I just can’t help but comment on the markets. Today was really an amazing day in the global markets. I went to bed last night and saw the Hang Seng was down some … 7% or 8% – that is steep. I woke up, flipped on the TV for the kids – it was on .. CBS news and they were talking about the ‘destroyed markets in Asia this morning’. Amazing – Asian markets getting crushed – all off by 5-10%. European markets – Stoxx 50, the FTSE – all look like death as well. This was an abnormally bad morning for the world.

As I got to the office – there were several folks on their Bloomberg terms watching the US futures off by some large numbers – the DOW futures were down some 500+ points. There was more chatter than usual – more folks than usual obsessively watching the markets – complaining about trades they made that they were now pissed about, etc.

Then – surprise fed move – cut .75 basis points. Futures flicker and wave, stoxx 50 recovers, markets open. My basic prediction was gap down, trend up day for the US markets – which proved to be the case.

Anyhow – 2 points:

1. The US economy is not in the best of shape. (The rates game has a funny way of devaluing our currency doesn’t it!?!?!)
2. The global markets are really, really, really coupled.

The comments from ‘the market gurus’ of the media and world were of course amusing. “NO big deal” to “the end of the world”.

Anyhow – I just had to comment on the day – it was impressive.

-Chris

PS – Here are a few links – the stuff I read daily regarding the markets:

• Seeking Alpha
• VIX and More
• The Big Picture
• The Money Blogs (warning – some crap here, but also some goodies)
• Of course Bloomberg, Reuters, CNBC

Newsgator RSS aggregator comes in handy

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