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Black Wednesday (29th October 2008)


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I must admit i'm just a teeny weeny bit pessimistic about my prediction as it could be slightly out.

These black days are not as easy to pick out as you think are they?

Seriously though, it is very difficult to see why markets are rallying. Interest rates in the states are at 1.5% so very little room for any big cuts. Countries are failing one after another and running to the IMF for emergency finance whilst record numbers of companies go to the wall. Best not to try and second guess the market I suppose.

Could you please predict a massive Rally next week? The Rally to end all Rallies. The Dead Cat coming back to life and winning the Wall Street High Jump competiton. Dow back at 14,000. Nikkei at 20000 and FTSE at 7000.

Then we can all take our money out of the bank, buy precious metals and beans and watch the entire financial world self-destruct. :D

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Could you please predict a massive Rally next week? The Rally to end all Rallies. The Dead Cat coming back to life and winning the Wall Street High Jump competiton. Dow back at 14,000. Nikkei at 20000 and FTSE at 7000.

Then we can all take our money out of the bank, buy precious metals and beans and watch the entire financial world self-destruct. :D

yep I vote flat bear as the 'jonah contrarian'...just give us the sign...

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Is it possible i'm just slightly out with my timing?

By slightly less than a day :huh: So on a day that the fed cut rates .5% the dow plunges 400pts! That is completely unprecedented. If you factor in the empty cupboard at the fed - 1% interest rates (50 year low according to Bloomberg), just pumped a trillion dollars into the markets, bought up banks, tried buying commercial paper ... and the dow still finishes under 9000. Very interesting times.

I'm going to award wednesday honorary blackness (official 1% black standard).

Roll on black thursday. *cough* :P

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By slightly less than a day :huh: So on a day that the fed cut rates .5% the dow plunges 400pts! That is completely unprecedented. If you factor in the empty cupboard at the fed - 1% interest rates (50 year low according to Bloomberg), just pumped a trillion dollars into the markets, bought up banks, tried buying commercial paper ... and the dow still finishes under 9000. Very interesting times.

I'm going to award wednesday honorary blackness (official 1% black standard).

Roll on black thursday. *cough* :P

There is a definate smell of fear in the markets. A feeling possibly of the inevitable?

SMITH makes a very good point that the FTSE at 4200 seems high. Just a few short months ago I was vilified for asking how long before FTSE below 6000? or when below 5500? although when I asked when it would fall below 5000? I felt many posters were resigned that it would.

When will the FTSE hit 3500?

Truth is no one really knows for sure but we can only use our own gut feeling.

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