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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.
I’m game
The only good thing about this wicked head cold that I’ve got is that I’ll have a chance to relapse on my CNBC addiction tomorrow.
Close: 11,654.30
Intra-day low: 11,543.30
I had a guy tell me a couple of weeks ago that there was no mortgage mess, now who laughing
close 11450.50
intra-day low 11250.50
Close 11,421
Intra day 11,211
down 400 at the opening ten minutes. Close down 600 for the day.
Dow loses 485 points in early trading.
Closes with a loss of 312.
wow - i can’t believe i’m the bullish one so far…grim.
It does seem to be contained to Planet Earth, for now.
Low and close will be 11000.
I’m in short position
Will gamble for food.
Close: 11,501
Intra-day low: 11,420
It will close down 515 points. That’s my call, and I’m sicking to it.
- Bank of America’s quarterly net income plunges 95% to $268 million, or 5 cents a share, far below estimates.
Log on to http://money.cnn.com/bn for the latest news.
I’m thinking you’re WAY too bullish Morgan…..
But it’s after 6:00 EST, so I’m not going to post a bet.
OK, revision. FED cut rates 75 bps. Didn’t see that one coming. Overseas markets have dropped 9% in two days of trading. Change my predicition from 600 down to 200 down for the day due to FED panic.
alright so the dow was off 460 at the low and the close was 11,971.19 which was 128 points off. so the winners are:
me for the close
pete viles for the low
if someone wants to check my math please do. pete - 5 bucks coming your way! thanks for playing everyone!