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Some early stock index futures prints: S&P 500 -2.5%, Nikkei -2.2%, German DAX -2.6%, FTSE...

Some early stock index futures prints: S&P 500 -2.5%, Nikkei -2.2%, German DAX -2.6%, FTSE 100 -2.7%, French CAC 40 -3.2%. Currencies: Dollar -1% vs. the swissie, -0.4% vs. the yen, -0.3% vs. the euro , +0.5% vs. the aussie, +0.4% vs. the loonie.
Comments (28)
  • cynic2011
    , contributor
    Comments (652) | Send Message
     
    I guess they didn't like it.
    7 Aug 2011, 06:32 PM Reply Like
  • tunaman4u2
    , contributor
    Comments (3072) | Send Message
     
    Big numbers... even with Germany consenting to MASSIVE ECB action.
    Is the market starting to believe QE will not work?
    7 Aug 2011, 06:33 PM Reply Like
  • wyostocks
    , contributor
    Comments (8229) | Send Message
     
    The Party's Over.
    7 Aug 2011, 07:00 PM Reply Like
  • Duude
    , contributor
    Comments (3382) | Send Message
     
    If greater volatility is one's game, party is just beginning.
    7 Aug 2011, 07:30 PM Reply Like
  • Joe Morgan
    , contributor
    Comments (1500) | Send Message
     
    So much for the pundits saying markets wouldn't be affected...
    7 Aug 2011, 07:00 PM Reply Like
  • Windsun33
    , contributor
    Comments (4277) | Send Message
     
    Last time I looked, futures had bounced from -288 back up to -104. I still think the market has better than a 50/50 chance to close up on Monday, but some sectors might be hit harder, like financials.
    7 Aug 2011, 08:57 PM Reply Like
  • RM13
    , contributor
    Comments (810) | Send Message
     
    A lot of investors haven't thought much of US treasuries - including myself - and have downgraded US treasuries a long time ago. It's been forecast that at least one of the three rating agencies would downgrade the US debt for at least 2 weeks. This is not about the downgrade, this is about european union as a viable economic entity. After all, severe crisis there would lead to even weaker export numbers for the US, and even lower economic growth for the whole world.
    7 Aug 2011, 07:11 PM Reply Like
  • supersunken
    , contributor
    Comments (5) | Send Message
     
    Most news agencies spinning the futures drop due to the downgrade. Those same agencies stated yesterday the downgrade was not a big deal. The downgrade would not have affected the market at all.
    7 Aug 2011, 07:13 PM Reply Like
  • Barry Crocker
    , contributor
    Comments (454) | Send Message
     
    Buy the dip with someone elses money.

     

    They will be : )
    7 Aug 2011, 07:16 PM Reply Like
  • Herr Hansa
    , contributor
    Comments (3080) | Send Message
     
    The numbers are moving far too fast for this report to hold much longer. If you have a realtime trading platform, I suggest firing it up and paying attention to the volumes. Rumors abound that there are several hedge funds running into liquidity issues. I do expect equity selling on the New York opening, though I have no interest in buying into this market yet.
    7 Aug 2011, 07:16 PM Reply Like
  • Windsun33
    , contributor
    Comments (4277) | Send Message
     
    On Fidelity Trader I am seeing some pretty large trades, but hard to tell if it is dumping or not.
    7 Aug 2011, 11:35 PM Reply Like
  • Herr Hansa
    , contributor
    Comments (3080) | Send Message
     
    I'm seeing a few reports of Asian Sovereigns buying gold. So far Open Interest on gold futures has not increased, though that remains high.

     

    finviz.com/futures_cha...

     

    That link is not real-time, though you can see some changes. Mostly the AUD/USD is seeing the most action. It will be interesting to see what happens when European Borses open.
    8 Aug 2011, 12:22 AM Reply Like
  • Herr Hansa
    , contributor
    Comments (3080) | Send Message
     
    live.reuters.com/Event...

     

    This is actually a fairly good information feed. Reuters are live blogging Global Markets.
    8 Aug 2011, 12:32 AM Reply Like
  • buybuybear
    , contributor
    Comments (389) | Send Message
     
    UPDATE: ECB to hold emergency meetings every 5 minutes till futures print positive..

     

    :-)
    7 Aug 2011, 07:26 PM Reply Like
  • Duude
    , contributor
    Comments (3382) | Send Message
     
    The Chinese were expected to view the downgrade more negatively than anyone else so this is no surprise. I expect some of them will get squeezed somewhat tomorrow as futures are clearly oversold.
    7 Aug 2011, 07:29 PM Reply Like
  • rwdurham
    , contributor
    Comments (64) | Send Message
     
    Time to sit on the side lines until this sorts out. I question the ability of the ECB to provide sufficient European bank liquidity while also buying Spanish and Italian bonds.
    7 Aug 2011, 07:39 PM Reply Like
  • wyostocks
    , contributor
    Comments (8229) | Send Message
     
    Amen, BRO.
    7 Aug 2011, 07:55 PM Reply Like
  • Duude
    , contributor
    Comments (3382) | Send Message
     
    But they may have sufficient news releases to stifle the crisis till investors wise up to the fact the Italian government does nothing fast.
    7 Aug 2011, 08:25 PM Reply Like
  • BetTheHouse
    , contributor
    Comments (147) | Send Message
     
    These bankster crooks are buying hand over fist with the money we gave them. Mark my words it will print green by closing tomorrow.
    7 Aug 2011, 07:55 PM Reply Like
  • Bouchart
    , contributor
    Comments (780) | Send Message
     
    The only ones in the market right now are bankers and hedge funds. If it goes down, it tanks.
    7 Aug 2011, 08:00 PM Reply Like
  • rwdurham
    , contributor
    Comments (64) | Send Message
     
    Unless Mutual Funds are holding significant cash on hand at the start of Monday morning, it is going to be a wild ride for the next couple of days.
    7 Aug 2011, 07:57 PM Reply Like
  • RM13
    , contributor
    Comments (810) | Send Message
     
    Some liquidation from hedge funds/overleveraged investors took place on Thursday and Friday. I expect some hedge funds to step in after initial drop on Monday and rally SPY to another resistence level. Until some sort of support level will be established, this will be a wild ride:). Now, low volume ETFs/CEFs may take a significant hit - especially those in commodities - so there may be some interesting buys bordering levels from late 2008/early 2009.
    7 Aug 2011, 08:54 PM Reply Like
  • bob adamson
    , contributor
    Comments (4558) | Send Message
     
    Attached is the link to the web site for The Australian (a major conservative Australian newspaper). It reports on that site the Australian and the principle East Asian stock exchange averages throughout the day. Note that these averages opened a bit more than 2% off their Friday closes but (as of 7 PM Pacific Daylight Savings Time) have generally halved their loses for the day.

     

    In short, the impact of US and EU developments over the weekend appear to be being taken in stride.

     

    www.theaustralian.com.au/

     

    These reports will be updated periodically throughout the day at that site.
    7 Aug 2011, 10:01 PM Reply Like
  • tiger8896
    , contributor
    Comments (628) | Send Message
     
    S&P needs to be investigated for this downgrade that could have serious economic consequences for the world economy. Fitch and Moody's reaffirmed the US rating with potential for further downgrade, S&P should have done the same especially after acknowledging that 2 trillion miscalculation.
    7 Aug 2011, 10:57 PM Reply Like
  • kcr357
    , contributor
    Comments (560) | Send Message
     
    If there was no repercussion for the MBS's, I don't see any for the downgrade. Esp considering they are probably right
    8 Aug 2011, 01:34 AM Reply Like
  • mdb666
    , contributor
    Comments (11) | Send Message
     
    It's still early...most people are buying on margins, so they are all covering. Time to use some cash to bargain hunt Monday morning.
    7 Aug 2011, 11:26 PM Reply Like
  • AnchorMan
    , contributor
    Comments (115) | Send Message
     
    i would agree with most of you, if the s&p opens down 30-40 points I think its easy money to jump on some SPY calls.....
    8 Aug 2011, 12:06 AM Reply Like
  • Windsun33
    , contributor
    Comments (4277) | Send Message
     
    Futures as of the European open are still very volatile - seen swings of around 150 points so far. Just a guess, but I suspect the market will open down, take a dip, and then back up quite a bit for Monday.

     

    The economic picture has hardly changed at all in the past month, yet a sort of panic has set it, so there will likely be some good buys if you have the guts. There is always the danger that markets could keep dropping in the panic, but much of it is already oversold.

     

    I am setting up some bids on a few stocks to cover the next 3 days, lowballing them at around 8% under Friday close. I don't expect most of them to hit that low, but if programmed selling starts there could be a flash crash for a few minutes.
    8 Aug 2011, 02:41 AM Reply Like
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