Thursday, January 7, 2016

What We Were Posting When the Markets Dropped 21% In the First Week Of October 2008

Thursday October 9, 2008, 7:14 pm:

Scenarios: Black Friday* or Black Bottom?
...The abyss scenario is: we open down another 4% and lose the battle coming into the close down 6%, giving Ma and Pa investor all weekend to spin out depression nightmares in black-and-white. The Joads stop by on Saturday night and WPA photographers gather for a vigil at the NYSE Sunday evening. Monday we crash the full 1100 to trigger the exchanges circuit breaker and I start playing mournful banjo tunes....MORE
*The song refers to Black Friday, September 24, 1869 when an attempted corner of the gold market by James Fisk and Jay Gould was broken by the Federales.
When Black Friday comes
I'll stand down by the door
And catch the gray men
When they dive from the fourteenth floor
When Black Friday comes
I'll collect everything I'm owed
And before my friends find out
I'll be on the road
When Black Friday falls you know it's got to be
Don't let it fall on me...
I was reminded of this when I saw Wal*Mart was the only gainer in the Dow Jones Industrial Average, up 2.30%