October 8, 2008 6:26 A.M.ET
BULLETIN
Bears maul global markets
Stocks around the world skid; Tokyo falls 9.4%, strong yen a factor
That’s the headline this morning over ar Marketwatch. The Nikkei is down 10%, and the rest of the world is following suit.
What seems to be finding its way into the heart and soul of the market is that this crisis is not “just” a financial crisis and the reality is that the problem is embedding itself into other industries,and countries as a whole. The ripple affect is just scary.
Let’s watch 9000 and see if we get some help there. If the Fed does anything today it will need to be on the order of 75 to 100 bips and even then I think it will only be good for a temporary rally. If you are short, don”t forget your stops because the rally will be vicious. It will be man against machine and you will never beat a black box to the buy button.