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New Dow and global markets plunge
[link|http://news.yahoo.com/s/ap/20070809/ap_on_bi_st_ma_re/wall_street|Yahoo]
Wall Street plunged again Thursday after a French bank said it was freezing three funds that invested in U.S. subprime mortgages because it was unable to properly value their assets. The Dow Jones industrials extended its series of triple-digit swings, this time falling more than 380 points.

Global fear over possible mortgage losses trigger a global sell off. In the US the market was already unsettled and the sell off triggered a big plunge.

Jay
New Banks intervene to prop up credit markets
[link|http://money.cnn.com/2007/08/10/news/international/bc.centralbanks.reut/index.htm|CNN]
The European Central Bank mounted a second day of action to calm panicky credit markets Friday, after Asia central banks joined a global campaign by monetary authorities to inject extra cash into banking systems.

The ECB said it would add \ufffd61.05 billion ($83.61 billion) in a 3-day tender through the weekend to calm markets, saying it "aims to assure orderly conditions in the euro money market." The Swiss central bank also offered money at below-market rates.

Stock market declines have worked their way around the globe overnight, causing a second day of declines in Europe now.

Europe's central bank have made a huge injection of money to try and offset credit problems caused by the mortgage collapse in the US.

Jay
New Yeah, and the only stock I have going up . . .
. . this morning is the only one that's got a foot in the subprime mortgage business.
[link|http://www.aaxnet.com|AAx]
New Feds intervene in US market as US market continues drop
[link|http://money.cnn.com/2007/08/10/markets/markets_1030/index.htm?postversion=2007081011|CNN Money]
The Dow Jones industrial average (down 151.85 to 13,118.83, Charts) fell 81 points about 100 minutes into the session, after slumping 387 points on the previous day, its second biggest one-day point and percentage decline of the year.

The Dow was down over 200 points, its lows for the morning, just before the Fed's announcement.

The market was down sharply again, causing the Feds to intervene in the US market. This has brought the market back some and it continues to rise.

Jay
New the feds need to leave it alone
it needs to get down about 11k to unbubble
thanx,
bill
Quantum materiae materietur marmota monax si marmota monax materiam possit materiari?
Any opinions expressed by me are mine alone, posted from my home computer, on my own time as a free american and do not reflect the opinions of any person or company that I have had professional relations with in the past 51 years. meep

reach me at [link|mailto:bill.oxley@cox.net|mailto:bill.oxley@cox.net]
New Very true
The Feds do need to draw a careful line here between not flooding the market with credit and not allowing it to crash. But they do need to let the market unwind, or the problem will just continue to fester.

Jay
New Some "circuit breakers" that kick in if things fall too much
In olden times I don't think they'd even call this a "correction". That used to be a -10% move in a major index. The [link|http://finance.google.com/finance?cid=626307|S&P500] is still above where it was in March. It's only 6% down from the all-time high on July 13.

It might get much worse, but at the moment it just looks like the market is volatile. People who buy-and-hold should ignore it.

Cheers,
Scott.
New thank you oh fed, for the inflation we are about to receive
Quantum materiae materietur marmota monax si marmota monax materiam possit materiari?
Any opinions expressed by me are mine alone, posted from my home computer, on my own time as a free american and do not reflect the opinions of any person or company that I have had professional relations with in the past 51 years. meep

reach me at [link|mailto:bill.oxley@cox.net|mailto:bill.oxley@cox.net]
New Second order effects begin to roll in
[link|http://www.marketwatch.com/news/story/story.aspx?guid=%7BB11E7CD4%2D9037%2D4267%2D8183%2D89908CB77796%7D&siteid=rss|Market Watch]
"You're seeing traders continue the fear trade that demand will not be as great considering the recent large size sell-offs in the global market place and the recognition by central banks that this subprime issue is more than just a U.S. issue," said Zachary Oxman, senior trader at Wisdom Financial, in emailed comments.
"As long as we continue to see global volatility and until the banks and brokerages can assign a true value to the billions of dollars worth of subprime and CDO paper out in the market, you'll continue to see downside volatility in crude as each day brings more bad news to the markets," Oxman said. "Money seems to flow out of the crude complex to meet margin requirements and generally free up cash for other trading activities amongst other things."

In addition to fear of US economic slowdown, hedge funds and speculators are being forced out of the oil market by the credit crunch.

Jay
New there is a reason chavez is trying to lock in $50 long term
contracts. Oil prices are sheer speculation above supply, demand and costs
thanx,
bill
Quantum materiae materietur marmota monax si marmota monax materiam possit materiari?
Any opinions expressed by me are mine alone, posted from my home computer, on my own time as a free american and do not reflect the opinions of any person or company that I have had professional relations with in the past 51 years. meep

reach me at [link|mailto:bill.oxley@cox.net|mailto:bill.oxley@cox.net]
     Dow and global markets plunge - (JayMehaffey) - (9)
         Banks intervene to prop up credit markets - (JayMehaffey) - (1)
             Yeah, and the only stock I have going up . . . - (Andrew Grygus)
         Feds intervene in US market as US market continues drop - (JayMehaffey) - (4)
             the feds need to leave it alone - (boxley) - (2)
                 Very true - (JayMehaffey) - (1)
                     Some "circuit breakers" that kick in if things fall too much - (Another Scott)
             thank you oh fed, for the inflation we are about to receive -NT - (boxley)
         Second order effects begin to roll in - (JayMehaffey) - (1)
             there is a reason chavez is trying to lock in $50 long term - (boxley)

We fly with a sort of irrational confidence.
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