Today was supposed to be the day to end all days in the stock market, but I guess the world somehow decided it wasnt going to end today. It was the first day since 1997 (I believe) that stock futures were trading so far down that the levels were indicating that the circuit breaker rule on the NYSE would be triggered. In a nutshell, the circuit breaker rule indicates that under certain circumstances if the market trades down past a certain level, trading can be halted in order to give everyone time to cool off. Most people thought the Dow would trade off 1000 points on the open based on stock futures and what had happened overnight in overseas trading. Well, none of this really happened.
Midway through the morning we got some decent news on existing home sales which were up 5.5%. Most people right now are trying to put together all the data in order to figure out how bad the recession we are in right now is going to be. There is a lot of uncertainty right now about the depth of the downturn.
Subscribe to:
Post Comments (Atom)
Posts
No comments:
Post a Comment