I've been hearing rumours that a couple of mutual finds are falling over. Have some nightmare fodder. Hedgie also sees margin calls hitting gold in charts.
Look, people, this is not good. This was an accelerating decline into higher volumes, which is to say, as the market is falling, selling has increased. We're oversold like there is no fucking tomorrow, but people keep selling. We're below 2009 lows if you factor in the dollar decline, and all the talking heads are screaming BUY OPPORTUNITY on technicals. Maybe they're right, we violated some pretty nontrivial support levels today (like 1250 in the S&P - lol, BYE!) but we're closed just above another one now, and it's pretty thick. A lot of buy decisions got made around here back in November 2010, so maybe there's some substance here. I dunno.
Heh, remember how subprime was "contained?" Remember how that worked out? Well, the Euro debt crisis has been "contained" pretty consistently too, but, yeaaaaah, the EC president says it's not contained anymore. If we're going to have to keep adding letters (to PIIGS), it's gonna be hard to come up with another acronym. Europe is talking monetisation as the only way out. Will Germany put up with that? Will German taxpayers?
Nikkei futures trading is down around 2.5%. Hang Seng futures are only slightly down. Europe opens in... 11 hours, more or less. Good luck!