Friday, October 24, 2008

It's going to be a bumpy ride. . .

I woke up this morning and turned on CNBC to be shocked by what I's a recap...

Dow Jones Futures -550
Nasdaq Futures - 84.75
S&P Futures - 60

These are all trading at "Limit Down" levels- that means they have halted pre-opening lower limits...they can't get lower before the opening bell. Eeek!

It's important to note that if the Dow drops 1100 points before 2pm there will be a 1 hour trading stop; If it drops 1100 after 2pm, there's a 30min stop.

Also, to my amazement, the dollar fell 5.00 points against the Yen, rose $.0263 against the Euro (1 Euro= $1.2642, was at 1.2515) and the Pound fell to 1.5638 against the dollar (1GBP=$1.5638). That's insane considering the 1.5 month ago highs of $1.65 Euro and $2.03 GBP. Insanity!

Interesting in the commodities, Oil fell (after a 1.5million barrel a day production CUT by OPEC) and Gold fell briefly below $700/oz.

It's a crazy market today- though I have to say, it all seems barely representative of what the STL economy has been looking like since February 2008.

Good luck people!

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