cnbc india, major newspapers are practically begging investors to "stay invested for the long term". Any sort of bearish commentary is being shunted out.
One CNBC India anchor mused if it could be the start of a bear market.
The "expert" replied (not exact quote) "Well the US bull market lasted from 1983 to 2008, so a normal bull market is 15-20 years - why should India be different."
India's Finance minister on CNBC now, appealing investors to "stay calm".
A lot of these Asians still have pretty nice gains, so it's interesting to wonder what they might do with their money now.
I think maybe this is the beginning of a time when "financial" and "stocks" will be nasty words all over the world. Loss of confidence in worthless paper and promises, especially U.S.
I'm following this on the Indian English Language 24 news channel. It is the main news of the moment here but the reporting is restrained - I wanna see phones thrown across the room, high pitched voices, extravagant hand gestures - no suck luck, man everything is so westernized now. The Union Minister ( like Treasury Secretary ) simply says - this won't affect the market in the long term.
What will the Asians do with their money. I have some money in gold, so I was interested in hearing that young Indians are not so interested in accumulating gold as an asset, because the stock market was where it was at.
They may feel differently today.
That said, gold is down $24 right now from Friday's NY close; in some ways, it's just another commodity, and there may be nothing special about it in hard times. Unless there's serious inflation... or unless 30 or 40 million middle-class Indians decide that gold's not such a bad ride after all, while things settle out.
Hmmm, the anchor says something about investors protesting - things are looking up - hartals, morchas, mumbai bandhs ? One can hope - so long as its "not many hurt".
For numbers, I'm following the Bombay Stock Exchange site:
Got an email alert on the Blackberry warning all us techies to be in early to make sure that our systems are up and running. Volume and volatility ahoy!
was watching CNBC Asia on Dish Network tonight. They started a mortgage meltdown special and 15 minutes into it the feed changed to Normal ( canned ) programming..wonder why?
The CNBC India commentator reminds me of the poor professor at Northwestern who tried to teach us how solve linear programming problems by hand. He found our desire to do it all by computer to be "most distressing".
Mann, you have a better feed than the Indians - I'm just getting bland, keep calm, small investors need not worry shit - that Finance Minister, P Chidambaram, was impressive though - calm and so on.
I think we'd better rely on your feed for the moment - HT is doing their bollywood segment on Rekha and somebody in her life - Mannn, she's STILL hot - must be in her 50s ? - and I'm not switching channels
I dunno, I like hearing the Indian guy tell me about all these great buying opportunities. Nothing like a -30% move to get you down to "support levels"
he benchmark index of the Bombay Stock Exchange, the Sensex, was down 1,347.39 points, or 7.7 percent, to 16,257.96 minutes after the market reopened. It momentarily recovered to being down as little as 3 percent when the market first reopened, but quickly fell back.
There was confusion about how far the Sensex had dropped before it was automatically shut down after first opening Tuesday. Some brokers said their trading screens showed a drop of 1,716.41 points, or 9.75 percent, to 15,888.94 before the shut down, a move that's supposed to be triggered only at 10 percent.
The BSE's Web site showed a drop of 2,029.05 points, or 11. 5 percent, to 15,576.30 points _ a steeper decline reflected on other brokers' trading screens, and one that would have trigged the automatic closure.
The rival National Stock Exchange, the 50-share S&P Nifty index was down 434.8 points, 8.35 percent, to 4774 points after reopening. It had dropped 630 points, or 12 percent, to 4,578 points, before shutting down about an hour earlier.
Trading is to be shut for a further two hours if the indices drop 15 percent and suspended for the day if they fall 20 percent.
What's really interesting is that when that one guy was talking on the video, it was nowhere near as bad as it is now. That market is imploding now. He's probably jumped out the window already.
re: dryfly
they have a parliamentary form of gov't like the UK right? Could something like this bring down the gov't?
dryfly
Yup, a vote of no confidence that passed would dissolve the Lok Sabha ( Commons/House of Rep) and result in general elections. I don't recall the numbers offhand but they have an ample majority ( and it is a coalition too ) I think so that's unlikely.
sk who's Rekha?
The mother-in-law is named Rekha
nades
If you wife really was Rekha's daughter with the corresponding beauty genes I'd say : "You jammy bugger!".
I loved the NSFW day trader video. I would not be surprised if that was all an act though. Maybe someone could attest that this guy always uploads videos of himself to the web.
I think roughly 50% of the downside in the Asian indexes are the result of the weaking dollar in relation to the Asian currencies and the adverse impact the weaker dollar will have on the (im)balance of trade.
Wall Street Crash of 1929
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"Black Tuesday" redirects here. For other uses, see Black Tuesday (disambiguation).
Crowd gathering on Wall Street.
Crowd gathering on Wall Street.
The Wall Street Crash of 1929, also known as the Crash of ’29, was - taking into consideration the full scope and longevity of its fallout - the most devastating stock market crash in American history. Three catchphrases, “Black Thursday”, Black Monday, and “Black Tuesday,” evoke this collapse of stock values. All three are authentic, for the crash was no one-day affair. The initial crash occurred on Black Thursday (October 24, 1929), but it was the catastrophic downturn of Black Monday and Tuesday (October 29, 1929) that precipitated widespread panic and the onset of unprecedented and long-lasting consequences for the United States. The collapse continued for a month. Economists and historians disagree as to what role the crash played in subsequent economic, social, and political events. Some consider it to be the beginning of the Great Depression, but most believe it was just one symptom.[citation needed]
It occasioned the institution of landmark financial reforms and new trading regulations.
At the time of the crash, New York City had grown to be a major metropolis and its Wall Street district one of the world's leading financial centers. The New York Stock Exchange (NYSE) was the largest stock market in the world. The roaring twenties was a time of prosperity and excess in the city, and, despite warnings of speculation, many believed that the market could sustain high price levels. Irving Fisher proclaimed shortly before the crash, "Stock prices have reached what looks like a permanently high plateau."[1] The euphoria and financial gains of that great bull market were shattered on October 24, 1929, Black Thursday, when share prices on the NYSE collapsed. Stock prices fell on that day and they continued to fall, at an unprecedented rate, for a full month.
In the days leading up to Black Thursday the market was unstable. Periods of panic selling and high volumes of trading were interspersed with brief periods of rising prices and recovery. After the crash the Dow Jones Industrial Average (DJIA) recovered early in 1930, only to reverse again, reaching a low point of the great bear market in 1932. The market did not return to pre-1929 levels until late 1954,[2] and was lower at its July 8, 1932 level than it had been since the 1800s.[3]
“ \tAnyone who bought stocks in mid-1929 and held onto them saw most of his adult life pass by before getting back to even.
Have no fear. The Year of the Earth Rat is coming up. It starts on February 7th.
The Year of the Earth Rat Traditionally, Rats born during the night may face extreme hardships and suffering throughout life. Rats in general should guard themselves against hedonism, as it may lead to self-destruction. Gambling, alcohol and drugs tend to be great temptations to Rat natives.
Theres no time to lose, I heard her say
Catch your dreams before they slip away
Dying all the time
Lose your dreams
And you will lose your mind.
Ain't life unkind?
If stocks are tanking worldwide and the U.S. is expected to do so also why is gold going down? Isn't gold or (precious) metals a hedge against uncertainty? A rookie question. Thanks in advance!
After the waterfall, after the choppy waters, after the surprise drops and compensating recoveries, after all of this... the concept "orgy" will be considered absurd.
There will be no panic. There will be no fear. There will lovely stillness. Quietude. Silence. And then, after it's ridden to untouchable, then, I'll be buying.
Meanwhile, gold will surge up, after the margin calls and after the hedgies get hammered.
It's time for the traders and minions of Wall Street around the world to get real jobs, after they beggar themselves and beg for continuance. They deserve nothing less.
poor guys, think they are at the bottom...
ScoProLaw
I have nieces and nephews and a brother who are caught up in the market fever, and all I've been able to achieve is to ensure that their equity exposure is limited. As snoopy points out, this only brings them back to mid-2007, so they are still up quite substantially, but will they sell now ? Will they heck !
Every generation has to relearn the same things by suffering the same pain. Sad.
Weather Helm:
"Is now the time to dump my life savings into Ambac shares?"
Of course, but only if you include your first born and favorite dog. That way the brokerage will have to feed them, since you won't be able to afterwards.
Please help calculate the global loss in equities.
Just this month, we may be near... Im gonna say $10 Trillion lost in stock values around the globe, but that is within 3 weeks; what about the last 6 months and the write offs by banks, the CDOs, SIVs, entities still to be accounted for, the housing bubble losses, anyone see where Im going with this? This should be looked at in terms of global GDP loss; a loss of what magnatude, compared to what, besides WWII or maybe The Great Depression?? Help, Im begging here.
Ok, thanks anyway, Ill start working on this and you jump in as needed:
As of September 24, 2002, the Dow Jones Industrial Average had lost 27% of the value it held on January 1, 2001: a total loss of 5 trillion dollars. It should be noted that the Dow Jones had already lost 9% of its peak value at the start of 2001, while the Nasdaq had lost 44%. At the March 2000 top, the sum in valuation of all NYSE-listed companies stood at $12.9 trillion, and the valuation sum of all NASDAQ-listed companies stood at $5.4 trillion, for a total market value of $18.3 trillion. The NASDAQ subsequently lost nearly 80% and the S&P 500 lost 50% to reach the October 2002 lows. The total market value of NYSE (7.2) and NASDAQ (1.8) companies at that time was only $9 trillion, for an overall market loss of $9.3 trillion.
Amazing, isn't it. Absolutely historic events occurring, and -- unlike most of the world -- we actually know what's happening and why. Heck, quite a number of us have predicted it for some time now. Still, it's rather breathtaking to behold, no?
I don't know about a Black Swan, but I see dozens of gray ones!!!
Since Canada's dominant market hit a record high in late October, the TSX has lost more than $300 billion, or 17 per cent of its value
The two-day plunge erased 34.8 trillion yen ($328 billion) in value from the Tokyo Stock Exchange's main board
Seoul shares dropped 4.4 percent on
Tuesday in their biggest daily fall in five months, hitting an
eight-month closing low and dropping $39 billion in market value
Chinese shares lost 1.6 trillion yuan (about 219 billion US dollars), or 4.9 percent, of their value last week alone.
anks and brokerages in the S&P 500, last year's worst- performing industry with a 21 percent decline, have dropped another 13 percent in 2008. Telephone companies, energy producers and computer makers have fallen more than 12 percent since the start of this year.
New York-based Merrill, the biggest U.S. brokerage, had a record loss last week after writing down the value of its subprime-infected assets by $16.7 billion.
The stock-market slump hasn't been limited to the U.S. Benchmarks in more than two dozen countries including Japan, Sweden and Peru have plunged at least 20 percent from their peaks in the past six months, marking the start of so-called bear markets. This month alone, global stocks have lost more than $5 trillion in market capitalization, Bloomberg data show.
The U.S. economy is the largest national economy in the world, with a nominal 2006 gross domestic product (GDP) of more than US$13 trillion (over 19% of the world total).[5]
This month alone, global stocks have lost more than $5 trillion in market capitalization, Bloomberg data show.
2a. $369 Billion lost in Nikkei 225 today
2b. $328 billion) in value from the Tokyo Stock Exchange's main board (not sure about the TSE & 225 breakout)
C hinese shares lost 1.6 trillion yuan (about 219 billion US dollars
Seoul shares dropped $39 billion in market value
Australia slashed close to $100 billion off
Canada's has lost more than $300 billion, since October
$77 billion was wiped off the value of Britains stock market yesterday (are they open yet?)
How much did the US tank Friday, how about in a few hours?
Compare that to: As of September 24, 2002, the Dow Jones Industrial Average had lost 27% of the value it held on January 1, 2001: a total loss of 5 trillion dollars.
Well, sensex is really on a rollercoaster. They scrambled back to -3% nearly, and now, back to -7% and running downhill fast. Must be madness over there right now.
and about a couple of months back the magazine had a special section on something called Participatory Notes , which is akin to a blind hedge fund (no rules)
It is only recently, the government allowed retail investors and FIIs (Foreign institutional investors) participate in Shorting long... which is what prevented a sell off over the last 2 years...
Gross world product (GDP) is about $48 trillion, so what if in just about 4 weeks, $10 Trillion in Global GDP was lost and maybe the subprime "thing and CDOs, SIVs, entities, accounting fraud and false and misleading "stuff" add up to another extra $5 Trillion in the last 6 months and lets just say, my really bad estimate from the last few minutes if in the ballpark of about $15 Trillion lost in this interconnected strangulated synthetic derivative tsunami of "easy lending flu"?
In very simple terms, about 1/3 of global GDP was wiped out in the blink of an eye, but next Monday, we can watch Bush offer to give away $150 Billion to 300+ million Americans and watch him explain how burning an entire years worth of GDP is going to be helped by giving each citizen a few hundred bucks. It doesnt add up and I hope he looks like the idiot he has always been!
Furthermore, what if you take that years worth of GDP of around $13 trillion and divide it by about 300 million people, you get about $43,000 per citizen which was lost because of an inability to regulate a massive amount of crooks that had free reign for about 8 years! The best part is yet to come IMHO, because it will probably take 10 years to fix his mess!
This is Katrina, and Helicopter Ben is going to get the heck of a job routine and Paulson will play the part of that creep in that new bogus thing...Homeland Security and Bush will be Bush and fly over the damage and look grim and tell America help is on the way..Oh My God, why are those people still in the Astrodome and why did they get caught holding CDOs and junk bonds and why didnt we have more time?
Don't look now, but it looks like London's making a bid to be the market that draws the line in the sand for the selloff. Down only 2% right now. US Index futures trying to come off their pegs down, too.
After some warm-up burps, Europe seems to have decided they're not exposed to all the turmoil, so far at least. Except Germany, a bit; after the last few days, what's a measly 2 percent down?
Make no mistake, you are seeing a hedge fund rout. Rich, you are sorely mistaken concerning their ability to aim liquidity short, margin calls, and selling to create liquidity to cover poorly arbed trades will rule the short-term, the bodies will be evident in the near-term.
BTW, ouldn't happen to nicer assholes.
One more thing, every moron that told people to pile into the nas and commodities should be paraded in front of the msm and called on the carpet. Dumb freakin bastards.
Feeling Misled on Home Price, Buyers Are Suing Their Agent
Millions of people who bought at the peak of the housing boom feel they paid too much for their house[...]
Real estate lawyers and brokers say the case is likely to be the first of many in which regretful or resentful buyers seek redress from the agents who found them a home and arranged its purchase.
They could have invested on some cool Indian stocks!
"'We are hearing rumours of a coordinated rate cut by the US, UK and ECB which has helped the market to move back into positive territory. Real estate stocks have moved higher on this as a rate cut would help this sector,' said Mark Priest, head of equity sales at Tradindex."
What's this I'm hearing about the rate cut is gonna be 25?
Granted, this info came from my husband, who was watching TV at 5 a.m. and he didn't have his coffee and hence I'm a little suspicious of whether he heard correctly, but has anyone else heard this?
25 couldn't possibly satisfy the markets at this point.
rate cuts may help stabilize markets, but anyone buying real estate related stocks today needs to have their head examined.
Housing is going to suffer the equivalent of a back-alley beating, with higher unemployment and shrinking 401K/brokerage account balances killing any nascent recovery attempts this year and probably next.
henry paulson jr - treasury secretary - cancelled his scheduled davos attendance at the 11th hour according to davos blogs. a more important task, perhaps to be ready before market open?
Make no mistake, you are seeing a hedge fund rout. Rich, you are sorely mistaken concerning their ability to aim liquidity short
Emerging markets tanked from 7-10% last night while the yen weakened against the dollar. That tells you liquidity has not dried up but is being put short.
Long/short equity hedge funds probably swing about $1 trillion back and forth. Last summer, they were 70% net long. Now, maybe 10%. That's a lot of money moving short.
look at the statement: "The Committee took this action in view of a weakening of the economic outlook and increasing downside risks to growth."
How credible is that?? they did it for stocks.
Also: inflation risks will be monitored
Also: "Voting against was William Poole, who did not believe that current conditions justified policy action before the regularly scheduled meeting next week. Absent and not voting was Frederic S. Mishkin."
It should be helicoptered in soon. I ordered a blue one that has rainbows shooting out of its ass. Gotta one-up the neighbors and all, ya kno.
75 bp cut eh? We are not amused. I want the rate to hit -1% so I can go make some money!
What a mess we are in. I am glad to see the european markets settle down, but I think this is only a momentary breather before the next downhill sprint towards the finish line.
How come there was hardly anyone paying attention when the sensex was rising. Just some perspective, the sensex was at 7000 in 2005, and breached the 20000 mark in 2007. Take a look at the history
Yup thats right .. markets Tumble and markets Rise .. did u profit from it (Both ways) seems to be something we can ponder upon rather then comment on falling and rising ..
wow
Day trader loses his nerve (warning, NSFW for language...)
For relative shock effect, Sept 11 downward move in % :
Hang Seng : -8.8
Nikkei : -6.6
Korea : -12
Nikkei 225 12,598.35 -727.59 14:11
Wow....what do we have here ...Capitulation ....time to throw in the towel....Truth always wind in the end...Praise the Wor.
CR,
You can't sleep with so much going on? looks like lots of us in the same boat
That day trader video is great
cnbc india, major newspapers are practically begging investors to "stay invested for the long term". Any sort of bearish commentary is being shunted out.
One CNBC India anchor mused if it could be the start of a bear market.
The "expert" replied (not exact quote) "Well the US bull market lasted from 1983 to 2008, so a normal bull market is 15-20 years - why should India be different."
India's Finance minister on CNBC now, appealing investors to "stay calm".
first..
Geronimooooooooooooooooooooooooooooooo!
So how will commodities fair in the next few months? What about foreign treasuries?
We are all re-coupled now...
Is the Circuit like 'Short Circuit'?
No disassemble...
A lot of these Asians still have pretty nice gains, so it's interesting to wonder what they might do with their money now.
I think maybe this is the beginning of a time when "financial" and "stocks" will be nasty words all over the world. Loss of confidence in worthless paper and promises, especially U.S.
So, maybe gold/silver, Misean.
Let's hide it in your house.
I'm following this on the Indian English Language 24 news channel. It is the main news of the moment here but the reporting is restrained - I wanna see phones thrown across the room, high pitched voices, extravagant hand gestures - no suck luck, man everything is so westernized now. The Union Minister ( like Treasury Secretary ) simply says - this won't affect the market in the long term.
-K
how long till the 1 hour curb is over? what then???
sk, yeah, let us know what happens when the curbs are lifted.
Best to all.
10:55 is when the market reopens I heard, which would be 3 minutes I suppose..
-k
The Indian market is NUTS. It could go down 50% and still be overvalued by historic measures.
This is going to be very "interesting".
Bloomberg TV commented they would be closed for the day - This one hour delay is news to me. Thanks - CR!
crispy&cole, yeah, it's hard to get good news on India in the U.S. Hopefully sk will be able to tell us what happens next!
Best Wishes.
Aussie now down 7% - they were down 4 and holding and then all hell broke loose.
That guy was funny on the you-tube link....
I only saw swings of 2g's...
Can you imagine if he saw is position changing 100k a minute...
indian market has reopened, and a "magical recovery" seems to have been staged.
The Sensex went from being 10% down to "only" about 5% down after the trading curbs were lifted.
Well, from what I can tell, he has lost a lot more while sitting there being a narcissist filming himself and not bailing.
Nikkei gained 100 pts as well....someone is trying to buck the tide.
yup, what snoopy said.
-K
What will the Asians do with their money. I have some money in gold, so I was interested in hearing that young Indians are not so interested in accumulating gold as an asset, because the stock market was where it was at.
They may feel differently today.
That said, gold is down $24 right now from Friday's NY close; in some ways, it's just another commodity, and there may be nothing special about it in hard times. Unless there's serious inflation... or unless 30 or 40 million middle-class Indians decide that gold's not such a bad ride after all, while things settle out.
uh,,,, that new vid show's total equity of 15g's...
Hmmm, the anchor says something about investors protesting - things are looking up - hartals, morchas, mumbai bandhs ? One can hope - so long as its "not many hurt".
For numbers, I'm following the Bombay Stock Exchange site:
Bombay Stock Exchange - BSE site for SENSEX, stock quotes and market trend
-K
The magic numbers are 1350 and 2700 for the NYSE.
Got an email alert on the Blackberry warning all us techies to be in early to make sure that our systems are up and running. Volume and volatility ahoy!
I think they know something Wall Street has denied. Tuesday should be historic. What will they call it?
_______ Tuesday...
Armageddon.
Talking heads on Indian CNBC " For the short term, traders should scale down positions".
ouch that hurts
I think they know something Wall Street has denied. Tuesday should be historic. What will they call it?
Tsunami Tuesday
The crash should look great on a 42 inch plasma TV inside a 3400sq ft. house with an option ARM on it.
We can replay it on our video iPods.
I'm thinking "recoupling tuesday"
was watching CNBC Asia on Dish Network tonight. They started a mortgage meltdown special and 15 minutes into it the feed changed to Normal ( canned ) programming..wonder why?
"Geronimooooooooooooooooooooooooooooooo!"
Hahahahhahahhaha.....
This video is scaring me....
Looks like ICICI Direct- Share Trading India, Online Trading, Share Trading Commodity,
Mutual Funds, Personal Finance
is about to die.
Here's the CNBC India live feed: 404 Not Found
Holy bongwater!
thanks cowboy!
Thanks AZ....
Great stuff...
Yeh Thanks AZ Cowboy!
THAT is a pissed of India
What if B of A surprises on the upside tommorow??
If the TA I know works here, looking at the Sensex I think the recovery is over - others would say stabilizing at 16440, 6.45% down.
-K
I don't know about Tues, but if Apple disappoints, how about iWednesday?
The CNBC India commentator reminds me of the poor professor at Northwestern who tried to teach us how solve linear programming problems by hand. He found our desire to do it all by computer to be "most distressing".
Thanks AZ!!
Serious pain on this video feed...
The video bohat acha!
"Blood on the Dancefloor" looks to be the theme song now. . .
Yeah, they just look depressed now.
Is there an Indian Kudlow to be some rationality to this market?
I said on an earlier thread that I would LOVE to have witnessed this from a cyber cafe in Bangalore... not to see the shadenfreude but to see history.
are they in shock or on drugs?
She is really getting a bitch slapping
January 22 : 12,588.67 (- 737.27) 14:59
I wonder why your link has a slower clock?
how awseome is technology...in a sick and twisted kind of way
Its a wrap
12,573.05 - 752.89
ah crap I've got a thing for asian women with british accents . . . this indian channel is going to be my undoing . . .
Bloomberg's feed is a bit more entertaining: Bloomberg.com:
Bloomberg Television
Click on "Launch Video Player" on the left hand side.
wow, midcaps are getting slammed 30% on the Indian markets . . .
=====================
The video bohat acha!
nades
Mann, you have a better feed than the Indians - I'm just getting bland, keep calm, small investors need not worry shit - that Finance Minister, P Chidambaram, was impressive though - calm and so on.
I think we'd better rely on your feed for the moment - HT is doing their bollywood segment on Rekha and somebody in her life - Mannn, she's STILL hot - must be in her 50s ? - and I'm not switching channels
-K
"What if B of A surprises on the upside tommorow??"
Then even the MOST clueless will finally understand that the fix is in.
Bloomberg's feed is a bit more entertaining
I dunno, I like hearing the Indian guy tell me about all these great buying opportunities.
Nothing like a -30% move to get you down to "support levels" 
Well hell the real estate correction in India has not yet started.
Max - Sorry, I meant more informative. Those Indians are way more entertaining to watch.
Gee, maybe it isn't different anywhere?
My vote is for 'Back to 1928 Tuesday'
Or, as Dr. Egon Spengler said in Ghostbusters, "There's definitely a very slim chance we'll survive"
See you on the other side, Ray.
Last anonymous was me. Like it matters.
predictions on tomorrow closing, anyone?
I call January 22nd my birthday. I am 38 years old today.
MoonT
india is down 10% again!! after that bounce...
New lows on both Indian exchanges
I don't think they are allowed to use the word 'decimated' even on an affiliate, are they?
When a market correction happens cops in Bombay usually start watching the beach. Traders tend to fall off the cliff
sucker rally failed in INdia
Jeeze, I think the Indian guy is going to cry.
sk - on India - they have a parliamentary form of gov't like the UK right? Could something like this bring down the gov't?
You have a feel for this? I bring that up because their neighbor Pakistan isn't exactly at the peak of stability now either.
Probably not the best time to have add'nal instability.
Take a look at the DIA, may be the last 12000 quote we see for a while . . .
ok ive had enough cowbell
pass the bongwater
sk who's Rekha?
The mother-in-law is named Rekha... I think it might be someone else...
Hey, they're calling it a "Meltdown" now.
Somebody get this guy some prozac and keep him away from any bridges...
No, Meltdown is only alliterative with Monday. They need a new word as it's Tuesday there.
Jas would have something to say on this! 3 more % for another curb to kick!
torpedo tuesday...
CR - this ZEDO ad to get PAYDAY ADVANCE online is not cool btw
Down almost 13% - ouch!
I bought EEV on Friday. Thanks, rich.
what did they say it would take to halt the sensex?
tsunami?
he benchmark index of the Bombay Stock Exchange, the Sensex, was down 1,347.39 points, or 7.7 percent, to 16,257.96 minutes after the market reopened. It momentarily recovered to being down as little as 3 percent when the market first reopened, but quickly fell back.
There was confusion about how far the Sensex had dropped before it was automatically shut down after first opening Tuesday. Some brokers said their trading screens showed a drop of 1,716.41 points, or 9.75 percent, to 15,888.94 before the shut down, a move that's supposed to be triggered only at 10 percent.
The BSE's Web site showed a drop of 2,029.05 points, or 11. 5 percent, to 15,576.30 points _ a steeper decline reflected on other brokers' trading screens, and one that would have trigged the automatic closure.
The rival National Stock Exchange, the 50-share S&P Nifty index was down 434.8 points, 8.35 percent, to 4774 points after reopening. It had dropped 630 points, or 12 percent, to 4,578 points, before shutting down about an hour earlier.
Trading is to be shut for a further two hours if the indices drop 15 percent and suspended for the day if they fall 20 percent.
I like torpedo too...
DEcoupling list - India has been removed effective immediately!
Rude awakening in Brazil too. It took a long time to the blind permabulls to see the obvious. Too late...
EWZ
Stocks are "Slaughtered". No point denying it now, I guess.
And here I was enjoying a nice day off, compliments Dr. King.
Now I gotta get up early in the morning.
Yeah, what Lionel said. Thanks to everyone on the ultrashort suggestions; I'm in skf, srs, twm, eev, smn.
(drums fingers) Tomorrow will be...interesting, as they say.
She is going to cry now. What's Maria going to do tomorrow?
NSE Advance:Decline 1:60!!
-14% Shutter down.
SHe must be long - I think she is crying...LOL
What's really interesting is that when that one guy was talking on the video, it was nowhere near as bad as it is now. That market is imploding now. He's probably jumped out the window already.
buy some new fuses for that circuit!
Nifty & Sansex Circuit breaker's near = pause control on rewind.
"It's a big problem..."
That many of you, my friends, saw two years ago.
Margin is a bitch - the phrase for 2008!
re: dryfly
they have a parliamentary form of gov't like the UK right? Could something like this bring down the gov't?
dryfly
Yup, a vote of no confidence that passed would dissolve the Lok Sabha ( Commons/House of Rep) and result in general elections. I don't recall the numbers offhand but they have an ample majority ( and it is a coalition too ) I think so that's unlikely.
sk who's Rekha?
The mother-in-law is named Rekha
nades
If you wife really was Rekha's daughter with the corresponding beauty genes I'd say : "You jammy bugger!".
Rekha - Wikipedia, the free encyclopedia
Ontopic, I think the next circuit breaker is at 15% as per
How the stock exchange protects your money
-12.8% at the moment.
-K
When does Europe open?
The Indian guy is way better than Dylan Ratigan. Ratigan will be totally unbearable tommoorow.
Thanks sk. The wifey is a little darker but just as hot! Amma isnt all bad either!
She isn't really crying is she? I heard a sniffle...
Really?
I cant wait to see Cramer tomorrow...
I can see it now "BB is a shame!"
The Indian "paulson" - he must have the same speech writer!
I loved the NSFW day trader video. I would not be surprised if that was all an act though. Maybe someone could attest that this guy always uploads videos of himself to the web.
I think roughly 50% of the downside in the Asian indexes are the result of the weaking dollar in relation to the Asian currencies and the adverse impact the weaker dollar will have on the (im)balance of trade.
Terrible Tuesday?
"there's no reason for the worries of the western world to bother us"
???
that finance minister reminded me of my grandma! jaja
I have found my new new favorite TV station!!!
i know! i'm gonna miss maria and cramer due to not having cable. didn't miss not having cable till now.
Tamarind Tuesday?
or Turmeric?
Turmeric Tuesday?
This seems so familiar!
Wall Street Crash of 1929
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"Black Tuesday" redirects here. For other uses, see Black Tuesday (disambiguation).
Crowd gathering on Wall Street.
Crowd gathering on Wall Street.
The Wall Street Crash of 1929, also known as the Crash of ’29, was - taking into consideration the full scope and longevity of its fallout - the most devastating stock market crash in American history. Three catchphrases, “Black Thursday”, Black Monday, and “Black Tuesday,” evoke this collapse of stock values. All three are authentic, for the crash was no one-day affair. The initial crash occurred on Black Thursday (October 24, 1929), but it was the catastrophic downturn of Black Monday and Tuesday (October 29, 1929) that precipitated widespread panic and the onset of unprecedented and long-lasting consequences for the United States. The collapse continued for a month. Economists and historians disagree as to what role the crash played in subsequent economic, social, and political events. Some consider it to be the beginning of the Great Depression, but most believe it was just one symptom.[citation needed]
It occasioned the institution of landmark financial reforms and new trading regulations.
At the time of the crash, New York City had grown to be a major metropolis and its Wall Street district one of the world's leading financial centers. The New York Stock Exchange (NYSE) was the largest stock market in the world. The roaring twenties was a time of prosperity and excess in the city, and, despite warnings of speculation, many believed that the market could sustain high price levels. Irving Fisher proclaimed shortly before the crash, "Stock prices have reached what looks like a permanently high plateau."[1] The euphoria and financial gains of that great bull market were shattered on October 24, 1929, Black Thursday, when share prices on the NYSE collapsed. Stock prices fell on that day and they continued to fall, at an unprecedented rate, for a full month.
In the days leading up to Black Thursday the market was unstable. Periods of panic selling and high volumes of trading were interspersed with brief periods of rising prices and recovery. After the crash the Dow Jones Industrial Average (DJIA) recovered early in 1930, only to reverse again, reaching a low point of the great bear market in 1932. The market did not return to pre-1929 levels until late 1954,[2] and was lower at its July 8, 1932 level than it had been since the 1800s.[3]
“ \tAnyone who bought stocks in mid-1929 and held onto them saw most of his adult life pass by before getting back to even.
ya...when I make Indian food, I use those spices. And it's a hot one today!
(con)'Tagion Tuesday.
Good call Geoff
Ive got it! The Turmeric Torpedo Tuesday.
Tomorrow's soundtrack should be fairly easy...
"Paint it black"
Terrifying Tuesday?
Twisted Tuesday
(to describe collective face of Wall Street)
Black Tuesday, Reloaded
Tommorow's movie selection - Red Dawn!
Bluesday Tuesday?
Considering all the indices are deeply in the red, is this what they mean by "blood in the streets"?
More from CNBC India:
"Liquid issues in the midcap index all down around 40% now".
Sounds like there are some serious market making problems happening...
orgy of fear...thank you sir!
"Orgy of fear" LOL
Reminds me of 1987 when everyone would us my Bloomberg to check their 401k portfolios.
Bummer.
from the indian commentator, "an orgy of greed has turned into an orgy of fear".
Did they stop trading in India again?
Will the dollar fall or gain against the rupee?
CNBC USA needs to hire this Indian Woman - she is smoking hot!
Considering the amount of gold Indians buy, I'd say gold is in for a hard turnaround.
CNBC anchor gets the award for the understatement of the year - "Welcome back - the market is still down."
No idea:
http://bigpicture.typepad.com/comments/files/crystal_method_right_here_right_now_bill_poole_no_idea_mix.mp3
I just dropped by to say that I'm still bearish. I just have an especially hard time watching it play out. D'oh!
It seems the pig's lipstick is melting. I'm not a believer in astrology, but find this rather amusing.
The Year of the Fire Pig ends on February 6th. No wonder the lipstick is melting.
Year of the Fire Pig
18 February 2007 - 6 February 2008: Fire Pig
Have no fear. The Year of the Earth Rat is coming up. It starts on February 7th.
The Year of the Earth Rat
Traditionally, Rats born during the night may face extreme hardships and suffering throughout life. Rats in general should guard themselves against hedonism, as it may lead to self-destruction. Gambling, alcohol and drugs tend to be great temptations to Rat natives.
See! Nothing to worry about, lol.
This concludes my gallows humor moment. Carry on!
To quote Slim Pickens:
"WoooHOOOOoooo! YeehOOOOOOoooo! HoooHeeeoooaaaww! HoooOOOOOoooo!"
OK, folks, I got it...
"Ruby Tuesday"... as in:
Theres no time to lose, I heard her say
Catch your dreams before they slip away
Dying all the time
Lose your dreams
And you will lose your mind.
Ain't life unkind?
I'm gonna vote for "Murgi Mangalwar" ( Chicken Tuesday). We'll see what they call it.
-K
I suggest "Fundamentally Sound Economy Tuesday" in honor of the wise economic leadership shown by the Deciderer.
Alright, Orgy of Fear Tuesday isn't alliterative, but it's memorable. I like it.
I think this may be some thin close to a recession Lively Money: Why making money on the Internet will save America!
and the reason the Nikkie is down is because Japon doesnt controll china anymore.
Tuesday Bluesday Buggered Bruiseday
If stocks are tanking worldwide and the U.S. is expected to do so also why is gold going down? Isn't gold or (precious) metals a hedge against uncertainty? A rookie question. Thanks in advance!
poor guys, think they are at the bottom...
Let the good times roll! Tuesday. Yeehaw!
"Tuemsday" or "Toomsday"?
To put it in perspective, this just takes back the Indian market to July 2007 levels.
Oh, Norka West, sorry, I didn't see you had said "Tuesday Bluesday" already, so you still get credit.
The humdinger of 2008...
they all sound like gurus to me.
the maharishi's of cashflow.
After the waterfall, after the choppy waters, after the surprise drops and compensating recoveries, after all of this... the concept "orgy" will be considered absurd.
There will be no panic. There will be no fear. There will lovely stillness. Quietude. Silence. And then, after it's ridden to untouchable, then, I'll be buying.
Meanwhile, gold will surge up, after the margin calls and after the hedgies get hammered.
It's time for the traders and minions of Wall Street around the world to get real jobs, after they beggar themselves and beg for continuance. They deserve nothing less.
Weather Helm:
Yours was better.
Brandon:
When markets are tanking and you are hit with big margin calls, you sell what ever is liquid. Gold is liquid.
poor guys, think they are at the bottom...
ScoProLaw
I have nieces and nephews and a brother who are caught up in the market fever, and all I've been able to achieve is to ensure that their equity exposure is limited. As snoopy points out, this only brings them back to mid-2007, so they are still up quite substantially, but will they sell now ? Will they heck !
Every generation has to relearn the same things by suffering the same pain. Sad.
-K
Is now the time to dump my life savings into Ambac shares? D'oh...
I gotta agree with Norka. The sustainable gold run hasn't started yet. When the hard assets start flowing, gold will too.
How come they only use the term volatility when the market's tanking? When it's rising quickly they don't say it's volatile.
Weather Helm:
"Is now the time to dump my life savings into Ambac shares?"
Of course, but only if you include your first born and favorite dog. That way the brokerage will have to feed them, since you won't be able to afterwards.
If they don't call a bottom, they have to drink a tall glass of untreated Ganges water.
Tanta, Tanta, CR, etc, et al
Please help calculate the global loss in equities.
Just this month, we may be near... Im gonna say $10 Trillion lost in stock values around the globe, but that is within 3 weeks; what about the last 6 months and the write offs by banks, the CDOs, SIVs, entities still to be accounted for, the housing bubble losses, anyone see where Im going with this? This should be looked at in terms of global GDP loss; a loss of what magnatude, compared to what, besides WWII or maybe The Great Depression?? Help, Im begging here.
ahhh, they called in the replacements, probably for the best.Those guys nerves were shot.
Ok, thanks anyway, Ill start working on this and you jump in as needed:
As of September 24, 2002, the Dow Jones Industrial Average had lost 27% of the value it held on January 1, 2001: a total loss of 5 trillion dollars. It should be noted that the Dow Jones had already lost 9% of its peak value at the start of 2001, while the Nasdaq had lost 44%. At the March 2000 top, the sum in valuation of all NYSE-listed companies stood at $12.9 trillion, and the valuation sum of all NASDAQ-listed companies stood at $5.4 trillion, for a total market value of $18.3 trillion. The NASDAQ subsequently lost nearly 80% and the S&P 500 lost 50% to reach the October 2002 lows. The total market value of NYSE (7.2) and NASDAQ (1.8) companies at that time was only $9 trillion, for an overall market loss of $9.3 trillion.
Ganges is where corpses float...and the locals drink as a water supply. Stop!!
Torrential Tuesday
follow up 2:
More than 77 billion was wiped off the value of Britains stock market yesterday in its biggest one-day percentage loss since September 11, 2001.
In Australia: Investors have slashed close to $100 billion off the value of local stocks amid fears the world is set for an economic slowdown.
$369 Billion lost in Nikkei 225 today
"Please help calculate the global loss in equities."
The only item of real value in the current paradigm is O-I-L.
That is why Bush was walking the dusty paths of the old world instead of the moneyed avenues of Wall Street.
If we could get a free live internet feed of Kudlow, we could provide instant commentary. It might be better than drunk blogging.
I am easily amused.
|:-O]
Amazing, isn't it. Absolutely historic events occurring, and -- unlike most of the world -- we actually know what's happening and why. Heck, quite a number of us have predicted it for some time now. Still, it's rather breathtaking to behold, no?
I don't know about a Black Swan, but I see dozens of gray ones!!!
addition 3:
Since Canada's dominant market hit a record high in late October, the TSX has lost more than $300 billion, or 17 per cent of its value
The two-day plunge erased 34.8 trillion yen ($328 billion) in value from the Tokyo Stock Exchange's main board
Seoul shares dropped 4.4 percent on
Tuesday in their biggest daily fall in five months, hitting an
eight-month closing low and dropping $39 billion in market value
Chinese shares lost 1.6 trillion yuan (about 219 billion US dollars), or 4.9 percent, of their value last week alone.
anks and brokerages in the S&P 500, last year's worst- performing industry with a 21 percent decline, have dropped another 13 percent in 2008. Telephone companies, energy producers and computer makers have fallen more than 12 percent since the start of this year.
New York-based Merrill, the biggest U.S. brokerage, had a record loss last week after writing down the value of its subprime-infected assets by $16.7 billion.
The stock-market slump hasn't been limited to the U.S. Benchmarks in more than two dozen countries including Japan, Sweden and Peru have plunged at least 20 percent from their peaks in the past six months, marking the start of so-called bear markets. This month alone, global stocks have lost more than $5 trillion in market capitalization, Bloomberg data show.
well, sensex is almost up 10% from its daily low. Impressive.
Conjure Clock
11:59:05
Those dudes are using life insurance premium payments to support PPT!
Tata's got enough money in his left pocket to engineer a turnaround like this. Not saying it would be in his interest to do so... just commenting
Goodnight, and good luck!
The U.S. economy is the largest national economy in the world, with a nominal 2006 gross domestic product (GDP) of more than US$13 trillion (over 19% of the world total).[5]
2a. $369 Billion lost in Nikkei 225 today
2b. $328 billion) in value from the Tokyo Stock Exchange's main board (not sure about the TSE & 225 breakout)
Compare that to: As of September 24, 2002, the Dow Jones Industrial Average had lost 27% of the value it held on January 1, 2001: a total loss of 5 trillion dollars.
I feel like I'm watching a financial Katrina come to shore.
London should be open in around a half hour.
Should be interesting.
Well, sensex is really on a rollercoaster. They scrambled back to -3% nearly, and now, back to -7% and running downhill fast. Must be madness over there right now.
Geoff:
Every time the finance minister comes on TV, I see the sensex slipping.
Reminds me of Baghdad Bob on CNN.
Indian PPT is probably in full swing, and this fall is despite their best efforts.
Yup, India was toast today.
The best MSM in india is
The Hindu : Front Page News : Monday, December 07, 2009
The Hindu Business Line : Monday, December 07, 2009
and their fortnightly magazine...
Welcome to Frontline : Vol. 26 :: No. 25
and about a couple of months back the magazine had a special section on something called Participatory Notes , which is akin to a blind hedge fund (no rules)
False notes
All about PNs
It is only recently, the government allowed retail investors and FIIs (Foreign institutional investors) participate in Shorting long... which is what prevented a sell off over the last 2 years...
One last thing:
Gross world product (GDP) is about $48 trillion, so what if in just about 4 weeks, $10 Trillion in Global GDP was lost and maybe the subprime "thing and CDOs, SIVs, entities, accounting fraud and false and misleading "stuff" add up to another extra $5 Trillion in the last 6 months and lets just say, my really bad estimate from the last few minutes if in the ballpark of about $15 Trillion lost in this interconnected strangulated synthetic derivative tsunami of "easy lending flu"?
In very simple terms, about 1/3 of global GDP was wiped out in the blink of an eye, but next Monday, we can watch Bush offer to give away $150 Billion to 300+ million Americans and watch him explain how burning an entire years worth of GDP is going to be helped by giving each citizen a few hundred bucks. It doesnt add up and I hope he looks like the idiot he has always been!
Furthermore, what if you take that years worth of GDP of around $13 trillion and divide it by about 300 million people, you get about $43,000 per citizen which was lost because of an inability to regulate a massive amount of crooks that had free reign for about 8 years! The best part is yet to come IMHO, because it will probably take 10 years to fix his mess!
europe?
Europe falling too....
I think the DAX has pulled a Katy Bar the door (or do they just open later?)
This is Katrina, and Helicopter Ben is going to get the heck of a job routine and Paulson will play the part of that creep in that new bogus thing...Homeland Security and Bush will be Bush and fly over the damage and look grim and tell America help is on the way..Oh My God, why are those people still in the Astrodome and why did they get caught holding CDOs and junk bonds and why didnt we have more time?
Aaaand the FTSE 100 is off > 4% to continue the day. That's it for me. US Index futures locked limit down...
They said DAX opened 4% lower, not sure why it took so long to get the data?
anyone know how the Turkish market is fairing? Or Russia? Cant find those tickers.
Nose diving over here in Europe now. We blame this all for the PPT having taken a day off on Monday
-5 per cent AND IN A FREEFALL
Bloomberg just said FTSE officialy in a bear mkt.
Ouch... 240 outstanding asks at limit down on mini dow future; only 1 bid at the spread and it's 6 points down...
Index link, get your up to dat hot link right here:
Bloomberg.com:
World Indexes
United Arab Emirates down 7%
most oil countries in the minus 7% zone!
"When markets are tanking and you are hit with big margin calls, you sell what ever is liquid. Gold is liquid."
Norka West
Thanks!
Turkey down 6%, as is Africa, Russia down 7%, but 3% to 7% is average, which is probably what will happen here, like 5%
Call it..... Shockwave Tuesday.
FTSE slow to open maybe closed for MLK Day?
The FTSE 100 lost more than 200 points, or 3.7%, to 5,373 within minutes of the open, adding to yesterday's biggest fall since 9/11.
Again, the falls were across all sectors, with no stocks up at the open despite some positive trading updates.
Currently taking their cues from Asia's sell-off, European markets are also nervously awaiting Wall Street's open this afternoo
FTSE 100 5,381.50 -196.73\t
Page not found - London Stock Exchange
Don't look now, but it looks like London's making a bid to be the market that draws the line in the sand for the selloff. Down only 2% right now. US Index futures trying to come off their pegs down, too.
In other news, my ten-year-old won five games straight in his MLK chess tournament, tying for first place.
Much of daily life is going to change in these coming months, but chess is not one of them.
Good luck to all of you.
ftse looks to be doing just fine.
After some warm-up burps, Europe seems to have decided they're not exposed to all the turmoil, so far at least. Except Germany, a bit; after the last few days, what's a measly 2 percent down?
I've got a clip of a guy going bottomg fishing... on the RUSEEL 2000 on SUNDAY night. Can you say f'd?
[ The Financial Ninja ]: This Guy Went Bottom Fishing...
TheFinancialNinja
Make no mistake, you are seeing a hedge fund rout. Rich, you are sorely mistaken concerning their ability to aim liquidity short, margin calls, and selling to create liquidity to cover poorly arbed trades will rule the short-term, the bodies will be evident in the near-term.
BTW, ouldn't happen to nicer assholes.
One more thing, every moron that told people to pile into the nas and commodities should be paraded in front of the msm and called on the carpet. Dumb freakin bastards.
Someone had better tell Kudlow that Goldilocks just flatlined.
Housing woes and blame game:
Feeling Misled on Home Price, Buyers Are Suing Their Agent - NY Times
Feeling Misled on Home Price, Buyers Are Suing Their Agent
Millions of people who bought at the peak of the housing boom feel they paid too much for their house[...]
Real estate lawyers and brokers say the case is likely to be the first of many in which regretful or resentful buyers seek redress from the agents who found them a home and arranged its purchase.
They could have invested on some cool Indian stocks!
ftse explanation:
"'We are hearing rumours of a coordinated rate cut by the US, UK and ECB which has helped the market to move back into positive territory. Real estate stocks have moved higher on this as a rate cut would help this sector,' said Mark Priest, head of equity sales at Tradindex."
Panic in TPTB. We can expect a 1% emergency rate cut.
Will it help? NOT.
What's this I'm hearing about the rate cut is gonna be 25?
Granted, this info came from my husband, who was watching TV at 5 a.m. and he didn't have his coffee and hence I'm a little suspicious of whether he heard correctly, but has anyone else heard this?
25 couldn't possibly satisfy the markets at this point.
rate cuts may help stabilize markets, but anyone buying real estate related stocks today needs to have their head examined.
Housing is going to suffer the equivalent of a back-alley beating, with higher unemployment and shrinking 401K/brokerage account balances killing any nascent recovery attempts this year and probably next.
Multiple thugs wielding different weapons ...
henry paulson jr - treasury secretary - cancelled his scheduled davos attendance at the 11th hour according to davos blogs. a more important task, perhaps to be ready before market open?
Can't wait to hear Paulson speak at 8AM....
He'll probably give one of those "don't panic" speeches and then say the stimulus package is now $250 Million!
After that he'll watch the open. If the market keeps tanking, they'll probably trot him out again about noon and RAISE the package to $500 BILLION!
If that doesn't work, then Bernanke cuts rates by 1.00%.
I can't wait to see what actually happens....
Emerging markets tanked from 7-10% last night while the yen weakened against the dollar. That tells you liquidity has not dried up but is being put short.
Long/short equity hedge funds probably swing about $1 trillion back and forth. Last summer, they were 70% net long. Now, maybe 10%. That's a lot of money moving short.
While there may be some degree of additional shorting, with your overall observation I, "respectfully" disagree.
This move is broad, across the board, taking no prisoners, and the dollar/yen reeks of short covering.
If you can't sell what you want, you sell everything, liquidity is the problem.
75 bps
wow, hat tip RC, 75bps cut has occured
look at the statement: "The Committee took this action in view of a weakening of the economic outlook and increasing downside risks to growth."
How credible is that?? they did it for stocks.
Also: inflation risks will be monitored
Also: "Voting against was William Poole, who did not believe that current conditions justified policy action before the regularly scheduled meeting next week. Absent and not voting was Frederic S. Mishkin."
wow... Bill Poole has NO IDEA
75 point rate cut.
Ambac says exploring strategic alternatives
wow... Bill Poole has NO IDEA
probert | 01.22.08 - 8:31 am | #
Where's my frickin' pony...
It should be helicoptered in soon. I ordered a blue one that has rainbows shooting out of its ass. Gotta one-up the neighbors and all, ya kno.
75 bp cut eh? We are not amused. I want the rate to hit -1% so I can go make some money!
What a mess we are in. I am glad to see the european markets settle down, but I think this is only a momentary breather before the next downhill sprint towards the finish line.
Now if we could only find the finish line.
How come there was hardly anyone paying attention when the sensex was rising. Just some perspective, the sensex was at 7000 in 2005, and breached the 20000 mark in 2007. Take a look at the history
BSE Sensex - Wikipedia, the free encyclopedia
In case anyone is taking bets as to whether or not the Indians freak out again, here is the link from last week.
404 Not Found
I believe it was originally posted by AZ_Cowboy.
Yup thats right .. markets Tumble and markets Rise .. did u profit from it (Both ways) seems to be something we can ponder upon rather then comment on falling and rising ..
rgds
http://forwardcontract.blogspot.com/
they all sound like gurus to me.Tactical Flashlights
r c helicopter
video game