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dow dropping 250 pts 1 min after opening

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posted on Oct, 6 2008 @ 01:33 PM
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There is no reason anyone in their right mind would be bullish for the close today. I'd expect massive sell off. This will affect European markets when they start up again, and then tomorrow..god..I don't even want to know. But then we'll all be selling off more because of the sell-off of the European markets. Tomorrow is gonna be a dark, dark, dark day for money.

But hey..Maybe everyone just flicks a switch, and everyone starts buying again and feels optimistic. Don't know why though. I wouldn't be caught dead buying anything right now.




posted on Oct, 6 2008 @ 01:35 PM
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S&P 500 getting VERY close to hitting 1000 too.



posted on Oct, 6 2008 @ 01:35 PM
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9596 and sinking.

The floor traders must feel like the dance band on the Titanic.



posted on Oct, 6 2008 @ 01:39 PM
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Another 300 points and the "circuit breakers" will kick in.


Tomorrow I predict the DOW will OPEN with a -1000 point selloff.


Here it is folks! Great Depression II is upon us.



posted on Oct, 6 2008 @ 01:41 PM
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I think the last ten minutes are going to be the most interesting.

Only an hour and twenty to go.



posted on Oct, 6 2008 @ 01:41 PM
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reply to post by bismarcksea
 


It's after 2pm there. I don't think there's any more breakers for today.

I hate to say this...but I called it dead on. Being right sucks.



posted on Oct, 6 2008 @ 01:43 PM
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I've been reviewing market trade sites, blogs, forums. and there is a theme, many are already at least half invested in shorts and most plan to cash out by end of day. So I anticipate lower numbers before close.



posted on Oct, 6 2008 @ 01:47 PM
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Well... a -790. A new record... I'm really worried now. I've been following this just like everyone else and now I'm basically ready to take my savings and start buying food. Never thought I'd see this in my lifetime.



posted on Oct, 6 2008 @ 01:53 PM
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CNN just reported that the fed reserve is going to pump another 900 billion in loans to squezze the banks into sending out credit. Do they really think this is going to work, the fed reserve has punched out how much in loans latley to circulate credit?



posted on Oct, 6 2008 @ 01:56 PM
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reply to post by Trayen11
 

It's 100%?



posted on Oct, 6 2008 @ 01:56 PM
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man i have a class at 3PM (US stock closing time) so i wont be able to whiteness the closing bell. I cant miss the class either or even show up late. haha.

Its seems to be gaining in the last few minutes. this is the turnign point


either we rally till close, or it turns back down. Right now its runnign up.
The charts are looking like it has bottomed. And its turning up. Its a parabola.

it will be a odd next 24 hours.



posted on Oct, 6 2008 @ 01:57 PM
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Originally posted by Trayen11
CNN just reported that the fed reserve is going to pump another 900 billion in loans to squezze the banks into sending out credit. Do they really think this is going to work, the fed reserve has punched out how much in loans latley to circulate credit?


OK so was this included in the original 700bn bailout, or is this addtition to?

I don't understand what they are thinking...



posted on Oct, 6 2008 @ 02:03 PM
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Originally posted by Trayen11
CNN just reported that the fed reserve is going to pump another 900 billion in loans to squezze the banks into sending out credit. Do they really think this is going to work, the fed reserve has punched out how much in loans latley to circulate credit?


I don't think the $900 billion will have any effect on the markets because Bloomberg have been running that story for most of the day.

www.bloomberg.com...



posted on Oct, 6 2008 @ 02:14 PM
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looks liek were getting the rally up. we might close this gap by close.

Might not look too bad come 3PM central. This is bizare



posted on Oct, 6 2008 @ 02:21 PM
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I predict this thing will eventually drop to around 8,000 before it gets better.

Rite now it is panic that is causing the drop. Eventually someone will start buying again and the volume will pick up.

Ama



posted on Oct, 6 2008 @ 02:25 PM
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The credit markets haven't even opened and this is the tanking going on.

Most of this is from investors who HAVE to sell to gain capital.

Today's capitulation may be over, but we still have tomorrow and the rest of the week to watch things.

Even in 1929 it didn't crash all at once, it took several days for the bottom to really drop.

Not that I expect a crash like '29, but we are in a decline cycle and it is gonna be rough.



posted on Oct, 6 2008 @ 02:40 PM
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wel its goign back down! Pretty undecided at the bell! i think no one wants to be stuck holding overnight. It may clsoe around 700 down. unless the bottom just falls out all of the sudden. but the momentum is showing it going DOWN.



posted on Oct, 6 2008 @ 02:45 PM
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Originally posted by secretstash

Originally posted by Trayen11
CNN just reported that the fed reserve is going to pump another 900 billion in loans to squezze the banks into sending out credit. Do they really think this is going to work, the fed reserve has punched out how much in loans latley to circulate credit?


OK so was this included in the original 700bn bailout, or is this addtition to?

I don't understand what they are thinking...


This in addition to the 600 bil they pumped in last week AND the 700 bil "bailout" aka fleece of the american tax payer.



posted on Oct, 6 2008 @ 02:45 PM
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reply to post by o22a6ar
 


Here is the jist from the CNN website explaining the extra money they are going to be pushing, it's not quiet what they said on CNN but here is what actually is happening


NEW YORK (CNNMoney.com) -- The Federal Reserve announced Monday that it will increase by hundreds of billions of dollars the money it makes available to the nation's banks.

The central bank said that its so-called term auction facility, which accepts financial instruments such as mortgage-backed securities as collateral, will be doubled immediately to $300 billion. The total amount available to banks will rise to $600 billion under the moves announced Monday.

In addition, the Fed signaled it could increase the amount available through those loans to $900 billion by the end of the year, increasing the amount the Fed will loan through the program by $750 billion above its previous limit.

The moves come in the wake of the passage on Friday of a $700 billion bailout bill that will allow Treasury to buy damaged assets directly from banks and Wall Street firms.

Experts said the moves by the Fed were an acknowledgement that many of the nation's leading financial institutions may not be able to wait until Treasury sets up its program. It may take weeks or perhaps even months before the Treasury can pump billions into the system itself by buying the damaged assets held on their balance sheets.

"The crisis in credit markets has become very acute, not just here but in Europe as well," said Lyle Gramley, a former Fed governor who is now an economist with the Stanford Group. "In a situation like this, you have to provide all the liquidity that is needed so that illiquid institutions don't become insolvent institutions."

The rapid expansion of the Fed program is essentially like an emergency bridge loan for institutions caught in a credit squeeze, said Kevin Giddis, head of fixed-income sales trading and research for investment firm Morgan Keegan.

The Fed had little choice but to try to pump as much cash as possible into the system, no matter the risks associated with taking damaged assets as collateral, Giddis said.

"Liquidity is needed immediately, and we're talking hours," he said. "I think the Fed will continue to take whatever steps it can until we unlock the problem."

Giddis and Gramley both agree that the Fed appears to be focused on these kinds of non-traditional measures to pump cash into the market rather than simply cutting interest rates, which is how the central bank has historically spurred a slowing economy. But neither would rule out the possibility that the Fed will do an emergency rate cut before its Oct. 28 and 29 meeting if problems in credit markets continue to worsen.

The term auction facility was announced in December as a move to pump cash into the already battered credit markets. The Fed allows banks to bid in an auction for the rate they're willing to pay to borrow the funds, and it accepts a much wider range of collateral for the loans than in other forms of lending by the central bank.

The Fed started loaning $20 billion in its first auction in December, but it quickly reached a $150 billion limit by late May and has stayed at or near that level since then.

The auctions are split between different length loans. The Fed's statement Monday said it doubling both its 28-day and 84-day auctions to $150 billion each immediately. The Fed conducted a previously scheduled 84-day auction Monday morning for $150 billion of funds. That was originally set to be a $75 billion auction before Monday's announcement



[edit on 10/6/0808 by Trayen11]



posted on Oct, 6 2008 @ 02:47 PM
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Apparently 900 billion can buy 300 points within 60 minutes on the dow jones index. The only problem is that the value of our money is going to become an oxymoron.



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