Imminent and severe market correction

[sassa]

Citi could fold?
Are you serious?

Thats BIG news.
Im sure thats not going to happen. If the Fed bailed out LTCM, surely they would do the same here, or else it would cause a real disaster IMO...

I mean, we are talking one of the biggest banks in the world

"Since the day it was formed, Citi has been a business model in search of validation. Big couldn't just be better, it had to be unbeatable.
Comment from the Houston Chronicle.
Now, it's simply broken. And a financial solution isn't coming easily. Already, one analyst is predicting the only solution is to bust up the financial supermarket."

 

[nizar]

I think the real correction to come will hit the S&P 500 , the chart looks like it has false highs and set up for failure , the last few months have given it a cleavage shape that I don't like at all , as each rally has come to an abrupt stop mimicking the last rise .

LOL a cleavage shape??!!

Care to post the chart

 

[Whiskers]

This might give the markets a jolt tonight.

AP
Consumer Confidence Hits 2-Year Low
Friday November 9, 3:18 am ET
By Martin Crutsinger, AP Economics Writer
Consumer Confidence Plunges to Lowest Reading Since Gulf Coast Hurricanes of 2005

WASHINGTON (AP) -- Consumer confidence plunged in early November to the lowest level since Hurricane Katrina battered the Gulf Coast and sent oil prices soaring in 2005.
The RBC Cash Index showed consumer confidence fell to a reading of 64 this month, down sharply from an early October reading of 80.6, when consumer sentiment was on the upswing as the stock market stabilized temporarily following a turbulent August.

http://biz.yahoo.com/ap/071109/consumer_confidence.html?.v=3

 

[Uncle Festivus]

LOL a cleavage shape??!!

Care to post the chart

Someone told me the technical term was a cameltoe, whatever that means!

 

[eMark]

Probably a little early to worry about the futures, but the DOW, NASDAQ & SP500 have all fallen in the last few minutes. Consumer confidence report lower. I didn't think that came out till after the open.

S&P 500 -5.80 1469.70 11/9 5:52am


NASDAQ -7.50 2098.00 11/9 5:51am


Dow Jones -42.00 13220.00 11/9 5:51am

 

[Kauri]

Probably a little early to worry about the futures, but the DOW, NASDAQ & SP500 have all fallen in the last few minutes. Consumer confidence report lower. I didn't think that came out till after the open.

S&P 500 -5.80 1469.70 11/9 5:52am


NASDAQ -7.50 2098.00 11/9 5:51am


Dow Jones -42.00 13220.00 11/9 5:51am

Tonights colander..

 

[sassa]

Probably a little early to worry about the futures, but the DOW, NASDAQ & SP500 have all fallen in the last few minutes. Consumer confidence report lower. I didn't think that came out till after the open.

S&P 500 -5.80 1469.70 11/9 5:52am


NASDAQ -7.50 2098.00 11/9 5:51am


Dow Jones -42.00 13220.00 11/9 5:51am

The FTSE has dropped appreciably in the last 2 hours.From .98 to .25.Rio Tinto continues to rise-6.5% to 8%.

 

[eMark]

Tonights colander..

Thanks Kauri.

Then what's Whiskers article on consumer confidence all about? That's what I meant. Is it a sneak preview from Yahoo?

 

[explod]

Probably a little early to worry about the futures, but the DOW, NASDAQ & SP500 have all fallen in the last few minutes. Consumer confidence report lower. I didn't think that came out till after the open.

S&P 500 -5.80 1469.70 11/9 5:52am


NASDAQ -7.50 2098.00 11/9 5:51am


Dow Jones -42.00 13220.00 11/9 5:51am

Good idea to get it out early, everyone will have forgotten by market open so that they can sail merrily along. Remember the world is round so we cant' fall off can we.

 

[sassa]

Someone told me the technical term was a cameltoe, whatever that means!

I think you know.It's the cleavage at the intersection of a woman's legs.

 

[Awesomandy]

Stock market tip #69: when the chart starts to form a cleverage shape. Take the money out and spend it on women.

 

[eMark]

Probably a little early to worry about the futures, but the DOW, NASDAQ & SP500 have all fallen in the last few minutes. Consumer confidence report lower. I didn't think that came out till after the open.

S&P 500 -5.80 1469.70 11/9 5:52am


NASDAQ -7.50 2098.00 11/9 5:51am


Dow Jones -42.00 13220.00 11/9 5:51am

What happened? Did someone drop a bomb somewhere?

Getting tired of this.


S&P 500 -14.50 1461.00 11/9 6:37am


NASDAQ -16.25 2089.25 11/9 6:36am


Dow Jones -105.00 13157.00

 

[Whiskers]

Thanks Kauri.

Then what's Whiskers article on consumer confidence all about? That's what I meant. Is it a sneak preview from Yahoo?

Yes eMark, it's a summary of alternate surveys to the Michigan University one that is the oficial one. But it is expected to be consistant with them.

The RBC Cash Index was in line with other surveys of consumer confidence, including the Conference Board's consumer sentiment survey which has also dropped to the lowest level since the fall of 2005.

http://biz.yahoo.com/ap/071109/consumer_confidence.html?.v=3

 

[eMark]

Yes eMark, it's a summary of alternate surveys to the Michigan University one that is the oficial one. But it is expected to be consistant with them.



http://biz.yahoo.com/ap/071109/consumer_confidence.html?.v=3

That explains it! ...and a jolt it has already given.

Lets' hope that the final report is not worse still.

Who knows how the night will turn out....

 

[Kauri]

That explains it! ...and a jolt it has already given.

Lets' hope that the final report is not worse still.

Who knows how the night will turn out....

Things are looking better already on the sub-prime saga. :axt:

November 9. Speculation of a possible GBP 10bn write-down from a UK clearer is being touted as a factor in cable"s sell stop-driven drop to a low of 2.0993, from an earlier 26-year high of 2.1162.

London, November 9. News of the temporary suspension of trade in Barclays shares (Bloomberg) is being touted as the catalyst for cable"s sell stop-driven slump to a low of 2.0963, from a European morning 26-year high of 2.1162.

 

[sassa]

What happened? Did someone drop a bomb somewhere?

Getting tired of this.


S&P 500 -14.50 1461.00 11/9 6:37am


NASDAQ -16.25 2089.25 11/9 6:36am


Dow Jones -105.00 13157.00

Make that 16.2,19.25 and 115 at 6.56a.m.
Plus the FTSE has dropped over 2% since the beginning of trade-from+.94 to -1.14.

 

[Whiskers]

Not much good news so far tonight. Think I will have a shower and go to bed.

NEW YORK (AP) -- Stocks headed to a lower open Friday after Wachovia Corp. said it expects to increase quarterly loan losses.
The nation's fourth-largest bank said in a filing with the Securities and Exchange Commission that credit market volatility could cause a $1.1 billion write-down for October alone
http://biz.yahoo.com/ap/071109/wall_street.html?.v=2

NEW YORK (AP) -- The maker of the painkiller Vioxx has agreed to pay $4.85 billion to settle thousands of lawsuits in one of the largest civil cases ever, according to published reports Friday.
http://biz.yahoo.com/ap/071109/vioxx_settlement.html?.v=13

NEW YORK (AP) -- Wachovia Corp. said Friday the value of its collateralized debt obligations sank in October by an estimated $1.1 billion pretax.
http://biz.yahoo.com/ap/071109/wachovia_writedowns.html?.v=2

 

[numbercruncher]

BANGALORE (Reuters) - Sotheby's (BID.N: Quote, Profile , Research) shares lost more than a third of their value Thursday, a day after sales figures from its Impressionist and Modern art auction in New York painted a lackluster picture that triggered fears of a slowdown in the art market.

With a total take of just under $270 million, the auction at Sotheby's fell far short of even its low pre-sale estimate of $355 million.

http://investing.reuters.co.uk/news/articleinvesting.aspx?type=hotStocksNewsUS&storyID=2007-11-08T194350Z_01_BNG98869_RTRUKOC_0_US-SOTHEBYS-SHARES.xml&pageNumber=0&imageid=&cap=&sz=13&WTModLoc=InvArt-C1-ArticlePage2

Even the art market getting hammered .....

 

[Nyden]

http://investing.reuters.co.uk/news/articleinvesting.aspx?type=hotStocksNewsUS&storyID=2007-11-08T194350Z_01_BNG98869_RTRUKOC_0_US-SOTHEBYS-SHARES.xml&pageNumber=0&imageid=&cap=&sz=13&WTModLoc=InvArt-C1-ArticlePage2

Even the art market getting hammered .....

I saw that on CNN finances; I guess that's an indicator that even the exceedingly wealthy are taking a hit this season!

Is there any potentially good news coming out of the US markets anytime soon? I know zit about the American financial schedule, but am tired of every day them announcing some foolish company losing billions; and dragging us down with 'em!

 

[Sean K]

Is there any potentially good news coming out of the US markets anytime soon? I know zit about the American financial schedule, but am tired of every day them announcing some foolish company losing billions; and dragging us down with 'em!

A positive spin could be that the market may have factored most of the US financial crisis in, and it could well be contained in the sector. While the financial system will probably see many more write downs, it's now expected, so any 'good' news will be well received. I'm a bit naive though, so take anything I make up as most likely tosh.