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Generational Dynamics Web Log for 24-Oct-2008

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Wall Street index futures frozen at "Limit Down" at 7 am Friday

Wall Street index futures frozen at "Limit Down" at 7 am Friday

Stock markets in Asia and Europe are in free fall this morning, as forced selling is causing investors to liquidate their positions to meet margin calls.

Wall Street index futures frozen at "Limit down," early Friday morning (Source: CNBC)

By 7:00 am ET, Dow Jones futures had fall 550 points, S&P futures had fallen 60 points, and Nasdaq futures had fallen 85 points. These falls were the maximum allowed before a "limit down" is triggered, making it impossible to continue trading.

The "limit down" will be in effect until the markets open in New York at 9:30 am ET.

When the markets open, it's expected that stocks will continue to fall, driving the index values even lower. According to one pundit, expect the market indexes to fall in the first hour, and then settle down for the rest of the day, possibly recovering the lost amounts.

The counter argument is that these sharp falls are being caused by forced selling, causing a vicious cycle: Forced selling pushes stock prices lower, this causes more margin calls for investors, especially hedge funds, and more margin calls result in more forced selling.

Other stats of note: Gold fell below $700/ounce, to new 13-month low. The dollar continues to strengthen sharply against the euro. Crude oil continues to crash, currently at $63 per barrel.

(Comments: For reader comments, questions and discussion, as well as more frequent updates on this subject, see the Financial Topics thread of the Generational Dynamics forum. Read the entire thread for discussions on how to protect your money.) (24-Oct-2008) Permanent Link
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