You see, even though we bounced off the 13,000 level, it still caused havoc just seeing it get this close. You can be assured that if we cross it and stay there, there will be shock waves everywhere. From biz.yahoo.com
Tokyo shares hit a fresh 12-year low after a key central bank report underlined the scale of the economic malaise facing Japan, and the news dragged down other Asian markets as well.
European shares were lower at midday, with Frankfurt, Madrid and Amsterdam all down about 6 percent.
''It's a global meltdown in the equity markets, with fear of recession gripping the markets,'' said Peter Cardillo, director of research at
Westfalia Investments. ''We're setting up for another nasty day of declines.''
At 0816 EDT/1216 GMT, the December contracts for the S&P futures were off 19.90 at 1006.20.
The Dow Jones Industrial Average was expected to drop 120-130 points at the start of trading, and analysts said the index could soon
again test the lows of its trading range.
''We're seeing the demise of the big blue chips,'' said Larry Wachtel, a Prudential Securities analyst.
I think there is better money to be made shorting KO, G, PG and the rest of that gang than MU.
Sun Tzu
P.S. As always, some true believers in *my* power to move markets will accuse me of hyping my senseless longs and FUDing my shorts. These people will have my limitless market moving powers on their corner if only they would just direct some funds into my bank account <G> |
