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Woah, US stock Market crashing!

42 replies

SeaShellsOnTheSeaShore · 06/05/2010 20:31

Down 1000 points, blue chips crashing, on twitter and CNN, BBC not turned to it.

Whoever wins tonight will have a nightmare day one if this continues- what ever colour.

As someone on Twitter just said, have they only just noticed Greece?!

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SeaShellsOnTheSeaShore · 06/05/2010 20:34

Seems to be settling at 4% down (Dow)

may be Gb will breathe a sigh of relief if it's not him dealing with it tomorrow?

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SomeGuy · 06/05/2010 20:39

well I put £15k into the FTSE earlier in anticipation of a Tory victory tomorrow.

Meglet · 06/05/2010 20:41

is 4% down still really bad news? Or does that mean it's recovered a little?

SeaShellsOnTheSeaShore · 06/05/2010 20:43

Proctor and gamble dropped 50%!

Someguy, hope they level out for you again

what on earth triggered it? Wall street have just said their machines are fine in response tp speculation it was a computer glitch.

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SeaShellsOnTheSeaShore · 06/05/2010 20:45

It's recovered a bit, but the media is going mad. Dh involved ++ with the media tonight and says he's never seen it go this mad before.

It's creeping up again. I don't understand this enough!

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longfingernailspaintedblue · 06/05/2010 20:47

What on earth happened? It was crazy.

Is Greece actually on the brink on defaulting, rather than just threatening to?

BeenBeta · 06/05/2010 20:50

Watching CNBC now. The are suggesting a trading error at a major firm or a programme trading glitch

The markets across the world are very volatile though. Started this morning with Shanghai down 4% and currency, bond and money markets moving in very strange ways across the world.

Greece is causing huge problems.

Dow now down only -290.

Wonderstuff · 06/05/2010 20:52

Looks like it is recovering - only down 2.4% a minute ago on CNN, very strange.

supersalstrawberry · 06/05/2010 20:53

This reply has been deleted

Message withdrawn at poster's request.

longfingernailspaintedblue · 06/05/2010 20:54

Apparently this was all because some dickhead typed "billion" instead of "million"

SeaShellsOnTheSeaShore · 06/05/2010 20:59

Really? If that's true re muppet then just how fragile is the world Market?!

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BeenBeta · 06/05/2010 21:04

The stock market is very thin. It has gone up a lot with almost no buying over the last year. Conversely, the market dropped today on very heavy volume. It is very nervous. Near panic at times.

A little insinificant error seems to have turned into a real rout in seconds. Not a good sign.

Real fears about Greece defaulting and bringing down Italy, Spain and Portugal. The global capital markets really woke up to that today.

SeaShellsOnTheSeaShore · 06/05/2010 21:21

I'm always amazed by that beenbeta. It seems playing the markets you have as much control as a slot machine- you know it will pay out but no idea how when or where unless you are insider trading?!

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SomeGuy · 06/05/2010 21:23

here is the 'user error' crash story www.cnbc.com/id/36999483

claig · 06/05/2010 21:24

I don't think that is true, that's the sort of reason they give to stop people worrying i.e. nothing wrong with the fundamentals, just a computer error. But you're right, if it was real it would be worrying, but I doubt it is real. Where is Coolfonz when we need him? He would be able to throw some light on it.

BellaC · 06/05/2010 21:28

Im hearing its to do with the possiblility of Italy going under next that has the markets scared today ...

claig · 06/05/2010 21:32

although thinking more about it, Coolfonz, the anarchist, may very well be at the heart if it

Yes, BellaC, I think some market players have some real information which they are worried about. I think it is also a warming to Greece, to crack down and sort out the rioters otherwise there is more where that drop came from.

OhYouBadBadKitten · 06/05/2010 21:38

very worrying - looks really volatile after the 1000 pt bounce.

mumblechum · 06/05/2010 21:39

Thank fuck we've just sold a shedload of shares. They've gone down by about £10k in the last week.

BeenBeta · 06/05/2010 21:48

Me and DW make our living investing in financial markets. We took a major decision to take most of our money out in early 2007. We took the rest out at the end of December 2009.

Not making a lot of money but not losing any either for the last 3 years. We concluded that this had to end up in a giantic crash. It will when Greece and other European countries default. The recent recovery was just a bear trap.

What happened tody was a straw in the wind - just the beginning. It will be interesting to see what Asian markets and then London do tomorrow. The UK election is a side story.

This financial market issue is what will determine what happens in the next 10 years not the UK election.

Francagoestohollywood · 06/05/2010 21:50

Media here in Italy say that the more at risk are Portugal, Ireland, Spain and the UK

BeenBeta · 06/05/2010 21:54

Well Italy would say that wouldn't they

Truth is that once Greece defaults it is hard to say where it will stop. I honestly cannot see the Euro surviving beyond 2012 except perhaps a currency area of France, Germany and Benelux countries.

Francagoestohollywood · 06/05/2010 21:58

I know !

mumblechum · 06/05/2010 22:00

BeenBeta, is that good news for us in terms of the currency exchange (ie if it goes tits up in 2012)?

OrmRenewed · 06/05/2010 22:02


Is that the correct response?

Should I take my DC's savings account and hide it in the mattress?
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