Aug 8th, 2011
Well... we've been following the international signs (HERE, HERE and HERE) since 3am CST. If this turns out not to be a Black Monday... it's gonna be really lucky.
From AP:
"The Dow Jones industrial average fell 151 points in morning trading, or 1.3 percent, to 11,300. The S&P 500 index fell 19 points, or 1.6 percent, to 1,180. The Nasdaq composite index fell 51 points, or 2 percent, to 2,481."
The NY market has been open for 54 minutes. Ironically, in spite of all the hand-wringing the over the dollar, sales of T-bills continue to make gains. (BTW, I know Dagong Global is a ridiculous tool of the Yuan's artificial propagandists... save the angry e-mails)
Just remember... there is only one safe investment in this world.
Showing posts with label black monday. Show all posts
Showing posts with label black monday. Show all posts
Monday, August 8, 2011
Another Black Monday? ctd...
Aug 8th, 2011
Agence France-Presse sure thinks so:
"In a sign of the possible trouble to come, the Israeli market fell some six per cent Sunday and Gulf markets tumbled on opening although they later trimmed some losses as investors reacted to Standard & Poor's unprecedented cut in the U.S. rating to AA+ from the top notch triple-A.
"Until the stock markets open tomorrow the extent of earthquake caused by the downgrade of the U.S. debt rating will not be known," said Spain's El Pais daily newspaper. "But everything points to a black Monday, which may intensify the attacks on the euro."
Agence France-Presse sure thinks so:
"In a sign of the possible trouble to come, the Israeli market fell some six per cent Sunday and Gulf markets tumbled on opening although they later trimmed some losses as investors reacted to Standard & Poor's unprecedented cut in the U.S. rating to AA+ from the top notch triple-A.
"Until the stock markets open tomorrow the extent of earthquake caused by the downgrade of the U.S. debt rating will not be known," said Spain's El Pais daily newspaper. "But everything points to a black Monday, which may intensify the attacks on the euro."
Another Black Monday? ctd...
Aug 8th, 2011
Not necessarily... but it's going to be a volatile day. AP is reporting that the Asian drops were actually expected to be worse and shines a light on some countervailing forces that might lessen the blows. With just over 4 hours to go before the opening bell in NY, its a nail-biter.
Via AP:
"Most European markets rose and Spain and Italy's borrowing costs dipped to more manageable levels on Monday after the European Central Bank said it would buy the two countries' bonds in order to help them avoid devastating defaults.
Asian markets traded lower but their retreat was not as bad as many had feared over the weekend after a downgrade of U.S. debt. Japan's Nikkei 225 stock average closed 2.2 percent lower at 9,097.56."
Not necessarily... but it's going to be a volatile day. AP is reporting that the Asian drops were actually expected to be worse and shines a light on some countervailing forces that might lessen the blows. With just over 4 hours to go before the opening bell in NY, its a nail-biter.
Via AP:
"Most European markets rose and Spain and Italy's borrowing costs dipped to more manageable levels on Monday after the European Central Bank said it would buy the two countries' bonds in order to help them avoid devastating defaults.
Asian markets traded lower but their retreat was not as bad as many had feared over the weekend after a downgrade of U.S. debt. Japan's Nikkei 225 stock average closed 2.2 percent lower at 9,097.56."
Another Black Monday?
August 8th, 2011
Following Friday's dramatic S&P downgrade of the United States' credit rating,
the virtues of which I'll get into later today, it appears that Asian markets are reacting badly. Again, I think everyone who wants to participate in the discussion ought to read the entire actual S&P statement before continuing to trade in competing analyses.
From ABC:
"Tokyo's Nikkei stock market opened down 1.4 percent and then made slight gains, but Japan's finance minister reportedly said the country has not lost faith in the dollar or U.S. Treasury bonds even after the U.S. credit rating was downgraded for the first time in history.
The news in other Asian markets was not so promising. Hong Kong's Hang Seng fell 4 percent to 20,100.20 and South Korea's Kospi slipped 6.7 percent to 1,814.100.
Australia's S&P/ASX-200 index lost almost 2 percent in early trading and indexes in New Zealand fell more than 3 percent.
The mixed reports likely won't do much to quell growing concerns that Standard & Poor's downgrade of the U.S. credit rating from AAA to AA+could rock global financial markets."
the virtues of which I'll get into later today, it appears that Asian markets are reacting badly. Again, I think everyone who wants to participate in the discussion ought to read the entire actual S&P statement before continuing to trade in competing analyses.
From ABC:
"Tokyo's Nikkei stock market opened down 1.4 percent and then made slight gains, but Japan's finance minister reportedly said the country has not lost faith in the dollar or U.S. Treasury bonds even after the U.S. credit rating was downgraded for the first time in history.
The news in other Asian markets was not so promising. Hong Kong's Hang Seng fell 4 percent to 20,100.20 and South Korea's Kospi slipped 6.7 percent to 1,814.100.
Australia's S&P/ASX-200 index lost almost 2 percent in early trading and indexes in New Zealand fell more than 3 percent.
The mixed reports likely won't do much to quell growing concerns that Standard & Poor's downgrade of the U.S. credit rating from AAA to AA+could rock global financial markets."
Video via RT:
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