Next will be to watch European markets when they open in the late afternoon our time here in Tokyo, watching this thing make itself away around the globe, from East until West, until the hour of reckoning tomorrow in NYC at 0930, as was mentioned.
But then again, we’ve seen this before. Huge selloffs in Asia and Europe, sackcloth and ashes by the (US) morning commentators, vicious drop-off on the open and closing the day 10 points higher on the Dow.
Indeed. My guess is that it will get worse, as more markets open. Lots of accounts that are already hitting margin call levels haven’t gotten the calls yet because the call is going to be coming from a market that’s not open yet. And there will be another round of that when the US markets open. Could be a nasty domino run here, but not as bad as if the Fed hadn’t gotten the JPM/Bear deal done so fast.