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Futures were up, markets are reacting favorably to a huge Australian rate cut and other countries are signaling that there are more global cuts to follow. Only Japan is holding firm. Sweden and Ireland are shoring up banks and guaranteeing deposits, and the U.S. continues to pump money.
Not to mention, a 1000 point drop is technically unlikely. Now that we're under 10K, rapid panic selling will halt trading below 1000 points. Strongarmed or not, funds are buying. The market will be volatile, but get real.
I don't think so, while Japan was down all the rest are up or flat. The next few weeks are going to be a whip saw as people take profit and buy the bottom...
At the start of each quarter, the NYSE sets three circuit breaker levels at levels of 10%, 20%, and 30% of the average closing price of the Dow Jones Industrial Average for the month preceding the start of the quarter, rounded to the nearest 50-point interval. As of the fourth quarter of 2008, these levels are 1,100 points, 2,200 points, and 3,350 points respectively.
Fed is directly buying commercial short term debt now so that renders the banks irrelevant.
I wouldn't say irrelevant but it is definitely relieving pressure for a couple thousand companies. Let's hope they can pay it back!
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