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South Korean shares swoon, the KOSPI falling 8.4%, confirming the drop in the Korean ETF (EWY...

South Korean shares swoon, the KOSPI falling 8.4%, confirming the drop in the Korean ETF (EWY -9.2%) in today's U.S. trade. Financial shares lead the way: Shinhan Financial (SHG) -12%, Woori Finance (WF) -12%, KB Financial (KB) -10%, tracking the drop in the ADRs during U.S. hours.
Comments (2)
  • laogao
    , contributor
    Comments (88) | Send Message
     
    Hunker down and see if Uncle Ben can pull a rabbit out of the hat.
    He'll undoubtedly have orders to do so from the Annointed One, but it'll also depend on how much damage has been done by then and if there is anything left to salvage.
    US futures currently lower than 24 hours ago, not boding well for tomorrow.
    My guess is that there'll be strategic leaks during the day, to stem the bleeding.
    Then some new easing announcement on Wednesday that will finally give a heavily oversold market a reason to bounce. I mean, how much further can it fall?
    Curently buying ORCL and DIG.
    8 Aug 2011, 10:47 PM Reply Like
  • Bouchart
    , contributor
    Comments (730) | Send Message
     
    Anything Ben could do right now would be so unpopular it could cause civil unrest. I'd think that Bernanke, along with everyone in Congress, would be content to scapegoat Europe and S&P. No real downside to that.
    8 Aug 2011, 10:59 PM Reply Like
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