Asia is in complete meltdown following breakdown of auto bailout. I look mostly at Taiwan stocks, and most are down limit 7% late in the day. My bet is that a bailout still goes through in the next couple weeks. Didn't we hear a similar 'breakdown' refrain re: TARP? UAW is quite adept at brinkmanship. It's completely ridiculous that they want to wait until 2011 for a wage cut. The tanking market will solidify some additional support for a deal that will bring legislators back to the table. Interesting times ... that's a curse, right?
These mofo's might just be the best negotiators in the world. We need to put the head of the UAW in front of Ahmadinejad and watch him turn over their entire nuclear program
if they had a brain they'd announce something before Europe opens. Or else... One thing is for sure. VIX is gonna EXPLODE tomorrow.
no it can trade at or above all night. Hmm CME shows limit dwn @ 5% or 60 pts. Maybe we havent hit lmt dwn. http://www.cmegroup.com/trading/equity-index/files/PriceLimitGuide.pdf
i wouldn't be surprised if the bailout happy fed steps in and says they will give a bridge loan until a deal can be reached or something to that effect so the markets aren't down big. good ole ben loves to see how he can make the markets move.
If there is a reversal via TARP money, etc. there is a lot of money to be made in a reversal of the movements of the past hours... IF NO DEVELOPMENTS COME TOMORROW, THERE WILL BE INSANE PRESSURE THIS WEEKEND IN D.C. TO DO SOMETHING.
Funny how the PPT has been toying with the market, yet it hasn't prevented the slide one iota. If you look at the volume when it appears they intervene during some late-sessions. . .they recently have been glaringly absent! Buying stayed flat the past few days near the close, when they could have easily moved the market up through overhead support. For me this was a test to see how well Paulson and his cronies understood price and volume. Again, I do not know much but I try not to laugh. What if Helicopter Ben had let the August '07 correction sink as it was and NOT announce the "surprise" discount rate cut. What if there was no TARP and Wall Street had to madly restructure/merge/bring bad assets onto their balance sheets? What if Detroit had to go bankrupt and merge and let workers go back to school or training? I'd venture to say America would be a lot better off and we'd be out of the woods already - stronger, wiser with an upgrade to our working class. Who knows, government may be now thinking about how to balance the budget/pay off the debt and Americans would be saving?!? Oh well...I can dream, right? paysense