posted by OBE1
There seems to be some calm in the air. DJIA closed that small gap down this am...markets looking direction now. Barring additional bad news on the hedge fund/banking front today, 13,000 should hold...the PPT will see to it.


*should* being the key word,

it will be hard for it to hold it this week. wouldn't be surprised if it dropped at all.



posted on Aug, 15 2007 @ 02:54 PM
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U.S. Stocks Drop, Erasing S&P 500's Gain for 2007; Banks Fall





Aug. 15 -- U.S. stocks declined after deepening credit-market losses sent Countrywide Financial Corp. to its worst tumble in 20 years and wiped out this year's advance in the Standard & Poor's 500 Index.

Countrywide retreated 18 percent after Merrill Lynch & Co. said forced asset sales could send the largest U.S. mortgage lender into bankruptcy. Freeport-McMoRan Copper & Gold Inc., the world's second-largest copper producer, helped drag a gauge of raw-materials producers to the biggest decline in the S&P 500 on concern that a slowing economy will reduce demand for metals.


Please visit the link provided for the complete story.




``Feels like we're on the edge of a panic to me,'' said Jeffrey Saut, who oversees $33.7 billion as chief investment strategist at Raymond James & Associates in St. Petersburg, Florida. ``In our business, psychology is everything and psychology has changed real quick on Wall Street.''


www.bloomberg.com...

this is the worrying part of it all



Countrywide Financial dropped for a fifth day, falling $1.96 to $22.50 in its biggest decline since the stock-market crash in October 1987. Merrill Lynch advised clients to sell the shares and said ``funding markets are deteriorating quickly.'


Things are getting ugly by the day.



posted on Aug, 15 2007 @ 03:00 PM
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Thanks infinite for the update, it seems the markets didn't make it today again, below 13,000.

The rumors are that the feds will not do another transfusion and will look into the interest rates.

And we all know what that may mean for consumers.



posted on Aug, 15 2007 @ 03:06 PM
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so by cutting rate, credit becomes cheaper,
and it wold make the Fed look like they're in a panic if they cut rates.



posted on Aug, 15 2007 @ 03:15 PM
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Originally posted by infinite
so by cutting rate, credit becomes cheaper,


This is good news for my husband and I depending how the rates will go we may be able to refinance our home that is secure loan due to VA and get a good deal.



and it wold make the Fed look like they're in a panic if they cut rates.



And on the other hand you are right people may want to start hiding their stash of money under their pillows.


Still cheap credit will attract the wrong crowd, but how can this be good if this is the root of the problem to begin with.

BTW I think the feds are in a panic mode right now.



[edit on 15-8-2007 by marg6043]



posted on Aug, 15 2007 @ 03:18 PM
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Still cheap credit will attract the wrong crowd, but how can this be good if this is the root of the problem to begin with.


yep,
and we will be back to square one.



posted on Aug, 15 2007 @ 04:33 PM
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Originally posted by infinite

Still cheap credit will attract the wrong crowd, but how can this be good if this is the root of the problem to begin with.


Fed's fund rate will go down to stimulate business, tax revenues etc...but lending standards have definitely gone up. I think you can safely stick a fork in subprime, and loose lending practices...their done


Closing hour sell-off = Countrywide, KKR, and general uncertainty. Unless today was a false confirmation, the breakout below the 13,000 neckline has a downside price target of around 12,000. Various support levels tested on the way down.



posted on Aug, 15 2007 @ 09:25 PM
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Not looking good in Asia right now:



Daily losses over a period of time might be easier to take than a sudden drop but the result is the same.
.



posted on Aug, 15 2007 @ 09:26 PM
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Originally posted by Gools
Daily losses over a period of time might be easier to take than a sudden drop but the result is the same.
.


And often huge drops are preceded by a period of steady decline.





[edit on 8/15/2007 by djohnsto77]



posted on Aug, 15 2007 @ 09:35 PM
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Originally posted by djohnsto77
And often huge drops are preceded by a period of steady decline.


True.

BTW Jakarta just opened and it's already 5% down!

finance.yahoo.com...
.



posted on Aug, 15 2007 @ 10:01 PM
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That's pretty nasty so far. I'm not by any means a pro in finance, but they've been talking all day on CNBC and Bloomberg about redemptions by hedge fund clients. I know that emerging markets have been some of the best performing assets over the past few years. Several of the talking heads were saying that when hedge fund clients ask for redemptions, the hedge fund has to sell whatever they have to get that capital.Could they be selling(thereby driving down price) what assets they have in these emerging markets, like they did today in the US with lots of stocks that have nothing to do with the subprime stuff going on,because lots of clients are saying they want out?
Like i said i'm not a pro, and there are a couple of indexes in that list I couldn't tell you where they are. I know Japan, S Korea, and NZ/OZ are in that list and wouldn't consider them "emerging". They are down too though.



posted on Aug, 15 2007 @ 10:30 PM
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If anyone is in the dark about some of this stuff (as I most certainly am) this article is a very good read. It talks about why banks are dumping cash into the market and how this might be just a normal "correction" usually pegged at a 10% drop in the market in its 2 roughest months of the year (August / September).

This stuff is fascinating...keep up the good analysis everyone!!



posted on Aug, 15 2007 @ 10:42 PM
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Well, according to my math (and it's known to be wrong from time to time). The Dow is already down 8.9% and the S&P is down 9.5% from recent highs. So if this is just a correction shouldn't this be about over with? If it's not I dunno. I've moved a quite a bit of my portfolio into gold and have started collecting common date coins with high silver content as a hobby
. Also have been stocking up on dry goods and keeping a little more cash than normal on hand just in case.



posted on Aug, 16 2007 @ 12:31 AM
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the "correction" talk may just be perception management

with the fed panicky, this stands to be a severe correction or more notably a long slow crash (global) it's a matter of semantics

but some people are calling for much worse again only time will tell

btw ASIA is getting creamed 2-6% markets down on the day ...so far

and europe is progged to open appox 2% down when the markets open

like poster above said dow broke thru support at 13000 today, and should fall to 12,000 within a week,



[edit on 16-8-2007 by cpdaman]



posted on Aug, 16 2007 @ 01:16 AM
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There are a variety of things going on that will negatively effect the economy. Should we expect the fall to stop at 12,000? I am expecting the Holiday shopping season to be not-so-good for retailers. I'm expecting the EOY (end of year) mood to be black, to say the least. Knowing what all of you guys have already said about psychology, I'm wondering ifthe fall doesn't stop until 9,000 when the Fed's money is no longer forthcoming?



posted on Aug, 16 2007 @ 01:25 AM
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Originally posted by Justin Oldham
Fed's money is no longer forthcoming?


The Federal Reserve has basically unlimited money [edit: I should say dollars, not necessarily money ]. But so far, they've been using repos that are temporary. One wonders how long they can support the markets using only repos, I would think that they'll have to actually start buying bonds soon, which usually is done only in an interest rate change operation. If they do that before the next FOMC meeting, you could officially call it a panic.


[edit on 8/16/2007 by djohnsto77]



posted on Aug, 16 2007 @ 06:01 AM
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Global Stocks Tumble; Deutsche Bank, BHP, Macquarie Bank Fall





Aug. 16 (Bloomberg) -- Stocks in Europe and Asia tumbled and U.S. index futures dropped as concern deepened a global credit crunch will sap earnings and erode economic growth. Bonds gained worldwide and the yen rallied against the dollar.

Emerging-market shares and currencies also dropped, with South Korea's Kospi index tumbling the most in five years. The Turkish lira declined more than 4 percent against the dollar, the most since June 2006. Indonesia's rupiah, South Korea's won and South Africa's rand also retreated against the U.S. currency.


Please visit the link provided for the complete story.


www.bloomberg.com...



``We're in the eye of the cyclone,'' said Salah Seddik, who helps oversee about $5 billion at Richelieu Finance in Paris. ``There's now the question of what will happen with economic growth. It's too early to come back to the stock market.''


Europe is down 3% across all markets. FTSE dropped below 6,000, DAX could fall below 7,000 and CAC 40 could fall out of the 5,000 base.

other words, it ain't pretty.



posted on Aug, 16 2007 @ 06:12 AM
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EKKKK!!!


Today's fall means that the index, which measures changes in the value of the country's 100 largest companies, has lost nearly 11.5 per cent of its value in the space of a month.


nearly 12% in a month



posted on Aug, 16 2007 @ 06:16 AM
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I must say this is looking less and less like a correction and more and more like a major bear market or 1929/1987-like collapse.

Of course, since everyone seems to be saying that, from a contrarian point of view, that should mean that we're closer to a bottom than a top.

I've never been good at timing the markets... if I was I wouldn't be posting here now, I'd be on my own private island in the south Pacific sipping a piña colada.


[edit on 8/16/2007 by djohnsto77]

[edit on 8/16/2007 by djohnsto77]




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