Will this be Black Friday? - 10/10/08

reply to post by redhatty


Quite possibly. It's kind of hovering now. Oh no back down again. This chart woulld make great blueprints for a funfair rollercoaster.

Ok so I have a very simple question. Should I withdraw some cash from the bank? I got a "weeks worth" ($240.00) out last week and still have all of it, but should I go get more? I have heard that bank runs can crash the system and contributed to the great depression, but then again I hear some saying that now is a good time to get your cash out of the bank. What do you all think, and what are the pros and cons of withdrawing more than usual?

Originally posted by Ismail
The Dow is plunging again, - 450 pts and still going down. Here come the sell offs....

Not yet. Top banks and major corps are still holding as of 1:30 pm.



Banks need to go into red a bit to start anything major. Wait till 2:30pm.

What'll happen if the market crashes and you have credit card debt? Clean slate when everything gets back up and running?

Back below -500 again.


This thing is swinging up and down like crazy still.



-591!!! here we go again

[edit on 10/10/08 by BlackOps719]

back below 8000
-586

We're closing in on -600 now . . . Lehman auction news anyone?

Or is this just the 3 p.m. selloff starting early today?

reply to post by tolovethetruth


Non-perishable dry goods, rice, beans, salt, flour, etc enough for six months each person in your household. You can't eat silver, gold or money. Food will be the most valuable asset, next to a firearm to protect yourself.

This is if everything should collapse, if it doesn't you have food for 6 months which is always a wise thing to have.

-577
Final numbers in the Lehman auction should be released in about 10 minutes. If they're as bad as the initial numbers seem, we could be looking at a bloodbath.


-600 with 5 min to go.

[edit on 10/10/2008 by anachryon]

This is being called "Black Friday" btw

I disagree with those who are saying this is capitulation, all other markets (including major Europeans) have experienced 10% drops and the DOW probably needs one to shock the system.

Paris dropped 11% at one point, so did Frankfurt (London dropped 10% on two occasions) Implementing anti-plunge tactics is just delaying the inevitable.

Bottom is 7,700 IMHO

reply to post by infinite



Where is it being called Black Friday?

This is the way the world ends
This is the way the world ends
This is the way the world ens
So it won't be a one line post.

reply to post by infinite


I've been hearing all about bottoming for about a year. Somehow it never seems to happen. This goes all the way, with any luck.

reply to post by infinite


Definitely Black Friday for the Asian and Euro markets.


TBD here in the states. What time do the mass sell offs begin?


The last hour of trading should be a real spectacle.

reply to post by BlackOps719


It's been a black week.
The global markets have lost more than October 1987, some indexes have experienced the worst trading week in their history. Yikes.

Originally posted by infinite


Bottom is 7,700 IMHO

I am guessing low 4,000s if the financial market does not completely collapse here.

I am preparing for the worst and hoping for the best.

Hold on to your butts. Looks like the Lehman finals are out.

Final Price: 8.625

That's 8.625 cents on the dollar in recovery.
This is not good.

reply to post by anachryon


Lehman Auction Results

Radical Measures May Be In The Wings

As the financial crisis threatens to spiral out of control, it’s more likely Treasury Secretary Henry Paulson will take extraordinary steps through the extensive authority granted to him under emergency rescue legislation, say analysts.

With the legislation’s main mechanism—an auction system to purchase bad mortgage-based securities—still weeks away from implementation, Paulson may have to inject capital into any number of financial institutions—even non-depository ones like investment banks, insurers and hedge funds.

“I don't wish to spread alarm on the line people but the big issue confronting the market is I'm afraid the health and sustainability of Morgan Stanley (NYSE:MS - News) and Goldman Sachs (NYSE: gs)," Hugh Hendry, Partner and CIO at Eclectica, told CNBC. "It is unimaginable that they can be allowed to go, I suspect that they will be nationalized at some point today or over the weekend," he add.

CNBC



Have a go at that!! Looks like the suits are getting desperate.

Seriously, what idiots are buying stocks.

Even the analysts say why buy. I don't get it.


Why Buy? Analyst say it's not to late to sell

Originally posted by tolovethetruth
Ok so I have a very simple question. Should I withdraw some cash from the bank? I got a "weeks worth" ($240.00) out last week and still have all of it, but should I go get more? I have heard that bank runs can crash the system and contributed to the great depression, but then again I hear some saying that now is a good time to get your cash out of the bank. What do you all think, and what are the pros and cons of withdrawing more than usual?

I actually pulled $1000 out this morning. I still have about a grand in there, but this was a just in case scenario type of thing. You should do whatever your gut tells you, not what I or anyone else does.