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USA stock market daily report by Millenium Traders (October 9, 2008, Thursday, 10.30 p.m. GMT) 9 October 2008 Source: www.millennium-traders.com
Short-sellers were back in business today with no holds barred and let me tell you, they were ready to rock and roll! Day traders and gutsy investors moved into the markets today, thirsty for shorting the trend today. Late this afternoon, short-sellers were like a pack of thirsty wolves for blood and as the markets plunged, the blood simply poured from the veins of Wall Street. As was to be expected, reports came across many news wires today blaming the market hemorrhage on short-sellers. Trading volume was seen as surging into the final hour of trading, as the markets tacked on heavy losses for the session. Investors appeared to do whatever it took, to cash in on positions they no longer wanted any part of. Early on during the trading session, the markets held in positive territory in a very tight trading range. Into the late afternoon session, something broke loose and the markets once again, plummeted lower, ending at the closing bell, at or very close to their lows of the trading day. Possibly fear escalated into the final hours of trading, for what ever reason however, it appears that any potential buyers, were definitely far from Wall Street, today. The DOW pierced the 9000 mark as it tumbled lower today, for the first time since 2003. As it played out, the DOW spiraled uncontrollably lower dropping below 8600 by the time the closing bell rang today. The ongoing fall of the stock market is hereinafter referred to as the 'Crash of 2008'. The credit crisis continues to takes its toll on Wall Street, Main Street and Business Street U.S.A. It has become almost impossible to borrow money unless you have substantial cash down and superior credit rating. The credit crisis will take many weeks if not months, to make a difference and its difficult to say how many companies as well as consumers, can financially survive this crisis. There is no safe sector in the markets for investors to park their money. The positive note for the day, crude oil moved nicely lower to close below $87 a barrel. Economic data released today: Jobless Claims: U.S. Jobless Claims fell 20K to 478K for week of October 4 compared to survey of a drop by 22K; U.S. Continuing Claims for week of September 27 rose by 56K to 3,659,000; U.S. Jobless Claims for week of September 27 revised to 498K from 497K; Hurricanes added 17K to U.S. Jobless Claims. Wholesale Trade: U.S. August Wholesale Inventories rose 0.8% compared to expectations of an increase by .; Expected +0.5%. At the NYSE closing bell on the New York Stock Exchange, here is how the major world indices and major U.S. stock indices ended the session on the world market as well as the emerging markets including the stock market closing bell price: DOW (Dow Jones Industrial Average) triple digit loss of 678.91 points on the day to end the trading session at 8,579.19 NYSE (New York Stock Exchange) triple digit loss of 496.36 points to end the trading session at 5,809.96 National Association of Securities Dealers Automated Quotations (NASDAQ) loss of 79.35 points to end the trading session at 1,660.98 S&P 500 loss of 75.02 points to end the trading session at 909.92 FTSE All-World excluding U.S. loss of 6.25 points to end the trading session at 156.19 FTSE RAFI 1000 triple digit loss of 306.53 points to end the trading session at 3,553.18 BEL 20 (BEL20) loss of 83.07 points to end the trading session at 2,240.88 CAC 40 (CAC40) loss of 54.19 points to end the trading session at 3,442.70 FTSE100 (UKX100) loss of 52.89 points to end the trading session at 4,313.80 NIKKEI 225 (NIK/O) no trading today - triple digit loss of 952.58 points to end the trading session at 9,203.32 |
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