opening with a 5% decline will pretty much guarantee that the CBs will be tripped, how many and how bad is the only question

So who wants to take a guess on how long market will initially be open for. and if it will close for the day or just close twice, then rebound?

I'm going for closing 2x for sure. Don't know about the rest. I work in the credit dept. of a bank, I am gonna stay out of the bosses line of sight I can tell you that. He'll be firing people that don't even work for him. I have an image of him walking down the hall telling everyone he crosses paths with Your fired! LOL I hope that's my warped sense of humor and not reality. Gonna hide under my desk cause there will be nothing to do today. Maybe I should call off.

[edit on 24-10-2008 by seejanerun]

reply to post by seejanerun

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I'm in for 22 minutes LOL

next?

Jane.. I pray you still have a job next week

[edit on 10/24/08 by redhatty]

Well the European markets fell within the first 5 minutes so I'm saying they'll close within the first 10 minutes of opening.

The European markets are 6 to 8 hours ahead of us due to the time difference. They are getting close to wrapping up their day or at least half way through it as of right now.

Dow futures just came off 550 to 546... Things are looking up.

I guess that means the lock limit has been lifted?

This is looking very dire this morning. Not good at all.

All sell orders are halted, but if anyone comes in with buys they'll go through which will nudge the futes up. DJIA is back down to limit down now.

Rumors that the Russian ruble may be revalued.

I'm seeing $30 bid/ask spreads in the pre-market. Inverse ETFs that closed yesterday under $50 have ask prices of close to $80. Ah jeeze...

It's only 12.30pm here in Europe so we've got another 4 hours to go yet. The main EU markets seem to be hanging around 7 to 8%. What will the EU markets do when the DOW opens?!

I'm sticking with a close within 10 minutes of opening. It's already down 549 points so half way to the 1100 point cut off.

Treasury 30 year yield has hit an all time low of 3.8676%.

Some slight recovery in the Euro markets.

EDIT: breaking Bloomberg banner: "NYSE says market will open today"
...am I the only one seriously disturbed by the fact that they had to announce this?

[edit on 10/24/2008 by anachryon]

reply to post by anachryon

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umm, NO, you are not the only one.

But it's still over an hour before open and thing MAY change

If not, well...

It COULD be TEOTWAWKI

From Reuters news story about the futures markets being limit down.

All three contracts lost the maximum amount permissible before the start of futures trading in the United States.

"We are in a panic mode, I don't know how else to describe it and when you're in panic mode, all rational thought goes out of the window," said City Index chief market strategist Tom Hougaard.

"The limit is calculated at roughly 5 percent down. At that point it can't go any further down but it is still accessible and can go up again," he said.

"When the U.S. futures open in Chicago, the contract becomes available again, so (it could go) further down another 5 percent down, so 10 percent in total," he added.



And the most telling line for last...

"There will be more margin calls today and something sinister is brewing," City Index's Hougaard said.

Barrons


That's a bad sign.


Overnight LIBOR has risen 7bps. That's also a bad sign.

NASDAQ just hit limit down.

No need to worry. Worst of the subprime is over.

blogs.wsj.com...

Bernanke said the subprime has been contained.

www.forbes.com...


Go back to sleep. Enjoy the weekend.

reply to post by anachryon

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okay

We are so Scroomed

And it's not like we couldn't see it coming - if we were paying attention

So now - watch, the Protocols of Zion addicts will be yapping it up

Instead of making sure they have enough to eat

I REALLY hate to say this... but

If you have cash in the bank - get it out TODAY

Monday may be too late

Romania, Russia & the Ukraine have all halted trading.

I'm waiting to see what Rick Santelli says ... he is pretty much the only one on CNBC that I don't think is full of hooey