In eight and a half hours of low volume trading the FTSE 100 index has given up 323 points, some 5.5%, to return itself to a level not seen since June 2006.
The drop represents the biggest percentage fall since the terrorist attacks hit New York on 11 September 2001 and in fact represents a bigger points loss than was seen on that day when the market dropped 287 points.
The falls were driven by growing fears of a US recession which have proved unassailable in recent days despite proposals for massive tax-rebates from President George Bush.
They were saying yesterday on CNBC that the current market is doing even worse than it did on September 11th. My mutual funds … … oh man, I don’t even know if I can make up what I lost.
Markets in US are in a Tail Spin…it is like when an Airplane goes into a tail spin…means the Pilot has lost all control…and does not know what to do to recover…at a time like this…A Lot of Prayers are recommended…:halo:
fund managers are better prepared to handle this than the hacks on this site so while all is not hunky dory they are working to do the bestthey can, much of the unloading of stocks is by mutual funds who are going into safer areas for teh short term.
its not limited to US either, other major exchanges have been hit, and will be hit even more in comign days
Indian market lost 6.6 lakh carore in one day :(, my mutual fund in USA lost lots of money too..
i hope market recovers cuz i am losing money... big time..
Recession on the corner...I have been waiting for the market to drop like this, I have already shorted many stocks and am making loads of money.......All the stocks in Dow jones and back in India are under valued....best time to get in.....I see a big oppurtunity here....the .75 percent rate drop did not do any wonders....next few days will be interesting to watch !
With the cut in interest rates today don't get sucked into the dead cat bounce. Fundamentals will dictate the long term trend and I think it will be down for quite sometime. In the short term expect a lot of volatility
Recession on the corner...I have been waiting for the market to drop like this, I have already shorted many stocks and am making loads of money.......All the stocks in Dow jones and back in India are under valued....best time to get in.....I see a big oppurtunity here....the .75 percent rate drop did not do any wonders....next few days will be interesting to watch !
yeah dude i have started buying some stocks. Not looking to sell them for next 2 years.Sort of Long term investment !!
I ma a day trader as well and in such volatile markets you can get caught very quickly especially if a fast market is declared, losses can be galore. Never leave a position open overnight in such markets.
Chintu the above explanation was for a day trader not a long term investor. For a long term investor the falls represent a good time to buy but wait for the volatility to die down. My view and I could be wrong, is that the markets will fall further and this downtrend could last for a while. No point in buying today when the markets could fall further. While it is always difficult to predict the bottom of the market you can wait to see the trend before investing. One pointer could be how the mutual funds behave. If the money is parked by these funds waiting to be reinvested int he market when stability returns than the downtrend could be short lived, if they are switching their money into bonds than the downtrend in the stock market could continue for a while. Watch the trend int eh bond market over the next few days and weeks.
This market is a dream for day traders and option traders.
How are we supposed to get our money back? I’m really upset. I never even made any money in my mutual funds … it’s all my own paisay going down … down … down … … and I have TD Managed funds but I don’t see what they are managing.
… oh man, I don’t even know if I can make up what I lost.
