Haha. I think people are selling because this is the 20th anniversary of the crash. It makes no sense, but I think that's why the futures are down, who wants to hold overnight heading into the weekend with memories of the crash exactly 20 years prior?
for a slap in the face of common sense the stocks will close higher today. all those tossers on cnbc can give themselves a clap on the back as another meltdown is avoided thanks to the illegal bailout of the corrupt investment banks by their mates at the us treasury and fed. but as we all know the more you prop something up falsely the more its going to come down hard. it wont be this anniversary or certainly this month. put skews on stocks are at their highest for a long while. sooner or later the distorted price action from quant based systems and algos wont be able to hold up stocks along with the plunge protection team. i see the dow receovering from these levels to trade higher upto 15000 purely because most people seem to think it is a sell. (even the nyse president). but the move down will be hard and ugly and will take no prisoners. with this new modern hedged up market that is fully electronic and can execute a million trades in one nano second i would not be surprised to see a 1000/1500 price drop in a few hours followed by a monumentous move back up to shaft everyone on the upside immediately. that seems to be the way of it. and yes i was in the market in 87 and did witness the events of that day. does not seem like 20 years ago to be honest.
I think we selloff today because of the Crash fears. Plus the market made a top last Thursday which was quite convincing and confirmed by this week's price action
The tech stocks are getting in on the sell off despite GOOG's "beat". The earnings charades set up by Wall Street haven't suckered in buyers here, I think Goldman and the gang thought they could spruce up the market with GOOG $800 price targets and other such nonsense. I guess if Goldman can't save this market, Ben's gotta step in soon.