[skiwi]

A good wrap-up of some of the days main points.

Credit worries, Wal-Mart slam Wall St

$this->bbcode_second_pass_quote('', 'U')S stocks skidded overnight on fresh signs that global credit markets were seizing up,.

A lower profit forecast from Wal-Mart Stores also renewed worries about consumer spending.

Wal-Mart's pessimistic outlook and subsequent news that a US investment firm wants to halt redemptions delivered a one-two punch to already shaky confidence.

"Sentinel caught the biggest headlines today, and there were rumours about more liquidity issues and more distress concerning the investment banks," said David Katz, chief investment officer at Matrix Asset Advisors in New York...

..Home Depot Inc. shares dropped 4.9 per cent to $33.52 after the home improvement store reported its first quarterly sales decline in more than four years as the housing market softened...

..Inflicting further pain on financial stocks was news that a Canadian trust couldn't find the funds it needed to repay outstanding asset-backed commercial paper and that a bank had declined to provide liquidity.

And Swiss bank UBS, the world's largest wealth manager, warned that market turmoil was likely to hit its investment banking business in the second half of the year...

..Shares of Countrywide Financial Corp., the largest US mortgage lender, skidded 8.1 per cent to $24.46 after the company said foreclosures and delinquencies rose in July to their highest level in at least several years...

..US crude oil for September delivery gained 76 cents to settle at $72.38 a barrel.

In economic news, rising energy costs drove up US producer prices last month, while the trade deficit unexpectedly narrowed in June on stronger exports, according to reports, suggesting the Federal Reserve will remain cautious about cutting interest rates.

[IrrationalExuberanceMonky]

$this->bbcode_second_pass_quote('IrrationalExuberanceMonky', 'a') short
at 13640 if we get there,

[cube]

$this->bbcode_second_pass_quote('IrrationalExuberanceMonky said yesterday', '
')Next stop 12800 on the INDU...

[Zardoz]

$this->bbcode_second_pass_quote('IrrationalExuberanceMonky', 'I') hope you'll forgive me for tooting my own horn!

[Eli]

Well the Yen is up now to 116.50 level against the dollar and it continues to strengthen, and it is doing the same against the Euro too.

The question becomes at what level does a forced unwind kick in?

If a forced unwind of the Yen kicks in that would be like taking this market that is already getting kicked in the yarballs and pushing it off a cliff.


Oops sorry it has been five minutes since my post now 116.3o level.

[Roccland]

$this->bbcode_second_pass_quote('', 'T')he question becomes at what level does a forced unwind kick in?

[firestarter]

$this->bbcode_second_pass_quote('Eli', '
')
The question becomes at what level does a forced unwind kick in?

.

[ohanian]

$this->bbcode_second_pass_quote('IrrationalExuberanceMonky', '')$this->bbcode_second_pass_quote('Bewildebeest', 'H')ow so?

[Novus]

Thursday was bad but Friday is going to be worse. Japan's stock market layed an egg over night by plunging over 870 points. This is very bad. Lets see if the stock market can weather this one.

[Troyboy1208]

Its a great market for bargain hunters. I have a feeling it will go up today

[Eli]

Yeah this a great time to find some great bargains.

Rushing in now would be like moving into your awesome corner office in one World Trade Center Place at 8:45 am September 11, 2001.

Nothing has changed fundamentally, if anything this is a bad sign.

The Nikkei came apart and gave up 840 and the Yen was up to 112.

Consumer confidence dropped like a rock, and trillions in bad mortgage s are still out there.

I just sold all my bargains have at them.

[Cobra_Strike]

The Feds rate cut is simply an admission that things are going badly.

This is nothing yet, when things get going trading will be halted.

[cube]

$this->bbcode_second_pass_quote('Cobra_Strike', 'T')he Feds rate cut is simply an admission that things are going badly.

[manu]

Which will melt first, the world economy or the North Pole?

[IrrationalExuberanceMonky]

$this->bbcode_second_pass_quote('cube', '')$this->bbcode_second_pass_quote('IrrationalExuberanceMonky said yesterday', '
')Next stop 12800 on the INDU...

[IrrationalExuberanceMonky]

$this->bbcode_second_pass_quote('Zardoz', '')$this->bbcode_second_pass_quote('IrrationalExuberanceMonky', 'I') hope you'll forgive me for tooting my own horn!

[Eli]

I got to say I am willing to take a time out and miss out on the upside, the downside risk is huge.

The Feds actions seem to have further spooked the market rather than to calm it down.

The US treasuries dropped more than they ever had since 911 and the 1987 crash. People are pulling their money out of Money markets and putting it into treasuries.

People are right to be nervous, these lying jerks are hiding the fact that they are holding a sack of crap, rather than let the market work it out the Fed steps in. Because we had a 10% correction in the market? Cramer had a nice little freak out?

[IrrationalExuberanceMonky]

$this->bbcode_second_pass_quote('ohanian', '')$this->bbcode_second_pass_quote('IrrationalExuberanceMonky', '')$this->bbcode_second_pass_quote('Bewildebeest', 'H')ow so?

[IrrationalExuberanceMonky]

$this->bbcode_second_pass_quote('Eli', 'I') got to say I am willing to take a time out and miss out on the upside, the downside risk is huge.

The Feds actions seem to have further spooked the market rather than to calm it down.

The US treasuries dropped more than they ever had since 911 and the 1987 crash. People are pulling their money out of Money markets and putting it into treasuries.

[burtonridr]

Anyone else notice the above average volume on the down trading..... not a good sign.