DOW update:
Closing sell-off. The DOW is now only 365 points away from 10K, support below that would be 9871.72, 61.8% retrace of the entire bull market and a 30% correction. Washouts are often a quick affair. If they aren't, the pain can be devastating.
I believe this is the single biggest trading day loss for NDX/QQQQ, 10.5% and 8.8%.
When the greatest bond trader of all time (Bill Gross) agrees with the greatest investor of all time (Warren Buffett), it might pay to listen. These men often have opposing market interests. Right now, they are in agreement. Read more from Barron's: link.
Sept. 29 (Bloomberg) -- U.S. stocks plunged and the Standard & Poor's 500 Index tumbled the most since the 1987 crash after the House of Representatives rejected a $700 billion plan to rescue the financial system.
The Dow Jones Industrial Average slid 778 points for its biggest point drop ever as $1.2 trillion in market value was erased from American equities. The MSCI World Index of 23 developed markets slid 6.9 percent, the most in 21 years.
This entry was posted
on Monday, September 29, 2008 at 9/29/2008 04:16:00 PM.
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