Market Meltdown, Nasdaq Opens Negative 5%
No other way to describe it, the market is in a complete meltdown. I am looking at the DOW down 3.74%, the S&P down 3.27%, and the NASDAQ down 5% even as of 9:33 AM EST.
For those who did not see this huge gap down open coming, you needed to look no further then overseas to the asian markets which simply got POUNDED the last two sessions.
Here is a screenshot taken moments ago from my streamer,
Market Streamer, Click to View
Be prepared for a bloodbath today and possibly for Bernanke to hold an emergency meeting and cut rates .5. (EDIT: Rates have been cut by .75!)
More on this topic
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Dow Jones ($INDU) Chart - January 18, 2008
(My Trader's Journal, 1/20/08)
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(The Curious Investor, 12/22/07)
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Posted by Blain Reinkensmeyer on January 22, 2008 at 9:36 am --
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uh…he already cut 75 basis points this morning. He did that around 8:00 am est
Did you not see the rates have been cut 3/4 point?
http://www.marketwatch.com/news/story/fed-cuts-rates-75-basis/story.aspx?guid=6D70F269-5B6F-46AE-80D1-C79AEF777BBF&dist=SecEditorsPicks
Thanks for the heads up guys, didn’t wake up until 9:27 so I didn’t catch marketwatch until after the fact