The DJIA opens down 177.
Posted on 08/10/2011 6:15:14 AM PDT by blam
Pre-Market Selloff Gathering Steam, European Banks Tanking, Here We Go Again
Joe Weisenthal
Aug. 10, 2011, 8:45 AM
After a quiet start to the day, markets are diving again in the early going here.
Dow futures are off 160.
NASDAQ futures are off 1.8%.
Europe, which had been rallying earlier, is seeing selling across the board.
All the Italian banks are getting smashed.
Stomach turning.
(Excerpt) Read more at businessinsider.com ...
"Investors in Italian banks didn't get the memo that the FOMC is saving things."
I just do not understand the fools on wall street, just what is wonderful about the united states dollar being so weak it commands no rent. If you have an truck load of it you could not get enough interest to buy fuel for the truck.
Bloomberg or Drudge (not sure which) referred to the markets as bi-polar. Down 600, up 400, today?
Me thinks someone is messing with the market....up over 600 points in the space of two hours? Don’t think so.....
Remember that we read that 70% of all trades are now initiated and made by computer programs.
Many stocks are only held for micro-seconds before they're traded again.
As I watch these huge triple digit swings in the markets, I can’t get the images of “Galloping Gertie”, aka the Tacoma narrows bridge that swang wildly from side to side before crashing.
As I watch these huge triple digit swings in the markets, I can’t get the images of “Galloping Gertie”, aka the Tacoma narrows bridge that swang wildly from side to side before crashing.
All the buzz this morning is about France.
The Cac-40 is tanking, Soc-Gen is off over 10%, and the raters, like Moody's are out re-affirming its AAA.
The DJIA opens down 177.
Watch the amazing “Gallopin’ Gertie” November 7, 1940 film clip.
1940 Tacoma Narrows Bridge
Slender, elegant and graceful, the Tacoma Narrows Bridge stretched like a steel ribbon across Puget Sound in 1940. The third longest suspension span in the world opened on July 1st. Only four months later, the great span’s short life ended in disaster. “Galloping Gertie,” collapsed in a windstorm on November 7,1940.
The bridge became famous as “the most dramatic failure in bridge engineering history.” Now, it’s also “one of the world’s largest man-made reefs.” The sunken remains of Galloping Gertie were placed on the National Register of Historic Places in 1992 to protect her from salvagers.
http://www.youtube.com/watch?v=j-zczJXSxnw
so yesterday’s bounceback was all Plunge Protection Team fakery I take it?
Heading for 300 down in first five minutes.
More likely, it was highly-concentrated High Frequency Trade (HFT) algorithms bouncing the market up and down violently in the absence of real, long-term investment volume. The “PPT” is really more fiction than fact, which is not to say that the Fed does not intervene in the equity markets at times.
So Bernanke’s promise of free money for the next two years may not be enough to stem the oncoming tide!
Maybe if Bernanke offers to pay people to borrow money.....
After all - promising low, or no, interest is just backdoor Quantitative Easing anyway.
Fire up the printing presses and keep them churning until Nov. 7, 2012!
Good imagery: 
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