Markets Are Set to Plunge Tomorrow (Congress, Barack Obama, speech, million)
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Most of us knew, we listened, however the politicians didn't.
Dow set to open -300, don't be surprised if it hits 4-500. It may not crash, but it'll be in a slow burn for the next few weeks -- at least.
The pols know. They are only playing their part. I thought the debt ceiling deal would cause a short spike in the market so I dumped more into it hoping for a quick run-up. I zigged when I should have zagged, and It's going to hurt!
So, now that I bet and lost, can I "socialize my losses" and get a federal bail out?
Sunday: The Tel Aviv Stock Exchange delayed its open by 45 minutes to avoid panic but it did not help. The market plunged by seven percent in response to the downgrade of the debt rating in the United States.
Oil is already down another 3% while Gold is up and touching $1690oz
Stocks, Oil Plunge As Central Banks Battle Gloomy Economic Outlook - WSJ.com (http://online.wsj.com/article/BT-CO-20110804-715601.html - broken link)
If this downgrade was already figured into the markets, someone forgot to tell investors. If we haven't been in a depression, we may be seeing the beginning of it now.
The open was a tad softer than expected. Anyone who was long could have gotten out in the first 5-10 minutes of market open and suffered a relatively minor hit.
Markets now down 320 or so. I still expect -400+ for the day.
Budeshi said: I thought the debt ceiling deal would cause a short spike in the market so I dumped more into it hoping for a quick run-up. I zigged when I should have zagged, and It's going to hurt!
I did the same thing as you. I reversed my calls on FAZ to puts on Friday morning. Nearly wiped out this morning. Ah well, S&Gs anyway so who cares
I'm not sure the US is humbled. I'd say the citizens are pissed, while the politicians are pointing fingers, and the bankers are salivating at the raise in finance charges they be able to apply, while the President is mostly clueless.
But humbled... not a chance. HUmble pie is a dish rarely eaten by the arrogant.
The open was a tad softer than expected. Anyone who was long could have gotten out in the first 5-10 minutes of market open and suffered a relatively minor hit.
Budeshi said: I thought the debt ceiling deal would cause a short spike in the market so I dumped more into it hoping for a quick run-up. I zigged when I should have zagged, and It's going to hurt!
I did the same thing as you. I reversed my calls on FAZ to puts on Friday morning. Nearly wiped out this morning. Ah well, S&Gs anyway so who cares
High frequency trading killed a lot of people today and had a lot to do with this major selloff. Totally abnormal. Najerian and Cramer both b*tching about it. As just one example, Najerian cited an option trade @8.75 and then 8.15 in a millisecond. They are ticked and say the SEC and CDC are investigating the few hundred firms that allow/engage in this.
Last edited by Ariadne22; 08-08-2011 at 05:03 PM..
I'm gonna take a slight bullish stance on this. Do I think the Dow is gonna go down 500 points again? Somehow my gut tells me it's only gonna go down 100-200 points at most. We'll see if I'm right, and I hope I am
I bet you're glad, you are not a stock broker with clients, after today.
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