Posted on 10/24/2008 4:32:57 AM PDT by Sub-Driver
Stock futures freeze as tumble worsens Fri Oct 24, 2008 7:17am EDT
LONDON (Reuters) - Stock index futures tumbled so sharply in European trade on Friday, they had to be frozen at several points in the morning.
By 6:27 a.m. EDT December Dow Jones futures were down 6.2 percent, Standard & Poor's 500 futures were off 6.6 percent and Nasdaq 100 futures were down 6.6 percent.
All three contracts lost the maximum amount permissible before the start of futures trading in the United States.
"We are in a panic mode, I don't know how else to describe it and when you're in panic mode, all rational thought goes out of the window," said City Index chief market strategist Tom Hougaard.
"We've just got to let this thing rage. I think we'll see the Dow below 8,000 today."
According to Reuters data, December S&P futures hit a low of 855.20, while Dow Jones futures touched a low of 8,224 -- the lowest levels at which both contracts could trade in a session.
Jeremy Hughes, a spokesman for the Chicago Mercantile Exchange in London, said both contracts were "limit down."
"The limit is calculated at roughly 5 percent down. At that point it can't go any further down but it is still accessible and can go up again," he said.
(Excerpt) Read more at reuters.com ...
In the case of Silver and Gold, you cannot even physically acquire it right now. Here is an interesting excerpt from a bulletin from the President of BullionDirect.com.
Additionally, private manufacturers are also operating beyond capacity. 1oz., 10oz., and 100oz. Silver bars are particularly affected by these production delays. This added flow of physical metal and physical cash (by the Fed injecting into the banking system) has also caused delays in armored, secure transportation. These industry wide delays have affected our operation and ability to process even basic orders in a timely matter.
Good news is that the US Mint is concentrating on making the 1oz Silver and Gold Eagles. Some might be available in November, apparently. So it is difficult to even buy an asset that is deflating right now. Man this is a weird situation.
The prospect of BO as pres with a demo congress inevitably opens up pro-communist possibilities. I’d love to buy at these levels but till we get some sense of stability with a win by Mav&Cuda, I will keep the powder dry.
The average 401k owner has no idea what a commie leadership will mean to their assets. If they did, the mega Obama rallies would take on a distintly different tone.
I'm just telling you what the environment is like that's all.
I think the markets are scared he WILL make it across the finish line.
They always were.
I buy gold through them on probably a weekly basis. It is weird. the only stuff out there is Chinese or Mexican...if you can put your hands on it, it sells.
If you believe in lines, the S&P should be at around 820.
Hitler was a "taker". Obama is a "giver". He'll try to buy the good graces of every tin-pot in the world.
McCain 2008.
I think you’re right. There are going to be a lot of Dems voting McCain, too.
Yeah, that’s why a few people there put the entire country into economic cricis.
Believe that if you want.....facts show the opposite.
TORONTO, Oct 22 (Reuters) - The Toronto Stock Exchange's main index closed nearly 6 percent lower on Wednesday as resource issues sank along with commodity prices on concerns that a global economic slowdown will slash demand.
Transportation numbers are just awful. UPS, FedEx, Yellow and Ocean Going Vessels are off 7% just as the Christmas stocking season is here. America is out of consumer credit and cash. Yikes.
True dat, but he still looks like Milton Friedman next to Obama.
OK...while I’ve thought that McCain could pull this off...if you think it’s gonna be 54-46, I want some of whatever you’re smokin’.
People are realizing that Obama is going to be the next Prez - and the implications are dire for economies worldwide. Hope your seatbelts are on...
All banks will not fail. Most won’t in fact.
THEN WHY THE HELL ARE THESE SAME PEOPLE STILL VOTING FOR HIM???
Is that why "they" are buying dollars like crazy too?
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