Friday, October 24, 2008
Hey everybody! It's OCTOBER so get your black out!
Futures frozen after steep plunge [Reuters] Literally. CME's DJIA and SPX contracts hit their circuit breakers in futures trading about 5:15am CT. This halted trading briefly, so traders could calm down.
South Korea's currency, market plunge [WSJ]
I made a mistake, admits Greenspan. [FT]
Very quietly, after market close, Russia's financial authority notified (among others) quote vendors such as that the Russian Market will be closed until further notice.
"There is now no safe haven globally other than a deeply indebted U.S. government," said Jim Reid, head of fundamental credit strategy at in London.
[Ed. note: If that doesn't freeze the blood in your veins, nothing will.]
How much do you think this chaps Guiliani's hide: NYC extends term limit so Bloomberg can run again.
Chrysler cuts 25,000 white collar jobs. [WSJ]
US taxpayers take a bath on the Bear Stearns deal. [FT]
Remember the Fed helped out JPMorgan by taking on some of the most toxic paper? Guess what - we're eating $2.7 billion worth.
There's so much more, so I'll sum up this way: There was a Black Thursday (24 October 1929), followed by a Black Monday (28 October 1929), capped by BLACK TUESDAY (29 October 1929).
And yes, our quant clients have overlayed the charts from 1929 (Jan-Dec) and 2008 (Jan-Oct) and there is way too much similarity for comfort.
Hence seeing headlines of hedge fund redemptions (their clients are seeing the same charts), flights to YEN and USD.
The 's only at 8300. We still have a long way to go.
Posted by Tundra Kat at 1:11 PM