Monday, January 21, 2008

Tuesday, January 22nd, 2008: A Tough Day on Wall Street

From A Neoconservative, Mugged By Hobbes:

Today the euro is having its worst day in memory.


EUR-USD 1.4440 -0.0182 -1.24
EUR-JPY 152.9650 -3.2350 -2.07
EUR-GBP 0.7423 -0.0054 -0.72

The yen is having the biggest day of all. The pound, as usual, is faring worst.

It’s getting to be about that time for the Arabs and Chinese to make some more big acquisitions, and for Buffett to take over the monoline market. The prices are getting quite good.

The markets are completely freaking out over the collapse of the monoline sector. Dow futures are pricing in a 515 point drop tomorrow. S&P futures are pricing in -4.5%. Small caps will probably fall harder still.

It won’t be long now…


The limit down for the S&P tomorrow is -5 percent, a drop of 70 points. Only 10 points to go, according to the futures markets …