Dow Futures Point to Friday Meltdown

[louis c]

The Japanese market is down over 9% at 2:00 AM EDT

Link:
http://money.cnn.com/data/world_markets/index.html


Dow Futures are pointing toward a Friday open that could be scary. At 2:15 AM EDT we're down 366.


Link:
http://money.cnn.com/data/premarket/index.html

[thewiseguy]

1. This is starting to freak me out

Japan's index fell below the 8000 support level. South Korea's index fell below the 1000 support level.

[TahitiNut]

2. Alan Greenspan ... the mea culpa heard 'round the world.

So much for that "irrational exuberance" huh? :eyes:

[panAmerican]

3. Like you, I've taken to checking the overnights the last few weeks

What is happening is absolutely brutal. Back in the 1999-2001 era, I stayed in the market, believing things would turn around. But I have much more to lose now. So in January after the first week of crazy drops, I switched my husband's holdings into safe harbor, and kept my allocations as they were.

But late last month I capitulated. We have virtually no equities remaining in our portfolios. Having worked in the industry for the better part of 10 years, I know there's still a lot of purging (deleveraging) left to do, and hardly anyone wants to face that. They'd rather talk about Warren Buffett's self-serving op-ed.

[louis c]

6. believe it or not...........

My 401 (k) was in the Market when Clinton won. just a coincidence that 1992 was my first year with my employer. the market went up 340%. however, I'm a union guy and ended up more union than i ever thought, becoming President of my local in 2002. Well, anyway, in 2001, when Asshole Bush took office, I moved my funds into a guaranteed annual 3.5% fund. It now was about $50K. The market was 10, 571 on that day. I actually didn't do it for economic reasons, but for political ones. I didn't want my money to further the exporting of jobs. I learned at labor seminars (I was an assistant BA in 1999-2001 in my local)that in order for American companies to prosper they would have to move the jobs overseas. Other investments were in Global companies that actually competed in taking our jobs away. Kinda like the reason we wouldn't by Krugerrands during Apartheid. So, I really wasn't so smart financially, but lucky. In the 8 years Bush has been president, I've received a plus 30% instead of a minus 20%.

[panAmerican]

9. That is quite a story, and I'm glad you did well.

But back then, I was in my very early 20s and didn't have the foresight I do now.

[bluestateguy]

4. I've always kept my money out of the stock market

and I always will too.

Never trusted those screaming yo-yo's on the NYSE trading floor.

[Critters2]

5. Wow. Even on bad days, the futures haven't been down that bad.

That is worrisome!!

[girl gone mad]

7. Maybe we will finally get capitulation.

As long as there are people running around "bargain hunting" we're nowhere near the bottom.

Though I think it could take decades to fully recover, especially if the Feds keep pouring money into zombie banks.

[louis c]

8. Capitulation is November 4. (NT)

[panAmerican]

10. OMG - This is gonna be rough; Futures down 548 points

:scared:

[louis c]

11. Max is 550

I posted this as it became apparent at 2:00 AM.

I wish I wasn't so clairvoyant.