Tuesday, January 22, 2008

It's gonna be an ugly day

UPDATE: Down 400 in the first 2 minutes - ouch! That's gonna leave a mark.

From the CNN front page - Wall Street set to plunge:

If you've ever wondered what it was like in October 1929 we might get a little taste of that this week. International markets plunged overnight based on recession fears and serious doubt about the US market that closed sharply down last week.

Wall street analysts predicting today's trading may see the sharpest decline since the markets re-opened following Sept. 11.

Dow futures were down 4.5 percent while S&P futures lost 5 percent. Such a decline would mark the sharpest drop at the open for U.S. stocks since the first session following the Sept. 11 terrorist attacks.

The Federal Reserve has just announced it is cutting rates by three quarters of a percent. Don't get your hopes up too much about that as every analyst I've read says that isn't where the problem is.

Bonddad is calling it a Bear Market today. Give him a read. He's got the stats and a lot more knowledge about these things then I do.

It's gonna be a hell of a week. Hold on to your job.

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