What a wild and dramatic selloff!!! I am guessing tommorrow we sell down to dramatic lows not seen since 2002 possibly lower. Its good to be owning the FAZ among others right now. I have been pounding the desks stating that the FAZ and other 3x bear ETFS should be owned. Tokyo sells off tonight as if another bomb hit Hiroshima. We will feel the winds tommorrow too as GM sails into bankruptcy and becomes another legend for trader of the pinksheets. To the 1996 levels we go on the ES!!! Say thank you UAW!!!
this just shows how interrelated the world economy is or markets are. US market or economy goes down, the entire world market goes down. vice versa it's like markets can read the news and money move in minutes. technically i don't see how big autos in detroit are that important to the markets in the Asia or europe. or how this ponzi scheme really matters to other markets. this market is already depressed so any percieved negative news crashes any rally up for now.
Go to sleep, Bush and Paulson will have a plan to bailout the two automakers in the morning using TARP funds.
TARP article http://money.cnn.com/2008/12/11/news/companies/whitehouse_warning/index.htm?postversion=2008121123
The last thing the market needs it to have anyone come on TV and say anything. The market can figure the fastest way to isolate and contain the situation. There should be some good bargains tommorow on the upside. So if you have cash take a good look and wait... KK