Is this Black Monday? Pro/contra, live report from the front/sofa generals

[krakknisse]

Please report any live developments here. I'm up late, watching markets, with a vague feeling that this "could be it" - the day I will talk to my grandchildren about. Just checking on Bloomberg in the last hour:
- Fed cuts discount rate 0.25%
- Bear Stern bought for just $2 on the share (down by 95%!)
- Gold is skyrocketing in Hong Kong/Sydney according to Kitco (1017 USD/toz)
- Nikkei is open now, Bloomberg charts not updated yet.

Join in - dont want to waste space, so don't follow this thread if you're not as excited as I am. Speculation as to emergency action, go ahead. Another Fed cut on opening Monday?? Currency controls - probably not yet.

[Mega]

Re: Is this Black Monday? Pro/contra, live report from the front/sofa generals

I think we are entering uncharted waters......China has a 9mm against America's head......ANYTHING & i MEAN ANYTHING is her's for the asking.

Mike

[Jim Nickerson]

Re: Is this Black Monday? Pro/contra, live report from the front/sofa generals

Japan and Australia equity markets are at new lows, so at least people there are smart enough to know the Fed is full of hooey.

[jacobdcoates]

Re: Is this Black Monday? Pro/contra, live report from the front/sofa generals

nikkei is down 380 at 8:31pm est, the yen is at 97.93, watch out below!!!!!


holy smokes i just watched to nikkei drop 50 point in 45 sec

[krakknisse]

Re: Is this Black Monday? Pro/contra, live report from the front/sofa generals

What's the best feed for Nikkei? Free, low delay, and frequently updated if possible. My local commercial source for Nikkei is slower than Bloomberg. Also, any good live feeds for EUR/USD (is it traded at this late hour)? I use Kitco (http://kitco.com/charts/livegold.html) for gold.

[goldisliberty]

Re: Is this Black Monday? Pro/contra, live report from the front/sofa generals

You have just witnessed a BANK RUN with no one on the street.

There will be no bell rung this time.

The FED is trembling about the "SANCTITY OF THE BANKING SYSTEM," Steve Liesman, CNBC just now on CNBC-World, and, "working this weekend to smooth things out before NY opens Monday." Liesman participated in the market call re: Bear.

Want to guess who's next?

Try LEHMAN BROS.

"People are pulling their money out now and asking questions later," Liesman.

Eroding confidence: Dollar/Yen down 2%: 96.96
Shinsei Bank shares down +10% so far this AM in Japan.

Euro: 157.94 up .77%
Swissie 101.86 UP 1.66%
Gold flying: 1021/1022 bid/ask + 22.31
Silver up 0.44 at 21.08

Seat backs and trays in fully upright position. Seat belts pulled firm across your trembling thighs, Planet Wall Street. Over landing threshold soon...will it be a crash landing?

[Mega]

Re: Is this Black Monday? Pro/contra, live report from the front/sofa generals

May be they have to shut the market or suspend some well known bank stocks?
Mike

[jacobdcoates]

Re: Is this Black Monday? Pro/contra, live report from the front/sofa generals

I think the fed will buy securities indirectly is my bet, through jpmorgan and citi. to limit put a floor on the market

[jacobdcoates]

Re: Is this Black Monday? Pro/contra, live report from the front/sofa generals

it fairly good by no means real time, and it has been getting slower, for updates on the nikkei

http://www.nni.nikkei.co.jp/CF/FR/MKJ/

[rj1]

Re: Is this Black Monday? Pro/contra, live report from the front/sofa generals

Guys...

Chill.

[krakknisse]

Re: Is this Black Monday? Pro/contra, live report from the front/sofa generals

21:00 NY Time. Nikkei down 3.2% in its first hour of trading. Gold up from 1010 to 1021 in the same time period. Nikkei has been down >400 points at times during that hour. Must be pretty panicked feeling there. EUR/USD at 1.5786. DJIA futures at 11819, while the DJ closed at 11951 Friday. That's just a 1% drop.

[Mega]

Re: Is this Black Monday? Pro/contra, live report from the front/sofa generals

Its 1.38 in the AM here in Blighty, time for Bed...............Good luck guys!
Mike

[Jim Nickerson]

Re: Is this Black Monday? Pro/contra, live report from the front/sofa generals

Please report any live developments here. I'm up late, watching markets, with a vague feeling that this "could be it" - the day I will talk to my grandchildren about. Just checking on Bloomberg in the last hour:
- Fed cuts discount rate 0.25%
- Bear Stern bought for just $2 on the share (down by 95%!)
- Gold is skyrocketing in Hong Kong/Sydney according to Kitco (1017 USD/toz)
- Nikkei is open now, Bloomberg charts not updated yet.

Join in - dont want to waste space, so don't follow this thread if you're not as excited as I am. Speculation as to emergency action, go ahead. Another Fed cut on opening Monday?? Currency controls - probably not yet.

So far this is a relatively "nothing" night. 1/21 and 1/22 seemed much more ominous.

If you have children and hopefully have raised them well and they become wise, if the markets get the kind of wipeout, cleansing they need sufficient to reset the minds, hearts and pocketbooks of all those who do not save a cent, krone, or whatever, maybe you won't have grandchildren because things will be so bad, your wise children deem it best not to bring more innocence to a world that is so screwed up.

[Verrocchio]

Re: Is this Black Monday? Pro/contra, live report from the front/sofa generals

krakknisse, the Nikkei is looking a little ugly at -450 at 1 pm Tokyo time.

Major Stock Markets in Asia Tumble
By MARTIN FACKLER
Published: March 17, 2008
TOKYO — Major Asian stock markets fell sharply in early trading on Monday as pessimism continued to spread despite the Fed’s dramatic moves over the weekend, sending Tokyo’s benchmark index to a three-year low.
The markets responded negatively to the purchase of Bear Stearns over the weekend by JPMorgan Chase. The acquisition, backed by the Federal Reserve, underscored the severity of the credit crisis in the United States and the weakness of the American economy.
In Tokyo, the region’s largest stock exchange, the benchmark Nikkei 225 index was trading at an almost three-year low. By midday, the index dropped 4.2 percent to 11,726.99, falling below 12,000 for the first time since August 2005.
Elsewhere in Asia, South Korea’s benchmark Kospi index was also down 2.4 percent. Australia’s S&P/ASX 200 index fell 2.4 percent, and in New Zealand, the NZX 50 index dropped 1.9 percent.
The declines in Tokyo came even as the Japanese central bank, the Bank of Japan, moved to shore up financial markets by injecting $4.1 billion into short-term money markets.
Asian stocks have also been hurt by the weakness of the dollar, which erodes the value in local currencies of overseas profits and forces big exporters like Toyota and Sony to raise prices in foreign markets.

[Tulpen]

Re: Is this Black Monday? Pro/contra, live report from the front/sofa generals

May be they have to shut the market or suspend some well known bank stocks?
Mike

Possible. The US market can be closed until further notice by the president.

Clearly the reason BSC was "bought" was to hide the devastating losses and to avoid the chain reactions that failed margin calls would have caused in the whole financial system.