Hey at least we've got bright blue skies and sunshine today, could be worse.
How red can red ink get? TSX down nearly 600 at midday
Monday, January 21, 2008
Canadian investors have established their right to panic even without their U.S. counterparts leading the way.
Instead of performing in the relatively tame way it usually tends to adopt when U.S. markets are closed for the holiday, the S&P/TSX composite index headed towards midday still deeply into the red, following the lead of Europe and Asia.
At about 11.45 a.m. (EST) Canada’s benchmark index was at 12,153.71, down 583.41 points or 4.6 per cent, having earlier fallen as far as 12,119.88, with every sector down but the three heavyweights – financial services, metals and minerals and energy – leading the way.
“It’s really ugly,” Northern Securities equity analyst Elvis Picardo said when reached by telephone in Vancouver. “The global sell-off in equity markets has precipitated a pretty strong case of panic on the TSX.”
At current levels, the market’s gains have been erased to as far back as November, 2006.
Asian and European markets plunged earlier in the day, apparently convinced the United States is in recession or soon will be and that the proposed stimulus package unveiled Friday by President George W. Bush is probably too little, too late.
Like Mr. Picardo, technical analyst Colin Cieszynski at CMC Markets Canada, noted that Canadian markets tend to, as he put it, trade quietly and finish near flat when U.S. markets are closed.
“This time, however, the lack of liquidity on a U.S. holiday seems to have exacerbated investor fears over the potential for a U.S. recession and a significant market decline,” he said in a note to clients. “It does appear however, that a panic may be developing, which could set the stage for a significant washout and a potential rebound.”
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from marketwatch.com:
Futures on Dow Jones Industrial Average down around 450 points
Though U.S. markets are shut for a holiday, and won't re-open until Tuesday, stock futures plunge as global indexes come unhinged.
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