Journal CauseWithoutARebel's Journal: It's 6:03 in the morning... 1
.. do you know where your 401k is going today?
As I type this, all the major indexes' futures are off by at least 1% and oil futures are up, nearly at $147 a barrel (so much for that "big" $9 selloff earlier this week), with less than half an hour before the U.S. markets open. To top it all off, European indexes are all down more than 1% so far.
If some good news (good can be conveniently redefined as "bad news that meets expectations" when it comes to the markets, though) doesn't come out today about earnings or M&As, we could be facing a pretty steep decline by the end of the trading session. Take my predictions with a grain of salt, but, barring some surprise good news, we could see a 2% or more plunge today. We may even see a testing below 11,000 on the DOW. If that happens, we've broken a major psychological barrier to further selling, and it could plunge even lower.
The one "bright spot" might be the dollar: it's still holding steady compared to the Euro, down a good deal from its peak earlier in the year.
11,000? Try below 10,000 (Score:2)
The only way to prevent that will be to rejigger the Dow (replace dead stocks) when one or more component stocks goes bankrupt.
The 30 stocks in the Dow: