World Stocks Tumble

http://www.thestreet.com/s/world-stocks-tumble/markets/worldmarkets/10374594.html?puc=_tscfoc ^ | 8-16-07

[Hydroshock]

Stocks dropped sharply in Asia and sold off in Europe as well as the U.S. credit crunch continues to worry investors.

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Japan's Nikkei dropped 2% and Hong Kong's Hang Seng gave up 3.3%, and those were some of the smaller drops. Stocks dropped 6.9% in Seoul, 5.9% in Jakarta, 4.6% in Taipei and 4.3% in Mumbai. Even China's highflying Shanghai Composite joined in the selling, sliding 2.1%.

Markets were in the red across Europe as well, with shares in London, Paris and Frankfurt all off 2.3% to 2.7%.

The declines come a day after the Dow Jones Industrial Average staged a late-day swoon to end down more than 1% in its fifth straight decline. Among the biggest U.S. declines Wednesday was Countrywide (CFC - Cramer's Take - Stockpickr - Rating), the big mortgage lender that shed 13% after Merrill Lynch cut its rating to sell from hold and warned that the company could soon find itself hit by the liquidity crisis that has swept across the U.S. lending industry

[taxed2death]

I think it’s time to get the bearings smoking on the money printing presses. Print up a few hundred trillion dollars...that should fix it.

I can’t wait to spend $35,000.00 for a loaf of bread.

LOL

[snarks_when_bored]

The Dow dropped to within a couple of points of its 200-day moving average yesterday. Let’s see if it bounces up a bit today...and then turns over and dives again!

[mutley]

DJI down 100 points first five minutes.

[Hydroshock]

Why does the word crash come to mind.

[- Smokestack Lightning]

TIME TO BUY!

{Send all checks to me}

[mewzilla]

Why does the word crash come to mind.

It's not even officially a correction yet, is it?

[Uncle Miltie]

I think we are back to the levels of January 1st.

***YAWN****

[Hydroshock]

At this rate Bagdad Bob could become the Treasury Dept’s spokesman.

[snarks_when_bored]

The technicians are pushing for at least a 10% drop from the Dow’s high, so around 12,600 or thereabouts. We’ve not quite made it there, and maybe we won’t today. Phil Dow, an old hand, sees a standard bear developing, so he’s looking for 20-25% off the Dow high before we’re done. I’m not sure, because, as you know, the market fluctuates...(grin)

[divine_moment_of_facts]

I’m holding tight.

[divine_moment_of_facts]

When it hits 12,600 it will officially be a 10% correction.

[scan59]

I hate to see my 401K drop though.

[Badeye]

When it hits 12,600 it will officially be a 10% correction.

Yep, and the buyers market will be realized once again.

[mutley]

The technicians are pushing for at least a 10% drop from the Dow’s high, so around 12,600 or thereabouts.

12,780 at the moment, and I think we'll hit 12,600 this week. Or at least, I wouldn't be surprised if we hit it.

[dashing doofus]

J.P Morgan, when asked what the stock market will do, replied:

It will fluctuate.

[biff]

I don’t want to buy you!!! LOL

[ex-snook]

Looks like those who blew up the market ran out of wind. Now they’re long gone, leaving the bag to someone else.

[BlabItGrabIt]

All began when the Central Bank of S. Korea unexpectly--which means without the big-shots' permission--raised interest rates Wed. night a week ago 25 points.

Just a "cowinkidink" the KOSPI shot down like a lead balloon last night?:-)

[snarks_when_bored]

Well, well, well...looks like the boys decided to get their 10% down today.