ixus
October 24, 2008, 8:27am
#1
It’s been muted a few times before, but today is the day IMHO
Fasten seatbelts, tighten your pants…
US Futures lockec limit down
DAX & CAC down 10%, FTSE hit 9%
Bonds sky rocketing.
Currencys tanking…
Kablamo!
ixus
October 24, 2008, 8:31am
#2
Will Roubini be right, will the markets not open today??? Rumours on that and rate cuts getting stronger…
ixus
October 24, 2008, 9:17am
#4
1929 Great Crash Anniversary en.wikipedia.org/wiki/Wall_Street_Crash_of_1929
The initial crash occurred on Black Thursday*** (October 24, 1929), ***but it was the catastrophic downturn of Black Monday and Tuesday (October 28 and 29, 1929) that precipitated widespread panic and the onset of unprecedented and long-lasting consequences for the United States. The collapse continued for a month.
xman
October 24, 2008, 9:34am
#5
acrossthecurve.com/?p=1950
Prices of Treasury coupon securities are surging in overnight trading as fears of a global recession spark a meltdown in global equity markets and a massive deleveraging trade. The moves in the various financial markets are stunning and frightening. For a reference point I am composing this piece at 600AM New York time.There is an expression in Latin, “red ipsa loquitur” which means literally “the thing speaks for itself” and this morning the numbers truly do. There is no need to comment.
The yield on the benchmark 2 year note has plummeted 20 basis points to 1.41 percent. The yield on the 5 year note has dropped 15 basis points to 2.48 percent. The yield on the 10 year note has dropped 16 basis points to 3.52 percent. The yield on the 30 year bond sits at 3.88 percent.
The 2year/10 year spread has widened to 211 basis points.
The 2 year /5year/30year butterfly which traded earlier this week at 57 basis points is 33 basis points.
Equity markets are plunging around the globe and the outlook is grim.
The Nikkei dropped nearly 10 percent and is at levels last seen in April 1983. Toyota sales fell for the first time in 7 years and Sony slashed its forecast for a second time.
The South Korean Kospi index tumbled 10 percent and is down 20 percent for the week.
The Hang Seng fell about 8 percent.
European stocks are down 6 percent to 8 percent. The UK reported that its economy has contracted 0.5 percent from Q2 which is more than paid professional prophets, pundits, and, prognosticators had less than presciently predicted.
Daimler slashed its profit forecast for the year and Fiat said that it will cut production in Q4.
An index of European manufacturing and service activity dropped to 44.6 from 46.9 and that is the lowest level for that index since its inception in 1998.
Dow futures are down 550 points and the S and P futures are down 60. Each is down limit and can not move lower until the exchanges open at 930AM New York time.
Movements in the currency market are on an order that I can not recall. The yen has strengthened against the dollar to about 92 yen from nearly 97 yesterday. The Euro has fallen to below $1.26 from $1.29.
Commodities are participating in the panic plunge. Gold has dropped below $700 and oil is trading $62.
This is certainly shaping up as an historic day.
You had more patience than me for going through the old threads!
Come back in a month and you’ll probably have your full house!
Ozzy
October 24, 2008, 9:50am
#10
Dollar down against Yen. Euro down against Dollar. Sterling down against Euro.
Looks like forced unwinding of carry trades to me.
Brightened up a bit. ISEQ down only 3ish% at 16:30 (rather bizarrely the last time that Yahoo shows until it updates the 17:00 close figures!).
Nah, we’re still on the generational buying opportunity that is 2,650. We’ve a while to go before we hit the generational buying opportunity that is 1,000.
I thought the floor would be around 2700, now I wonder if its in three digits.
