The Thursday market closed within the projected interval +-4.5%, but the way it got to the end could prompt many to call cops: There is a weirdo outside my house talking to a squirrel . . .


Many folks regard the market as a car that gets you from economy to economy, so be advised that there is a little rationality left in the decision making.

Even after the necessary adjustments to the market psyche, I set the limit for the minus territory at -5.2%, but at one point the market lost a full 6% of its peak value! All forgotten instantly, the Dow started to climb . . .

There was a moderately good news and bad news that the market reacted today, but the reaction was near paranoid. All seems to be set for tomorrow, October 24, the anniversary of the first Crash Day that took place in 1929. What amount of superstition will take over the market?

The various projections made by Youtube "experts" is a joke. Even professional market analysts have a hard time to grasp what has been happening lately.

The system seems to unconsciously realize that it was designed for only certain period of time. US style capitalism became an archaic way to run things around, and the market tries to do some joyful trading while the conditions last.

Tomorrow is the day that will crystalball the things to come.

Asian markets are pooping all over themselves tonight.

Japan's Nikkei closed posting a loss of -811.90, a 9.6% drop.
S Korea's KOSPI was briefly halted after a drop of over 11%. It is set to close with a loss of over 10%.


All major European futures are down big.

US futures are trending extremely low, with the Dow at -325 and falling.

The 24th is looking to be a very long day on the markets.

I concur,Asian markets tanked,this will be a very interesting and revealing day

[edit on 24-10-2008 by all2human]

Kinda Scary and exciting all at the same time.

Watching the implosion of my own country.

Whodathunkit???

At least my kids will have some great lessons to pass on to their kids. Hopefully they won't be lost in 4 generations, like this time.

Euro markets are opening now.

FTSE (UK) is down 3% on open.
CAC (France) is down 5%.
DAX (Germany) down 5.5%.

This is less than 5 minutes into the trading day, and it will get worse in about 90 minutes when the British gov't releases 3Q GDP figures. They are expected to announce a quarter of fully negative growth.

This could be a bloodbath.

EDIT: FTSE now down over 5%

[edit on 10/24/2008 by anachryon]

Japanese Yen just broke 93

Ooops...


92!

How low can it go?

reply to post by redhatty

---

Very, very bad. 85 at this point, maybe.


UK 3Q GDP:
-.05%
It was forecast at -.02%

This is not good.

EDIT: US futes falling hard. DJIA -488.

[edit on 10/24/2008 by anachryon]

reply to post by anachryon

---

Yep, The GBP is being sold off - "aggressively"

over 3.5% lower against the $$$

ETA: GBP/USD - 1.56 - level not seen since 2002.

[edit on 10/24/08 by redhatty]

Fitch Warns Of Most Severe High-Yield Default Wave on Record

S&P lowered Russia's long-term sovereign credit rating outlook to negative and expects Russian corporate and financial sector default rates to increase as debtors' access to official funds vary

Some 26 defaults on Russian corporate bonds accounting for 41b Roubles have taken place YTD. The number of defaults is rapidly increasing; at the beginning of August the market faced around ten defaults, less than half the current total. Increasing defaults also indicate that the quality of bank's loan books will deteriorate (Alfa)

Sorry no link - from Roubini's RGE Monitor Letter

reply to post by redhatty

---

Falling like a rock. We're back at 2002 levels with the GDP. FTSE is falling hard, now down -6.5%. DAX -7.5%.


Christ, DJIA futes -5.85%, S&P -6.56%. Will we even open tomorrow?

(Nicolas) Sarkozy says crisis calls "future of humanity" into question - per Bloomberg

What the hell does that mean??

reply to post by anachryon

---

Will we open, probably, but I don't expect it to be for long

Future of humanity... Well...

How many people in big cities are going to be able to live off the land?

How many people in (up till now) 3rd world countries will be able to EAT when the "BIG" countries can no longer send them food supplies?

Mad Max? Maybe - hopefully not

ES (E-Mini S&P) hit the lock limit and shut down trading (temp I hope) at 4:54 AM EDT.

Oh it's gonna be a bloodbath

Crude is down under $65. OPEC is cutting 1.5M barrels a day, just announced, and the price continues to drop.

Lock limit, yes. S&P futes have been stuck at -6.56% for nearly 30 minutes now, haven't budged an inch. This is not a good sign.


EDIT: just confirmed via Bloomberg, S&P futes cannot fall any lower before market open.

[edit on 10/24/2008 by anachryon]

Amazing! I want to turn my TV off but I just can't - this is awful.

FTSE down 6.28%
DAX down 7.36
CAC 40 down 7.17%

The decision to cut oil hasn't helped the oil price it's still around $65.

Denmark's central bank unexpectedly raised the benchmark lending rate by half a percentage point to defend the krone's peg to the euro, threatening economic growth as the country teeters on the brink of recession. Source

The U.K. economy shrank more than forecast in the third quarter as the financial crisis ravaged industries from banking to construction, evidence that Britain is in the grips of its first recession since 1991. Source

DOW Futures down 5.86%
S&P Futures down 6.56%

Oh my.................

This is not funny any more - Yen at 91.86

The US is in BIG trouble

DAX down 9%, FTSE down 8%

DJIA futes -6.27%

This is damn scary.