Dow futures off more than 300 pts; oil sinks below $28

Yahoo News ^ | January 20, 2016 | Jenny Cosgrave

[John W]

U.S. stock index futures pointed to a sharply lower open, with Dow futures sinking in excess of 300 points as European and Asian shares tumbled in the wake of renewed oil price weakness.

European stocks fell sharply shortly after market open, with the pan-European STOXX 600 down in the region of 3 percent after a weak session in Asia and fresh lows in oil.

[Justa]

“...now we are screwed for sure.”

But we’re always screwed. Always have been, always will be. It’s how life works. It sucks and we are screwed. So cheer up. At this point it can only get worse but we all expect that. It’s familiar to us so we can be smugly self-assured and condescending as everything falls apart.

/Eurothink

[Lazamataz]

But we’re always screwed. Always have been, always will be. It’s how life works. It sucks and we are screwed. So cheer up.

Oh yeah. I forgot.

[John W]

Down 311.53(1.95%) 9:59AM EST

[Alberta's Child]

The scenario you describe is pretty much what is happening in Canada. The government is considering a negative interest rate environment jus got prop up their industries, while the citizens up there find it increasingly difficult to afford their own resources. That’s a Third World country in the making.

[thackney]

But you say the word tariff around here and it is like throwing Holy water on a vampire.

Because you want to penalize the refining and petrochemcial industries to help the oil production industry.

Conservatives don't ask the government to pick winners and losers while promoting higher taxes and higher cost products for domestic production. You create advantages to refining and petrochemical in other countries. We lose jobs and capital investment.

[John W]

Down 402.71(2.51%) 10:41AM EST

[jpsb]

Down 437

[lafroste]

Of course, you are right, they should have done that, and I should have listened to my dad and gone into computer science instead of chem eng. The point is that they didn't, and they didn't in such a spectacularly foolish way that it has endangered all of us. That's all I meant to say.

[jpsb]

Dow down 519 now

[Mr Apple]

Only down 351 now, good, the bottom might have been reached -for today- but then I redirect my attention to thackney's post #60 and the overall picture and I might still have to be hoping that I don't see any cliffs nearby:

***
All those people that made things the oil companies are no longer buying.
Hundreds of Billions of dollars no longer being spent by oil companies are a lot of indirects without those orders.
***

And now I see that Chesapeake Energy has stopped all trading after hitting a 16 year low.

S&P down 2.30% for the year.
I see gold up $17.80 to $1106.30, not such a good sign.
I also see platinum, palladium and rhodium -all three -primarily used in the industrial fields, all heading south still, not a good sign.
So for today, Wednesday -all of this is still on Obama'son your watch.
Personally, for whatever it's worth, I see no recession on the horizon.
The emerging markets look good! This will be our saving grace!

[Mr Apple]

down 185

[Mr Apple]

down 137

[John W]

Seems to be recovering for the day.

[VTenigma]

No argument from me.