[ken5050]

Which means that it’s gonna be bloody Tuesday here..and a nice backdrop to Obama’s speech...

[3Fingas]

Good thing our market is closed today. Perhaps, cooler heads will prevail tomorrow.

[the invisib1e hand]

A “downward spiral” in pictures.

[Porterville]

Well, at least I have a job for now... We must survive the Obama Recession

[PGalt]

Very interesting. Thanks for posting.

[Zakeet]

Here We Go: US Futures Plunge As Milan, Dax Down 5%, Italian Fins Halted, EURUSD Sub 1.41

It is unclear what just spooked the market, but whatever it is, stocks have had enough fun for the day. After the ECB just announced that it had monetized a whopping E13.3 billion in the past week, nearly double expectations, and a total of E134 billion since the SMP program's inception, the market took one quick look at just how effective this program has been, shuddered, and plunged realizing that neither ECB intervention, nor the shorting halt is doing anything at all. As a result, ES is now down 21, EURUSD just dropped below 1.41 (Chinabot is about to give up), and rolling halt of Italian banks have started, with Intessa, Mediaset and Impreglio all halted. We expect UniCredit to follow suit as usual.

[Bean Counter]

Gold just hit $1900.

[Farmer Dean]

DAX now down 5.5%.

[PGR88]

I can just picture the scene 3 days from now - the world financial markets will be in collapse, and boy-Obama will give his long-awaited speech, which will be full of empty lefty cliches and nonsense....

[the invisib1e hand]

apologies: it’s ftse -3% and dax -5%.

[LibLieSlayer]

Blood will fill Wall Street above the street signs tomorrow.

LLS

[wiggen]

German parliment votes tomorrow on the bailout. I guess a bad vote turns the whole thing into meltdown phase.

[blam]

TOTAL BLOODBATH IN EUROPE: Here's What You Need To Know

Joe Weisenthal
Sep. 5, 2011, 10:38 AM

Fears that the Eurozone might go kaput led to a total bloodbath in Europe today (and it's not quite over).

We mentioned the selling earlier, when the major indices were down some 3%, but now it's worse.

Here's a quick look at the equity markets.

Italy -5.3%.

Germany -5.5%.

France -4.9%.

Athens -3.1%. That index is now down about 50% since March.

Greek 2-year yields blew past 50% for the first time.

Meanwhile, banks are getting destroyed.

Deutsche Bank if off over 8%.

Credit Suisse is down 8.8%.

Italy's UniCredit is off 7.4%.

And the major US equity indices, fresh off their ~2.5% losses on Friday are down another 2.5% or so today.

Drink up!

[Brilliant]

I would not call that “freefall.” It’s probably a reaction more to the Greece thing than anything else. Their banking system no doubt has a lot of exposure to sovereign debt.

[AceMineral]

Too bad they don’t have Labor Day in Europe.

[melancholy]

They closed a lot worse:

http://www.bloomberg.com/markets/stocks/futures/

Now, Dow futures down 200+, S&P 500 Futures down 36.

Maybe the US market will continue going down this week to officially inform 0b0z0 that ANOTHER SPEECH loaded with stimulus and revenue won’t cut it because it won’t do anything as already proven and the added attraction of not passing the House.