Tomorrow’s Going to Be Ugly on Wall Street

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So much for containment and things getting better. We’re starting to see how contained this debt issue really is – and the answer is not at all.

I don’t know if you’re as fascinated at the global falling dominoes that are the world’s financial markets as I am; but you should be as it usually portends bad things. Just tonight we’ve seen the major indexes in Hong Kong lose over 10% of it’s value, India lost 11%+ and all trading was halted, the Nikkei lost 4.4%, Taiwan 6.5%. To boot the latest Dow futures market portends a loss of somewhere in the 400 – 500 point range.

So we know it’s going to be ugly and violent. Investors are spurning earnings reports and balance sheets and ratings agencies. It is nearly a complete lack of confidence in the US financial system. Investors simply cannot be sure which way is up and that is causing these major, major drops.

I’m taking bets on the market tomorrow. I’ll paypal the winner $5 to the person who guesses closest to the value of the Dow at close tomorrow. I’ll also paypal $5 to the person who most accurately calls the intra-day low. The Dow is currently at 12,099.30.

I’ll put my number in now:

Close: 11,863.30 (loss of 236)

Intra-day low: 11,719.3 (loss of 380)

Leave your guess in the comments by 6 AM EST to be eligible.