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S.KOREA TO HOLD EMERGENCY MEETING ON JAN. 26 TO DISCUSS MARKETS
Bloomberg has the details: South Korea Vice Finance Minister Choo Kyung Ho will host an emergency meeting tomorrow at 11 a.m. with counterparts from Bank of Korea and financial regulators to discuss market instabilities in emerging economies including Argentina, ministry says in text message.
So what happens if there is a, gasp, 5% drop from all time S&P500 highs - Janet Yellen shows up on every TV channel and tells broke viewers now is the time to buy stocks and pay for them in 4 easy installments using their favorite EBT card. What about a 10% correction: the army gets mobilized? And should the unthinkable happen and the centrally-planned "market" crash by 20% then nothing short of DefCon 1 and a 24/7 curfew would be acceptable.
We joke, but this is what happens in a time when the "confidence" of the entire world is defined by the daily move straight line higher in the S&P, and the tiniest derivation from this path results in sheer panic.
Asian equity markets kicked off the week with sharp losses after a sell-off in emerging-market currencies last week spooked investors.
Markets in Australia were closed to observe 'Australia Day.'
On Friday, emerging-market currencies took a beating amid growing worries about political upheaval, slowing growth and U.S. monetary policy. Turkey's lira hit a new record low against the dollar, and Argentina's peso was down almost 20 percent on the week against the dollar. That saw the Dow Jones Industrial Average post triple-digit declines for a second session on Friday.
"The EM currency selloff is causing a contagion effect where Asian markets are opening lower. The question is whether the selloff in the EM countries, Turkey, Ukraine and Argentina will have a sweeping effect on the others such as EM Asian countries. There are groups within the EM space that has current account surplus and demand for their goods which will weather this storm better," wrote Kelly Teoh, market strategist at IG in a note.
www.abovetopsecret.com... Well this, is a interesting addition to the mix. So what was behind or what was the agenda of the China/CNN rumor last week. Now seems to carry weight. Someone is manipulating things behind the scenes.
reply to post by reject
IF the market crashes then gold will be god. That's all I have to say. The crash will come when QE3 is tappered.
reply to post by Libertygal
I finally got that scanner to work, sorry about the quality of pic running low on ink as well, so here is the updated chart, I guess one has to think history will be repeating itself, since we had almost a 500 point loss in two days.
Anyone want to look for themselves go to McCellan.com and Dow charts, put the same start date listed on chart and you can match them up. Its to eerie to see them and make one think. I will continue to watch this.