I think the Dow will lose 500 points today. It is going to be a high volume fire-sale.
But then I think we're about at the bottom. Bear Stearns and Lehman Bros gone, Merrill Lynch now to be owned by Bank America.
It looks like the market is taking care of overcapacity in the investment banking sector. It is ugly, it is painful, and it is both exacerbated by and a prime cause of the housing crisis.
Monday, September 15, 2008
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How much will the various exchanges let the market drop (or go up for the right reason)before they let the "circuit breakers" kick in?
I think the Dow will intervene at 5%
OK, how did you make that happen? ;-)
Seriously, it was hovering around -280 every time I looked.
Prescient. Any good tips for tomorrow?
Sorry gang...no real sense of how things might go today; though I do think all 504 points lost yesterday will be back in the market by 1 November.
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