TSX sheds 300 points as loonie plummets

TSX sheds 300 points as loonie plummets

news.sympatico.msn.ctv.ca

The Toronto stock exchange was down more than 300 points Friday as the loonie suffered one of its worst days ever.

At its lowest point, the Canadian dollar fell nearly four cents against the U.S. dollar, to 83.41 cents US. By late morning, the loonie recovered slightly, trading at 84.20 cents US.

Since November 2007, when the dollar hit an all-time peak of 110.3 cents US, the loonie has fallen more than 26 cents.

(visit the link for the full news article)

Fear and panick is right.

I'm glued to the Internet today. I don't think I have ever been so 'all over the place' at one time before. Trying to keep tabs on things. I am on my third pot of coffee this morning already. I am barely in the office. Good thing it is quiet at the motel this morning. Who wants to work today anyway.

news.sympatico.msn.ctv.ca
(visit the link for the full news article)

reply to post by BindareDundat


Canadians call their exchange the "loonie"???

That has to be the most appropriate name for a stock exchange I have ever heard!

Not to dismiss what you are going through, I just found that so perfect a name. I need to visit Canada more.

The "loonie" is the Canadian dollar- not its stock exchange...as there is a picture of a loon on the canadian dollar...the TSX (Toronto Stock eXchange) is the Major Canadian Market force. And the dollar has dropped so much since it's peak of 1.10 earlier in the year because the price of oil has dropped from $130 a barrel to $80 dollars, as the Canadian economy is resource based.

Image of the loonie (one dollar coin)




Image of the toonie (2 dollar coin)

I've been keeping an eye on the markets live and boy oh boy is sure does not look good. As of 11:11 (dont't go there) PST this is where we sit.

DOW -495.7
NASDAQ -99.8
NYSE -352.6
S&P -63.6
AMEX -138.3
TSX -736.4
TSX-V -87.8

....and there is still 2 hours to go.

reply to post by redhatty


I think you misunderstood, redhatty. The loonie is our $1 coin. Our exchange is the "Toronto Stock Exchange", more commonly refered to as the "TSX", as mentioned in the thread title.

On topic, this is some pretty scary stuff the world is dealing with right now. Everyone's taking their licks and there is as of yet, no end in sight. I doubt we've seen the worst of it yet, either.

Watch for even bigger sell offs as the trading day ends. The numbers quoted in the post above this one might end up looking desirable before this day is done. And in Canada, this is Thanksgiving weekend. It's looking more like the goose that's being cooked this year. Peace.

[edit on 10/10/2008 by Static Sky]

.84 USD is really low against the USD. I didn't see this coming. I also just went with my family up to Niagara Falls Ontario over the summer in early August - where CDN and USD was on-par. Big sweeping change now. Canadians must be feeling a little choked on the home front.

Why in your opinion is the Canadian dollar going down ?

Yeah.

TSX is down -809 points!!!

Wild...

reply to post by Static Sky


Yes, I see that now, the pics made it very clear. I even understand it's called the loonie because of the bird (loon) on it

I'm almost disappointed though, I like the exchange being called the loonie better LOL

Serious note, Prepare for the worst, hope for the best & don't forget to hug and kiss the ones you love

Originally posted by redhatty

Canadians call their exchange the "loonie"???

If you're ever over there, check out the 'two-nie' . . . that's what they call their two dollar coin.

Seriously.

That's what they call it.

YOu can go to stores and they have Two-nie Tuesdays sales and the like.

What a riot!

I don't know why anyone is surprised by this, to be honest. It was laughable in the last two weeks to hear people wisecracking about Americans fleeing to Canada if our market down here went belly up and the system collapsed. Thanks to NAFTA and globalization, Canada would be almost certainly right in the middle of this storm even if they didn't have the same horriffic mortgage & credit default problems the rest of the free world is combatting (which, they do. I've read some articles from Vancouver that indicate BC is a powder keg of unresolvable mortgages debt just waiting for a match.)

I feel for my neighbors 2 hours north of me, but look on the bright side, Canada. As long as your economy goes to hell alongside ours, Canada will never have to deal with the mess of discussing issues like a border fence or a Canadian Minute Man project to prevent illegal U.S. immigrants from swarming your borders like we've had to deal with from Mexico.

Originally posted by redhatty

Yes, I see that now, the pics made it very clear. I even understand it's called the loonie because of the bird (loon) on it

I'm almost disappointed though, I like the exchange being called the loonie better LOL

Serious note, Prepare for the worst, hope for the best & don't forget to hug and kiss the ones you love

I still don't like that our $2 coin is called the "toonie", though. I think it's a bit silly, really. Loonie-toonie?

And I'd like to call our stock exchange, "The Buck". At the end of every day they could say, "The buck stops here", and stock markets in general tend to 'buck' like bulls anyways, don't they? LOL.

Originally posted by Max_TO
Why in your opinion is the Canadian dollar going down ?

Because it is inextricably, unmistakably tied to the price of oil, which is currently in freefall. Cheaper gas or higher dollar...take your pick.

This is so disgusting. I've seen it drop all week... hell wednesday before the rate cuts, it was at .90 cents... and on friday? .80 cents. Before the markets closed, it sure went up 2% but still... a 10% lose IN 2 FREAKING DAYS???

Seriously. This is just awful. And even worse... our stock market is doing even worse than the american one... what the hell?

This will be bare minimum a north american depression, of course so we can have a north american union.