Tuesday, January 22, 2008

Remember Black Tuesday ?

(Update: Beny boy panicked and dropped the interest rate by 75 basis point in an emergency measure, beny boy is not instilling a sense of stability, beny boy will have his ass handed to him, i don't feel like adjusting the futures index since this will be short lived :P but i'll change it from the 516 to 396 as of 3:57 Jordan local time

Update 2: MUAHAHA, not even six minutes later the futures index is now up ? down ... whatever ... its at a nice -481 points post rate cut. yup its prime beef waiting to be bled dry. ~4:15 JLT )

Don't worry by days end you might be reminded of it. Trading will resume today after MLK weekend. After the stellar performance of foreign stock markets spiraling uncontrollably yesterday with the majority of them dropping by 5% and the NIFTY (Indian stock market index) dropping a sweet 11% before closing at an 8% drop. The DOW is going to be one hell of a ride today !

The US Stocks futures index is marking a 481 point drop, which is in the top five of worst market days ever ! You can count on me being fixated on my screen today watching it turn bloody red
This will drive it into bear market territory (
A bear market is described as being accompanied by widespread pessimism. Investors anticipating further losses are motivated to sell, with negative sentiment feeding on itself in a vicious circle ~ wiki) for the Bull has been slain.

Either way this will be a chance for me to live through a black Tuesday, and I can't help but be reminded of those pictures of stock brokers lining out side of the stock market in October of 1929, so I won't bore you with any econ jargon or reasoning for this. Lets hope they give us quality pictures like these !

Did you pack your parachute ? Then ENJOY the RIDE !

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  • Let them Gulfers enjoy their oil revenue!

    By Blogger Mohanned, At 22/1/08 19:53  

  • actually mohanned they are evaporating in the US stock market -_-' but some how i think thats what u meant ...

    By Blogger No_Angel, At 23/1/08 13:05  

  • Now it started to get really bad: Budget cuts on every level,people are handed their pink slips every day by the hundreds and every day I wonder if is is my last day.. Somehow our Mayor got a 40thousand salary increase and she handed pink slips to the poorest of employees..it's always the regular human being who pay the price..
    Half an hour ago the market opened,DOW -128

    By Blogger Noura, At 23/1/08 17:33  

  • noura it is really a sad state of affairs, corporate and top honchos bonuses and salary increases are nuts ! either way their days are going to come shortly although its sad that the rest of us normal beings will have to suffer along, and maybe get it a lot worse than them.

    Either way the unemployment is jumping above 5%, and the word stagflation is starting a resurrection movement ! its going to be one hell of an ugly year.

    By Blogger No_Angel, At 23/1/08 22:43  

  • before i forget for all the ones living in the US, if you think you would need your money in the near future (next couple of yrs) (kids going to college, mortgage, loans ...etc) i would suggest that u seriously consider cashing out your 401k's since otherwise you won't be able to use them for a long time !

    but don't take my word for it just do your own research and ask you portfolio manager ...

    By Blogger No_Angel, At 23/1/08 22:48  

  • this week was a really black one indeed!! not hoping for brighter weeks ahead in that area :(

    By Blogger Summer, At 25/1/08 11:16  

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