Tomorrow is judgement day

Basically what we are seeing today and judgement day tomorrow is a retesting of Friday's low.

If it breaks, all bets are off. And the retesting of a low can take many weeks to unfold - don't be in a hurray.

Interestingly, I see an emerging baseing pattern on the Canadian Banks.

Some of their preferred shares for Canadian taxpayers/residents are absolute screaming buys.

S&Fed

Looks like the market didn't pass muster...

So what now?

Emergency US and EU summit?

Starred as well. Final verdict from the Nikkei 225 is -1089.02, a drop of 11% and change.

The rest of Asia and Europe down as well. Going to be a bloodbath tomorrow unless something happens overnight.

reply to post by netwarrior


What else can happen? They have thrown everything they got at it.
Unless they are going to have a global economic stimulus package with each person receiving a couple thousand and enforcement of it must be spent on retail crap, then they are done(I hope they are done)

reply to post by SEEWHATUDO


Absolutely nothing. The chamber is empty and the magazine is dry. The only thing left is the bazooka of nationalization of banks...and that makes my trigger finger itchy.

Socialism is bad, mmkay?

yeah the dow futures are already down 165. Euro markets are opening way down too. Asian markets just getting pummeled.

tomorrow could be scary if traders cant find a reason to buy. its goign to be an interesting day, but hell i seem to say that every day now. and well, everyday makes the next day..an interesting day, so i will go ahead and say, the day after tomorrow will also be an interesting day. haha

reply to post by SEEWHATUDO


The Australian Government has done just that already. $1,400 singles and $2,200 for couples. All pensioners, carers, and family benefit recipients get a one off payment on Dec 8th to spend on christmas presents etc.

I think this was more to keep people from rioting as the reality set in.
Everyone is in a "yeah" good on the government mode at the moment.
So if people can pacified with a grand, then I think it will be money well spent for the governments for now.

I think there's a very high likelihood that tomorrow will see a mixed day. There will be some down spikes, but the vultures will come in to pick at the bones in a large enough quantity to keep the market from going down more than a couple hundred points at any one time.

No amount of government intervention shy of coming right out and federalizing the essence of the market itself and placing restrictions on virtually everything including who, when, what, and how much can be sold vs bought, etc, will stabilize this market. I don't even think the concept of a bear market fits the current situation. We have a frightened market, not a bear market. The level of dis-ease and the complete lack of logic surrounding what we're seeing is combining to create some bizarre chimera of a market where stocks that should logically be high (precious metals, for instance) are plummetting right alongside stocks that should logically be declining at a more controlled pace. The end result almost certainly demonstrates the real problem is external to the market itself and lies solely with the economics of the world, and that problem is that those economics are quickly sinking into a depression.

well getting scarier..i wonder what next and i think credit card crisis will be the next to hit global markets.. arent the banks trading credit default swaps on credit card debts too ??

Today, tomorrow, next week, it's not if, it's only when. The last month we have seen a frenzy of MAJOR unprecedented moves by and in every Country to stop the hemmoraging. NOTHING has helped so far and there are no cards left in the the deck.

Where do we stand this morning?

It's Not Pretty

Worries about the economy sent the Dow Jones industrials down a staggering 733 points earlier Wednesday, erasing any hopes that the convulsions that have shaken Wall Street for a month were over.

The selling spree carried over to Asia, where stocks fell sharply Thursday. Japan's key stock index plummeted more than 11 percent, South Korean shares shed 9.25 percent, and Hong Kong's Hang Seng Index was down 4.8 percent.

Benchmarks in Britain, Germany and France opened about 3 percent lower. Russia's RTS also fell back.

Earlier this week, after governments around the world announced plans to use trillions of dollars to prop up banks, including a U.S. plan to buy about $250 billion in bank stocks, the market had appeared to be turning around - or at least calming down.

Instead, relentless selling gave the Dow its 20th triple-digit swing in the past 23 trading sessions, an unprecedented run of volatility. The Dow has finished higher on only one day this month. The loss of 733 points is the second-worst ever for the average, topped only by a 778-point decline Sept. 29.

(Sorry I have been selling - it's all my fault )

Oh, not to worry, the Leaders are going to meet again.

Leaders of the world's top economic powers, the Group of Eight, said they would meet "in the near future" for a global summit to tackle the financial crisis. The group comprises the United States, Japan, Germany, France, Britain, Italy, Canada and Russia.

British Prime Minister Gordon Brown said the meeting could be held as soon as next month. He said the discussions should include not only the world's richest nations but also major emerging economies such as China and India.

Didn't they do that last week? Promises promises. I'm sick of it! They can't fix this so far, not the Bailout Bill, not the misuse of it, not the solution to unfreeze credit markets we saw at the beginning of the week. &

The only thing left for america is total socialism. Free market ahas come and gone, they need to forget that now. Plenty got rich and they burned the system.

Welcome to real socialism, what kind time will only tell.

As difficult as it is for me, the little guy who is struggling to hold on to my own meagre existence, it is time to admit that there is really no fix.

We can fight the good fight, we can throw our dwindling resources at the problem, and we can stoically stand by as the ship sinks, but there is no denying the reality of it all that the ship is sinking.

Water is about neck level at this point and there's nothing out there but panic.

We have an entire global economic system that is based on faith and little else. With the aforementioned panic comes a complete loss of faith.

So, our system of faith-based economics, just like our dollar, has no fuel left behind it and the inevitable is occurring in slow motion train wreck fashion.

It is over, folks.

Over.

But, the law of physics dictates that with the end of something comes the start of something else. It is as dull and pedestrian as my ex in-laws, but it is the reality.

The world has to start over economically and the only way for that to happen is for us to accept that the patient is dying on the table . . . the faithful old dog that has stuck by our side through thick and thin must be euthenized despite those stoic last breaths . . . the seemingly endless twitches of death and the last gasp struggles to live.

We are all afraid of the unknown. What makes the corporate and political elite any different . . . they too are scared and are, like us, scared crapless of what we don't know . . . that being what will tomorrow bring.

Judgement day, folks.

It is here.

The nasty tatste in the mouth is the billions of tax payers money shovelled into the bottomless pit both in the US and UK.. it is truly abominable

The scariest thing to me is they have been trying to hold this together till after the elections. They have failed miserably.

So if it's this bad now, what happens after the elections?

Originally posted by Relentless
The scariest thing to me is they have been trying to hold this together till after the elections. They have failed miserably.

So if it's this bad now, what happens after the elections?

That is the $700 billion dollar question . . . is this the baseline truth, or is it actually worse out there than we're being led to believe.

For the first time in my life, I'm truly scared and am having a great deal of difficulty seeing the future . . . any future for that matter.

Slow motion implosion with what appears, at least to me, to have only one outcome . . . mass anarchy and survival of the fittest.

What a difference a few hours make.

US stocks set to open higher

Has anybody got a clue? YES! We know this, anything can happen.

Dow futures are at +165. I thought they would have went down after the jobless reports. Maybe Friday won't be that bad. Who knows though. Anything is possible with this market.

reply to post by KaginD


Well someone knows something that the rest of us dont, just like last weeks big rally at the end of the day because the nationalized bank plan leaked.
HHHHMMM wonder what they will pull out of the magic hat today???

Originally posted by SEEWHATUDO

HHHHMMM wonder what they will pull out of the magic hat today???

I'm guessing a dead rabbit which, in a few weeks, will probably seem like some pretty good eatin' for some of us folks!!!!!

The economy is going to see-saw up and down until Obama gets into power. The top dogs are manipulating the system, and figure that is as long as they can draw it out. They will buy at every low and sell at every high, profiting over and over from the same shares. Once Obama gets in they will finally pull the plug right out, sending America and her allies right down the plug-hole. These top dogs figure someone will get lynched over this, and who better to have lynched than an uppity black Muslim-schooled professor?

The families who made their fortunes from slavery have not lost their love of free labor. And I'm not pointing the finger at Southerners here either. Many folk in the North profited from winning the war by having a huge influx of uneducated blacks who they could use debt and trickery to tie into virtual slavedom again.

Over the years these elite have carefully ruined the economies of many countries, cementing their own wealth and power and ensuring the rest of the world would produce cheap goods for Americans. Now it's the turn of the average American to see their country destroyed, their comforts and pride taken away.

No, I'm not gloating.

I know how the hidden elite feel, raised in their oh-so-special communities; privilege, cleverness and ignorance dripping from every chemically dried pore. In that setting, you believe you honor the peasants if you stop to say hello, but in your heart you despise them. But you cannot see that you despise them, because the notion that you are greatly superior is too deeply ingrained for awareness. You can be thoughtful and charitable, when that's the game of the day, but your nose curls because these undermenschen insist on breathing your air.

You can't steal from the poor, because in your heart you own it all. You can't murder them, because they don't count as human. And you are good, as evidenced by the fact that you obey your parents and love your children. You love them so much that you'll work, just as the poor immigrant does, to make sure that your descendants will be better off than you ever were. After all, why should the fruit of your loins only own half a country?

Can we call these machinators of the centuries evil? If we call them leeches, are we saying a leech is evil?

All I know is that, whatever the system, those with the most intense desire for power and the fewest scruples will rise to the top.
Democracy is an attempt to slow this process, but can't prevent it. Once democracy has succeeded in making life good the people get soft and lazy. Their comfort removes the need for close co-operation, instead creating barriers of mine and thine. And each family huddles in their safe isolation, soothed by the media, believing in their own impotence.