Posted on 10/10/2008 1:10:44 AM PDT by Eurotwit
London shares dropped more than 400 points in early trading this morning after a seventh day of devastating falls on Wall Street triggered panic selling across Europe and Asia. Within minutes of opening, the FTSE 100 index fell almost 10 per cent to its worst level since 2002, but within 30 minutes shares staged a mild rally which left the index of Britain's leading companies off 253 points at 4050.
Bank shares took the brunt of the pain as markets gyrated with Barclays off 15.6 per cent, and HSBC down 4.3 per cent. BP fell 8 per cent and Royal Dutch Shell was off 5.9 percent as crude fell 4.6 per cent to a new 12-month low below $84 a barrel. The economic slowdown threatens to weaken demand for oil and some Opec members want to cut production at their November meeting to shore up prices.
France’s CAC 40 and Germany's Dax benchmark index were both down more than 10 per cent.
(Excerpt) Read more at business.timesonline.co.uk ...
For some reason this last day has been the first that seems to really worry even most of the optimists.
So it’s either almost at bottom or it’s about to *really* plunge.
So it’s either almost at bottom or it’s about to *really* plunge.
~~~
Cash is King,,,
Don’t Look Down!!!
“Cash is King,,,”
Perhaps if you keep it under your bed.
Just heard of a couple in Liverpool, just a few years away from retirement, who took their retirement savings out of the stock market two years ago because they wanted to keep their funds safe.
Unfortunately they chose a savings account with Icesave (One of the now defunct Icelandic banks).
To make matters worse, they chose a branch of the bank localised in the channel islands, making it less likely that they will be saved by the British government.
Perhaps if you keep it under your bed.
~~~
In a fire-proof box next to my ShotGun Shells!!!LOL,,,
Got the “Bullitzz-N-Beanzz” covered too,,,
We call that “Hurricane Preps” in Louisiana...;0)
Next bubble will be in monasteries.
If one looks at a long term graph of the Dow the drop suddenly doesn’t look so exciting. Of course those with 401k plans suffering have plenty of reason to be excited.
When Black Friday comes
I'll collect everything I'm owed
And before my friends find out
I'll be on the road
When Black Friday falls you know it's got to be
Don't let it fall on me
When Black Friday comes
I'll fly down to Muswellbrook
Gonna strike all the big red words
From my little black book
Gonna do just what I please
Gonna wear no socks and shoes
With nothing to do
but feed all the kangaroos
When Black Friday comes I'll be on that hill
You know I will
When Black Friday comes
I'm gonna dig myself a hole
Gonna lay down in it
'til I satisfy my soul
Gonna let the world pass by me
The Archbishop's gonna sanctify me
And if he don't come across
I'm gonna let it roll
When Black Friday comes
I'm gonna stake my claim
I'll guess I'll change my name
"Black Friday"
(Donald Fagen and Walter Becker)
as performed by STEELY DAN
on the album Katy Lied (1975)
The Dow is a false index. Underperforming stocks are replaced with good performing stocks (ie. Xerox out; Intel in). As such, the only original stock in the index is GE.
The index would be at the level of about 400 if it was a “true” index and didn’t shift out stocks every 5 years or so.
According to ABC Australia is calling today Black Friday.
I was hoping to unload a couple of lighthouses I picked up... any takers? hahahahahahaha....
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