They halted the Israeli stock market today because it crashed right after opening. the TA-100 (the 100 most important stocks in israel) dropped straight away 6.3%. They had to halt the trading. Thank you obama, you fucked it up, bigtime.
They simply didn't have the time to react over there, as they're on a Sunday through Thursday schedule. A big drop was baked in from the rout over here, not from the S&P action. As per Bloomberg: Record Discount to Tel Aviv Created by Rout: Israel Overnight:
Looking deeply red at the moment. Captured for posterity's sake for comparison to later in the evening. Not to make any predictions, but it sure feels a lot like the 08 action, IMO. Lots of longs were lulled into buying on positive earnings reports (and prior buy the dip conditioning), however, fundamentals can be rather meaningless in a short term melt down.
Given the Israeli market is held up entirely by handouts from US taxpayers, it seems quite reasonable it should crash under the circumstances.
Havent seen the futures trade this low the night before a Monday opening in a long, long, long, long time, it seems everytime the market has seen these types of sell offs BUBBLE ben bernanke has stepped in, just to let you know the fed is meeting August 9th so that should be the day BUBBLE ben bernake talks about QE3 and lifts the markets back up erasing all losses from the last few weeks.
Really? You must have taken March of 2011 off. Futures were off about 50 handles that night. Carry on...