(no subject)

[ceebeegee]

Goddammit, people. Fucking get a grip and STOP PANICKING.

Jesus. STOP SELLING. There's nowhere for the market to go.

Comments

[minstrel70.livejournal.com]

Best pay no attention to the market on Friday. It's going to be brutal. As I write this, Asian markets are all down 7-10% in their first two hours. Dow futures are down over 300.

Several things going on to make it an ugly day. The ban on shorting "financial" stocks (I quote it because a lot of non-financial companies were on the list) expired Thursday morning. There's an enormous auction for credit-default swaps (unwinding the mess that was Lehman Brothers). GE (a Dow component) reports earnings (god help us if they miss).

I'm hoping this will be the capitulation. It has to happen eventually if the market is ever to recover. We'll see. My gut feeling as of 11pm the night before: we're going to see a trading halt before lunch (Dow -1100) and a close around Dow 7500 (roughly a 12% drop).