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A selloff tomorrow?
Old 11-26-2009, 01:33 PM   #1
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A selloff tomorrow?

Dubai debt fears hit world markets hard | Comcast.net
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Old 11-26-2009, 01:53 PM   #2
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It will be interesting, the Financial Times said that the SP500 equivalents were down 2.2%. And gold almost hit $1200. On the other hand, I haven't seen much mention of it in the US press so I suspect that there might be an impact on Monday as well.
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Old 11-26-2009, 03:05 PM   #3
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Bloomberg shows world markets down a little more than 3% and US futures down about 2%. I have found that Fridays are kinda squirrelly days when it comes to bad news, so it's hard to project to Monday.

Rather amusing to me is that the Dubai problem is about less than $60 billion of debt and the stock market reaction probably erased many-fold that value. Does that mean that there will be a bounce back in a day or so? Who knows?
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Old 11-26-2009, 03:48 PM   #4
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Sell everything, buy GOLD.
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Old 11-26-2009, 05:59 PM   #5
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TSX was down 200.10 points today so hold on to your horses tomorrow morning. I believe the US markets close at noon tomorrow. Maybe that's a good thing!

What is the World coming to?
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Old 11-26-2009, 06:11 PM   #6
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So, their bubble finally burst due to lack of outsized oil profits of the past. A $60B debt... Why is that a big deal?

I have some fresh money, due to having worked recently. Should I plow some into the market? It's less than 1% of existing portfolio, but every bit counts. No?
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Old 11-26-2009, 08:32 PM   #7
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"Whee!"

(Who knows, maybe it'll work.)

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Old 11-26-2009, 10:22 PM   #8
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"Whee!"

(Who knows, maybe it'll work.)

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You've got to say it with a sort of swirl in your voice. But be sure not to violate the copyright.

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Old 11-27-2009, 07:14 AM   #9
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60 billion here, 60 billion there........what is there to worry about? That is pocket change compared to the numbers being thrown around just a few months ago here. Sweep it under the rug and move on.
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Old 11-27-2009, 07:53 AM   #10
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I watch CNBC for entertainment, almost every analyst has called for a pullback since the dow hit 9000, maybe now they will get their wish, and they can tell everybody how they predicted it.
TJ
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Old 11-27-2009, 08:34 AM   #11
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It is said an Eastern monarch once charged his wise men to invent him a sentence, to be ever in view, and which should be true and appropriate in all times and situations. They presented him the words: "And this, too, shall pass away." How much it expresses. How chastening in the hour of pride. How consoling in the depths of affliction. A. Lincoln
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Old 11-27-2009, 08:50 AM   #12
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According to this List of countries by foreign exchange reserves - Wikipedia, the free encyclopedia
Saudi Arabia had almost $400Bn in USD foreign currency reserves. If the bankers and Dubai could not come to terms, it would be pretty darned easy for them to "help a brother out." Just sayin'...
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Old 11-27-2009, 08:59 AM   #13
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I watch CNBC for entertainment, almost every analyst has called for a pullback since the dow hit 9000, maybe now they will get their wish, and they can tell everybody how they predicted it.
TJ
It's amazing how much wishful thinking is presented as if it were serious market/economic analysis on CNBC!

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Old 11-27-2009, 09:18 AM   #14
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While I am not a fan of CNBC, I don't see how people interpret this as wishful thinking?
Emotionally charged opinions, sure, but I don't see it a wishful thinking.
I have also seen a number of 'experts' on CNBC saying the market will continue north.
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Old 11-27-2009, 02:07 PM   #15
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Sell everything, buy GOLD.
Well, gold, silver, and copper are down today. I didn't check to see if lead is up (for making bullets!).

There we go again. Everything is down, which means the only thing up is paper money. PAPER MONEY, for crying out loud. That practically grows on trees!

As I mentioned in an earlier post, I had a bit of cash that I wanted to invest. Just put 1/4 of it into a world index fund. Will do the rest in the very near future.
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Old 11-27-2009, 02:08 PM   #16
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I watch CNBC for entertainment, almost every analyst has called for a pullback since the dow hit 9000, maybe now they will get their wish, and they can tell everybody how they predicted it.
TJ
And lo! The DOW did pull back, all the way to where it was last Friday! And the people did feast upon turkey, and giblets, and potato, and stuffing, and it was all good.
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Old 11-27-2009, 02:34 PM   #17
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Old 11-27-2009, 05:31 PM   #18
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According to this List of countries by foreign exchange reserves - Wikipedia, the free encyclopedia
Saudi Arabia had almost $400Bn in USD foreign currency reserves. If the bankers and Dubai could not come to terms, it would be pretty darned easy for them to "help a brother out." Just sayin'...
Good point. Maybe Saudis are too worried about their own troubles to think about helping out. The ever-growing list of royals has been putting a hurt on them economically for a long time. The whole tinderbox of their society depends on government handouts, and with oil prices still low, there's a potential for unrest. And their neighborhood isn't getting any friendlier, either. Yemen is a mess, and Iran . . .well.
At least the UAE is trying to diversify their economy. They may lose money and it will undoubtedly be a centrally-planned and inefficient effort, but it does show some willingness to look ahead that some other oil-rich countries have not demonstrated.
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Old 11-27-2009, 05:48 PM   #19
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Well, gold, silver, and copper are down today. I didn't check to see if lead is up (for making bullets!).

There we go again. Everything is down, which means the only thing up is paper money. PAPER MONEY, for crying out loud. That practically grows on trees!

As I mentioned in an earlier post, I had a bit of cash that I wanted to invest. Just put 1/4 of it into a world index fund. Will do the rest in the very near future.
Sorry, I don't have a sarcasm emoticon. I hoped the one I used would paint a picture.
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Old 11-27-2009, 06:15 PM   #20
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Sorry, I don't have a sarcasm emoticon. I hoped the one I used would paint a picture.
I did not misunderstand your sarcasm, but only wanted to use your post as a launch pad for my own.
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