Financial markets dropping like a stone

snow hope · Post by **snow hope** » 24 Oct 2008, 08:43

All the predictions we have been making about the markets crashing is happening and has been happening over the last few weeks - we are in the midst of the crash. There is further to go I am afraid.

FTSE100 down another 4.3% this morning to 4911. It was 6,900 a clatter of months ago (well over a year ago now). Markets across the world are falling.

http://newsvote.bbc.co.uk/1/hi/business/7687998.stm

I am seriously becoming fearful for my wee company.

Andy Hunt · Post by **Andy Hunt** » 24 Oct 2008, 09:16

I saw a programme advertised on the BBC last night, about what they referred to as the "credit crash". So now it's a 'crash', not a 'crunch', eh.

IanG · Post by **IanG** » 24 Oct 2008, 09:45

4911

if only

SILVERHARP2 · Post by **SILVERHARP2** » 24 Oct 2008, 09:51

if it is any consolation we are close to a bottom, these events always conculde with a washout. But expect years of lower asset prices like property
And look on the bright side, I dont think we will see any queues at the petrol pump for some years. I'll take a depression over PO anyday

Andy_K · Post by **Andy_K** » 24 Oct 2008, 09:56

How do you know we are close to the bottom?

Vortex · Post by **Vortex** » 24 Oct 2008, 10:00

Now 3821 = - 6.5%

Initiation · Post by **Initiation** » 24 Oct 2008, 10:10

And also did you know today is the date black thursday happened in 1929...

PS_RalphW · Post by **PS_RalphW** » 24 Oct 2008, 10:22

Sterling is nose-diving.

Down 9% on the Yen today.
5% on the dollar.
2% on the Euro.

FTSE down to 3823. it was over 6700 12 months ago. 43% fall.

The 1929 crash ended in 1932 80% down.

PS_RalphW · Post by **PS_RalphW** » 24 Oct 2008, 10:23

Oh and WTI dipped to $63.64

SILVERHARP2 · Post by **SILVERHARP2** » 24 Oct 2008, 10:25

Andy_K wrote:How do you know we are close to the bottom?

Based on previous examples like 1937 / 1973 , there was normally a climax bottom in late Oct ideally then followed by a bounce maybe a retest and then a reasonable rally into the following year then followed by futher declines,

PS_RalphW · Post by **PS_RalphW** » 24 Oct 2008, 10:29

OPEC cuts output by 1.5Mbpd

http://www.africasia.com/services/news/ ... eoxsvr.php

Ludwig · Post by **Ludwig** » 24 Oct 2008, 10:31

Andy Hunt wrote:I saw a programme advertised on the BBC last night, about what they referred to as the "credit crash". So now it's a 'crash', not a 'crunch', eh.

Virtually everyone I speak to about the current economic situation says, "The media are hyping it all up." If only they knew.

It's the irony of the age we live in: we like the excitement of a "crisis" because we're bored with our silly cushy little lives, but face to face with a real one, we stick out heads in the sand.

Andy Hunt · Post by **Andy Hunt** » 24 Oct 2008, 10:32

RalphW wrote:OPEC cuts output by 1.5Mbpd

http://www.africasia.com/services/news/ ... eoxsvr.php

That's it then, peak oil I reckon.

Can't see Russia et al pumping more to make up for it.

Post by **adam2** » 24 Oct 2008, 11:14

London now down by over 8%, and sterling relative to the dollar down by about 5%

Totally_Baffled · Post by **Totally_Baffled** » 24 Oct 2008, 11:15

adam2 wrote:London now down by over 8%, and sterling relative to the dollar down by about 5%

Blimey stirling at $1.54 cripes....