Look out below...!

Asparagirl — Tue, 22 Jan 2008 00:18:35 -0800

While the US equities markets were closed on Monday for Martin Luther King Day, stock markets around the world took a nosedive, losing billions in equity; the markets in Australia, South Korea, Japan, China, Indonesia, Hong Kong, Germany, France, the UK, and more countries have dropped at least 5% each (Canada only fell 4.75%), even though most of those markets had already been seriously down for several days prior. India has been hit particularly hard, at one point down a whopping 11%, tripping their markets' automatic "circuit breakers" for a mandatory time-out period, before scraping back up to close at 8% down. US futures markets are currently predicting a 650+ point drop just at the open Tuesday morning, before even a single trade goes through. In a bit of serendipitous timing (for us, not for him), one poor young daytrader started posting unedited videos of his daily trading activities on YouTube several weeks ago, which meant that his Sunday night breakdown and Monday night quarterbacking (both videos NSFW for language) are both online for the world to see. (He was long the futures market without stops and lost about $40k out of his $55k account.) I suspect similar sentiments to the ones he expressed in his Sunday night video are going to be echoing throughout many offices on Wall Street this week...

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Look out below...!